Knight Ridder said net income climbed 11.7% in the second quarter to $90.8 million, excluding one-time items, on revenue of $852.5 million, up 5.3%. Earnings per diluted share rose 22.9% to a record $1.02, the company said. "Advertising revenue growth continues to be strong,'' said Chairman-CEO Tony Ridder. Total ad revenue in the quarter was up 5.6% to $653.9 million. Retail increased 2.5% in the quarter to $272.8 million; general climbed 12.7% to $91.4 million and classified was up 6.6% to $289.7 million. While ad growth rates softened in June, Knight Ridder advised not to "read too much'' in the month's results and expressed confidence that revenue growth in the second half can continue in the mid-single digits.
Copyright July 2000, Crain Communications Inc.