BusinessCompany NewsKrispy Kreme misses December filing deadline

Krispy Kreme misses December filing deadline

US doughnut chain is still reviewing its accounting practices and will miss a 15 December filing deadline

Krispy Kreme has delayed filing its financial statements again with the US
Securities and Exchange Commission, missing a 15 December deadline imposed by
lenders.

The company arranged $225m in loans in April to stay out of bankruptcy, and
was required to file its audited financial statement by December 15 as part of
the deal. It is now in talks with lenders about getting an extension.

The doughnut chain has not filed earnings since the removal of its chief
executive Scott Livengood in January and the announcement that earnings
statements for the last three financial quarters of 2004 would be revised.

The company has been reviewing the accounting principles used in its
statements, and the ongoing work is likely to delay the finalisation of its
revised accounts until the second quarter of 2006.

An independent committee completed its report into accounting practices at
Krispy Kreme in August, and announced it would reduce past income statements by
more than $25m.

The SEC and federal prosecutors have also been investigating how Krispy Kreme
accounted for the repurchase of franchises for its factory stores.

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