Waverly's earnings and sales set records

February 02, 1996|By Alec Matthew Klein | Alec Matthew Klein,SUN STAFF

With Ruthian confidence, Edward Hutton all but predicted three months ago a record year for Waverly Inc., a Baltimore-based publisher of medical and scientific journals.

Yesterday, Mr. Hutton, the firm's president and chief executive officer, watched the ball sail over the fence as Waverly reported record sales and earnings for 1995, prompting its stock to soar to $42.25, up $2.25. For the fourth quarter that ended Dec. 31, Waverly generated $1.7 million, or 36 cents per share. Net income over the same period last year was $2.6 million, or 59 cents per share, but included a nonrecurring item without which earnings would have amounted to 7 cents per share. Fourth-quarter revenue increased 34 percent to $48.4 million, compared with $36.1 million for the same period last year.

For the year, Waverly reported $1.15 per share in net income from continuing operations, compared with 1994 earnings of 62 cents per share, or $1.07 per share after including nonrecurring items. Revenue for the year rose 18 percent to $156.1 million, compared with $131.9 million last year.

The results, the company said, reflected a push over the past two years to add products, further penetrate foreign markets and increase efficiency.

Revenue from book publishing rose 43 percent for the quarter and 24 percent for the year, fueled by more new titles -- 229 published this year compared with 181 in 1994 -- and higher sales in international markets, including Europe and Asia.

Periodical revenue increased 21 percent for the quarter and 8 percent for the year. Electronic media revenue rose 11 percent for the quarter, 19 percent for the year.

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