WINSTON-SALEM, N.C. — Income for Krispy Kreme Doughnuts, Inc. was down 34% during the first quarter. The company said the decline reflects a book tax rate of 43% compared to a rate of 3% during the same quarter of the previous year as the result of a reversal of valuation allowances on deferred tax assets during the fourth quarter of fiscal 2012.
For the quarter ended April 29, the company had an income of $6,026,000, equal to 9c per share on the common stock, which compared with an income of $9,171,000, equal to 13c per share, during the same quarter of the previous year.
Revenue for the quarter was $108,496,000, up 4% from $104,600,000 during the same quarter of the previous year.
“We got off to a good start in fiscal 2013 as operating income rose 11% on a 4% increase in revenues,” said James H. Morgan, chief executive officer. “All four of our business segments reported improved operating results compared to last year. Based on these results and other factors, we expect our business model to generate healthy cash flows and financial returns for investors, and we remain confident in our previous outlook for the full year.”