Malibu Grand Prix Corp. reported a first-quarter loss of $1.1 million, or 9 cents a share, against a loss of $2.4 million, or 19 cents a share, a year ago. Revenue was $6 million, down 2%.
Gary Rudolph, the company's vice president for operations, said the narrower loss was attributable almost entirely to cost cutting, including reducing the headquarters staff. He said much of Malibu's loss stemmed from $800,000 in depreciation.
Woodland Hills-based Malibu is in default on loans from Crocker Bank. A debt restructuring plan awaits approval from other creditors. Meanwhile, Malibu accrued $1.1 million in interest on debt that it did not pay during the quarter.
Malibu owns and operates 42 recreation centers featuring miniature race tracks, miniature golf courses and video games.