Martin Lawrence Profits Plummet 75% in Quarter

Martin Lawrence Limited Editions Inc., as expected, said its second-quarter profit tumbled 75% from a year earlier because of sluggish conditions in the art market.

The Van Nuys-based company, which operates a chain of art galleries, said net income in the quarter ended June 30 dropped to $506,000 from $2.02 million a year earlier, and its revenue fell 12% to $11.3 million from $12.9 million.

Martin Lawrence earlier had predicted the sharply lower results, which it attributed to a slowdown in the art market beginning in May with disappointing sales at the major auction houses Sotheby’s and Christie’s.

In the first half of 1990, Martin Lawrence’s profit fell 29%, to $2.51 million from $3.56 million, but its six-month revenue rose to $25 million from $23.2 million.