New Galleries Help Boost Martin Lawrence’s Profits

Martin Lawrence Limited Editions reported record profits and sales in its first quarter ended March 31. Sales rose 118% to $4.6 million, compared to $2.1 million for the same period a year earlier. Earnings jumped 261% to $553,000, or 11 cents a share.

The Van Nuys-based firm owns a chain of art galleries. Chairman Martin S. Blinder said the improved results were due partly to opening four art galleries over the past nine months.

The company also said it plans to issue two million more shares of common stock. The lead underwriter will be Bateman Eichler, Hill Richards. About 600,000 shares of stock will be sold by current shareholders, including company executives.