Martin Lawrence Losses Decline in 1st Quarter
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Martin Lawrence Limited Editions Inc., a Van Nuys operator of shopping mall art galleries, reported that it narrowed its losses in the three months that ended March 31, while its revenue declined 4%.
However, the company’s first-quarter results included $1.5 million that it received from settling its litigation with artist Hiromichi Yamagata.
Martin Lawrence reported that its loss for the first quarter totaled $308,000, in contrast with a year-earlier loss of $2.09 million. Sales fell to $5.23 million from $6.93 million.
The company said it continues to be affected by the recession and a weak art market.
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