Buildings that were acquired under capital leases had a net book value of $920,000 and $971,000 at February 2, 2014 and February 3, 2013, respectively. Depreciation expense was $11.0 million, $9.9 million and $8.2 million in fiscal 2014, 2013, and 2012, respectively. By the end of fiscal year 2015, the Company held less than $10 million of debt – all of which represented capitalized leases.
Krispy Kreme’s financing activities, involving the issuance and/or repurchase of the company's own bonds or stock as well as short-term and long-term borrowings and repayments, grew at a substantial rate as well. For 2013, the Company had a strong showing whereas it was able to repurchase $20 million of its shares for an average price of $6.42. For 2014, the Company had a cash balance at year end of more than $55 million, despite having repurchased over $20 million of common stock in fiscal year 2014. For 2015, the Company ended the year with near $51 million in cash and debt which was less than $10 million in debt; all of which represented capitalized leases. After utilizing over $30 million for capital …show more content…
As of March 20, 2015, the current authorization provides for up to approximately $43 million of additional repurchases. Though currently the Company is less liquid than the industry on both current and quick ratios, it intends to make additional share repurchases from time to time when the Company’s liquidity exceeds its immediate needs and when management concludes such repurchases are in the best interest of the Company’s shareholders. The Company believes that its current cash balances along with cash anticipated to be generated from operations and the liquidity afforded by the 2013 Revolving Credit Facility are sufficient enough to meet the Company’s liquidity requirements for the foreseeable
Krispy Kreme’s financing activities, involving the issuance and/or repurchase of the company's own bonds or stock as well as short-term and long-term borrowings and repayments, grew at a substantial rate as well. For 2013, the Company had a strong showing whereas it was able to repurchase $20 million of its shares for an average price of $6.42. For 2014, the Company had a cash balance at year end of more than $55 million, despite having repurchased over $20 million of common stock in fiscal year 2014. For 2015, the Company ended the year with near $51 million in cash and debt which was less than $10 million in debt; all of which represented capitalized leases. After utilizing over $30 million for capital …show more content…
As of March 20, 2015, the current authorization provides for up to approximately $43 million of additional repurchases. Though currently the Company is less liquid than the industry on both current and quick ratios, it intends to make additional share repurchases from time to time when the Company’s liquidity exceeds its immediate needs and when management concludes such repurchases are in the best interest of the Company’s shareholders. The Company believes that its current cash balances along with cash anticipated to be generated from operations and the liquidity afforded by the 2013 Revolving Credit Facility are sufficient enough to meet the Company’s liquidity requirements for the foreseeable