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Krispy Kreme Doughnuts, Inc. Message Board

  • bluecheese4u bluecheese4u May 21, 2012 10:15 AM Flag

    Krispy Kreme Reports Financial Results for the First Quarter of Fiscal 2013

    Krispy Kreme Reports Financial Results for the First Quarter of Fiscal 2013

    Reaffirms Fiscal 2013 Guidance

    WINSTON-SALEM, N.C., May 21, 2012 /PRNewswire/ -- Krispy Kreme Doughnuts, Inc. (NYSE: KKD) (the "Company") today reported financial results for the first quarter of fiscal 2013, ended April 29, 2012.

    First Quarter Fiscal 2013 Highlights Compared to the Year-Ago Period:
    Revenues increased 3.7% to $108.5 million from $104.6 million
    Company same store sales rose 2.1%, the fourteenth consecutive quarterly increase
    Operating income increased to $10.8 million from $9.8 million
    Adjusted net income, which reflects income tax expense only to the extent payable in cash, was $10.3 million ($0.14 per share) compared to adjusted net income of $9.2 million ($0.13 per share) in the first quarter last year; adjusted net income and diluted earnings per share ("EPS") are non-GAAP measures (see the reconciliation of GAAP to adjusted earnings in the table accompanying this release)
    Net income was $6.0 million ($0.08 per share) compared to $9.2 million ($0.13 per share); net income and EPS for the first quarter of fiscal 2013 reflect a book tax rate of 43% compared to a rate of 3% in the first quarter last year due to the required reversal of valuation allowances on deferred tax assets in the fourth quarter of fiscal 2012; accordingly, net income and EPS for the first quarter of fiscal 2013 are not comparable to those for the first quarter of fiscal 2012
    Cash provided by operating activities increased to $10.4 million from $5.1 million
    The Company repurchased 255,000 of its common shares at an average price of $7.27 per share

    Chief Executive Officer James H. Morgan commented: "We got off to a good start in fiscal 2013 as operating income rose 11% on a 4% increase in revenues. All four of our business segments reported improved operating results compared to last year. Based on these results and other factors, we expect our business model to generate healthy cash flows and financial returns for investors, and we remain confident in our previous outlook for the full year."

    Fiscal 2013 Full Year Outlook

    Management expects fiscal 2013 operating income of between $29 and $33 million, compared to $25.6 million in fiscal 2012, and fiscal 2013 EPS of between $0.21 and $0.24, reflecting an estimated tax rate of 45%. The higher tax rate compared to fiscal 2012 is a result of the required reversal of valuation allowances on deferred tax assets in the fourth quarter of fiscal 2012, as described in the Company's March 20, 2012 earnings release and in the Company's annual report on Form 10-K filed on March 30, 2012. Because the Company has substantial net operating loss carryovers, the amount of taxes payable in cash is expected to remain insignificant for the foreseeable future.

    Management estimates fiscal 2013 adjusted EPS of between $0.35 and $0.41, which includes income tax expense only to the extent expected to be currently payable, compared to $0.31 in fiscal 2012. Fiscal 2012 adjusted EPS also excludes a gain of $0.06 per share from the sale of the Company's interest in KK Mexico. Adjusted EPS is a non-GAAP measure (see the reconciliation of GAAP to adjusted earnings in the table accompanying this release).


    First Quarter Fiscal 2013 Results

    Consolidated Results

    For the

    http://investor.krispykreme.com/phoenix.zhtml?c=120929&p=irol-newsArticle&ID=1697904&highlight=

 
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