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1、Case#6:KRISPYKREMEDOUGHNUTS,INC.SynopsisandObjectivesThiscaseconsidersthesuddenandverylargedropinthemarketvalueofequityforKrispyKremeDoughnuts,Inc.,associatedwithaseriesofannouncementsmadein2004.Thoseannouncementscausedinvestorstorevisetheirexpectation
2、saboutthefuturegrowthofKrispyKreme,whichhadbeenoneofthemostrapidlygrowingAmericancorporationsinthenewmillennium.Thetaskistoevaluatetheimplicationsofthoseannouncementsandtoassessthefinancialhealthofthecompany.Thiscaseisintendedtobeintroductoryasitcanpro
3、videafirstexerciseinfinancialstatementanalysisandlaythefoundationfortwoimportantfinancialthemes:theconceptoffinancialhealth,andthefinancial-economicdefinitionofvalueanditsdeterminants.Questions1.Whatcanthehistoricalincomestatements(caseExhibit1)andbala
4、ncesheets(caseExhibit2)tellyouaboutthefinancialhealthandcurrentconditionofKrispyKremeDoughnuts,Inc.?2.Howcanfinancialratiosextendyourunderstandingoffinancialstatements?WhatquestionsdothetimeseriesofratiosincaseExhibit7raise?Whatquestionsdotheratiosonpe
5、erfirmsincaseExhibits8and9raise?3.IsKrispyKremefinanciallyhealthyatyear-end2004?4.Inlightofyouranswertoquestion3,whataccountsforthefirm’srecentsharepricedecline?5.Whatisthesourceofintrinsicinvestmentvalueinthiscompany?Doesthissourceappearonthefinancial
6、statements?EpilogueOnJanuary18,2005,amidanaccountinginquiry,shareholderlawsuits,andweakeningearnings,KrispyKremeDoughnuts,Inc.,replacedScottLivengood,thecompany’schairperson,president,andchiefexecutiveofficer,withaleadingrestructuringexpert.Thecompany’
7、ssharepricerose10%onthenews,andanalystswerequotedassayingtheybelievedthecompanystillhadastrongenoughbrandtosurvive.Withtheannouncement,thecompany’slendersagreedtogivethebeleaguereddoughnutchainathree-monthextensiontodeliveritsrestatedfinancialswithoutt
8、riggeringadefaultonits$150-millioncreditfacility.Insubsequentmonths,aspartofaprogramofcost-cuttingandrestructuringmeasures,KrispyKremecutitscorporate,manufacturing,anddistributionworkforceby25%andsoldoffitscorporateairplanefor$30.5milli
