Krispy Kreme in a hole over late accounts
US doughnut manufacturer reveals more financial woes, as it delays an earnings report due to the continued evaluation of its accounting procedures
Krispy Kreme Doughnuts is to further delay an earnings report for its most
recent quarterly figures, as it continues to evaluate its accounting practices,
the company announced in a filing with the US Securities and Exchange
Commission.
The company said that it expects to report quarterly revenues of about $140m
(£76.7m), down from the $177.4m it reported in the same quarter last year.
Krispy Kreme, the US’s second-largest doughnut chain, has not filed earnings
statements since the departure of former chief executive Scott Livengood in
January.
According to its most recent filing, the company’s review of the accounting
principles used in its statements are likely to delay the finalisation of its
financial statements until the second quarter of 2006.