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Crocs international sales rise by 20%

11
Aug '08
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.

Ron Snyder, President and Chief Executive Officer of Crocs Inc commented: “The first half of 2008 was a challenging period for our Company as we dealt with a difficult macro-economic environment and lower than expected demand in certain markets.

Despite our recent financial results, we continue to be confident about the strength of the Crocs brand and we remain optimistic about the future potential of this business.

Over the near-term, we are focused on further reducing our expenses in order to exit this year with a leaner infrastructure while at the same time strategically increasing the retail presence and consumer awareness of our more recent product introductions.

Longer-term, we are developing more comprehensive lines of footwear under specific category segments and implementing a more disciplined distribution strategy in order to reinvigorate our top-line. We are committed to improving our execution across the board and returning this company to growth and profitability.”

Balance Sheet:
As of June 30, 2008, inventories decreased 17% to $220.2 million compared to $265.5 million as of March 31, 2008. In addition, the Company ended the second quarter with cash and cash equivalents of $51.2 million, an increase of $21.6 million compared to cash and cash equivalents of $29.6 million at the end of the first quarter in 2008.

Additionally, the Company recognized impairment charges on certain fixed assets, primarily related to molds, in the amount of $2.9 million.

These charges were recorded as the molds relate to styles that Crocs no longer intends to manufacture or styles for which the Company has more molds on hand than necessary to meet projected demand.


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