WINSTON-SALEM, N.C., Oct. 31 /PRNewswire-FirstCall/ -- Krispy Kreme Doughnuts, Inc. today announced that it has filed with the Securities and Exchange Commission (the "SEC") its Form 10-K for the fiscal year ended January 29, 2006 ("fiscal 2006"). The filing can be found on the SEC's website at http://www.sec.gov/.
For fiscal 2006, the Company reported revenues of $543 million, and a net loss of $136 million, which included non-cash impairment charges of $54 million and a non-cash charge of $36 million related to the settlement of litigation.
"The filing of the Form 10-K for fiscal 2006 represents another significant step in the turnaround of Krispy Kreme," said Daryl Brewster, President and Chief Executive Officer.
About Krispy Kreme
Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme is a leading branded retailer and wholesaler of high-quality doughnuts, including its signature Hot Original Glazed.(TM) There are currently approximately 295 Krispy Kreme factory stores and 90 satellites operating systemwide in the United States of America, Australia, Canada, Hong Kong, Indonesia, Kuwait, Mexico, South Korea and the United Kingdom. Additional information on Krispy Kreme can be found on the Internet at http://www.krispykreme.com/.
Information contained in this press release, other than historical information, should be considered forward-looking. Forward-looking statements are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Krispy Kreme's operating results, performance or financial condition are the outcome of pending governmental investigations, including by the Securities and Exchange Commission and the United States Attorney's Office for the Southern District of New York, and a review by the Department of Labor; the outcome of shareholder derivative and class action litigation; potential indemnification obligations and limitations of our director and officer liability insurance; material weaknesses in our internal control over financial reporting; our ability to implement remedial measures necessary to improve our processes and procedures; continuing negative publicity; significant changes in our management; the quality of franchise store operations; our ability, and our dependence on the ability of our franchisees, to execute on our and their business plans; disputes with our franchisees; our ability to implement our international growth strategy; currency, economic, political and other risks associated with our international operations; the price and availability of raw materials needed to produce doughnut mixes and other ingredients; compliance with governmental regulations relating to food products and franchising; our relationships with wholesale customers; our ability to protect our trademarks; risks associated with our high levels of indebtedness; restrictions on our operations contained in our senior secured credit facilities; our ability to meet our ongoing liquidity needs; changes in customer preferences and perceptions; risks associated with competition; and other factors discussed in Krispy Kreme's Annual Report on Form 10-K for fiscal 2006 and in Forms 12b-25 and other periodic reports filed with the Securities and Exchange Commission.
Contact:
James Golden
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449 ext. 121
