Financial Analysis Of Krispy Kreme Doughnuts Inc Finance Essay

Financial Analysis Of Krispy Kreme Doughnuts Inc Finance Essay Krispy Kreme Financial Analysis Krispy Kreme Doughnuts Inc is business that is involved in retail and wholesale of packaged sweets and doughnuts. Its initial business is franchising and also owning Krispy Kreme stores. At the beginning of 2010, they had 224 outlets in America and 358 shops all over the world. The company has four segments of operation; company stores, KK supply chain, international franchise stores and also stores franchised in America. In Krispy Kreme depreciation analysis, there are various methods used to calculate depreciation and these methods include; units of production, double declining balance and straight line (Warren 2008). Krispy Kreme uses the straight line method to calculate depreciation on their assets such as buildings, equipment, machinery and also leasehold equipments. The straight line method of calculating depreciation results in a constant annual depreciation charge.They make a breakdown of depreciation of all their assets and it consists of buildings, equipment, machinery, leasehold improvement, construction that are in progress and also land. In 2002, the total gross property and equipment was $156,484,000 and in 2003 it was $252,770,000. What had accumulated depreciation was $43,907,000 in 2002 and $50,212,000. Finding the net property and equipment is calculated by taking the gross amount for equipment and property and subtracting the depretiation that has accumulated. Krispy Kreme also uses SFAS-142 to account for all the intangible assets. In this method, intangible assets that have indefinite life are not amortized, since they will be subject to impairment test. By using SFAS-142 it results in more volatility in the reported income since impairment losses can occur irregularly in varying amounts. In the reports it is clear that, in reporting Operating Cash Flows Krispy Kreme uses the Indirect Method. In 2001 the money that was provided for operating activities was $32,112, 000 and the money allocated for dividends was $7,005,000. The money that was used for operating activities was more than the paid for dividends. The company decided it will pay cash dividends in 2002 and 2003. The item used in reconciling the difference that is between net income and cash flow from operations is the increase from expenses of $7,966,000, while in 2002, the highest value item in reconciling the difference between net income and cash flow from operations was $13,317,000 increase in receivables; in 2003, the highest value item that was used to reconciling the difference between net income and cash flow from operations is the tax benefit from the exercise of nonqualified stock options which was $13,795,000. The highest amount for investing activities was $37,310 for additions to property and equipment. In 2003, the highest amount for investing activities is $83,196 and was used for additions to property and equipment. So, cash outflow in investing activities increased in 2003. The highest amount for financing activities in 2002, is the cash inflow of $17,202 these are the proceeds from stock sale. In 2003, the highest amount for financing activities is the $2,170 cash outflow that is meant to repay the companies long term debt. There is an improvement in Liquidity from 2002 to 2003, this is evident by the increase in the cash flow provided to operating activities which increased from $36,210 in 2002 to $51,036 in 2003. The Company funds the capital requirements by using the cash that is generated from the business operations. As it is well stated in the report, We funded our capital requirements for fiscal 2000, 2001, and 2002 primarily through cash flow generated from operationsà ¢Ã¢â€š ¬Ã‚ ¦.Over the past three years, we have greatly improved the amount of cash we generate from operations. We believe our cash flow generation ability is becoming a financial strength and will aid in the expansion of our business. By the using the financial ratios, Krispy Kreme has a good financial healthy with a lot of growth prospects in the market; in using the Liquidity Ratios, The Companys Current ratio has grown from 1.94 in 2002 to 2.36 in 2003. The Quick ratio has grown from 1.63 for 2002 to 1.96 for 2003. Cash ratio has grown from 0.42 for 2002 to 0.54 for 2003. The increase in liquidity ratios in the years 2002 and 2003 is an indicator that company has improved in ability to repay short term debt and also good message to the company investor and prospective investors. In the Long Term Solvency Ratios, the Total Debt ratio for Krispy Kreme has grown from 0.27 for 2002 to 0.33 for 2003, and the Debt-to-Equity ratio has grown from 0.36 for 2002 to 0.50 for 2003. An increase in Debt-to-equity ratio is an indicator that company uses debts to run its operation. As the cost of debt is less than the cost of equity so WACC of the company will reduce down. A high debt-to-equity ratio puts a company at the risk of solvency if the debt is not managed. The Times Interest earned ratio has dropped from 127.25 for 2002 to 31.75 for 2003. High increase in debt-to-equity ratio and drop in Times Interest earned ratio are indicators that the company ability to pay its long term debt is put into question. The Asset Utilization Ratios for Krispy Kremes Inventory Turnover, has decreased from 22.49 for 2002 to 18.83 for 2003 and the Day Sales for Inventory has increased from 18.61 for 2002 to 23.31 for 2003. This is an indicator the inventory is not as well managed in 2003 as it was done in 2002. The Receivables Turnover ratio has decreases from 16.87 for 2002 to 16.05 for 2003 and the Day Sales in Receivables has increased from 24.89 for 2002 to 25.52 for 2003. The Total Assets Turnover ratio has also deteriorated from 1.85 in 2002 to 1.48 in 2003. The ratio indicates efficiency of utilization of assets has reduced in 2003. In the Profitability Ratio for Krispy Kreme, although the companys Profit Margin has increased from 6.69% for 2002 to 6.81% for 2003, the Return on Assets has declined from 10.33% to 8.16%, and also the Return on Equity have also gone down from 14.06% to 12.25%. But EPS of Krispy Kreme has increased from 0.49 for 2002 to 0.61 for 2003, which is a rise of 24.5%. Companys profit margin and EPS have both increased in 2003 when compared to 2002; this is even when the increase in profit margin is not significant. Krispy Kreme has been able to generally control its costs of sales. The Costs of sales are growing slower than the growth in sales. The growth in the operating expenses is less than growth of sales in both years 2002 and 2003. In 2002 and 2003 percentage increase in income tax is higher than percentage change in sales. The Net profit increase in percentage terms is more than the increase in the amount of sales increase. This is an indicator that there is an efficient operation of Krispy Kreme. Increase in percentage of the General and Administrative Expenses is more than increase in sales in both years 2002 and 2003. The company say that this is the case due to the massive expansion program that they have embarked on and thus they have incurred cost by hiring more employees by paying their salaries and other related costs. The number of shares which are outstanding has increased from 54,271 thousand to 56,295 thousand in 2003; this is a rise of 3.73%. Krispy Kreme has allowed 10,000 shares of preferential stock but has not gone forward to issue them. There have not been any dividend payments since 2001 by Krispy Kreme. Therefore the Yield from Dividend s is 0% for 2002 and 2003. There is an increase in Earnings per share from $0.49 for 2002 to $0.61 in 2003; this is an evidence of potential for the growth of the company. The assets of the company have also grown in 2003. This helps to indicate that Krispy Kremes stock is a Growth Stock and helps to explain the investors have not been paid any dividend. This is well stated in the report as is well explained, à ¢Ã¢â€š ¬Ã‚ ¦We intend to retain our earnings to finance the expansion of our business and do not anticipate paying cash dividends in the foreseeable futureà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Dividend Payments are restricted by our bank credit facilitie s to 50% of our net income for the immediately preceding fiscal year Like a lot of companies globally, there is an increase in the number of challenges that affect operations of all companies in the market. Some of the challenges that are facing Krispy Kreme are; increase in competition, there are changes in customer preferences and tastes, the abilities of Krispy Kreme to manage growth, the quality of the franchise stores that are in operations, also the delays in the opening of stores and changes in technology. The price and also the availability of the raw materials necessary to run their operations is also a major challenge to Krispy Kreme. The human resource that is hired by the company is the most important asset and thus they should ensure that they help the company to overcome all the challenges. The staff must work hard by developing strategies that position Krispy Kreme for success in the future. The management must drive the company to success, this will be possible by the managing accounting ensuring they maintain well and report all the f inancial results to the managers. These reports should be both nonfinancial and financial reports and in them they should include; projections, company estimates and forecasts. Krispy Kreme is a company that is growing well and has a health financial position. The company has a solid capital investment worldwide and its cash flow is commendable. The cash flow is used to fund a lot of operations and is very important to the company. The Improvement in liquidity ratio is a good sign for the company and a growth by 24.5% in EPS shows that the company is growing. The decision by the company not to pay dividend in 2002 and 2003 is wise since the company has embarked on expansion program. The major concern is the ability of the company to service its long term debts; the company should also improve its utilization of assets and efficiently manage its inventory.

The Perfect World in The Island Of Doctor Moreau :: Island Of Doctor Moreau Essays

The Perfect World in The Island Of Doctor Moreau For thousands of years man has dreamed of finding or creating a better world. Better worlds are even quoted in the bible, 'Moses led the Jews into the chosen land' and also Heaven. For a long time man has realised that nothing is perfect, even at the inner depths of his/her psyche, images created cannot be perfect. The Island Of Doctor Moreau, written by HG Wells, is a book based on many themes, one of them 'Creating a Perfect World,' is a theme that keeps coming back to the reader. It could be said that perfect is the literacy term for infinity, something that you can get close to, but, is really unachievable. Throughout the book each character tries to perfect some of their own problems. The prominent of these characters is Prendick, the protagonist, he is from upper class England and is considered a Gentlemen. When Prendick is on the island, he faces a world entirely different to his own. He quoted how the island brought back many of his youthful horrors, like the boogieman. Prendick desperately tries to go Doctor Moreau to change his ways but feels that the whole world is against him. It is summed up in this quote, "I must confess I lost faith in the sanity of the world when I saw it suffering the painful disorder of this island. A blind fate, a vast pitiless mechanism, seemed to cut and shape the fabric of existence, and I, Moreau (by passion of research), Montgomery (by passion of drink) and the Best People, all with their instincts and mental restrictions, were torn and crushed, ruthlessly, inevitably, amid the infinite complexity of its incessant wheels." Through out the ordeal Prendick is mentally tested, as mentioned in the quote above. As a result of this had to lower his moral codes and guidelines, thus had trouble controlling his emotions. At time he was accepting, passionate, sympathetic, angry, scared, murderous and confused. Through these display of emotions Prendick found it hard to better the people around him when he was not even sure of himself. Another character is Doctor Moreau, who also tries to perfect his 'world.

The Women of Shirley Jackson :: Biography Biographies Essays

The Women of Shirley Jackson      Ã‚  Ã‚  Ã‚   Throughout her life, Shirley Jackson refused to fit into society's limited concept of a woman's role.   Her works feature female protagonists who are punished for seeking a more substantial existence than that of the traditional wife or mother.   In most cases, these characters are condemned as witches, ostracized by society, and even killed for their refusal to conform.      Ã‚  Ã‚  Ã‚   From her youth, Jackson was an outsider.   Always self-conscious about her obesity and plain appearance, she preferred spending time alone in her room writing poetry to socializing with other children (Oppenheimer 16).   As an adult, she struggled to fulfill her role as a mother without sacrificing her career as a writer.   Kathleen Warnock writes:    [Jackson] served as chauffeur for her children and hostess for her husband's university colleagues at Bennington College [where he was a professor]. . . .   But she also set aside time each day for her writing.   "There was always the sound of typing," her children wrote, "pounding away into the night (10)."      Jackson's husband, writer and literary critic Stanley Edgar Hyman, felt threatened by her talent and tried to discourage her by preoccupying her with housework.   This, however, only made Jackson more determined.   Her writing became a form of rebellion against her husband (who was allegedly unfaithful) and, ultimately, against a male-dominated society.      Ã‚  Ã‚   This element of rebellion in Jackson's works led to its poor reception by contemporary critics and readers alike.   According to mythologian Barbara G. Walker, "Any unusual ability in a woman instantly raise[s] a charge of witchcraft" (1078).   In the flood of mail that followed the publication of "The Lottery," Jackson was labeled "un-American, perverted, and modern" (Sullivan 71).      Ã‚  Ã‚  Ã‚   Rumors of supernatural events concerning Jackson began to circulate.   According to David Gates, Jackson was "widely believed to have broken the leg of publisher Alfred Knopf by sticking pins into a voodoo doll" (67).   Bennington College student Elizabeth Frank recalls "a rumor that. . . [Jackson] had turned a certain male faculty member into a pumpkin" (6).   Jackson's extensive library of witchcraft as well as the mystique that arose from her agoraphobic tendencies added to this characterization.   Her house became a cave, her small social circle a coven, and her many cats "familiars."      Ã‚  Ã‚  Ã‚   In the words of Jack Sullivan, "Jackson's real witchcraft is her fiction" (71).

Gesture Bullying Contains

BULLYING BOSSES 1. How does workplace bullying violate the rules of organizational justice? Bullying is inappropriate occurrence that affects one or more persons against another or others, at the workplace and consequences could be mental and physical. All employees including supervisors and upper management might be involved in bullying behavior either intentional or unintentional. Workplace bullying can violate the company rules through verbal bullying, gesture bullying, physical bullying, exclusion etc. (Harassment: Workplace Bullying Policy, n. ) Verbal bullying is situation where one or more persons use verbal techniques to dominate others saying hurtful words that will humiliate and abuse an individual or group. Verbal bullying can affect someone’s psychological and emotional life and cause depression, low self-esteem etc. Gesture bullying contains treating messages through non-verbal frightening gestures which can result with anger, powerless and exhaust. Physical bully ing affects victim and the bully as well. It is presented by hitting, pushing, slapping, tripping etc.The exclusion is isolating the person in work activities either sociable or physically. 2. What aspects of motivation might workplace bullying reduce? For example, are they likely to be effects on an employee’s self-efficiency? If so, what might those effects be? Do you think bullying would motivate you to retaliate? Workplace bullying absolutely would reduce the motivation to work as a team or individually. More often people with bully behavior use their popularity to target those with weaker self-defending skills.Simple, bullied victims would lower the quality and quantity of work, downsize the self-motivation and feel miserable even in their personal life. Bullying can result with emotionally and physical pain, lot of confusion, and least with suicide. The employee has to report any type of discrimination without any fear of retaliation. Although, when an employee decides to retaliate, that must be without threating, fighting or any type of abusing because that will be used against him. 3. If you were a victim of workplace bullying, what steps would you take to try to reduce its occurrence?Least effective? What will you do if one of your colleagues were a victim? If I was a victim of workplace bullying the first step that I will take is stay calm and confident in my self trying to prove that their rumors cannot hurt me. At the beginning the best way to have peace of mind is to avoid the bullies and try to go on spots where they are not going. The least effective step to stay away of the bully issue is to handle this situation on my own without emotions, crying and suffering. With a coolly and calm outlook I will confuse them, make to file horrible about them self.Once I was in situation where my colleague vas a victim of bullying. He was so desperate and lost that obviously was affecting his emotional life too. My best advice to him was to response w ith kindness smiling and not to go alone anywhere at the company so they will make fewer comments. When the victim is in a group, the group could help him to control the temper better, and control any unwanted action 4. What factors do you believe contribute to workplace bullying? Are bullies a product of the situation or do they have flawed personalities?What situation and what personality factors might contribute to the presence of bullies? Bullying at the workplace is serious issue that causes unwanted effects. There is a variety of factors why bullying is existing in organizations. I think that major reason for bullying is the organizational culture. People with different values beliefs and behavior could work at the same place and bullying seems normal occurrence where majority of employees with similar behavior will target minor employees. Another factor that causes bullying is the usage of the employee’s power over those who are weaker and vulnerable.The bullies are se lf-focused narcissistic individuals without cooperation toward other coworkers. They are product of the situation and flawed personality as well. No matter what, they can steer to high point, and will step over anyone to achieve their goal. People become bullies because they want to feel self-worthy. Most often people desperately need attention. In order to hide their physiological unbalance they are looking for weak victims to control them and protect their ego. References: Workplace Bullying Policy. Retrieved from: http://www. shrm. org/TemplatesTools/Samples/Policies/Pages/CMS_018350. aspx

Health Science

Ministry of Higher Education Oman Medical College Health Science Program By: Marwa Rashid Al-Flaiti Objectives: To fined the rate of fermentation of the apple and carrot juices, and compare their rates to each other. Introduction: Procedure: A 5. 00 ml of apple juice was taken in a clean 150 ml conical flask and diluted with 50 ml of distal water. Then, 2. 00 grams of Baker's yeast and 5. 00 ml of solution of Pasteur's salts were added to the above conical flask.The content of flask was shacked well and maintained the temperature of the reaction mixture between 35-40 ? c by using hot water path. After that, 10 drops of the reaction mixture from the flask were taken after 10 minutes and added to a test tube which contained 1. 00 ml of Benedict's reagent. The test tube was placed in hot water for about 2. 00 minutes and changes in color were noticed. The last step was repeated every 10. 00 minutes for 6 times.The same procedure was used for carrot solution and rate of fermentation for both solutions were found. Observation: * Volume of fruit juice taken = 5. 00 ml * Volume of dist. Water added = 50. 0 ml * Weight of Baker's yeast added = 2. 00 gm * Volume of solution of Pasteur's salts = 5. 00 ml Time (Min)| Color of reaction mixture on reaction with Benedict's solution in case of 😠 | Apple| Carrot| 10| Blue| Dark Blue| 20| Green| Green| 30| Green| Green| 40| Green| Green| 50| Green| Green| 60| Green| Dark Blue|

Ateneo Personal Essay Essay

Eleanor Hibbert once wrote â€Å" if it’s good, it’s wonderful. If it’s bad, it’s experience .† We must bear in mind that all our experiences in life, our accomplishments and mistakes, every single person we have encountered, and every medal and scar we have are the reasons why we are who we are today. Every experience, no matter how trivial or immense, is significant. For what I am now, I owe to these experiences. As early as the fifth grade, I have already developed my passion for service. I wanted to join our school’s student government very much, that’s why I started running as a class representative, a P.I.O., a secretary, and lastly as a vice-president. I obtained these positions not because I was popular but because of my willingness to serve. I am privileged to have served the school body for almost six years. This has taught me to do my duties and tasks well, to care for the welfare of others, and it taught me to be able to lead towards the greater good. Having been entrusted with responsibilities was one of the experiences that helped to define me as a person. Through the years, I discovered and enhanced my talents. I had the passion towards art, where they say I inherited from my father, who is very artistic. Doodling on every empty spot on whatever paper I could get on my hands. Sketching and Painting was my favorite. I cherished every moment of our art class, because it’s good to have a time for creativity. I discovered that I could play the piano, I was able to express myself in the music that I make and it was the outlet of my feelings. When I entered high school, I expected everything to be fun and carefree, but I was wrong. This was the time for me to work even harder in order to achieve what I want, because everyone else is trying their best. It really is hard to be an achiever when you are surrounded with many other achievers. I struggled with heavy work load, but through this, I developed the attitude to keep on trying and doing my best. High school for me was also a stage of self-discovery. It awoke me to excel academically, mature emotionally, and discover my identity as part of my family. But faith and having a healthy relationship with God was the strongest factor in defining myself. Trusting Him makes me confident with the problems I may face. And I will never get tired of worshipping Him. I have had the ups and downs in my life, and God was there to guide me and protect me. His plan has given me the best perspective. Life has not really been all that bad since it has also blessed me with moments of pure joy and happiness. Life taught me to hold on and to believe in something even though the odds are against me. Everyday had been the time of my life. This essay made me look back to those 14 years. I admit that I had a hard time defining myself as a person but I have once again put all my effort and did my best. Through this essay, I realized my purpose in this life. I now know my place in this world— to do my best in whatever role I play — as a friend, as a student, as a daughter and in all things, as a Christian. I was truthful and candid and I hope I made myself known. This is who I am. This is Stephanie Joy Cea, an aspiring Atenista.

“Yamaha Fiore” 2NE1 †Celebrity Endorsement

Celebrity endorsement is commonly used to market products, it is a strategy which gives a â€Å"face† to a brand, to which the consumers can relate and aspire to. Yamaha has decided to promote its Fiore scooter Thailand with widely popular Korean pop group 2NE1. Their strategy was to reach out to urban Thai’s who follow foreign trends, music and fashion. While many urban Thai’s certainly are fans of the Korean fashion and pop music it remains unclear as to what effect the campaign has had on the purchase decision making and increased market share if any; however the effort did position Yamaha’s scooters as a trendy and youthful. Across European cities scooters are a very popular and low cost means of transportation. In Thailand, and a number of other emerging markets most consumers will aspire to owning their first car and will go to great lands to acquire one such as extending significant loans, whereas motorcycles/scooter are generally used and perceived as necessity for low income market segment. Furthermore, in Bangkok it is apparent that there are very few scooters being driven by the middle to upper market segment consumers, some of the reasons being as mentioned earlier and due to the traffic congestion and pollution which is considered to be dangerous to drive a scooter in. Yamaha is one of Thailand’s largest motorcycle manufacturers with a market share of 26% – expecting to reach 30% in 2011 (Bangkok Post, May 5, 2008) and Honda leading with an impressive 68% (Bangkok Post, May 5, 2008) market share. A large portion of this is assigned to rural areas where people use scooter as common means for transportation whereas in urban areas people will rely on public transportation, own a car or other. The key challenge would remain in changing people’s (middle, upper segment) perception of using scooters as a way to commute, run errands or go to a nearby store rather than solely relying on using car most of the time. This may be achieved by endorsing a local celebrity which would be ideally living in a modern condominium or a housing village also known locally as moo-ban. This would be a more â€Å"practical† approach to promoting a lifestyle people could more easily relate to rather than pop stars. The end result being many of the middle to upper income market segment might acquire a scooter in addition to owning a car to drive around their housing village or condominium and go to a nearby store or a restaurant. In the sportswear industry celebrity endorsement is used probably more often than in others. It is a great way to establish the brand as it is used by professional athletes and draw the consumer’s attention. Nowadays a great deal of sportswear is also worn as casual wear and not only on tennis courts, golf terrains or running track which has significantly widened and expanded the market. A very successful, charismatic athlete can portray a brand with many positive attributes. However, while there are many encouraging factors in using celebrity endorsements across many industries the marketing and advertising campaign could eventually result in negative or less attractive brand perception. Examples include when athletes are found to be using drugs, misbehaving in public or in competition. As mentioned earlier these individuals provide a â€Å"face† to the brand and in this light the public will think of a given brand. Tiger Woods has been one of Nike’s endorsed celebrity which has virtually established the brand in the golf industry. It is one of the prime examples of a success when a brand is tied in with a successful and charismatic athlete who also has the â€Å"star† power. It is also a very direct and relevant persona in the golfing industry which has attracted many first time golfers to purchase Nike equipment and other sportswear. The previously examined case of 2NE1 pop music group would be more fitting and is more commonly used if the endorsement was used to promote fashion, perfume, makeup and other similar products as they are more fitting with feminine attributes of beauty and attractiveness. In this respect Nike has established a firm brand perception with a person who is very relevant in the industry whereas a few years from now most likely very few people will remember the 2NE1 and Yamaha joint campaign. However it is important to note that there are also certain risks when a brand strongly relies on single celebrity as is in the case of Nike/Tiger Woods who has been through a personal scandal which has dramatically affected the golfers perception in public view and who has suffered a loss of a number of endorsements by energy drink makers and telecommunications company, Gatorade and AT&T. And we are yet to see if the company will continue to carry the golfers name in the nearby future.