Martin Lawrence Expects Profit Dip of Up to 48%

Martin Lawrence Limited Editions Inc., a Van Nuys-based operator of art galleries, said its fiscal third quarter ended Sept. 30 will show a profit decline of up to 48% because of softness in the art market.

The company estimated that its earnings per share for the quarter will be between 12 and 16 cents, down from 23 cents a year earlier. Martin Lawrence also said its sales, helped by the opening of new stores, should be up between 1% and 6%. But sales at the stores open both in the latest quarter and a year earlier plunged 35% to 40%, the company said.

Meanwhile, Martin Lawrence also announced that its board authorized the company to buy back an additional 1 million of its common shares over the next 12 months. Martin Lawrence already has repurchased 1.5 million of its shares since April 30, and it currently has 6.85 million total shares outstanding.