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KNIGHT-RIDDER REPORTS RESULTS

 MIAMI, April 22 /PRNewswire/ -- Knight-Ridder, Inc. (NYSE: KRI) earned $.42 per share in the first quarter of 1993, on income of $23,136,000, down 8.7 percent and 7.5 percent respectively from $.46 per share and income of $25,006,000, before the cumulative effect of accounting changes.
 The accounting changes, adopted at the end of 1992 for Financial Accounting Standards 106 (Employers' Accounting for Postretirement Benefits Other Than Pensions) and 109 (Accounting for Income Taxes), require retroactive restatement to the first quarter of 1992, resulting in a loss of $1.47 per share. The 1992 first quarter results have been restated to show the impact of one-time charges resulting from the adoption of these new accounting standards.
 Total operating revenue rose 5.1 percent to $583,894,000 from $555,438,000 reported in the first quarter of 1992.
 Newspaper Division
 Newspaper Division revenue rose 4.1 percent to $477,818,000 from $458,998,000 a year earlier. The division's operating income rose 3.9 percent to $56,528,000.
 Business Information Services Division
 Business Information Services Division operating revenue gained 10.0 percent to $106,076,000 from $96,440,000 in 1992. BIS operating income was up 21.4 percent to $5,616,000.
 Comments by Chief Financial Officer Robert F. Singleton
 Robert F. Singleton, Knight-Ridder's chief financial officer, said, "We are pleased with the quarter's results, which turned out somewhat better than we expected when we completed our 1993 budget.
 "Our operating results were distorted by the inclusion of significant additional expenses associated with the transfer of operations to our new production plant in Philadelphia. These extra costs, which were expected, included increased depreciation, labor, utilities, etc. and an unfavorable swing in capitalized interest, which in total, reduced our earnings per share in the quarter by about $.17, compared to $.02 last year."
 Singleton said, "March operations were also adversely impacted by the storm of the century in Philadelphia, the bombing of the World Trade Center, where The Journal of Commmerce has its main offices and Knight- Ridder Financial has a number of important customers, and a small fire in our old production plant in Philadelphia.
 "General revenue continued to be soft but retail was up 2.3 percent, and we were encouraged by a strong quarter in classified advertising, which rose 9.3 percent," Singleton said.
 "The impact of the March 1 acquisition of Data-Star helped to boost revenue of our Business Information Services Division, but created corresponding increases in costs.
 "Since we will again have significant additional costs in Philadelphia along with a large unfavorable swing in capitalized interest, our second quarter earnings per share will likely be close to flat.
 "For the year, however, we continue to look forward to another year of earnings per share growth," Singleton said.
 Knight-Ridder is an international communications company engaged in newspaper publishing, business news and information services, electronic retrieval services, news, graphics and photo services, cable television and newsprint manufacturing. The company publishes 29 daily newspapers in the United States. Around the world, news, advertising and information from Knight-Ridder reach more than 100 million people in some 100 countries.
 The financial schedules for the quarter follow.
 KNIGHT-RIDDER, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF INCOME
 (In thousands of dollars, except share data)
 Quarter Ended Four Quarters Ended
 Mar.28 Mar. 29 Mar. 28 Mar. 29
 1993 1992 1993 1992
 OPERATING REVENUE
 Newspapers
 Advertising
 Retail $ 169,717 $ 165,906 $ 762,307 $ 751,653
 General 42,915 44,386 173,279 173,977
 Classified 135,201 123,731 522,368 497,641
 Total 347,833 334,023 1,457,954 1,423,271
 Circulation 116,983 115,235 461,762 447,657
 Other 13,002 9,740 43,194 35,961
 Total Newspapers 477,818 458,998 1,962,910 1,906,889
 Business Information
 Services 106,076 96,440 395,075 361,287
 Total Operating
 Revenue 583,894 555,438 2,357,985 2,268,176
 OPERATING COSTS
 Labor and employee
 benefits 253,376 239,344 1,004,286 948,138
 Newsprint, ink and
 supplements 80,058 81,667 315,205 365,105
 Other operating
 costs 162,896 151,201 627,424 575,441
 Depreciation and
 amortization 33,884 32,866 129,239 125,379
 Total Operating
 Costs 530,214 505,078 2,076,154 2,014,063
 OPERATING INCOME 53,680 50,360 281,831 254,113
 OTHER INCOME (EXPENSE)
 Interest expense (13,195) (14,153) (51,417) (63,743)
 Interest exp
 capitalized 5 6,677 8,074 23,847
 Interest income 1,754 1,425 5,407 6,012
 Other, net (3,273) (1,441) (8,076) 7,277
 Total (14,709) (7,492) (46,012) (26,607)
 Income before
 income taxes 38,971 42,868 235,819 227,506
 Income taxes 15,835 17,862 91,603 86,262
 INCOME BEFORE
 CUMULATIVE
 EFFECT OF CHANGES
 IN ACCOUNTING
 PRINCIPLES 23,136 25,006 144,216 141,244
 Cumulative effect of
 changes in accounting
 principles for
 Income taxes --- 25,800 --- 25,800
 Postretirement
 benefits other
 than pensions --- (131,000) --- (131,000)
 Net income
 (Loss) $ 23,136 $ (80,194) $ 144,216 $ 36,044
 EARNINGS PER COMMON
 AND COMMON
 EQUIVALENT SHARE
 Income before
 cumulative effect
 of changes in
 accounting
 principles $ 0.42 $ 0.46 $ 2.60 $ 2.67
 Cumulative effect
 of changes in
 accounting
 principles --- (1.93) --- (1.99)
 Net income (loss) $ 0.42 $ (1.47) $ 2.60 $ 0.68
 DIVIDENDS DECLARED
 PER COMMON SHARE $ 0.35 $ 0.35 $ 1.40 $ 1.40
 AVERAGE COMMON AND COMMON
 EQUIVAL
 OUTSTANDING (000s) 55,747 54,646 55,453 52,915
 KNIGHT-RIDDER, INC. AND SUBSIDIARIES
 BUSINESS SEGMENT INFORMATION
 (In thousands of dollars)
 Quarter Ended Four Quarters Ended
 Mar. 28 Mar. 29 Mar. 28 Mar. 29
 1993 1992 1993 1992
 OPERATING REVENUE
 Newspapers $ 477,818 $ 458,998 $1,962,910 $1,906,889
 Business Information
 Services 106,076 96,440 395,075 361,287
 $ 583,894 $ 555,438 $2,357,985 $2,268,176
 OPERATING INCOME
 Newspapers $ 56,528 $ 54,410 $ 292,640 $ 268,632
 Business Information
 Services 5,616 4,624 23,061 21,027
 Corporate (8,464) (8,674) (33,870) (35,546)
 $ 53,680 $ 50,360 $ 281,831 $ 254,113
 DEPRECIATION AND
 AMORTIZATION
 Newspapers $ 22,944 $ 22,720 $ 88,257 $ 86,473
 Business Information
 Services 10,541 9,711 39,386 37,298
 Corporate 399 435 1,596 1,608
 $ 33,884 $ 32,866 $ 129,239 $ 125,379
 -0- 4/22/93
 /CONTACT: Frank N. Hawkins Jr., 305-376-3838, or Lee Ann Schlatter, 305-376-3839, both of Knight-Ridder, Inc./
 (KRI)


CO: Knight-Ridder, Inc. ST: Florida IN: PUB SU: ERN

AW-JJ -- FL010 -- 9282 04/22/93 10:09 EDT
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