Van Nuys Art Gallery Chain Shows Large 3rd-Quarter Profit
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Martin Lawrence Limited Editions, a Van Nuys operator of 24 art galleries, said its third-quarter profit jumped 74% from a year earlier on a 46% gain in revenue.
The company’s net income for the quarter that ended Sept. 30 climbed to $1.33 million, or 19 cents a share, from $765,000, or 11 cents a share, a year earlier. Revenue rose to $8.5 million from $5.8 million.
Although Martin Lawrence has opened one new gallery this year, the profit gains simply reflect increased sales of art in all of the company’s outlets, said Allen A. Baron, chief financial officer.
For the first 9 months of 1988, Martin Lawrence’s earnings doubled to $4.2 million, or 60 cents a share, from $2.1 million, or 36 cents a share, a year earlier. Nine-month revenue increased to $25.6 million from $16.5 million.
For detailed data and results of other companies, please see tables, Page 13.
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