8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 15, 2005

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, Suite 1500, San Jose, California	95113
(Address of principal executive offices)	(Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On April 15, 2005, Knight-Ridder, Inc. issued a press release announcing the Company’s earnings for the quarter ended March 27, 2005. The Company also issued a press release on April 15, 2005 announcing the Company’s statistical report for the month ended March 27, 2005. Copies of these press releases are furnished as exhibits to this Form 8-K.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits.

Exhibit 99.1	Knight-Ridder, Inc. Earnings Press Release dated April 15, 2005
Exhibit 99.2	Knight-Ridder, Inc. March Statistical Report Press Release dated April 15, 2005

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/ Gary R. Effren
	Gary R. Effren
	Vice President/Finance

Dated: April 15, 2005

EXHIBIT INDEX

Exhibit Number	Name
99.1	Knight-Ridder, Inc. Earnings Press Release dated April 15, 2005
99.2	Knight-Ridder, Inc. March Statistical Report Press Release dated April 15, 2005

EX-99.1

Exhibit 99.1

NEWS RELEASE

KNIGHT RIDDER

50 WEST SAN FERNANDO ST.

SAN JOSE, CA 95113

Knight Ridder Reports First Quarter Results

SAN JOSE, April 15, 2005 – Knight Ridder earned $0.79 per diluted share for the first quarter, up 12.9% from $0.70 per diluted share in the first quarter of 2004. Net income of $60.5 million was up 8.2%.

Included in these results is a reduction in tax expense of $7.3 million due to the anticipated benefit of tax capital loss carry-forwards. As previously announced, Knight Ridder is selling land in Miami. The company now believes this sale will generate a capital gain sufficient to utilize its capital loss carry-forwards prior to their expiration.

The following numbers are all in comparison to the first quarter of 2004: Total operating revenue of $724.7 million was up 1.7%. Total advertising revenue of $566.1 million was up 3.3%. Operating profit of $110.9 million was down 0.2%.

Commenting on the results, Tony Ridder, chairman and CEO, said, “This is the best first quarter for ad revenue we have seen since 2000. January and February were both strong, and seven of our nine largest markets had ad revenue increases between 1.6% and 8.0%. Retail and classified advertising both had a good quarter; help wanted advertising had an outstanding quarter.

“That said, we were not helped by the Easter shift, which reduced classified spending in the second half of March; likewise, national spending in March was disappointing. Philadelphia, our largest market, continues to lag. Auto classified remains weak.

“Growth in noncore print continues to be robust, paced by our targeted publications, which are showing revenue increases in the mid 30% range. The acquisition of the Palo Alto Daily News group of free dailies, announced in February, underscores our commitment to expansion in this fast-growing sector.

“Knight Ridder Digital continued to perform at a very high level, with revenue up $12.7 million, or 52.8%. CareerBuilder network revenue of $107.1 million was up 88% over the same quarter last year. CareerBuilder unique visitors were up 34% for the quarter. Our investment, along with Gannett and Tribune, in Topix.net, a content aggregation service specializing in breaking news at a micro-geographic level, reflects our ongoing commitment to meeting emerging consumer preferences on the Web.

“Cost discipline remains very tight. Total costs for the quarter were up 2.1%, with labor and employee benefits up a modest 1.6%, and newsprint, ink and supplements up 2.7%. The average price per ton of newsprint was up 8.1%, while consumption was down 4.1%.

“Two additional items combined to hold down earnings per share: Interest expense was up 33.2% as a result of higher debt level, higher rates and the issuance, last November, of $200 million of 10-year debt. Equity earnings were 13.2% lower than the same quarter last year, largely as a result of spending for CareerBuilder’s high-profile Super Bowl ads and for CrossMedia Services, which we acquired (along with Gannett and Tribune) in May 2004.”

Comment on Operations

Steve Rossi, Knight Ridder senior vice president and chief financial officer, said, “For the quarter, retail advertising was up 3.1%, national was up 1.9% and classified was up 4.3%. Employment advertising was up 16.5%, real estate was up 3.8% and auto was down 6.1%.

“As anticipated, March comparisons were hurt by the Easter shift. Total ad revenue was up 4.2% in January, 5.2% in February and 0.7% in March. National advertising, which had been up 6.1% for January/ February combined, was down 6.7% in March. Classified, which had been up 3.2% and 8.3%, respectively, in January and February, was up only 1.6% in March.

“Quarterly ad revenue increases in the large markets were mostly up in the low-to-mid single-digit range: Miami 4.5%, St. Paul 4.0%, Contra Costa 3.6%, San Jose 3.1%, Fort Worth 2.8% and Charlotte 1.6%. Akron, an exception, was up 8.0%. Philadelphia and Kansas City were soft.

“Throughout the quarter, retail was the most consistent performer: up 4.3% in January, 2.1% in February and 2.7% in March. But it was pulled along by especially strong showings in four large markets – San Jose, up 11.6%, Contra Costa, up 7.0%, St. Paul, up 4.4%, and Ft. Worth, up 3.7% – and by an overall 6.8% increase in the 18 mid sized and smaller markets. Charlotte, Miami and Philadelphia retail were all soft; Kansas City was flat.

“By category, department stores were up slightly; general merchandise, home electronics, home improvement and sporting goods were also positive. A major drain was Eckerd’s closures in various markets, bringing drug stores down 28%, or $2.3 million.

“National was down double digits in five of nine large markets in March, with only a slight increase in San Jose and a large increase in Akron. Although telecom, automotive and pharmaceuticals were up for the quarter, travel, financial and entertainment were down.

“The March performance drop in classified relative to the previous two months included these factors: Real estate, the most pronounced change in growth rate, was down 0.7% in March after being up 4.8% in January and 7.3% in February. Employment was up 12.6% in March after a 24.4% increase in February. Auto was soft throughout.

“Other revenue was down 3.3%, a function of poor performance in Detroit (total ad revenue down 4.6% for the quarter), offset by some strength in commercial printing.

“Circulation revenue was down 3.6% for the quarter, a consequence of increased discounting and decreased volume. Copies were down 2.6% daily and 2.4% Sunday.

“Other operating expense grew 4.5%, driven in part by marketing and promotion costs, by increased solicitor commissions and by online cost of goods sold. Depreciation and amortization was down 9.8%, a function of lower capital spending in recent years.

“During the quarter, we repurchased 1.4 million shares of Knight Ridder stock, leaving remaining authorization of 3.5 million at quarter’s end. Shares outstanding at the end of the quarter were 75.2 million. Average diluted shares were down 5.1%

“Total debt at quarter’s end was $1.625 billion, up approximately $127 million from year end 2004. The effective tax rate for the quarter was 27.5%.

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 9.0 million daily and 12.7 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 105 U.S. markets. Knight Ridder and Knight Ridder Digital are headquartered in San Jose, Calif. (FR)

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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.

KNIGHT RIDDER

CONSOLIDATED STATEMENT OF INCOME

(Unaudited - in thousands, except per share data)

	Quarter Ended
	March 27, 2005			March 28, 2004
OPERATING REVENUE
Advertising
Retail	$	249,173		$	241,766
National		95,940			94,122
Classified		221,023			211,989
Total		566,136			547,877
Circulation		134,248			139,209
Other		24,344			25,185
Total Operating Revenue		724,728			712,271
OPERATING COSTS
Labor and employee benefits		310,780			305,960
Newsprint, ink and supplements		97,472			94,888
Other operating costs		181,809			173,988
Depreciation and amortization		23,797			26,376
Total Operating Costs		613,858			601,212
OPERATING INCOME		110,870			111,059
OTHER EXPENSE
Interest expense, net of interest income		(18,845	)		(14,143	)
Interest expense capitalized		1,679			974
Interest expense, net		(17,166	)		(13,169	)
Equity in losses, net of earnings of unconsolidated companies and joint ventures		(9,132	)		(8,067	)
Minority interest in earnings of consolidated subsidiaries		(1,710	)		(1,912	)
Other, net		632			(239	)
Total Other Expense		(27,376	)		(23,387	)
Income before income taxes		83,494			87,672
Income taxes		22,994			31,735
Net Income	$	60,500		$	55,937
NET INCOME PER SHARE
Basic	$	0.80		$	0.71
Diluted	$	0.79		$	0.70
DIVIDENDS DECLARED PER COMMON SHARE	$	0.345		$	0.320
AVERAGE SHARES OUTSTANDING
Basic		75,562			79,005
Diluted		76,279			80,338

See “Notes to Consolidated Financial Statements.”

EX-99.2

Exhibit 99.2

NEWS RELEASE

KNIGHT RIDDER

50 WEST SAN FERNANDO ST.

SAN JOSE, CA 95113

Knight Ridder Reports March Revenue and Linage

SAN JOSE, April 15, 2005 – (KRI:NYSE) – Total advertising revenue was up 0.7% for March. For the month, retail was up 2.7%, national was down 6.7% and classified was up 1.6%. Help wanted was up 12.6%. Real estate was down 0.7%. Auto was down 7.2%.

For the year to date, total advertising revenue was up 3.3%. Retail was up 3.1%, national was up 1.9%, classified was up 4.3%. Help wanted was up 16.5%. Real estate was up 3.8%. Auto was down 6.1%.

Total operating revenue was down 0.7% for the month and up 1.7% for the year.

Total ad revenue for the month was up 9.5% in Wichita, 6.3% in Columbia, 4.4% in Fort Wayne, 4.2% in Akron, 4.1% in Lexington, 3.9% in St. Paul, 3.5% in Miami and 0.9% in San Jose. The other large markets were soft.

Retail for the month was up 16.4% in San Jose, 12.5% in St. Paul, 10.4% in Wichita, 7.3% in Columbia, 6.4% in Contra Costa, 4.0% in Miami, 1.4% in Fort Worth and 0.9% in Kansas City. Philadelphia and Charlotte were soft.

National for the month was up 27.8% in Lexington, 15.4% in Columbia, 10.8% in Akron, 10.2% in Fort Wayne and 1.4% in San Jose. Contra Costa, Fort Worth, Philadelphia, Kansas City, Contra Costa, St. Paul and Miami were soft.

Classified for the month was up 10.6% in Wichita, 8.6% in Miami, 5.6% in Akron, 3.4% in Fort Wayne, 3.0% in Lexington, 2.9% in Columbia, 0.8% in St. Paul, 0.7% in Fort Worth, 0.7% in Contra Costa and 0.4% in Charlotte. San Jose, Philadelphia and Kansas City were soft.

Twenty-one of 27 markets had double-digit increases in employment. Among the large markets, Akron was up 26.5%, St. Paul was up 16.4%, Fort Worth was up 15.4%, Miami was up 12.0% and Kansas City was up 11.4%. Only Philadelphia and Macon were soft. Real estate was mixed: the small markets were up 8%, while the large markets were down 4.7%.

The large markets were down in auto, with only Contra Costa and Miami showing strength, up 6.3% and 5.8%, respectively.

Other revenue was down 11.9%, due to a 64.9% decrease in earnings from Detroit, somewhat offset by an 8.1% increase in commercial print revenue and a 22.7% increase in augmentation revenue.

Circulation revenue was down 4.0% for the month. As in January, a piece of that is due to a change in business practices which lower both revenue and carrier compensation (no effect to the bottom line) in certain markets. Much of the rest of the decline was due to a decrease in circulation copies and an increase in discounts.

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 9.0 million daily and 12.7 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 110 U.S. markets. Knight Ridder and Knight Ridder Digital are headquartered in San Jose, Calif.

(FR)

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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 2/28/05 - 3/27/05

	March		Percent Change		Year-to-Date		Percent Change
	2005	2004			2005	2004
REVENUE ($000) - See Notes 1 & 2
Advertising
Retail	82,780	80,579	2.7	%	249,173	241,766	3.1	%
National	28,629	30,680	-6.7	%	95,940	94,122	1.9	%
Classified	70,104	69,033	1.6	%	221,023	211,989	4.3	%
Total	181,513	180,292	0.7	%	566,136	547,877	3.3	%
Circulation	41,564	43,284	-4.0	%	134,248	139,209	-3.6	%
Other Revenue	7,820	8,882	-12.0	%	24,344	25,185	-3.3	%
Total Operating Revenue	230,897	232,458	-0.7	%	724,728	712,271	1.7	%
AVERAGE CIRCULATION (000’s of copies including Detroit) - Notes 1 & 2
Morning	3,599	3,692	-2.5	%	3,561	3,642	-2.2	%
Evening	160	178	-10.0	%	159	176	-9.8	%
Daily	3,759	3,870	-2.9	%	3,720	3,818	-2.6	%
Sunday	5,228	5,276	-0.9	%	5,065	5,188	-2.4	%
ADVERTISING LINAGE (000’s of six-column inches) - Notes 1 & 2
Full-Run ROP
Retail	1,024.1	1,092.8	-6.3	%	3,163.7	3,250.1	-2.7	%
National	253.1	251.3	0.7	%	815.9	801.5	1.8	%
Classified	1,389.0	1,406.9	-1.3	%	4,365.4	4,440.5	-1.7	%
Total	2,666.2	2,751.0	-3.1	%	8,345.0	8,492.1	-1.7	%
Factored Part-Run ROP	185.2	198.7	-6.8	%	562.1	581.0	-3.3	%
TOTAL PREPRINTS INSERTED	587,330	592,451	-0.9	%	1,959,221	1,809,202	8.3	%

Statistical Report

For the period of 2/28/05 - 3/27/05

	March		Percent Change		Year-to-Date		Percent Change
	2005	2004			2005	2004
FULL-RUN ROP ADVERTISING LINAGE DATA     By Markets (000’s of six-column inches) - Notes 1 & 2
Akron Beacon Journal	109.1	119.4	-8.6	%	346.5	352.9	-1.8	%
Charlotte Observer	122.8	124.8	-1.6	%	381.8	377.3	1.2	%
Columbia State	86.3	91.9	-6.1	%	262.7	286.7	-8.4	%
Contra Costa (Note 3)	106.0	105.3	0.7	%	342.8	328.5	4.4	%
Fort Wayne News-Sentinel, Journal Gazette	109.0	99.8	9.2	%	324.1	316.4	2.4	%
Fort Worth Star Telegram	157.4	174.1	-9.6	%	506.5	534.7	-5.3	%
Kansas City Star	148.6	150.8	-1.5	%	491.2	466.4	5.2	%
Lexington Herald-Leader	85.3	89.4	-4.6	%	257.2	278.6	-7.7	%
Miami Herald & el Nuevo Herald	153.7	163.3	-5.9	%	521.8	510.2	2.3	%
Philadelphia Newspapers	150.0	175.8	-14.7	%	531.1	555.4	-4.4	%
St. Paul Pioneer Press	93.1	99.3	-6.2	%	288.1	293.0	-1.7	%
San Jose Mercury News	152.3	181.4	-16.0	%	514.8	575.7	-10.6	%
Wichita Eagle	79.2	66.0	20.0	%	230.4	204.7	12.6	%
All Other Dailies	1,113.4	1,109.7	0.3	%	3,346.0	3,411.6	-1.9	%
Total - Full-Run ROP	2,666.2	2,751.0	-3.1	%	8,345.0	8,492.1	-1.7	%

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 2005 and 2004.

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