Galleries’ Boom Powers Martin Lawrence Surge

Martin Lawrence Limited Editions reported a more than four-fold increase in net income, to $214,000, or 5 cents a share, for its fourth quarter ended Dec. 31 over the same period a year earlier. Sales were up 65%, to $2.8 million.

For the full year, Martin Lawrence reported better than a threefold increase in net income, to $861,000, or 20 cents a share. Sales rose 70%, to $10.2 million.

Martin Blinder, chairman of the Van Nuys-based chain of art galleries, attributed the improved results to rapid expansion of galleries. Most of the company’s 12 art galleries are in shopping malls. Blinder said he expects to open eight more galleries in 1987.