Krispy Kreme says annual report to be delayed

Financially strapped Krispy Kreme Doughnuts Inc. told federal regulators Monday that its 2005 annual report has been delayed because of an ongoing review of its accounting practices.

The Winston-Salem-based firm said in a filing with the Securities and Exchange Commission that the analysis included accounting practices from 2004 and "earlier years as well as in fiscal 2005."

Krispy Kreme said further revisions to past earnings reports might be required. Last fall, the company formed a special committee of independent directors to examine whether earnings should be restated.

Shares of Krispy Kreme fell 42 cents, or 5.6 percent, to close at $7.14 Monday on the New York Stock Exchange.

The company told the SEC it was unable to meet deadline last Friday to file the annual report, and it does not expect to be able to file it before April 30.

"The company is not at this time able to predict when the Form 10K will be filed, but intends to file the report at the earliest practicable date," the company said.

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In the SEC filing, Krispy Kreme said the failure to file its quarterly report in a timely manner "may constitute failure to comply with the continued listing requirements of the New York Stock Exchange."

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Earlier this month, investment banker Credit Suisse First Boston and other new lenders offered Krispy Kreme $225 million in credit. That came after Krispy Kreme's lenders had twice agreed to postpone a deadline by which the company would be in default on its credit line.

Krispy Kreme has been hit with several lawsuits, including one that alleges workers lost millions of dollars in retirement savings because executives at the company hid evidence of declining sales and profits.

Krispy Kreme faces a criminal inquiry by a U.S. Attorney in New York and an investigation by the SEC into financial irregularities.