WINSTON-SALEM, N.C. — Net income at Krispy Kreme Doughnuts, Inc. in the year ended Jan. 27 was $20,779,000, equal to 31c per share on the common stock, down sharply from $166,269,000, or $2.40 per share, in fiscal 2011. Year-over-year fourth-quarter results also were down, falling to $4,780,000, or 7c per share, from $143,542,000, or $2.06 per share.

Both the fourth-quarter and full-year results for fiscal 2011 included a non-recurring credit of $139.6 million from the reversal of valuation allowances on deferred income tax assets.

Adjusted net income for the fourth quarter totaled $6,096,000, or 9c per share, up 53% from $3,980,000, or 6c per share, in the same period a year ago. Meanwhile, adjusted full-year income rose 49% to $32,919,000, or 49c per share.

 Revenues for the fourth quarter rose 16% to $118,145,000, while full-year results increased 8% to $435,843,000.

“In the fourth quarter, Krispy Kreme not only achieved earnings at the top end of our November guidance, but also posted its best fourth-quarter results since fiscal 2004,” said James H. Morgan, chairman and chief executive officer. “The year as a whole also was our best since fiscal 2004 and demonstrated again the strength of our business model and affirmed our confidence in achieving our goal of sustainable and profitable growth for years to come. Going forward, the Krispy Kreme investment thesis will no longer be predicated solely on the progress we have made in building a strong foundation for our business, but also on our ability to execute our long-term growth plans. Based upon the strength of these results and the momentum we have carried into the new year, we are pleased to increase our fiscal 2014 earnings guidance.”

Mr. Morgan said Krispy Kreme plans to expand its system to 1,300 stores by fiscal 2017 through company and domestic and international franchise development.