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) July 14, 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 July 14, 2005, Knight-Ridder, Inc. issued a press release announcing the Company’s earnings for the quarter ended June 26, 2005. The Company also issued a press release on July 14, 2005 announcing the Company’s statistical report for the month ended June 26, 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 July 14, 2005
Exhibit 99.2	Knight-Ridder, Inc. June Statistical Report Press Release dated July 14, 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: July 14, 2005

EXHIBIT INDEX

Exhibit Number	Name
99.1	Knight-Ridder, Inc. Earnings Press Release dated July 14, 2005
99.2	Knight-Ridder, Inc. June Statistical Report Press Release dated July 14, 2005

EX-99.1

Exhibit 99.1

NEWS RELEASE

KNIGHT RIDDER

50 WEST SAN FERNANDO ST.

SAN JOSE, CA 95113

Knight Ridder Reports Second Quarter Results

SAN JOSE, July 14, 2005 – Knight Ridder (NYSE:KRI) earned $1.00 per diluted share for the second quarter, down 7.4% from the $1.08 in the second quarter of 2004.

Included in this quarter’s earnings per share are $.03 from the favorable resolution of prior-years’ tax issues, including interest, offset by $.01 for severance in Detroit. Included in last year’s second-quarter earnings per share were $.06 from the favorable resolution of prior years’ tax issues, including interest, and $.04 from favorable adjustments in Detroit, primarily post-retirement benefits.

Total advertising revenue for the quarter was $604.2 million, up 2.1% from $591.7 million in the same quarter of 2004. Total operating revenue was $761.5 million, up 0.2% from the same quarter last year. Total operating profit for the quarter was $143.3 million, down 7.5% from the $155.0 million in the same quarter of last year. Excluding the Detroit severance and adjustments referenced above, operating profit would have been down 3.5%. Net income of $74.4 million was down 13.8% from $86.3 million in the same quarter of the previous year. Excluding the Detroit issues and tax resolutions referenced above, net income would have been down 6.9%.

Commenting on the results, Knight Ridder Chairman and CEO Tony Ridder said, “In a pattern that has been consistent since March, the bright spots continue to be retail, help wanted and real estate. The soft spots continue to be classified automotive and national, although national did turn positive – by one-tenth of one percent! – in June. While the June ad revenue increase of 0.9% was a bit lower than April and May, it is encouraging to see that July is currently running close to 3%, with national considerably improved.

“For the quarter, the mid-sized and smaller markets continued to fare relatively better than the large markets. Ad revenue in the former was up 5.1%; in the large markets, it was up 0.4%. As explanation, two factors stand out: a) department store advertising for the quarter was down 6.5% in our large markets; 2) national advertising was down 7.0% in the large markets and up 9.8% in the mid-sized and smaller markets.

“Also encouraging is the continued growth and expansion of our online and other print products businesses. Advertising revenue at Knight Ridder Digital was up 52.7% for the quarter and is up 55.1% for the year to date. CareerBuilder network revenue of $121.3 million was up 78% over the same quarter last year. Advertising revenue for our weeklies, free dailies, shoppers and targeted publications is growing, in the aggregate, at the mid-teens rate we forecasted for the year.

“During the quarter, we launched a free newspaper in Berkeley to complement our five free newspapers in communities on the peninsula south of San Francisco. We purchased the Keller Citizen, a weekly newspaper in greater Fort Worth, and Carolina Bride, a wedding

magazine published quarterly in Charlotte. Recently, we announced Internet investments (through our partnership in Classified Ventures) in HomeGain.com, a Web site offering extensive information relevant to the buying or selling of homes, and NewCars.com, a leader in automotive sales lead generation.

“For the quarter, costs were up 2.1%, with labor and employee benefits up a modest 0.4% and newsprint, ink and supplements up 6.2%. Tight cost control is a priority for Knight Ridder, and I am extremely pleased that in an environment of rising newsprint prices, we have been able to hold the line on so many other increases.

“Interest expense was up, reflecting both higher rates and higher outstanding debt. Losses from equity investments decreased, reflecting better results from CareerBuilder and Seattle.

“During the quarter, we repurchased approximately 1.7 million shares of Knight Ridder’s outstanding stock, bringing to 3.1 million the total number of shares repurchased this year. At quarter’s end, there were approximately 73.8 million shares outstanding.

Comment on Operations

Steve Rossi, Knight Ridder senior vice president and chief financial officer, said, “For the quarter, retail advertising was up 2.2%, national was down 3.8% and classified was up 4.5%. Employment advertising was up 14.4%, real estate was up 10.7% and auto was down 6.8%.

“Year to date, total ad revenue is up 2.7%. Retail is up 2.6%, national is down 1.0% and classified is up 4.4%.

“Total ad revenue was up 2.0% in April, 3.5% in May and 0.9% in June. For the quarter, Contra Costa’s total ad revenue was up 6.5%; Miami’s was up 3.7%. Of the seven other large markets, five were positive. Charlotte showed the largest increase – up 2.2%. Kansas City and Philadelphia were soft, down 0.8% and 4.1%, respectively. All but three of the 18 mid-sized and smaller markets were up, with half of them showing ad revenue increases in the mid to high single digits or better.

“Retail was strongest in San Jose and Contra Costa, up 11.1% and 6.3%, respectively, and softest in Akron, St. Paul and Philadelphia, down 5.8%, 5.8% and 2.3%, respectively. In the large markets altogether, it was up 0.8%; in the mid-sized and smaller markets, it was up 3.4%.

“National was down 4.3% in April and 7.0% in May before turning slightly positive in June. Charlotte’s national advertising increased 11.4% during the quarter; Contra Costa’s was up 4.5%. Four of the five largest markets were soft and Fort Worth was flat. Telecommunications, travel and entertainment were all down.

“Classified is a pretty simple story: employment up in the low to mid teens throughout the quarter; real estate up low teens in April and high single digits in May and June; auto down throughout.

“Employment in the larger markets was up 11.5%, but in the mid-sized and smaller markets it was up 21.2%. With respect to real estate, the large markets trumped the smaller: up 9.3% for the quarter vs. 8.2% for the mid-sized and smaller markets. Auto showed no variation by size of market.

“Other revenue for the quarter was down 22.1%, primarily reflecting three factors related to Detroit: the absence of last year’s favorable adjustments (primarily post-retirement benefits), the cost of this year’s severance and, also this year, reduced operating earnings.

Circulation revenue was down 3.0% for the quarter (and 3.3% year to date), a consequence of lower sales volume. Circulation copies for the quarter were down 3.3% daily and 3.4% Sunday (and 2.8% daily and 3.0% Sunday year to date).

“For the quarter, total FTEs were down by 0.7%. The per ton cost of newsprint was up 9.7%. Total tons consumed declined by 4.4%. Other operating expense grew 4.5%, primarily reflecting increased marketing costs and increased cost of goods sold at Knight Ridder Digital. Depreciation and amortization was down 8.9% inasmuch as we have not yet begun to depreciate the new plant under construction in Kansas City. We will begin to depreciate a portion of it in the third quarter, as it becomes operational

“Total debt at quarter’s end was $1.693 billion, up approximately $195 million from year end 2004. The effective tax rate for the quarter was 36.1%.”

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 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.

KNIGHT RIDDER

CONSOLIDATED STATEMENT OF INCOME

(Unaudited - in thousands, except per share data)

	Quarter Ended						Two Quarters Ended
	June 26, 2005			June 27, 2004			June 26, 2005			June 27, 2004
OPERATING REVENUE
Advertising
Retail	$	273,622		$	267,751		$	522,795		$	509,518
National		93,932			97,613			189,872			191,735
Classified		236,645			226,349			457,668			438,338
Total		604,199			591,713			1,170,335			1,139,591
Circulation		132,316			136,406			266,564			275,615
Other		24,995			32,097			49,339			57,281
Total Operating Revenue		761,510			760,216			1,486,238			1,472,487
OPERATING COSTS
Labor and employee benefits		302,218			301,071			612,998			607,030
Newsprint, ink and supplements		105,067			98,911			202,539			193,799
Other operating costs		187,068			179,085			368,877			353,072
Depreciation and amortization		23,811			26,140			47,608			52,517
Total Operating Costs		618,164			605,207			1,232,022			1,206,418
OPERATING INCOME		143,346			155,009			254,216			266,069
OTHER EXPENSE
Interest expense, net of interest income		(22,833	)		(13,244	)		(41,678	)		(27,387	)
Interest expense capitalized		1,836			1,142			3,515			2,116
Interest expense, net		(20,997	)		(12,102	)		(38,163	)		(25,271	)
Equity in losses, net of earnings of unconsolidated companies and joint ventures		(3,567	)		(7,006	)		(12,699	)		(15,073	)
Minority interest in earnings of consolidated subsidiaries		(2,311	)		(2,572	)		(4,021	)		(4,484	)
Other, net		(84	)		(528	)		548			(767	)
Total Other Expense		(26,959	)		(22,208	)		(54,335	)		(45,595	)
Income before income taxes		116,387			132,801			199,881			220,474
Income taxes		41,992			46,539			64,986			78,274
Net Income	$	74,395		$	86,262		$	134,895		$	142,200
NET INCOME PER SHARE
Basic	$	1.00		$	1.10		$	1.80		$	1.81
Diluted	$	1.00		$	1.08		$	1.79		$	1.78
DIVIDENDS DECLARED PER COMMON SHARE	$	0.345		$	0.320		$	0.690		$	0.640
AVERAGE SHARES OUTSTANDING
Basic		74,072			78,497			74,817			78,751
Diluted		74,530			79,789			75,405			80,064

EX-99.2

Exhibit 99.2

KNIGHT RIDDER

50 WEST SAN FERNANDO ST.

SAN JOSE, CA 95113

Knight Ridder Reports June Revenue and Linage

SAN JOSE, July 14, 2005 – (KRI:NYSE) – Total advertising revenue was up 0.9% for June. For the month, retail was up 0.7%, national was up 0.1% and classified was up 1.6%. Help wanted was up 13.9%. Real estate was up 9.0%. Auto was down 10.9%.

For the year to date, total advertising revenue is up 2.7%. Retail is up 2.6%, national is down 1.0%, classified is up 4.4%. Help wanted is up 15.2%. Real estate is up 7.4%. Auto is down 6.3%.

Total operating revenue was down 0.3% for the month and up 0.9% for the year.

Total ad revenue for the month was up 8.8% in Contra Costa, 5.9% in St. Paul, 1.5% in Kansas City, 0.9% in Fort Worth and 0.1% in Miami. The other large markets were soft.

Retail for the month was up 9.1% in Contra Costa, 4.7% in San Jose, 3.7% in Kansas City, 2.2% in Philadelphia and 1.2% in Fort Worth. Miami and Charlotte were soft.

National for the month was up 23.9% in Charlotte, 15.1% in Contra Costa and 9.0% in St. Paul, and was virtually flat in Fort Worth. The other large markets were soft.

Classified for the month was up 17.1% in St. Paul, 8.6% in Lexington, 7.6% in Wichita, 6.5% in Contra Costa, 5.9% in Miami, 3.6% in Kansas City and 0.8% in Fort Worth. San Jose, Philadelphia and Charlotte were soft.

Twenty-five of 27 markets had increases in employment revenue, with 17 showing double-digit gains. Among the large markets, St. Paul was up 38.6%, Columbia was up 26.8%, Fort Worth was up 18.1%, Miami was up 15.6% and Kansas City was up 13.1%.

Other revenue was down 9.3%, due entirely to severance expense in Detroit related to the consolidation of production operations in their new plant.

Circulation revenue was down 4.2% for the month.

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 5/30/05 - 6/26/05

	June				Year-to-Date
	2005	2004	Percent Change		2005	2004	Percent Change
REVENUE ($000) - See Notes 1 & 2
Advertising
Retail	81,176	80,630	0.7	%	522,795	509,518	2.6	%
National	30,918	30,898	0.1	%	189,872	191,735	-1.0	%
Classified	73,339	72,174	1.6	%	457,668	438,338	4.4	%
Total	185,433	183,702	0.9	%	1,170,335	1,139,591	2.7	%
Circulation	40,182	41,962	-4.2	%	266,564	275,615	-3.3	%
Other Revenue	6,836	7,533	-9.3	%	49,339	57,281	-13.9	%
Total Operating Revenue	232,451	233,197	-0.3	%	1,486,238	1,472,487	0.9	%
AVERAGE CIRCULATION
(000’s of copies including Detroit) - Notes 1 & 2
Morning	3,324	3,468	-4.1	%	3,520	3,607	-2.4	%
Evening	149	172	-13.6	%	156	174	-10.6	%
Daily	3,473	3,640	-4.6	%	3,676	3,782	-2.8	%
Sunday	4,801	5,031	-4.6	%	4,976	5,131	-3.0	%
ADVERTISING LINAGE
(000’s of six-column inches) - Notes 1 & 2
Full-Run ROP
Retail	1,029.5	1,069.9	-3.8	%	6,585.8	6,788.2	-3.0	%
National	256.7	260.1	-1.3	%	1,613.0	1,655.5	-2.6	%
Classified	1,452.0	1,511.5	-3.9	%	9,074.5	9,238.2	-1.8	%
Total	2,738.2	2,841.5	-3.6	%	17,273.3	17,682.0	-2.3	%
Factored Part-Run ROP	199.9	204.1	-2.1	%	1,247.7	1,240.5	0.6	%
TOTAL PREPRINTS INSERTED	592,437	594,980	-0.4	%	3,803,691	3,752,260	1.4	%

Statistical Report

For the period of 5/30/05 - 6/26/05

	June		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	115.9	128.4	-9.7	%	721.3	754.0	-4.3	%
Charlotte Observer	124.9	124.7	0.2	%	791.3	787.1	0.5	%
Columbia State	89.9	94.1	-4.5	%	542.8	585.6	-7.3	%
Contra Costa (Note 3)	115.4	107.3	7.5	%	705.9	678.4	4.1	%
Fort Wayne News-Sentinel, Journal Gazette	111.7	110.8	0.8	%	694.6	675.3	2.9	%
Fort Worth Star Telegram	172.4	183.5	-6.0	%	1,042.2	1,123.7	-7.3	%
Kansas City Star	160.1	160.6	-0.3	%	1,005.9	989.5	1.6	%
Lexington Herald-Leader	96.6	90.3	7.0	%	566.9	577.0	-1.8	%
Miami Herald & el Nuevo Herald	152.0	147.1	3.3	%	1,043.2	995.7	4.8	%
Philadelphia Newspapers	163.0	182.3	-10.6	%	1,060.4	1,155.0	-8.2	%
St. Paul Pioneer Press	100.4	99.9	0.5	%	596.0	618.7	-3.7	%
San Jose Mercury News	172.5	198.5	-13.1	%	1,064.8	1,202.9	-11.5	%
Wichita Eagle	79.6	75.9	4.9	%	492.2	437.4	12.5	%
All Other Dailies	1,083.8	1,138.2	-4.8	%	6,945.6	7,102.0	-2.2	%
Total - Full-Run ROP	2,738.2	2,841.5	-3.6	%	17,273.3	17,682.0	-2.3	%

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