Losses Grow in Quarter at Martin Lawrence Limited

Martin Lawrence Limited Editions Inc., a struggling art wholesaler and retailer, reported that its losses widened in the third quarter and nine months ended Sept. 30.

The company’s third-quarter loss was $1.32 million, compared with a loss of $924,000 a year earlier. Its revenue in the quarter fell 8%, to $4.57 million from $4.95 million.

Martin Lawrence’s nine-month loss totaled $5.35 million, while its revenue fell 23%, to $12.9 million. In the same period of 1992, it lost $1.89 million on $16.7 million in revenue.

Allen A. Baron, Martin Lawrence’s chief financial officer, said the Van Nuys company continues to be hurt by the slow economy and weak art market. To boost revenues, the company plans to increase the number of in-house art auctions, carry a wider selection of inventory and offer animation art for the first time.