Winston-Salem / NC. (kkd) The Board of Directors of Krispy Kreme Doughnuts Inc., member of the South Korean Lotte Group, has approved a share repurchase program of up to 20 million USD, effective immediately. This program is intended to be implemented through purchases made from time to time either in the open market or through private transactions, in accordance with United States Securities and Exchange Commission requirements. As of March 28, 2012, the Company had approximately 68 million shares outstanding.
«This share repurchase authorization is an indication of Krispy Kreme´s financial strength as well as our positive outlook for the future», commented James H. Morgan, Jr., Chairman and CEO. «Over the past several years, we have substantially improved our performance and strengthened our balance sheet, and are confident that we have the capital resources to implement and support our growth plans. This authorization is also consistent with our ongoing commitment to enhance long-term returns to our shareholders».
The Company forecasts operating income for fiscal 2013, ending February 03, 2013, in the range of 29 million USD to 33 million USD. This would represent an increase of between 13 percent and 29 percent over the 25,6 million USD of operating income earned in fiscal 2012. Cash provided by operating activities is forecasted to be in the range of 39 million USD to 43 million USD. After deducting capital expenditures estimated at 20 million USD and two million USD of scheduled debt principal payments, the Company forecasts generating free cash flow in the range of 17 million USD to 21 million USD in fiscal 2013. Free cash flow is a non-GAAP measure.
As of January 29, 2012, the Company´s cash balance was 44 million USD and unused borrowing capacity on its revolving credit facility was 15 million USD.
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