Publisher profits from gamble; A rush job, 'Covenant' pays off for Third World.

Byline: ROBERT LOERZEL

Tavis Smiley wanted a book published in a hurry. He had no manuscript-just an idea and a tight deadline.

After being turned down by two publishers, Mr. Smiley came to Chicago's South Shore in July 2005 for a meeting with Haki R. Madhubuti, president of Third World Press Inc.

Mr. Smiley, host of national TV and radio talk shows, asked Mr. Madhubuti to publish "The Covenant with Black America.'' The book would identify problems facing the black community-from health care and education to the "racial digital divide''-and solut