Krispy Kreme files overdue fiscal 2007 quarterly reports

CHARLOTTE, N.C. — Krispy Kreme Doughnuts Inc. filed its overdue financial statements Friday for the second and third quarters of its fiscal year 2007 that ends this month.

For the second quarter ending July 30, 2006, the Winston-Salem, N.C.-based company reported a loss of $4.6 million, or 7 cents per share, compared with a loss of $14.9 million, or 24 cents per share, a year earlier. Revenue for the quarter was $112.5 million, down from $139.8 million a year ago.

For the third quarter ending Oct. 29, 2006, Krispy Kreme reported a loss of $7.2 million, or 12 cents per share, compared with a loss of $29.7 million, or 48 cents a share, a year earlier. Revenue for the quarter was $117.1 million, down from $128.8 million a year ago.

The numbers come just in time for the doughnut maker's annual meeting of shareholders on Jan. 31.

A former stock market darling, Krispy Kreme stumbled badly three years ago as the company expanded during the height of the low-carbohydrate diet craze.

While sales were slipping, Krispy Kreme executives were preoccupied with sorting out the accounting mess. A stock that once traded at more than $50 bottomed out last year around $4, and the company's board ousted two former executives it concluded were trying to "manage earnings" to meet Wall Street expectations.

The company has yet to file a report covering the third quarter of fiscal 2005.