Krispy Kreme: The Unsweetened, Unglazed Truth of Its Equity, Cash Flow, And Notes
To the Managers of Krispy Kreme, Inc.:
As well you all surely know, although it does bear repeating for the sake of company pride, the publicly traded firm Krispy Kreme began as a small, independent business and is now a large, publicly traded firm with franchises extending all over the country, as well as the potential of gaining numerous acquisitions of great value and potential into its fold. For a long time, the firm has stood proud, weathering the low-carb craze to hang on as one of the darlings of Wall Street investors and analysts. Krispy Kreme was 'proof' that a small, relatively concentrated product that originated as a regional specialty in the American South could come to dominate bigger conglomerates such as Dunkin' Doughnuts.
However, recent adjustments in the form of statements of changes to the company's Annual Report mean that Krispy Kreme's financial future may be in jeopardy.
In recording its financial data regarding its statement of owner's equity, or "the company's total assets minus total liabilities of an individual or company" the company reported an initial profit that was better than initially expected, a welcome improvement from its previous year's reneging on projected profits. ("Owners' Equity," Investor Words, 2004) The company recorded that it had made a profit for its shareholders of 3.8 million dollars from its product sales, new acquisitions and revenue from its franchise agreements. For a company, owner's equity, which is also called net worth or shareholders' equity or net assets, is generally considered a leading measure or indicator of a company's overall financial health and desirability as a place to invest or to purchase a franchise from. ("Annual Report, 2004, p.25-29) However, this statement of health of Krispy Kreme has now been called into question -- things are not as sweet as they seem.
Krispy Kreme also released a relatively salutary report...
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