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Knight Ridder Comfortable With Earnings Estimates for Year

Knight Ridder


expects earnings for 2000 to be in line with analysts' estimates as the company continues to cut costs and increase revenue.

The publishing company expects to report an operating margin of 20% and earnings of $3.65 to $3.70 for fiscal 2000. Analysts expect earnings of $3.70 a share, according to

First Call/Thomson Financial


For 2001, the company expects advertising revenue to grow between 4% and 4.5% and sees double-digit earnings per share growth. In addition, Knight Ridder said it would reduce its work force by 1.5% to 2%, for which it expects to take a charge of $10 million to $15 million in the fourth quarter.

Separately, the company confirmed its recent bid for the remaining 50.5% of the

Seattle Times

that it doesn't already own. The company added that the rumored $650 million amount of the bid was "seriously overstated."

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TheStreet Recommends

Shares of Knight Ridder were recently down 81 cents, or 1.5%, to $53.06 in

New York Stock Exchange

composite trading.

Also today,

Dow Jones


warned that fourth-quarter earnings would fall short of estimates, but

New York Times

(NYT) - Get New York Times Company Class A Report

said it was

comfortable with Wall Street's expectations for the year.