Waverly Inc. said yesterday that it would record a one-time increase in earnings of between 45 cents and 55 cents a share thanks to the sale of its interest in a Munich-based publisher of German medical journals.
The Baltimore-based medical publisher declined to disclose the price or the buyer of its 48 percent share in Urban & Vogel. It said the one-time gain would be reflected in the results for its quarter ending Dec. 31.
Chief Financial Officer E. Philip Hanlon said yesterday that Urban & Vogel, which published about 20 free journals mostly reliant upon pharmaceutical advertising revenues, was a small part of Waverly's European operations.
While the division was profitable when Waverly bought it in 1990, it has not been profitable in recent months.
Waverly's stock closed at $20 a share yesterday on the Nasdaq stock market, unchanged from Tuesday's close.