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WAVERLY REPORTS FINANCIAL RESULTS

 BALTIMORE, Nov. 9 /PRNewswire/ -- Waverly, Inc. (NASDAQ-NMS: WAVR) today reported its unaudited financial results for the three- and nine-month periods ending Sept. 30, 1993.
 As a result of the recent sale of its printing business, Waverly now operates exclusively as a publisher of books, periodicals, and electronic media in the fields of medicine, nursing and related disciplines.
 Publishing revenues for the third quarter were $27.6 million, compared to revenues of $29.9 million for the same period last year, a decrease of 8 percent. The decline in revenues stems from lower sales to the pharmaceutical industry in the United States and Europe, fewer titles published in 1993 compared to last year, and higher sales returns from Japan due to decreased product demand.
 Loss from continuing operations for the third quarter was $.75 per share compared to income of $.10 per share in the prior year. Included in the loss for the current period is a one-time charge to earnings of $.51 per share consisting of a restructuring reserve of $.23 to reduce ongoing operating costs in the publishing operations and a write-down of existing building facilities equal to $.28. The company previously announced its intention to move to new facilities in 1994 following the completion of the sale of the printing division. Excluding these one- time charges, publishing operations lost $.24 per share in the third quarter. The aforementioned decline in revenues is the principal factor in the resulting operating loss. In the future, income from continuing operations will include the benefits of cash proceeds derived from the sale of the printing division.
 The sale of the printing division to Cadmus Communications Corporation, based in Richmond, Va., closed on Nov. 8. As announced a few weeks ago, the company has incurred a loss of $.24 per share from the sale. The loss includes reserves for certain contingent holdbacks by the buyer. Earnings per share from the printing division, recorded as discontinued operations, are $.12 and $.38 per share for the three- and nine-month periods, respectively, essentially equal to the prior year. These amounts reflect the printing operations as a stand-alone business and exclude continuing corporate overhead expenses previously charged to printing but now charged to continuing operations.
 While earnings from publishing are disappointing through the third quarter, management said it expects to be profitable for the fourth quarter due to a strong publication schedule which will offset the continued softness in the pharmaceutical marketplace. Edward B. Hutton Jr., Waverly CEO, commented on the results as follows: "The sale of the printing division and the restructuring of our publishing operations creates a leaner organization and enables us to concentrate totally on our core business. We will continue to invest aggressively in our global publishing operations and the emerging electronic technologies while at the same time reducing costs wherever possible."
 The board of directors of Waverly announced a regular quarterly dividend of $.11 per share payable on Dec. 13, 1993, to shareholders of record at the close of business on Nov. 26.
 WAVERLY, INC.
 (Dollars in thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Publishing revenues $27,603 $29,894 $87,150 $88,309
 Income (loss) from continuing
 publishing operations (3,234) 395 (2,685) 1,518
 Discontinued operations:
 Earnings from discontinued
 operations 516 537 1,660 1,599
 Loss on sale of printing
 operations (1,053) --- (1,053) ---
 Income before cumulative effect of
 changes in accounting principles (3,771) 932 (2,078) 3,117
 Cumulative effect of changes in
 accounting principles --- --- --- (4,873)
 Net income (loss) (3,771) 932 (2,078) (1,756)
 Earnings per common share:
 Income (loss) from continuing
 publishing operations $(.75) $.10 $(.62) $.35
 Discontinued operations:
 Earnings from discontinued
 operations .12 .12 .38 .37
 Loss on sale of printing
 operations (.24) --- (.24) ---
 Income before cumulative effect of
 changes in accounting principles (.87) .22 (.48) .72
 Cumulative effect of changes in
 accounting principles --- --- --- (1.13)
 Net income (loss) (.87)(A) .22 (.48)(A) (.41)
 Average number of shares
 outstanding 4,336 4,329 4,335 4,327
 (A) Results include a one-time charge of $.51 per share for restructuring costs and write-down of existing building facilities.
 -0- 11/9/93
 /CONTACT: E. Philip Hanlon, CFO of Waverly, 410-528-4389/
 (WAVR)


CO: Waverly, Inc. ST: Maryland IN: PUB SU: ERN DIV

MK-JM -- PH037 -- 2356 11/09/93 14:53 EST
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Date:Nov 9, 1993
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