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KNIGHT-RIDDER REPORTS ON IMPACT OF DETROIT LABOR AGREEMENTS

 KNIGHT-RIDDER REPORTS ON IMPACT OF DETROIT LABOR AGREEMENTS
 MIAMI, June 22 /PRNewswire/ -- Knight-Ridder, Inc. (NYSE: KRI) said


today the impact of the buyout and severance provisions of the new labor agreements at its jointly owned newspaper operation in Detroit will cost the company approximately $.11 per share in the second quarter of 1992.
 The provisions of the agreements permit the reduction of manning requirements through buyouts. Current estimates are that between 300 and 400 positions will be eliminated over the next two to three years in Detroit.
 Robert F. Singleton, Knight-Ridder's chief financial officer, said, "The agency will benefit from reduced labor costs in 1992, 1993 and 1994 as positions are eliminated in accordance with the plan to reorganize various departments. As a result of these contract changes and, based on results during the first two months of the quarter, it looks likely that our earnings per share in the second quarter will be up from the second quarter of last year.
 Singleton said, even with the one-time adjustment, "our earnings for the year are expected to reach an all-time high."
 -0- 6/22/92
 /CONTACT: Frank N. Hawkins Jr., 305-376-3838, or Lee Ann Schlatter, 305-376-3839, both of Knight-Ridder/
 (KRI) CO: Knight-Ridder, Inc. ST: Florida IN: PUB SU:


AW-JB -- FL012 -- 2474 06/22/92 14:42 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jun 22, 1992
Words:217
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