Subject: Oh what the heck!
From: Al (n1api@home.com)
Date: Wed May 16 2001 - 16:24:20 EDT
Hey just once I gotta be a trouble maker before THIS list shuts down!
Krispy Kreme Beats Expectations
Updated: Wed, May 16 11:55 AM EDT
By PAUL NOWELL, AP Business Writer
CHARLOTTE, N.C. (AP) - Krispy Kreme Doughnuts Inc. reported a nearly
89 percent gain in first quarter profits Wednesday, one day before
the company moves its stock to the New York Stock Exchange.
The Winston-Salem, N.C., based company posted earnings of $5.7 million,
or 20 cents per share, easily beating analyst estimates. The results
compared with net earnings of $3 million, or 13 cents per share, in
the year-ago period.
Analyst estimates ranged from 17 cents to 18 cents, according to market
research firm Thomson Financial/First Call.
"Every business segment set new performance records," said chairman
and chief executive officer Scott Livengood.
Shares in the doughnut maker jumped $6.79, or 13.7 percent, to $56.19
in midday trading on the Nasdaq Stock Market. The company's stock
will begin trading on the NYSE Thursday under the new symbol KK.
Livengood was scheduled to ring the opening bell at the exchange
Thursday to mark the occasion.
Krispy Kreme opened six new stores during the quarter to grow to 180
locations.
Sales of company-owned and franchised stores increased 36 percent to
$140 million in the quarter, compared with $103 million in the same
period a year earlier.
Sales increased by 19 percent at company stores to $61 million and 52
percent at franchised stores to nearly $80 million.
A comparison of stores open since last year showed an 11 percent sales
increase overall and a 13 percent rise at company-owned stores.
Krispy Kreme increased its projected earnings for the rest of fiscal
2002 to 77 cents per share from the previous estimate of 69 cents.
The company also raised its fiscal 2003 earnings per share to $1, up
from 86 cents.
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