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Krispy Kreme Doughnuts, Inc. Message Board

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  • diogenes1234 diogenes1234 Nov 13, 2003 5:30 PM Flag

    Shares Outstanding

    More? You've got names, rank and serial #,s?

    ... out the cazoo. Haven't the time or patience to sort them here. But let me give you the source and we can play a little game. Let me quote the Rats's Nest, this from the latest Proxy, and you sort through it. How many names can you list? How many conflicts? And these are just the conflcts they confess to.

    RELATED PARTY TRANSACTIONS

    Associates� License Agreements with Related Parties

    We are parties to franchise agreements, referred to as associates� license agreements, with some of our franchisees who served as directors until March 21, 2003. Our associates� license agreements permit the associate to sublicense the franchise to a company which is majority-owned and principally managed by the associate. Our director-associates have generally sublicensed in this manner. These agreements grant each associate a license to produce, market, package and sell Krispy Kreme doughnuts and other products in a specified territory.

    Each associate must purchase mix and equipment from us; and, as a result, we have outstanding accounts receivable, from time to time, with each of our associates. Additionally, our associates pay us franchise royalties. The table below shows KKM&D sales to and royalties from our directors� affiliated franchise companies during our fiscal year ended February 2, 2003.


    Fiscal Year Ended
    Former Director and Franchise Companies February 2, 2003

    --------------------------------------------------------------------------------

    --------------------------------------------------------------------------------

    (In thousands)
    Frank E. Guthrie:
    Augusta Doughnut Company $ 887
    Classic City Doughnuts Corp. 334
    Frank E. Guthrie and Robert L. McCoy:
    Magic City Doughnuts Corporation 2,314
    Joseph A. McAleer, Jr.:
    Mackk, LLC 3,065
    Gumbo Land Doughnuts, LLC 6,288
    Joseph A. McAleer, Jr. and Steven D. Smith:
    Dallas Doughnuts 6,984
    Robert L. McCoy:
    Gulf Florida Doughnut Corp. 5,924
    Steven D. Smith:
    Dale�s Doughnut Corp. 1,335
    Dale�s Doughnuts of Dothan, Inc. 428
    Smiths Doughnuts, Inc. 1,049

    Our agreement with Mr. Guthrie, which he has sublicensed to Magic City Doughnuts Corporation, obligates him to develop and operate a total of four stores in the Orlando, Florida area, two of which were open as of February 2, 2003. Mr. Guthrie co-owns Magic City Doughnuts with Mr. McCoy. Our agreement with Joseph A. McAleer, Jr., which he has sublicensed to Dallas Doughnuts, obligates him to develop and operate a total of eight stores in the Dallas/Fort Worth territory by December 31, 2003, five of which were open as of February 2, 2003. Joseph A. McAleer, Jr. co-owns Dallas Doughnuts with Mr. Smith.

    (More....)

 
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