Nov 12, 2008

CROCS, INC. REPORTS FISCAL 2008 THIRD QUARTER FINANCIAL RESULTS

Crocs, Inc. (NASDAQ: CROX) today reported a net loss of $148.0 million, or $1.79 per diluted share compared to net income of $56.5 million, or $0.66 per diluted share for the three months ended September 30, 2007. The reported net loss of $148.0 million, on a loss before income taxes of $135.7 million, includes approximately $104.1 million in restructuring, impairment and inventory related non-cash charges taken during the three months ended September 30, 2008.

 

Gross profit for the third quarter 2008 was $2.4 million, or 1.4% of revenues, compared to $155.4 million, or 60.6% of revenues, for the third quarter of 2007. Selling, general and administrative expenses, including foreign currency exchange rate gain or loss, for the three months ended September 30, 2008 were $104.4 million, or 59.9% of revenues, compared to $77.2 million, or 30.1% of revenues, in the three months ended September 30, 2007.

 

Revenues for the three months ended September 30, 2008 were $174.2 million compared to $256.3 million for the three months ended September 30, 2007. Revenues are net of $29.1 million in returns and allowances during the three months ended September 30, 2008 compared to $9.6 million in the three months ended September 30, 2008. The Company now expects to generate revenues for the fourth quarter of fiscal 2008 of between $100 million and $120 million and diluted loss per share of approximately $0.50 to $0.65.

 

Oct 8, 2008

CROCS, INC. APPOINTS PETER JACOBI TO ITS BOARD OF DIRECTORS

 

Oct 6, 2008

CROCS, INC. SELLS ASSETS OF FOAM CREATIONS BUSINESS UNIT

Crocs, Inc. (NASDAQ: CROX) today announced that it has sold certain assets of its Foam Creations business unit, located in Quebec City, Quebec to a Canadian corporation led by former Foam Creations founder, Andrew Reddyhoff. The sale includes the certain Foam Creations manufacturing assets as well as finished inventory and raw materials. The business will continue to operate out of its existing facility in Quebec City, Canada and will retain 26 local employees. The Foam Creations business unit was previously responsible for the manufacture and sale of industrial goods under the Crocs corporate umbrella. The business will continue to produce a range of industrial products such as spa pillows and kayak seats but will not operate in the footwear industry.

 

Sep 25, 2008

Crocs, Inc. Grows International Retail Presence in Canada

Today Crocs, Inc. announced efforts to continue international expansion through the addition of a new company owned store in Canada. Adding to existing stores in Quebec City and Montreal, a new flagship store in Toronto will strengthen Crocs’ retail and merchandizing presence in this key North American market. Overseeing the rollout of the new Canadian store is Doug Hayes, Vice President/Managing Director, Crocs Canada.  Hayes recently joined Crocs bringing more than 25 years in the sports industry, including his most recent position as President of National Sport for Forzani Group Ltd, the largest national sporting goods retailer in Canada. Hayes’ expertise is rounded out with roles as President of Callaway Golf Canada and President/CEO of adidas-Salomon Canada Limited.

 

Sep 4, 2008

Ocean Minded, Inc. Names Andrew Palmer General Manager

 

Aug 7, 2008

CROCS, INC. REPORTS FISCAL 2008 SECOND QUARTER FINANCIAL RESULTS

Crocs, Inc. reported financial results for the quarter ended June 30, 2008. Revenues for the quarter ended June 30, 2008 were $222.8 million compared to $224.3 million for the quarter ended June 30, 2007. For the quarter ended June 30, 2008 international sales rose approximately 20% to $130.1 million compared to $108.9 million for the same period a year ago, and domestic sales decreased 20% to $92.6 million versus $115.4 million for the quarter ended June 30, 2007.  The Company reported net income of $2.1 million, or $0.03 per diluted share compared to net income of $48.5 million, or $0.58 per diluted share, for the quarter ended June 30, 2007. Reported diluted earnings per share of $0.03 for the quarter ended June 30, 2008 includes an aggregate $0.03 for charges related to the impairment of certain fixed assets equaling $2.9 million and a portion of the previously announced pre-tax charge associated with the shutdown of the Company’s Canadian manufacturing operations of approximately $1.4 million.

 

Gross profit for the second quarter of 2008 was $90.3 million, or 41% of revenues, compared to $131.9 million, or 59% of revenues, for the second quarter of 2007. Selling, general and administrative expenses for the quarter ended June 30, 2008 were $89.9 million, or 40% of revenues, compared to $63.5 million, or 28% of revenues, in the quarter ended June 30, 2007.

 

For the year ending December 31, 2008, Crocs reiterated that it expects revenues to be down modestly compared to 2007 levels with diluted earnings per share of approximately break-even, including the total pre-tax charge of approximately $20.0 million, or $0.16 per diluted share, associated with the shutdown of the Company’s Canadian manufacturing operations. For the quarter ending September 30, 2008, the Company reiterates that it expects revenues to be in the range of $195.0 million to $205.0 million and diluted earnings per share of approximately $0.01 to $0.05.

 

Jul 24, 2008

CROCS, INC. REVISES SECOND QUARTER AND FULL YEAR 2008 SALES AND EARNINGS PER SHARE GUIDANCE

Crocs, Inc. announced that, based upon preliminary performance results through June 30, 2008, it expects its second quarter 2008 revenue to be in the approximate range of $218 million to $223 million and expects diluted earnings per share in the range of $0.03 to $0.07, including a portion of the previously announced pre-tax charge associated with the shutdown of the Company’s Canadian manufacturing operations equaling approximately $1.4 million, or $0.01 per diluted share. These revised estimates compare to its previous guidance of revenues of approximately $247 million to $258 million and expected diluted earnings per share between $0.42 and $0.47, which included the charge associated with the shutdown of the Canadian manufacturing operations.  Despite lower revenue expectations for the second quarter, the Company still anticipates inventories as of June 30, 2008 to decrease approximately 10% to 15% from $266 million in the first quarter, and receivable days sales outstanding to improve approximately 20%-25% as compared to March 31, 2008.

 

Crocs also revised its outlook for the fiscal year ending December 31, 2008. For fiscal 2008, revenues are now expected be down modestly compared to 2007 levels with diluted earnings per share of approximately break-even, including the total pre-tax charge of approximately $20 million, or $0.16 per diluted share associated with the shutdown of the Company’s Canadian manufacturing operations. For the third quarter ending September 30, 2008, the Company expects revenues to be in the range of $195 million to $205 million and diluted earnings per share of approximately $0.01 to $0.05.

 

Jul 17, 2008

Top US Government Agency Validates Benefits of Croslite™ Material

Today, CrocsRx ™, the medical division of Crocs, Inc., announced the Center for Medicare and Medicaid Services (CMS) has accepted the Custom Cloud model into the diabetic shoe program. Acceptance by the CMS validates the superior benefits of Croslite™ material, Crocs proprietary closed-cell resin, as the Custom Cloud is the first molded shoe to receive an approved code verification from the organization.

 

May 15, 2008

Crocs, Inc’s Expertise Grows with Addition of New Vice President

Crocs, Inc. (NASDAQ: CROX) today announced that it has selected Adam Baker to fill the newly created position of Vice President, Merchandising.  Adam Baker’s extensive expertise in the apparel and footwear industry includes more than 15 years of experience with Nike and Under Armour.  Most recently, Mr. Baker served as Vice President of Product Management for Under Armour. In this role he was responsible for strategic planning, merchandising and business metrics for the Men’s, Youth and International businesses. Prior to his time with Under Armour, Mr. Baker served in various Senior Merchandising roles with Nike, Inc. overseeing the global outdoor product line, global tennis apparel, and women’s running.

 

May 13, 2008

JIBBITZ, LLC WINS $56 MILLION JUDGMENT FOR INTELLECTUAL PROPERTY INFRINGEMENT

Crocs , Inc. announced that its wholly owned subsidiary, Jibbitz, LLC, prevailed in its Federal copyright and trademark infringement case against defendant Jinjiang Huakai Shoes and Garments Co. Ltd., Jinjiang Jiaxing Shoes and Garments Co. Ltd. and Yuanhui Chen and its principals. The Court granted an injunction barring sales of infringing products by the defendants and awarded damages in the amount of $56 million in addition to attorney fees and other costs.

May 7, 2008

CORRECTED: CROCS, INC. REPORTS FISCAL 2008 FIRST QUARTER FINANCIAL RESULTS

Revenues for the quarter ended March 31, 2008 increased 39.8% to $198.5 million compared to $142.0 million for the quarter ended March 31, 2007. For the quarter ended March 31, 2008 domestic sales rose approximately 11.7% to $92.6 million compared to $83.0 million for the same period a year ago, and international sales increased 79.5% to $105.9 million from $59.0 million for the quarter ended March 31, 2007. The Company reported a net loss of $4.5 million, or ($0.05) per share, compared to net income of $24.9 million, or $0.31 per diluted share for the quarter ended March 31, 2007.

 

On a Non-GAAP basis, excluding a portion of the $12.1 million after-tax charge associated with the shutdown of the Company’s Canadian manufacturing operations, the Company reported net income of $7.6 million, or $0.09 per diluted share in the first quarter of 2008. Net loss per share and net income per diluted share and for the quarters ended March 31, 2008 and 2007 are adjusted to reflect the two-for-one stock split that took effect in June 2007. Gross profit for the first quarter of 2008 was $84.2 million, or 42.4% of revenues, compared to $84.5million, or 59.5% of revenues for the first quarter of 2007. Selling, general and administrative expenses for the quarter ended March 31, 2007 were $77.0 million, or 38.8% of revenues, compared to $47.3 million, or 33.3% of revenues in the quarter ended March 31, 2007.

 

Apr 14, 2008

CROCS, INC. LOWERS FIRST QUARTER AND FULL YEAR 2008 SALES AND EARNINGS PER SHARE GUIDANCE

Crocs, Inc. (NASDAQ: CROX) today announced that, based upon preliminary performance results through March 31, 2008, it expects its first quarter 2008 revenue to be in the approximate range of $195 million to $200 million and expects a loss per diluted share in the range of ($0.05) to $0.00, both of which are below its previous guidance of expected revenues of $225 million and expected diluted earnings per share of $0.46 established in February.  At the same time, Crocs lowered its outlook for the fiscal year ending December 31, 2008. The Company also announced it has made the strategic decision to close its Canadian manufacturing operations in order to consolidate its production at its lower cost Company-owned and third-party facilities.  

 

Mar 27, 2008

Crocs, Inc. Honored with American Podiatric Medical Association’s Highest Award

 

Feb 21, 2008

CROCS, INC. EXTENDS LICENSING BUSINESS WITH ADDITION OF NBA BRANDED FOOTWEAR AND ACCESSORIES

 

Feb 19, 2008

CROCS, INC. REPORTS RECORD FISCAL 2007 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS

Crocs, Inc. reported strong financial results for the quarter and fiscal year ended December 31, 2007. Revenues for the quarter ended December 31, 2007 increased 99.1% to $224.8 million compared to $112.9 million for the quarter ended December 31, 2006. For the quarter ended December 31, 2007 domestic sales rose approximately 47% to $115.8 million compared to $78.8 million a year ago and international sales increased 221% to $109 million from $34 million a year ago. Net income for the quarter ended December 31, 2007 increased 84.1% to $38.3 million, or $0.45 per diluted share, compared to $20.8 million, or $0.26 per diluted share, for the quarter ended December 31, 2006.

 

Net income per diluted share for the quarters ended December 31 2007 and 2006 are adjusted to reflect the two-for-one stock split that took effect in June 2007. Gross profit for the fourth quarter of 2007 was $125.8 million, or 56.0% of revenues, compared to $65.1 million, or 57.7% of revenues for the fourth quarter of 2006. Selling, general and administrative expenses for the quarter ended December 31, 2007 were $71.9 million, or 32.0% of revenues, compared to $34.9 million, or 30.9% of revenues in the quarter ended December 31, 2006.

 

For the year ending December 31, 2008, Crocs reiterated its previously issued growth targets and expects revenues of approximately $1.16 billion and net income per diluted share of approximately $2.70. For the six-months ending June 30, 2008, the Company expects revenues to increase approximately 50% over the six-month period ended June 30, 2007.

 

Feb 13, 2008

Ocean Minded, Inc. Announces Sponsorship of Bethany Hamilton

 

Jan 31, 2008

Crocs, Inc. Launches SolesUnited

Madonna, Wyclef and Melky Jean and more sign on to help SolesUnitedSM reach goal of donating more than two million pairs of recycled Crocs™ shoes worldwide to those in need in 2008

 

Jan 23, 2008

OCEAN MINDED, INC. INTRODUCES NEW 2008 FEATURING CLOSED-TOE SHOE LINE AT OUTDOOR RETAILER 

Ocean Minded, Inc., a wholly owned subsidiary of Crocs, Inc. (NASDAQ: CROX), today announced its new line of footwear at the Outdoor Retailer show in Salt Lake City (Booth #32370). The new Ocean Minded™ shoes incorporate Crocs’ proprietary Croslite™ material – an odor resistant, antimicrobial closed-cell resin – in the footbeds and midsoles, providing ultimate comfort.

 

Jan 16, 2008

CROCS, INC. STRENGTHENS MANAGEMENT TEAM

Crocs, Inc. announced that Peter Case, currently Chief Financial Officer, has been appointed to the newly created position of Senior Vice President, Retail Division. The Company also announced that Russ Hammer has been named Chief Financial Officer, Senior Vice President-Finance and Treasurer. Both appointments are effective immediately.