I closed out my puts for a loss of about 25%, imo KKD will be dead money for quite a while as it has no intention of revealing its finances anytime soon. Will take another look at it in the fall.
Krispy Kreme Restatement Deadline Delayed
Wednesday April 13, 6:05 pm ET
Krispy Kreme Doughnuts' Financial Restatement Deadline Delayed Until December
WASHINGTON (AP) -- Krispy Kreme Doughnuts Inc. can keep its lenders -- and possibly investors -- waiting for up to another eight months before releasing any new financial statements, including its corrected results for fiscal 2004.
The one-time Wall Street darling, which has seen its shares tumble amid accounting problems and a federal probe, recently negotiated a new and much more distant deadline to hand over audited results to lenders.
The new deadline, set at Dec. 15, replaces Krispy Kreme's earlier deadline, which required the company to get its restated results in by Monday of this week.
The Winston-Salem, N.C., company hasn't provided any other estimate of when it will file a financial report with the Securities and Exchange Commission. Krispy Kreme spokeswoman Amy Hughes declined to discuss the company's timetable for filing its financial statements or comment on the matter beyond the company's past regulatory filings and news releases.
The shares fell 12 cents, or 1.6 percent, to finish at $7.53 Wednesday on the New York Stock Exchange. The once-hot stock is down 39 percent from the start of the year.
Krispy Kreme in January disclosed its board had found accounting errors that it expects will cut previously reported fiscal 2004 net income by between $3.8 million and $4.9 million, or 6.6 percent to 8.6 percent. The company originally reported fiscal 2004 net income of $57.1 million, or 92 cents a share.
Under the $225 million refinancing agreement, Krispy Kreme's December deadline applies to its results for the fiscal year ended Feb. 1, 2004, as well as its audited fiscal 2005 results and unaudited results for the first half of fiscal 2006. Krispy Kreme otherwise risks defaulting on the agreement secured earlier this month, according to the agreement filed with the SEC last Thursday.
Krispy Kreme hasn't filed a financial report with the SEC since last September, for its second quarter ended Aug. 1, 2004. Its last earnings release was for its third quarter ended Oct. 31, 2004.
biz.yahoo.com
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