Martin Lawrence Reports Narrower 2nd-Quarter Loss

Martin Lawrence Limited Editions Inc., a Van Nuys-based retailer of artworks for collectors, said it narrowed its second-quarter loss to $1.73 million from a loss of $2.26 million in the same period last year. Revenues for the second quarter, which ended June 30, were $3.83 million, compared with $3.82 million a year earlier.

For the six months, the company reported a loss of $2.32 million in contrast to a $4.03-million loss a year earlier. Revenues for the six months were down slightly to $8.51 million compared with $8.56 million the previous year.

The company attributed its second-quarter results to cuts in framing and other sales costs, and to higher prices at retail galleries.

Martin Lawrence’s chief financial officer, Allen E. Baron, also said the company has ended discussions over a proposal for Norton Herrick to provide it with $3.5 million in financing. Baron said it terminated the talks because of delays and changes in the terms of the proposed financing. He said Martin Lawrence would begin seeking other sources of capital to finance ongoing operations.