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Crocs, Inc. Message Board

  • bluecheese4u bluecheese4u Feb 19, 2008 7:26 PM Flag

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

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

    Fourth Quarter Revenues Increased 99.1% to $224.8 Million vs. $112.9 in Fiscal 2006

    Fourth Quarter Diluted EPS Increased 73.1% to $0.45 vs. $0.26 in Fiscal 2006

    Fiscal 2007 Revenues Increased 138.9% to $847.4 Million vs. $354.7 Million in Fiscal 2006

    Fiscal 2007 Diluted EPS Increased 146.9% to $2.00 vs. $0.81 in Fiscal 2006



    NIWOT, COLORADO — February 19, 2008 — Crocs, Inc. (NASDAQ: CROX) today 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.



    Ron Snyder, President and Chief Executive Officer of Crocs, Inc. commented “For the eighth quarter in a row Crocs delivered industry leading revenue growth, net income growth and EPS growth. Our more than 99% revenue gain in the fourth quarter highlights the ongoing strong demand for Crocs branded footwear. We experienced better than expected sell through of our fall line across men’s, women’s, and children’s in each of our markets. To meet the higher than anticipated orders over the holiday period we delivered a meaningful amount of Mammoths by air-freight, which impacted our gross margin. However, we were still able to grow diluted earnings per share by 73% in the fourth quarter. As we approach the spring and summer selling seasons, our bookings are strong compared to December 31, 2006, our inventories are on plan and we believe we are well positioned to achieve our short and long-term growth objectives.”



    Revenues for the year ended December 31, 2007 increased 138.9% to $847.4 million compared to $354.7 million for the year ended December 31, 2006. For the year ended December 31, 2007, domestic sales rose approximately 82% to $440 million from $242 million and international sales increased 264% to $408 million from $112 million a year ago. Net income for the year ended December 31, 2007 increased 161.2% to $168.2 million, or $2.00 per diluted share, compared to $64.4 million, or $0.81 per diluted share for the year ended December 31, 2006. Net income per diluted share amounts for 2007 and 2006 are adjusted to reflect the two-for-one stock split that took effect in June 2007. Gross profit for 2007 was $497.6 million, or 58.7% of revenues, compared to $200.6 million, or 56.5% of revenues for 2006. Selling, general and administrative expenses for the year ended December 31, 2007 were $259.9 million, or 30.7% of revenues, compared to $105.2 million, or 29.7% of revenues in the year ended December 31, 2006.



    “We are very pleased to have completed a landmark year in our Company’s development with record sales and


    http://www.sec.gov/Archives/edgar/data/1334036/000110465908011498/a08-6054_1ex99d1.htm

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