The normal rate of return to schools for pictures is between 35 - 45% depending on if the company is trying to get the school away from another company or not. Normally they will offer a higher amount for the first three years. That is for the normal package of "school pictures". Many school picture companies will also write into the high school contract to shoot: groups, several activities, several sport events, Homecoming, and in some cases Prom into their contract. Unless you are going to get some type of "exclusive" coverage you will be hard pressed to make many sales from normal sports and school events.
Years back I was an elementary school principal and the 40% profits from the sale of school pictures was the only source of funding that I had for school programs. To bring the Center of Science and Industry on Wheels to our school cost $1,500 and state funds could not be used for this type of activity. All of the money went to the district treasurer so it was not a "slush fund" that a principal could just spend. We had to have a listing of activities that the funding would be used for during the year and that had to be approved by the Board of Education. Don't know if it is the same in Arkansas or not. But I do know that if it had not been for the profits from the sale of school pictures, there would have been no enrichment activities happening.