Krispy Kreme Doughnuts, Inc. at its AGM to be held on June 18, 2013, proposed Articles of Amendment to the Restated Articles of Incorporation to restrict certain transfers of capital stock in order to preserve the tax treatment of certain net operating losses and other tax benefits. The company reported earnings results for the year ended February 3, 2013. For the year, the company’s revenue increased 8.1% to $435.8 million. Operating income rose 48% to $37.7 million. Adjusted net income was $34.2 million or $0.49 per share diluted against $22.160 million or $0.31 per share diluted a year ago. Net income was $20.8 million or $0.30 per share against $166.269 million a year ago. Cash provided by operating activities was $59.3 million.

Krispy Kreme Doughnuts, Inc. announced consolidated earnings results for the fourth quarter and year ended February 3, 2013. For the quarter, revenues increased 15.9% to $118.1 million from $102.0 million a year ago. Operating income rose 60% to $8.5 million from $5.3 million a year ago. Adjusted net income increased 85% to $7.4 million or $0.11 per diluted share from $4.0 million or $0.06 per diluted share a year ago. Net income was $4.8 million or $0.07 per diluted share compared to $143.5 million or $2.01 per diluted share in the fourth quarter last year. Cash provided by operating activities was $21.3 million compared to $10.9 million in the fourth quarter last year. Income before income taxes was $8,050,000 against $4,835,000 a year ago. For the year, revenues increased 8.1% to $435.8 million from $403.2 million. Operating income rose 48% to $37.7 million from $25.6 million. Adjusted net income increased 54% to $34.2 million or $0.49 per diluted share from $22.2 million or $0.31 per diluted share. Net income was $20.8 million or $0.30 per diluted share compared to $166.3 million or $2.33 per diluted share last year. Cash provided by operating activities was $59.3 million compared to $33.9 million in fiscal 2012. Income before income taxes was $36,316,000 against $30,358,000 a year ago. Purchase of property and equipment was $14,218,000 against $11,884,000 a year ago. For the fiscal year ending February 2, 2014, based on these factors, the company currently expects operating income in the range of $41 million to $44 million, which would represent an increase of 13% to 21% from the $36.4 million operating income for fiscal 2013 measured on a 52-week basis. The company estimates adjusted net income will be in the range of $37 million to $40 million and adjusted EPS will range from $0.53 to $0.57 per share based on a forecasted 70 million diluted shares outstanding. Depreciation will likely be in the range of $10 million to $12 million, and currently expects CapEx to be in the range of $23 million to $35 million. The company expects the GAAP effective tax rate in fiscal 2014 to be about 45%. In terms of current or cash basis income tax expense, the company expects a number of roughly $3 million. Net income expects in a range of $22 million to $23.7 million. The company reported impairment charges and lease termination costs were $4,000 for the fourth quarter ended February 3, 2013 against $113,000 a year ago.

Krispy Kreme Doughnuts, Inc., Q4 2013 Earnings Call, Mar 14, 2013