Martin Lawrence Cuts Losses on Revenue Gain

Martin Lawrence Limited Editions Inc., a Van Nuys operator of shopping mall art galleries, said that it cut its losses in its second quarter as revenue increased by 16% from a year ago.

For the three months ended June 30, the company posted a loss of $654,000 on revenue of $6.7 million, compared with a loss of $1.7 million on revenue of $5.8 million in the same period a year earlier. The company said it continues to be hurt by the sluggish economy and weakness in the art market.

The company’s losses in the second quarter would have been greater had it not been for the sale of a single painting by Andy Warhol, titled “210 Coca-Cola Bottles,” for $1.9 million, which resulted in a gross profit of $1.2 million.

For the six months ended June 30, Martin Lawrence posted a loss of $962,000 on revenue of $13.5 million, compared with a loss of $3.8 million on revenue of $12.9 million a year earlier.