Krispy Kreme looks to future |
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Thu, 01 Feb 2007 00:15
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WINSTON-SALEM, N.C. (AFX) - Krispy Kreme Doughnuts Inc. is beginning to recover after a heavy string of financial losses and is ready to expand overseas, company officials said Wednesday.Addressing investors at the company's first annual shareholder's meeting since 2004, Krispy Kreme leaders also said they plan to develop smaller stores in the United States.'Rather than get mired in the past, the real focus for us is to really value the future,' said Daryl Brewster, Krispy Kreme's chief executive.The Winston-Salem-based doughnut maker ran into financial trouble three years ago as it expanded operations during the height of the low-carbohydrate diet craze.The company also waded through an accounting mess, with the board ousting two former executives it concluded were trying to 'manage earnings' to meet Wall Street expectations.Krispy Kreme filed its last overdue financial statement Monday, reporting a loss of $142.5 million, or $2.31 per share, for the third quarter of 2004.Also Wednesday, shareholders re-elected six members of the company's board of directors and added two other officials: Brewster and Charles Blixt, Krispy Kreme's general counsel.Information from: Winston-Salem Journal, http://www.journalnow.comCopyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Krispy Kreme files overdue financials 