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Krispy Kreme Doughnuts, Inc. Message Board

  • bluecheese4u bluecheese4u Aug 22, 2012 8:00 PM Flag

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

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

    Management Targets High End of Full Year Outlook

    WINSTON-SALEM, N.C., Aug. 22, 2012 /PRNewswire/ -- Krispy Kreme Doughnuts, Inc. (NYSE: KKD) (the "Company") today reported financial results for the second quarter of fiscal 2013, ended July 29, 2012. The Company also reaffirmed its outlook for the full fiscal year and is targeting the high end of its previously announced range.

    Second Quarter Fiscal 2013 Highlights Compared to the Year-Ago Period:
    Revenues increased 4.3% to $102.1 million from $98.0 million
    Company same store sales rose 5.4%, the fifteenth consecutive quarterly increase
    Operating income rose 87% to $9.2 million from $4.9 million
    Adjusted net income rose 95% to $8.2 million ($0.12 per share) from $4.2 million ($0.06 per share); adjusted net income and adjusted EPS reflect income tax expense only to the extent currently payable in cash and, in the second quarter of fiscal 2012, exclude the after-tax gain on the sale of the Company's 30% equity interest in KK Mexico; adjusted net income and adjusted EPS are non-GAAP measures (see the reconciliation of GAAP to adjusted earnings in the table accompanying this release)
    Net income was $4.9 million ($0.07 per share) compared to $8.8 million ($0.12 per share) in the second quarter last year; net income for the second quarter of fiscal 2013 reflects a substantially higher book income tax rate compared to the second quarter of fiscal 2012 as more fully described below; net income for the second quarter of fiscal 2012 included an after-tax gain on the sale of the Company's 30% equity interest in KK Mexico of $4.7 million ($0.06 per share)
    Cash provided by operating activities was $12.6 million compared to $7.6 million in the second quarter last year
    The Company completed its $20 million share repurchase in the quarter, purchasing 2,858,000 shares at an average price of $6.35; cumulatively, the Company purchased 3,113,000 shares at an average price of $6.42

    The Company ended the second quarter of fiscal 2013 with a total of 711 Krispy Kreme stores systemwide, a net increase of 19 shops during the quarter. As of July 29, 2012, there were 93 Company stores and 618 franchise locations.

    President and Chief Executive Officer James H. Morgan commented: "We were very pleased with our quarterly performance, as we drove both solid same store sales growth and increased guest traffic. The top-line momentum translated into significant year-over-year increases in both operating income and adjusted earnings per share. The period was highlighted by our 75th Birthday celebration and by National Doughnut Day, each of which provided consumers another reason to visit Krispy Kreme and create some lasting joyful memories." Morgan continued, "Based on our performance to date, we are reiterating our operating income guidance for the full year of $29 to $33 million, although we now believe the high end of that range is increasingly achievable."

    Full Year Outlook

    Management expects fiscal 2013 operating income of between $29 and $33 million, compared to

    http://investor.krispykreme.com/phoenix.zhtml?c=120929&p=irol-newsArticle&ID=1727787&highlight=

 
KKD
17.46+0.01(+0.06%)Sep 17 4:05 PMEDT

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