Martin Lawrence Galleries Reports 152% Income Hike
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Martin Lawrence Limited Editions, a Van Nuys-based chain of art galleries, announced record earnings and sales for its third quarter.
The company’s net income rose 152%, to $215,000, or 5 cents a share, versus $85,000, or 2 cents a share, the same quarter last year. Revenue rose 48%, to $2.4 million, against $1.6 million a year earlier.
Controller Raffy Lorentzian said the higher profits were due to increased sales resulting in part from the opening of two new galleries in September. He said he could not account for the bulk of the increase in sales, however.
For the nine months ended Sept. 30, earnings increased 197%, to $647,000, or 15 cents a share, up from $218,000, or 5 cents a share, a year earlier. Revenue was up 72%, to $7.4 million, versus $4.3 million a year earlier.
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