By: Staff Reports Second-quarter Earnings Reports
The second-biggest U.S. newspaper publisher, Knight Ridder, reported
earnings per share (EPS) rose 22.9% in the second quarter on strong ad
revenue growth and cost controls, beating estimates.
The company said EPS was $1.02, compared with 83 cents a year ago. A
First Call/Thomson Financial consensus estimate of 15 analysts called
for 95 cents EPS.
Excluding one-time items, net income was $90.8 million, up 11.7%. The
company said share repurchases resulted in a smaller percentage increase
in net income than in EPS.
Chairman and CEO Tony Ridder said in a statement that the quarter's
results mark the 10th consecutive quarter of double-digit earnings growth.
He said the company is 'comfortable' with earnings estimates for the rest
of the year. A First Call estimate calls for $3.67 EPS for 2000.
The company reported operating revenue rose 5.3% for the quarter, led by
strong performances by the San Jose and Contra Costa papers in California.
Overall, ad revenue rose 5.6%, with growth tapering in June. Retail rose
2.5%, classified gained 6.6%, driven by help-wanted, and general rose
12.7%, led by dot-com and telecommunications spending.
Circulation, daily and Sunday, declined less than 1% for the quarter and
the year. Online revenue rose 42% to $11 million as the company expands
its Internet activities.
For the rest of the year, the company said it's confident it will achieve
double-digit earnings growth.
'However, recognizing that second half comparisons in classified and
general will stiffen, and that the revenue performance year to date has
been choppy, we caution against 'irrational exuberance' based on a
better-than-expected Q2,' CFO Ross Jones said in a statement. 'We are
optimistic that revenue improvement can continue in the mid-single digits,
especially in light of favorable retail comparisons. We believe costs are
disciplined, and that our consumption newsprint prices will likely not
increase more than 6% for the year as a whole,' he said.
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Staff Reports
Other second-quarter earnings:
WASHINGTON POST CO. REPORTS 39% DROP IN EARNINGS (07/21/00)
LEE REPORTS 7% HIGHER PROFITS (07/20/00)
TRIBUNE TRUMPS PROFIT EXPECTATIONS (07/19/00)
JOURNAL REGISTER REPORTS 6.5% HIGHER EPS (07/14/00)
EPS UP 16.2% AT PULITZER (07/14/00)
MEDIA GENERAL REVISES EARNINGS DOWNWARD (07/14/00)
McCLATCHY REPORTS HIGHER EARNINGS AS AD REVENUE GROWS (07/13/00)
WSJ GROWTH DRIVES EARNINGS AT DOW JONES (07/13/00)
BROADCAST DRIVES EARNINGS AT SCRIPPS (07/12/00)
MEDIA GENERAL REPORTS IMPROVED RESULTS (07/11/00)
NYT CO. BEATS SECOND-QUARTER EARNINGS ESTIMATES (07/10/00)
GANNETT EARNINGS RISE ON ADVERTISING DEMAND (07/10/00)
(c) Copyright 2000, Editor & Publisher
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