(WINSTON-SALEM) -- Krispy Kreme Doughnuts, Inc. reported 2013 fiscal first quarter net income of  $6 million. This compared to net income of $9.2 million during the same period of the prior year.

The first quarter of fiscal 2013 was impacted by tax rate of 43 percent, compared to a rate of 3 percent the first quarter last year.  The Winston-Salem company had to reverse valuation allowances on deferred tax assets in the fourth quarter of fiscal 2012.

"We got off to a good start in fiscal 2013 as operating income rose 11% on a 4% increase in revenues," said Chief Executive Officer James H. Morgan. "All four of our business segments reported improved operating results compared to last year.  Based on these results and other factors, we expect our business model to generate healthy cash flows and financial returns for investors, and we remain confident in our previous outlook for the full year."

Krispy Kreme's revenues in this latest quarter increased 3.7 percent to $108.5 million. Company same store sales rose 2.1 percent.