Martin Lawrence Galleries Report 4th-Quarter Loss

Martin Lawrence Limited Editions Inc., a Van Nuys-based operator of art galleries, posted a $1.98-million loss for the fourth quarter, compared with a $5.87-million loss a year earlier.

The company, suffering from weakness in the art market and the economy in general, said the narrower loss in the latest quarter came on a 20% drop in its sales, to $4.87 million from $6.05 million.

While trying to cut costs, Martin Lawrence cautioned that “significant improvement” in its results “is, to a large extent, dependent upon the recovery of both the economy and the art market.”

Martin Lawrence lost $3.86 million for all of 1992, compared with an $11.5-million loss the prior year, and its annual sales were off 11%, to $21.6 million from $24.2 million.