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Knight Ridder earnings fall

Published on .

New York--Knight Ridder Co.'s net income fell 27% in the third quarter, as the Sept. 11 terrorist attacks led to a steep drop off in advertising and higher costs associated with increased news coverage. Knight Ridder, the nation's second-largest newspaper publisher, reported third-quarter net income of $55.7 million, compared with $76.1 million a year earlier. Revenue fell 10%, to $693 million from $769 million. Knight Ridder Chairman-CEO Tony Ridder said in a statement that the Sept. 11 attacks cost the company $10 million, including $9 million in lost advertising revenue and additional costs of $2 million for extra editions and expanded news space. Offsetting those costs were added circulation revenues of $1million. http://www.knightridder.com
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