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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 28, 2005
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KRISPY KREME DOUGHNUTS, INC.
(Exact name of registrant as specified in its charter)
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North Carolina 001-16485 56-2169715
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
370 Knollwood Street, Winston-Salem, North Carolina 27103
(Address of principal executive offices)
Registrant's telephone number, including area code: (336) 725-2981
Not Applicable
(Former name or former address, if changed since last report)
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On July 8, 2005, Krispy Kreme Doughnuts, Inc. (the "Company") issued a
press release announcing the appointment of Douglas R. Muir, age 51, as the
Company's new Chief Accounting Officer. Michael C. Phalen, the Company's Chief
Financial Officer, formerly acted as the Company's principal accounting officer.
The Company's Board of Directors approved the appointment on June 28, 2005,
effective June 27, 2005.
Mr. Muir has been a consultant to the Company since December 2004. From
1993 to 2004, he held various senior financial management positions with Oakwood
Homes Corporation, including Executive Vice President and Chief Financial
Officer. Prior to joining Oakwood Homes, he had a 17-year career at Price
Waterhouse, including as an audit partner in the Charlotte office from 1988 to
1993.
Mr. Muir's employment will be "at-will." Mr. Muir will be paid an annual
base salary of $300,000 and will be eligible to participate in incentive plans
available to senior management of the Company. Prior to his appointment as the
Company's Chief Accounting Officer, in his position as a consultant to the
Company, Mr. Muir received approximately $205,000 in compensation.
There is no arrangement or understanding between Mr. Muir and any other
person pursuant to which Mr. Muir was appointed Chief Accounting Officer. There
are no family relationships between Mr. Muir and any of the Company's directors
and executive officers. The Company has not entered into any transactions with
Mr. Muir of the sort described under Item 404(a) of Regulation S-K except for
the arrangements associated with Mr. Muir's consultancy and employment discussed
above.
A copy of the press release is attached hereto as Exhibit 99.1, and the
information contained in the press release is incorporated in this Item 5.02 by
reference.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits. The following exhibit is filed herewith:
Exhibit No. Description
99.1 Press Release ("Krispy Kreme Announces Appointment of Chief
Accounting Officer") dated July 8, 2005.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
KRISPY KREME DOUGHNUTS, INC.
Dated: July 8, 2005
By: /s/ Michael C. Phalen
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Michael C. Phalen
Chief Financial Officer
Exhibit 99.1
Investor Contact: Robbin Moore
Investor Relations Director
Krispy Kreme Doughnuts, Inc.
336.726.8857
Media Contact: Brooke Smith
LaForce Stevens
212.242.9353
KRISPY KREME ANNOUNCES APPOINTMENT OF CHIEF ACCOUNTING OFFICER
Winston-Salem, NC (July 8, 2005) -- Krispy Kreme Doughnuts, Inc. (NYSE:KKD) (the
"Company") announced today that Douglas R. Muir has been appointed as the
Company's Chief Accounting Officer.
Mr. Muir has been a consultant to the Company since December 2004. From 1993 to
2004, he held various senior financial management positions with Oakwood Homes
Corporation, including Executive Vice President and Chief Financial Officer.
Prior to joining Oakwood Homes, he had a 17-year career at Price Waterhouse,
including as an audit partner in the Charlotte office from 1988 to 1993.
Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme is a leading
branded specialty retailer of premium quality doughnuts, including the Company's
signature Hot Original Glazed. Krispy Kreme currently operates approximately 400
stores in 45 U.S. states, Australia, Canada, Mexico, the Republic of South Korea
and the United Kingdom. Krispy Kreme can be found on the World Wide Web at
www.krispykreme.com.
# # #
Information contained in this press release, other than historical information,
should be considered forward-looking. Forward-looking statements are subject to
various risks, uncertainties and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated, estimated or
expected. Among the key factors that may have a direct bearing on Krispy Kreme's
operating results, performance or financial condition are the outcome of the
pending formal investigation by the United States Securities and Exchange
Commission and the investigation by the United States Attorney's Office for the
Southern District of New York, the pending shareholder class action, the pending
shareholder derivative actions, the pending ERISA class action, the pending
Special Committee investigation, our auditors' ongoing review of our financial
statements, actions taken by lenders to the Company and its joint ventures, its
dependence on franchisees to execute its store expansion strategy, supply
issues, changes in consumer preferences and perceptions, the failure of new
products or cost saving initiatives to contribute to financial results in the
timeframe or amount currently estimated and numerous other factors discussed in
Krispy Kreme's periodic reports and proxy statements filed with the Securities
and Exchange Commission.