Martin Lawrence Reports $924,000 3rd-Quarter Loss

Martin Lawrence Limited Editions Inc., an ailing Van Nuys company that owns a string of retail art galleries, reported that it narrowed its losses in the third quarter.

In the three months that ended Sept. 30, Martin Lawrence lost $924,000, in contrast with a $1.86 million loss a year earlier. Its revenue shrank by 13%, to $4.95 million from $5.67 million.

The company’s nine-month loss was $1.89 million, compared to a loss of $5.63 million in the 1991 period. Revenues totaled $16.7 million, down 8% from $18.2 million a year earlier.

Martin Lawrence, which has been hurt by the weak economy and the loss of its most popular artist, had 23 galleries in operation during the third quarter, down from 36 galleries a year before. It said its cost-cutting measures have resulted in lower selling and operating expenses.