Martin Lawrence Revenue, Profits Decline Sharply
Martin Lawrence Limited Editions Inc., a Van Nuys-based operator of art galleries, said the recession and continued softness in the art market resulted in sharp drops in its net income for the fourth quarter and for all of 1990.
The company’s net income fell 86% in the final quarter of 1990 to $260,000 from $1.8 million a year earlier. Revenue declined 17% to $10.7 million from $12.9 million.
For all of 1990, Martin Lawrence’s net income was $3.6 million, a 51% drop from $7.4 million in net income in 1989. Revenue last year grew 1% to $47.2 million from $46.9 million.
Martin Lawrence said its earnings were also hurt by a lawsuit brought by Hard Rock Cafe Licensing Corp., which attempted to stop Martin Lawrence from distributing a serigraph by artist Hiromichi Yamagata. It said a temporary restraining order against Martin Lawrence has been lifted.