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Waverly says earnings rose 3% in 3rd quarter


Baltimore-based Waverly Publishing, which yesterday reported $33.8 million in revenues for the third quarter, said it is on track for a record year.

"A record year looks like it's in our sight," said Ted Hutton, president and chief executive officer.

Yesterday's third-quarter report showed a sales gain of just 3 percent over the same period last year, but the company, which publishes medical and scientific books, said that was due to fewer titles being published than it had scheduled for other quarters and a delay in shipping some orders before the close of the quarter.

For the three months ending Sept. 30, the company reported it earned $595,000, or 10 cents a share, an increase of 67 percent on a per-share basis over the same period last year, when it earned $303,000, or 6 cents a share.

Revenues from sales in Europe jumped 19 percent during the third quarter on the strength of new titles, particularly one released in Germany and targeted at the German market, said Mr. Hutton. Waverly, which has operations in London and Paris, said revenues in Europe have grown to 40 percent of the company's total sales.

Mr. Hutton said Waverly, which has its headquarters on West Camden Street, expects to see a particularly favorable fourth quarter as it catches up on shipping and production.

Waverly publishes an average of 200 titles annually.

For the nine-month period ending Sept. 30, book publishing revenues grew to $107.7 million, a 12 percent gain over last year. Net income for that period was $3.7 million, or 79 cents a share, compared with $2.1 million, or 47 cents a share, during the same period last month.

The company's stock, which has seen a gain of 93 percent in the last 12 months, closed down 50 cents yesterday, at $39.

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