Krispy Kreme Doughnuts Inc. will delay the earnings report for its most recent fiscal quarter while continuing to evaluate its accounting practices, the company announced in a filing with the Securities and Exchange Commission.
The company said that it expects to report quarterly revenues of about $140 million, down from the $177.4 million it reported in the same quarter last year.
Krispy Kreme, the country's second-largest doughnut chain, has not filed earnings statements since the January removal of chief executive Scott Livengood and an announcement that earnings statements for the last three quarters of the 2004 fiscal year would be revised. According to the recent filing, the company's review of the accounting principles used in its statements will likely delay the finalization of its financial statements until the second quarter of fiscal 2006. An independent committee finished its report into accounting practices at Krispy Kreme in August, and announced plans to reduce past income statements by more than $25 million.
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