Knight Ridder, the San Jose-based owner of thirty-one US regional newspapers including The Philadelphia Inquirerand The Miami Herald, yesterday posted a 12% increase in second quarter earnings to $90.8 million ($83.1m in the same period last year).
The better-than-expected results are attributed to a surge in advertising sales at two of the group’s Californian titles – The San Jose Mercury News and The Contra Costa Times. Overall ad income rose 5.6% against cost increases of 2.8%.
The company expects total second-half revenues for 2000 to increase by a percentage in the "mid-single digits". Observed an analyst at Prudential Securities: “They're trying to make everyone remember the second half poses higher hurdles in costs and revenue."
Knight Ridder shares rose 6.25 cents, to $53.75.
News source: New York Times