Martin Lawrence Buys Back Common Stock

Martin Lawrence Limited Editions Inc. of Van Nuys, which operates a chain of art galleries, said it repurchased 500,000 shares of its common stock under a stock program announced last month. It said the shares were bought between July 2 and Aug. 17 at prices ranging from $3.43 to $4.63 each.

The company also had repurchased 500,000 of its common shares between April 30 and June 29. As of Aug. 17, the company had 7.35 million shares outstanding.

The company’s stock has declined dramatically recently, partly because of a softening in the art market. Martin Lawrence said it would continue to buy back shares through the open market and private transactions using cash generated from the company’s operations.