Martin Lawrence Loses $1.68 Million in Quarter

Martin Lawrence Limited Editions Inc., hurting from the economic recession and the art market’s slump, said it lost $1.68 million in the second quarter, compared with a year-earlier profit of $506,000.

The company, which operates retail art galleries around the nation, said the loss in the quarter ended June 30 came on a 49% plunge in its sales, to $5.6 million from $11 million.

For the first half of 1991, Martin Lawrence lost $3.76 million, compared with a profit of $2.51 million a year earlier. Its six-month sales also tumbled 49%, to $12.5 million from $24.3 million.