8-K

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OF 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) October 17, 2003

Knight-Ridder, Inc.

(Exact name of registrant as specified in its charter)

Florida	1-7553	38-0723657
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

50 W. San Fernando Street, San Jose, California	95113
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code (408) 938-7700

Inapplicable

(Former name or former address if changed since last report)

Item 7.  Financial Statements and Exhibits

(c)   Exhibits.

99.1 Knight-Ridder, Inc. Earnings Press Release dated October 17, 2003

99.2 Knight-Ridder, Inc. September Statistical Report Press Release dated October 17, 2003

Item 12. Results of Operations and Financial Condition

             On October 17, 2003, Knight-Ridder, Inc. issued a press release announcing the Company’s earnings for the quarter ended September 28, 2003. The company also issued a press release on October 17, 2003 announcing the Company’s statistical report for the quarter ended September 28, 2003. Copies of these press releases are furnished with this report as exhibits to this Form 8-K.

SIGNATURES

             Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

KNIGHT-RIDDER, INC.

By:    /s/  CARLOS ABAUNZA

         Carlos Abaunza

         Vice President and Controller

Dated: October 17, 2003

EXHIBIT INDEX

Exhibit Number	Name
99.1	Knight-Ridder, Inc. Earnings Press Release dated October 17, 2003
99.2	Knight-Ridder, Inc. September Statistical Report Press Release dated October 17, 2003

EX-99.1

NEWS RELEASE

KNIGHT RIDDER

50 WEST SAN FERNANDO ST.

SAN JOSE, CA 95113

Knight Ridder Reports Third Quarter Earnings

          SAN JOSE, Oct. 17, 2003 – Knight Ridder (NYSE:KRI) earned $.85 per diluted share for the third quarter, up 26.9% from $.67 per diluted share reported in the third quarter of 2002. Last year’s result included a pretax charge of $18 million, or $.14 per share after tax, in the third quarter. The charge was associated with the conversion of CareerBuilder from a C corporation into a limited-liability company. The conversion has resulted in a more efficient tax structure.
          Total operating revenue for the third quarter was $685.3 million, down 0.5% from the same quarter last year. Total advertising revenue was $525.9 million, down 1.2% from $532.5 million in the same quarter of 2002. Operating income for the quarter was $129.0 million, down 9.7% from $142.8 million in the same quarter the previous year.
          Commenting on the results, Knight Ridder Chairman and CEO Tony Ridder said, “Our per share earnings were slightly stronger than what we foresaw at the time of our earnings revision in mid August. Two things contributed: a better September than anticipated and a lower effective tax rate. We showed a $.04 gain over last year’s $.81 (excluding the CareerBuilder charge) despite lower operating profit because of: (a) improved returns from our newsprint mill investments, (b) strong CareerBuilder results and (c) fewer shares outstanding than in the same period last year.
          “At the same time, it is important to note that advertising revenue strengthened in each successive month of the quarter. For September, total advertising revenue was up 0.5%, and retail was up 1.9%, reflecting particular retail strength in Philadelphia – up 9.8%.
          “Other good news in the quarter included sustained strength in general advertising and real estate, an improving trend in employment and continued tight cost controls in wages and other operating costs. Despite cost increases in newsprint, ink and supplements of 7.7%, overall costs rose just 1.9%. The exception was employee benefits (health and pension), which rose $14.0 million. Wages were virtually flat.
           “Knight Ridder Digital (KRD) had its strongest quarter ever, with revenue of $21.5 million up 51.3% from the third quarter of 2002; KRD’s operating income was $5.4 million versus an operating loss of $2.8 million in the previous year.
           “Total daily circulation for the quarter was down 1.0%; total Sunday circulation was down 0.4%. Philadelphia, Miami, Fort Worth and Saint Paul all showed daily circulation gains in the quarter; Philadelphia, Miami and Fort Worth showed Sunday gains as well. Year to date, total daily circulation is down 0.1%; total Sunday circulation is up 0.4%. Total circulation revenue for the quarter was down 2.8%, versus down 4.5% in the first half of the year. As anticipated, this comparison continues to improve.
           “Looking ahead, we are encouraged by the directional improvement in both retail and help-wanted. Additionally, strong fourth-quarter schedules from two automakers bode well. Should these patterns continue, and should holiday spending be as robust as some retailers have indicated it could be, we are optimistic that the current consensus for the fourth quarter will be achieved.”

Comment on Operations

          Gary Effren, Knight Ridder’s chief financial officer, said, “The main themes of third quarter advertising are well known: ongoing softness in help-wanted; sluggish department store advertising, which pulled down the retail category; and general advertising firing on all cylinders.
           “For the quarter, retail was down 1.5%, general was up 12.2% and classified was down 5.3%. Employment was down 18.4%, auto was down 0.1% and real estate was up 5.2%.
           “With the exception of Contra Costa and Fort Worth, which were up fractionally, all the large markets were down slightly in total advertising revenue. San Jose, burdened with a quarterly decline of 32.5% in help-wanted, was down 4.1% overall – the poorest performer of the large markets by a considerable margin.
           “Similarly, most of the large markets saw retail declines in a 2%-4% range. Department stores were the catalyst for the declines. Exceptions were Fort Worth, with retail up 0.7% and St. Paul, with retail up 1.5%.
           “As has been the case much of the year, general advertising for the quarter was strong in most of the large markets: Philadelphia up 24.6%, San Jose up 20.7%, Fort Worth up 19.9%, and Contra Costa up 42.5%. Only Miami was negative, down 4.4%. July and August were both stronger than September, when tougher comparisons pulled the overall increase down to 7.8%. 
           “Classified displayed sequential improvement each month during the quarter. September classified, down 3.8%, was the best showing since March. Likewise, help-wanted and auto both improved month by month during the quarter.
           “All of the large markets were soft in the quarter, reflecting declines in help-wanted ranging from minus 5.0% (Fort Worth) to
minus 32.5% (San Jose).
           “Real estate continued to be the outstanding performer among the verticals. Most of the large markets were up: St. Paul, up 18.1%, Philadelphia, up 12.7%, Miami, up 14.0%, Kansas City, up 4.9%, Fort Worth, up 16.1%. Only San Jose and Charlotte were soft.
           “Other revenue was up 16.6%, driven by gains at KRD. 
           “For the quarter, the average cost per ton of newsprint was up 11.3%, reflecting two partially enacted price increases since the same period a year ago. Consumption was down 0.4%. Because last year’s third quarter was the low-water mark in newsprint pricing, the comparison with this quarter was particularly stiff. At the same time, higher pricing worked in our favor with our SP Newsprint and Ponderay newsprint mill investments. These investments create a natural price hedge for approximately 45% of our consumption.
           “It’s important to point out that approximately two cents of the $.85 reported in the quarter results from a reduction in the effective tax rate to 35.6%, which is lower than the 37.2% recorded in the first half of the year. This change reflects primarily the finalization of certain federal and state tax issues. For the year, we now expect our tax rate to be just under 37%.
           “I would also note that when we converted CareerBuilder from a C corporation to a limited liability company in the third quarter of 2002, we did so with the anticipation of future tax savings. We have now begun to realize those savings.
           “Labor and employee benefits were up 4.9%; wages were approximately flat; benefits, including pension and health costs, accounted for the entire increase.
           “During the quarter, we repurchased 1 million shares, leaving remaining authorization to repurchase up to 4.2 million shares at quarter’s end. Common shares

outstanding at the end of the quarter were 79.6 million. Fully diluted shares for the quarter were 81.3 million versus 84.1 million during the same quarter last year.
           “Total debt at quarter’s end was $1.5 billion, down $62.5 million from the start of the year. Cash and cash equivalents at the end of the quarter were $30.4 million.” 

          Certain statements contained in this report are forward-looking. They are based on management’s current knowledge of factors affecting Knight Ridder’s business. Actual results could differ materially from those currently anticipated, depending upon – but not limited to – the effects of interest rates, of national and local economies on revenue, of the evolution of the Internet, of unforeseen changes in the price of newsprint and of negotiations and relations with labor unions.
          Knight Ridder (NYSE: KRI) is the nation’s second-largest newspaper publisher, with products in print and online. The company publishes 31 daily newspapers in 28 U.S. markets, with a readership of 8.3 million daily and 12.1 million Sunday. Knight Ridder also has investments in a variety of Internet and technology companies and two newsprint companies. The company’s Internet operation, Knight Ridder Digital, develops and manages the company’s online properties. It is the founder and operator of Real Cities (www.RealCities.com), the largest national network of city and regional Web sites in more than 80 U.S. markets. Knight Ridder and Knight Ridder Digital are located in San Jose, Calif.

KNIGHT RIDDER

CONSOLIDATED STATEMENT OF INCOME
(Unaudited in thousands, except per share data)

	Quarter Ended						Three Quarters Ended
	September 28, 2003			September 29, 2002			September 28, 2003			September 29, 2002
OPERATING REVENUE
Advertising
Retail	$	253,505		$	257,302		$	777,741		$	772,129
General		75,832			67,616			238,733			214,669
Classified		196,576			207,552			592,254			622,155
Total		525,913			532,470			1,608,728			1,608,953
Circulation		115,758			119,079			353,265			367,774
Other		43,673			37,441			122,327			105,579
Total Operating Revenue		685,344			688,990			2,084,320			2,082,306
OPERATING COSTS
Labor and employee benefits		290,021			276,542			875,170			835,257
Newsprint, ink and supplements		92,022			85,443			277,920			269,090
Other operating costs		147,973			153,960			454,727			462,379
Depreciation and amortization		26,333			30,219			86,163			94,460
Total Operating Costs		556,349			546,164			1,693,980			1,661,186
OPERATING INCOME		128,995			142,826			390,340			421,120
OTHER INCOME (EXPENSE)
Interest expense		(16,965	)		(18,363	)		(52,078	)		(57,069	)
Interest expense capitalized		897			60			1,241			536
Interest income		50			130			200			294
Equity in losses of unconsolidated companies and joint ventures		(3,077	)		(31,054	)		(19,867	)		(53,226	)
Minority interests		(2,008	)		(2,884	)		(7,475	)		(7,797	)
Other, net		(468	)		(658	)		(1,315	)		(9,082	)
Total		(21,571	)		(52,769	)		(79,294	)		(126,344	)
Income before income taxes and cumulative effect of change in accounting principle of unconsolidated company		107,424			90,057			311,046			294,776
Income taxes		38,275			33,521			114,007			109,677
Net Income before cumulative effect of change in accounting principle of unconsolidated company	$	69,149		$	56,536		$	197,039		$	185,099
Cumulative effect of change in accounting principle of unconsolidated company	$	—		$	—		$	—		$	(24,279	)
Net Income	$	69,149		$	56,536		$	197,039		$	160,820
NET INCOME PER SHARE - BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE OF UNCONSOLIDATED COMPANY
Basic	$	0.86		$	0.68		$	2.44		$	2.22
Diluted	$	0.85		$	0.67		$	2.41		$	2.17
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE OF UNCONSOLIDATED COMPANY - PER SHARE
Basic	$	—		$	—		$	—		$	(0.29	)
Diluted	$	—		$	—		$	—		$	(0.28	)
NET INCOME PER SHARE
Basic	$	0.86		$	0.68		$	2.44		$	1.93
Diluted	$	0.85		$	0.67		$	2.41		$	1.89
DIVIDENDS DECLARED PER COMMON SHARE	$	0.32		$	0.25		$	0.86		$	0.75
AVERAGE SHARES OUTSTANDING (000’s)
Basic		80,203			82,796			80,636			83,407
Diluted		81,327			84,090			81,629			85,181

Knight Ridder

Business Segment Information
(in thousands of dollars)

	Quarter Ended						Three Quarters Ended
	September 28, 2003			September 29, 2002			September 28, 2003			September 29, 2002
Operating revenue
Newspapers	$	663,806		$	674,751		$	2,026,378		$	2,040,957
Online		21,538			14,239			57,942			41,349
	$	685,344		$	688,990		$	2,084,320		$	2,082,306
Operating income (loss)
Newspapers	$	131,707		$	152,714		$	407,800		$	454,419
Online		5,358			(2,820	)		10,798			(9,329	)
Corporate		(8,070	)		(7,068	)		(28,258	)		(23,970	)
	$	128,995		$	142,826		$	390,340		$	421,120
Depreciation and amortization
Newspapers	$	24,301		$	27,582		$	79,245		$	86,591
Online		856			1,318			2,959			3,650
Corporate		1,176			1,319			3,959			4,219
	$	26,333		$	30,219		$	86,163		$	94,460

EX-99.2

NEWS RELEASE

KNIGHT RIDDER

50 WEST SAN FERNANDO ST.

SAN JOSE, CA 95113

Knight Ridder Releases September Statistical Report

          SAN JOSE, Oct. 17, 2003 – (KRI:NYSE) – Total advertising revenue was up 0.5% in September and was flat for the year to date. For the month, retail was up 1.9%; it was up 0.7% for the year to date. General was up 7.8% for the month and 11.2% year to date. Classified was down 3.8% for the month and down 4.8% year to date.
          Retail strengthened somewhat in many markets.
          In the general advertising category, strength continued to be in telecommunications in most markets with additional growth in automotive, airlines/travel and pharmaceuticals.
          Total operating revenue was up 1.4% for the month and up 0.1% for the year to date.
          For the month, total ad revenue was up 3.9% in St. Paul, 2.5% in Philadelphia, 2.5% in Columbia, 2.4% in Fort Worth, 1.7% in Contra Costa, 1.2% in Akron and 0.4% in San Jose. The other large markets were soft. Preprints inserted were up 13.9% for the month and up 10.5% for the year to date.
          Retail revenue was up 9.8% in Philadelphia, 8.1% in St. Paul, 6.6% in Columbia, 4.2% in Fort Worth, 3.3% in San Jose and 0.2% in Kansas City.
          General advertising was up 36.3% in Contra Costa, 28.1% in Akron, 18.4% in San Jose, 16.5% in Fort Worth, 10.0% in Charlotte, 8.4% in Philadelphia and 5.0% in Kansas City.
          Classified revenue was soft in all large markets except Saint Paul and Miami, which were up 4.9% and 2.5%, respectively. Recruitment was down 15.7% (down 26.6% in San Jose) for the month and down 19.3% year to date. Automotive was up 0.6% for the month and down 0.7% for the year to date. Real estate was up 6.9% for the month and up 7.8% for the year to date.  
          Circulation revenue was down 3.2% for the month and down 3.9% for the year to date. Daily copies were down 1.2% for the month and down 0.1% for the year to date. Sunday copies were down 1.2% for the month and up 0.4% for the year to date.
          Other revenue was up 28.7% for the month, primarily due to an increase in online revenue of more than 50%, an increase in earnings from Detroit and an increase in commercial print revenue. For the year to date, other revenue was up 15.9%.

          Knight Ridder (NYSE: KRI) is the nation’s second-largest newspaper publisher, with products in print and online. The company publishes 31 daily newspapers in 28 U.S. markets, with a readership of 8.3 million daily and 12.1 million Sunday. Knight Ridder also has investments in a variety of Internet and technology companies and two newsprint companies. The company’s Internet operation, Knight Ridder Digital, develops and manages the company’s online properties. It is the founder and operator of Real Cities (www.RealCities.com), the largest national network of city and regional Web sites in more than 80 U.S. markets. Knight Ridder and Knight Ridder Digital are located in San Jose, Calif.

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          For more information, call Vice President/Corporate Relations Polk Laffoon at 408-938-7838 (e-mail: plaffoon@knightridder.com), or Director/Corporate Communications Lee Ann Schlatter at 408-938-7839 (e-mail: lschlatter@knightridder.com), or visit Knight Ridder’s Web site at www.knightridder.com.

STATISTICAL REPORT
For the period of 09/01/03 - 09/28/03

	September							Year-to-Date
	2003		2002		Percent Change			2003		2002		Percent Change
REVENUE ($000) - See Notes 1 & 2
Advertising
Retail		82,069		80,567		1.9	%		777,741		772,129		0.7	%
General		24,627		22,840		7.8	%		238,733		214,669		11.2	%
Classified		63,689		66,188		-3.8	%		592,254		622,155		-4.8	%
Total		170,385		169,595		0.5	%		1,608,728		1,608,953		0.0	%
Circulation		36,227		37,428		-3.2	%		353,265		367,774		-3.9	%
Other Revenue		15,338		11,919		28.7	%		122,327		105,578		15.9	%
Total Operating Revenue		221,950		218,942		1.4	%		2,084,320		2,082,305		0.1	%
AVERAGE CIRCULATION (000’s of copies including Detroit) - Notes 1 & 2
Morning		3,651		3,680		-0.8	%		3,594		3,589		0.1	%
Evening		183		202		-9.4	%		189		197		-4.4	%
Daily		3,834		3,882		-1.2	%		3,783		3,786		-0.1	%
Sunday		5,167		5,230		-1.2	%		5,143		5,123		0.4	%
ADVERTISING LINAGE (000’s of six-column inches) - Notes 1 & 2
Full-Run ROP
Retail		1,105.6		1,194.9		-7.5	%		10,707.0		11,336.3		-5.6	%
General		202.7		199.0		1.9	%		1,945.2		1,808.8		7.5	%
Classified		1,488.9		1,491.0		-0.1	%		13,925.5		13,721.8		1.5	%
Total		2,797.2		2,884.9		-3.0	%		26,577.7		26,866.9		-1.1	%
Factored Part-Run ROP		193.2		184.3		4.8	%		1,740.8		1,658.7		5.0	%
TOTAL PREPRINTS INSERTED		607,198		532,985		13.9	%		5,557,690		5,030,647		10.5	%

Statistical Report
For the period of 09/01/03 - 09/28/03

	September				Year-to-Date
	2003		2002		Percent Change			2003		2002		Percent Change
FULL-RUN ROP ADVERTISING LINAGE DATA By Markets (000’s of six-column inches) - Notes 1 & 2
Akron Beacon Journal		121.1		115.2		5.1	%		1,155.9		1,030.6		12.1	%
Charlotte Observer		135.0		141.4		-4.5	%		1,244.9		1,317.3		-5.5	%
Columbia State		92.4		94.9		-2.6	%		909.7		874.6		4.0	%
Contra Costa (Note 3)		129.0		120.3		7.2	%		1,174.4		1,093.4		7.4	%
Fort Wayne News-Sentinel, Journal Gazette		108.2		124.4		-13.0	%		1,028.6		1,068.9		-3.8	%
Fort Worth Star Telegram		168.5		177.2		-4.9	%		1,681.8		1,704.9		-1.4	%
Kansas City Star		156.1		163.2		-4.4	%		1,462.0		1,490.4		-2.0	%
Lexington Herald-Leader		93.9		94.1		-0.2	%		876.9		864.7		1.4	%
Miami Herald & el Nuevo Herald		147.3		156.3		-5.8	%		1,504.8		1,438.2		4.6	%
Philadelphia Newspapers		177.8		181.4		-2.0	%		1,692.7		1,785.4		-5.2	%
St. Paul Pioneer Press		113.8		99.7		14.1	%		948.9		862.5		10.0	%
San Jose Mercury News		188.3		199.0		-5.4	%		1,793.8		1,897.2		-5.5	%
Wichita Eagle		69.7		69.9		-0.3	%		661.0		660.9		0.0	%
All Other Dailies		1,096.1		1,147.9		-4.5	%		10,442.3		10,777.9		-3.1	%
Total  -  Full-Run ROP		2,797.2		2,884.9		-3.0	%		26,577.7		26,866.9		-1.1	%

Note 1 - The Detroit News and the Detroit Free Press operate under a joint operating agreement as Detroit Newspapers (DN). Revenue and linage are excluded for 2003 and 2002.

Note 2 - Measured by individual Knight Ridder newspapers. Where necessary, certain previously reported linage has been restated to be consistent with measurement guidelines currently in use.

Note 3 - Full-run ROP advertising linage represents the sum of full-run ROP linage for each of Contra Costa’s three newspapers.

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For further information, call Polk Laffoon IV at 408-938-7838