By: E&P Staff Total advertising revenue for the month of August was up 4.3% at Knight Ridder. Retail was virtually flat at 0.3%; national grew 3.5%, and classified increased 9.5%. Overall circulation revenue was down 2.4%.
"The August ad revenue performance was our best since March," said Tony Ridder, chairman and CEO, in a statement. "Perhaps the best news was in Philadelphia, where we saw a marked turnaround. Overall ad revenue there was up 5.8%, and, notably, Philadelphia help wanted was up 15.4% for the month."
September is expected to be slower due to the three recent hurricanes that have affected ad sales at its Florida, Mississippi, and Alabama properties.
The San Jose Mercury News, one of Knight Ridder's flagship papers, reported a decrease in advertising lineage by -3.3% compared with the same period last year.
3Q earnings per share is expected to come in "above consensus benefiting from certain tax matters" with a $.09 gain.
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