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| Krispy Kreme Doughnuts, Inc. |
| 370 Knollwood Street, Winston-Salem, NC 27103 * (336) 725-2981 |
| Business Description | The company is a leading branded specialty retailer of premium quality doughnuts which are made throughout the day in our stores. We operate 141 stores, consisting of 59 company owned and 82 franchised stores as of October 31, 1999. |
| Offering Information Company has | |||
| Trading As | KREM (NASNTL) | Industry | Retail (SIC 5812) |
| Type of Stock Offered | Common Shares | Filing Date | 12/16/99 |
| Domestic Shares Offered | 3,000,000 | Offer Date | 4/4/00 |
| Foreign Shares Offered | 0 | Filing Range | $18.00 - $20.00 |
| Company Shares | 3,000,000 | Offer Price | $21.00 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $1.470 |
| Gross Proceeds | $63,000,000 | Selling | $0.880 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | 12,400,000 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Deutsch Banc Alex. Brown | Lead Manager | (410) 727-1700 |
| BB&T; Capital Markets | Co-manager | |
| Dain Rauscher Wessels | Co-manager | (612) 371-2818 |
| J.P. Morgan & Co. | Co-manager | (212) 648-0517 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 9 Months Ending | ||||||
| Figures in U.S. millions except per share data | 1/29/95 | 1/28/96 | 2/2/97 | 2/1/98 | 1/31/99 | 11/1/98 | 10/31/99 |
| Revenues | 114.986 | 118.550 | 132.614 | 158.743 | 180.880 | 133.190 | 161.571 |
| Income from Oper. | 6.057 | 1.230 | 5.136 | 5.420 | -3.703 | 5.950 | 10.080 |
| Net Income | 4.617 | 0.180 | 2.427 | 2.714 | -3.167 | 2.886 | 5.725 |
| E.P.S | - | - | - | - | - | - | - |
| Revenue Growth (%) | 3.10 | 11.86 | 19.70 | 13.945 | 21.31 | ||
| Net Income Growth (%) | -96.10 | 1,248.33 | 11.83 | - | 98.37 | ||
| Oper. Profit Margin (%) | 5.27 | 1.04 | 3.87 | 3.41 | - | 6.24 | 4.47 |
| Net Profit Margin (%) | 4.02 | 0.15 | 1.83 | 1.71 | - | 3.54 | 2.17 |
| Cash Flow - Oper. | - | 9.61 | 7.52 | ||||
| Cash Flow - Inv. | - | -10.20 | -7.80 | ||||
| Cash Flow - Fin. | - | 0.33 | -0.09 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 10/31/99 | Financial Ratios | ||||
| Total Assets | 104.69 | Current Assets | 40.99 | Current Ratio | 1.40 |
| Total Liab. | 57.17 | Current Liab. | 29.31 | Debt Ratio | 54.61% |
| Total Equity | 47.52 | Working Cap. | 11.68 | Debt to Equity Ratio | 1.20 |
| Cash | 3.99 | Return on Assets | 5.47% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for repayment of borrowings under our loan agreement, distribution to our existing shareholders as part of a corporate reorganization in connection with this offering, remodeling and relocation of older company-owned stores, additional mix production capacity to support expansion, joint venture investments in area developer stores, general corporate purposes including capital needs. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Kilpatrick Stockton LLP |
| Bank's Law Firm | Cahill Gordon & Reindel |
| Registrar/Transfer Agent | Branch Banking and Trust Company |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Jeanne McAleer Sanderford | 27.10 | |
| Robert L. McCoy | 7.50 | |
| Bonnie Silvey Vandergrift | 6.70 | |
| Carolyn McCoy | 5.90 | |
| Note: represents ownership of 5% or more prior to the offering. | ||