Asset sale boosts Waverly earnings

October 27, 1994|By a Sun Staff Writer

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.

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