KRISPY KREME DOUGHNUTS INC

CIK:0001100270|SEC Filings

CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Thousands	May. 01, 2016	May. 03, 2015
CONSOLIDATED STATEMENT OF INCOME [Abstract]
Revenues	$ 136,484	$ 132,474
Operating expenses:
Direct operating expenses (exclusive of depreciation and amortization expense shown below)	107,991	103,772
General and administrative expenses	7,483	7,554
Depreciation and amortization expense	4,056	3,993
Impairment charges and lease termination costs	453	4
Pre-opening costs related to Company Stores	$ 607	323
Gains on commodity derivatives, net		(447)
Operating income	$ 15,894	17,275
Interest income	71	147
Interest expense	(439)	(377)
Other non-operating income and (expense), net	(2)	184
Income before income taxes	15,524	17,229
Provision for income taxes	6,108	6,563
Net income	$ 9,416	$ 10,666
Earnings per common share:
Basic	$ 0.15	$ 0.16
Diluted	$ 0.14	$ 0.16

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	May. 01, 2016	May. 03, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,416	$ 10,666
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	4,056	3,993
Deferred income taxes	5,412	$ 5,950
Impairment charges	500
Loss on disposal of property and equipment	29	$ 34
Share-based compensation	$ 1,568	1,997
Unrealized gains on commodity derivative positions		(1,060)
Other	$ 178	74
Change in assets and liabilities:
Receivables	(1,465)	(4,720)
Inventories	(624)	1,869
Other current and non-current assets	520	1,039
Accounts payable and accrued liabilities	(718)	(2,771)
Other long-term obligations and deferred credits	623	74
Net cash provided by operating activities	19,495	17,145
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(8,047)	(4,546)
Proceeds from disposals of property and equipment	(5)	216
Acquisition of stores and franchise rights from franchisees	(185)	(312)
Other investing activities	89	821
Net cash used for investing activities	(8,148)	(3,821)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of lease obligations	(86)	(82)
Proceeds from exercise of stock options	1,334	519
Repurchase of common shares	(34,679)	(6,090)
Net cash used for financing activities	(33,431)	(5,653)
Net increase (decrease) in cash and cash equivalents	(22,084)	7,671
Cash and cash equivalents at beginning of period	50,785	50,971
Cash and cash equivalents at end of period	28,701	58,642
Supplemental schedule of non-cash investing and financing activities:
Assets acquired under leasing arrangements	$ 140	$ 947

CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	May. 01, 2016	Jan. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 28,701	$ 50,785
Receivables, net	29,863	28,088
Receivables from equity method franchisees	468	338
Inventories	16,936	$ 16,312
Assets held for sale	2,817
Other current assets	3,208	$ 3,619
Total current assets	81,993	99,142
Property and equipment	$ 126,581	$ 127,709
Investments in equity method franchisees
Goodwill and other intangible assets	$ 30,974	$ 30,985
Deferred income taxes	69,462	74,874
Other assets	10,004	10,165
Total assets	319,014	342,875
CURRENT LIABILITIES:
Current portion of lease obligations	333	326
Accounts payable	22,695	19,760
Accrued liabilities	29,332	29,633
Total current liabilities	52,360	49,719
Lease obligations, less current portion	11,266	11,217
Other long-term obligations and deferred credits	$ 26,734	$ 25,799
Commitments and contingencies
SHAREHOLDERS' EQUITY:
Preferred stock, no par value; 10,000 shares authorized; none issued and outstanding
Common stock, no par value; 300,000 shares authorized; shares issued and outstanding: May 1, 2016 - 60,914 shares and January 31, 2016 - 63,069 shares	$ 229,822	$ 266,724
Accumulated deficit	(1,168)	(10,584)
Total shareholders equity	228,654	256,140
Total liabilities and shareholders' equity	$ 319,014	$ 342,875