Crocs to close Canadian manufacturing operations

16 Apr '08

3 min read

For the second quarter of fiscal 2008, revenues are expected to increase between 10% and 15% over the corresponding period a year ago with diluted earnings per share in the range of $0.42 to $0.47, including a portion of the aforementioned one-time, pre-tax charge associated with shutdown of the Company's Canadian manufacturing operations equaling approximately $4 million, or $0.03 per diluted share. Excluding this charge, the Company expects second quarter 2008 diluted earnings per share in the range of $0.45 to $0.50.

For fiscal 2008, revenues are now expected to increase between 15% and 20% over 2007 with diluted earnings per share in the range of approximately $1.54 to $1.64, including the total one-time, pre-tax charge of approximately $20 million, or $0.16 per diluted share associated with the shutdown of the Company's Canadian manufacturing operations. Excluding the charge, fiscal 2008 diluted earnings per share are expected to be between $1.70 and $1.80.

In addition, the Board of Directors approved an authorization to repurchase up to an additional 5 million shares of its common stock, effective following the earnings announcement currently expected on or about May 7, 2008. This is in addition to the previously announced share repurchase authorization. Share repurchases under this authorization may be made in the open market or in privately negotiated transactions.

The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The repurchase authorization does not have an expiration date and does not obligate Crocs to acquire any particular amount of shares of its common stock. The repurchase authorization may be modified, suspended or discontinued at any time.

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