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Martin Lawrence Loses $1.33 Million in Quarter

March 29, 1994

Martin Lawrence Limited Editions Inc., a Van Nuys-based publisher and seller of art, reported a fourth-quarter loss of $1.33 million and said its first-quarter results would be lower than expected because of the Northridge earthquake and the severe winter across the country.

The company's loss for the quarter that ended Dec. 31 included expenses of $395,000 to close two galleries. In the fourth quarter of 1992, Martin Lawrence had a loss of $1.98 million. Revenue in the latest quarter was $5.46 million, up 9% from $4.99 million in the fourth quarter of 1992.

For all of 1993, Martin Lawrence's loss widened to $6.69 million, from a loss of $3.86 million a year earlier. Revenue in 1993 totaled $18.66 million, down 22% from $23.82 million in 1992, which included several extraordinary gains.

Allen A. Baron, chief financial officer, said the company has made strides in lowering operating expenses. But he said it continues to be hurt by the weak economy and weak art market. Moreover, he said two of Martin Lawrence's galleries remain closed because of the earthquake.

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