Martin Lawrence Losses Decline in 1st Quarter

Martin Lawrence Limited Editions Inc., a Van Nuys operator of shopping mall art galleries, reported that it narrowed its losses in the three months that ended March 31, while its revenue declined 4%.

However, the company’s first-quarter results included $1.5 million that it received from settling its litigation with artist Hiromichi Yamagata.

Martin Lawrence reported that its loss for the first quarter totaled $308,000, in contrast with a year-earlier loss of $2.09 million. Sales fell to $5.23 million from $6.93 million.

The company said it continues to be affected by the recession and a weak art market.