GB Foods Corp.: The Newport Beach owner...

GB Foods Corp.: The Newport Beach owner of the Green Burrito chain of Mexican-style restaurants reported first-quarter profit Thursday of $99,000, or 2 cents per share, compared with a loss of $242,000, or 4 cents a share, a year earlier.

Revenue rose 4% to $1.2 million from $1.16 million, largely from increased franchise royalty income.

During the first quarter, GB Foods and CKE Restaurants Inc., operator of the Carl’s Jr. chain, amended an agreement to boost the number of Carl’s Jr. stores that will add Green Burrito products to their menus during the next four years.

There were 68 Carl’s Jr.-Green Burrito dual-concept stores on March 31, and the new agreement calls for CKE to increase the number to at least 306 stores by the end of the first quarter in 2001. Originally, CKE had agreed to have a minimum of 140 dual-concept stores with GB Foods.