Crocs, Inc. CROX today reported the following record financial results for the quarter ended March 31, 2007.
Revenues for the quarter ended March 31, 2007 increased 217% to $142.0 million compared to $44.8 million for the first quarter ended March 31, 2006. Net income for the quarter ended March 31, 2007 was $24.9 million, or $0.61 per diluted share, compared to $6.4 million, or $0.17 per diluted share, for the same period in 2006. Gross profit for the quarter of 2007 was $84.5 million, or 59.5% of revenues, compared to $23.7 million, or 52.9% of revenues for the quarter of 2006. Selling, general and administrative expenses for the first quarter ended March 31, 2007 was $47.3 million, or 33.3% of revenues, compared to $13.7 million, or 30.6% of revenues in the first quarter ended March 31, 2006 Ron Snyder, President and Chief Executive Officer of Crocs, Inc. commented, "Our strong first quarter performance was driven by the growing worldwide demand for our entire portfolio of products. Domestically, we benefited from robust sell through of our Crocs footwear, including our new spring/summer collection, in addition to our new licensed and Jibbitz businesses. At the same time, our international business continues to rapidly expand fueled by sales of our classic models, as well as our more recent introductions. We are pleased with our start to 2007 and we remain extremely optimistic about the many growth opportunities that lie ahead as evidenced by our heightened outlook for the year."
Stock Split
Crocs announced that on May 2, 2007, its Board of Directors declared a two-for-one stock split of the Company's common shares, to be effected in the form of a common stock dividend. All shareholders of record at the close of business on May 31, 2007, will receive one additional share of common stock for each share held on that date. The additional share common stock will be distributed on June 14, 2007. Information pertaining to shares and earnings per share does not reflect this split.
Guidance
For the second quarter of 2007, the Company currently anticipates total revenues to range from $180 million to $190 million and projects its net income per diluted share to range from $0.80 to $0.85.
Crocs also raised its fiscal 2007 guidance. The Company now expects total revenues to range from $670 million to $680 million and net income per diluted share to range from $2.90 to $2.95.
Mr. Snyder concluded, "Crocs is quickly becoming a global lifestyle brand and we are confident that our diversified operating model affords us substantial growth prospects across the board and well into the future. Our momentum is robust, our financials are strong, and we remain committed to fully capitalizing on our growing position in the market."
-------------------- All posts are my opinion only!! Do your own DD!! Posts: 137 | Registered: Jan 2007
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Thanks Sherri! I got in at $50 back in feb. I lost a bunch in this after the big selloff at the end of that month and I almost sold all my shares. I'm glad i didnt now!! It will run a bit more before June, then retrace (which will be a good buying opp), and then start the move back up to $60 or $70. Check out Gamestop, they split in May 06 and look where they are now.
Posts: 137 | Registered: Jan 2007
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Crocs (CROX - Strong Buy): Another Fantastic Quarter Driven by Strength In All Regions; Significantly Raising Estimates and Price Target. Raising Target to $71 from $54.
----------- I already played this once today from $56.50 to 57.80. Waiting to see if there will be another good entry point today.
-------------------- "Great Day for Up!"....Dr. Seuss Posts: 3387 | Registered: Mar 2006
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Choked on this one. Down to 11 now. have an order in to double up there, but it has not filled yet.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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I has been a good company to invest in. I liked the flip from $17-20 every several weeks. I was waiting for it to come down to low $17's. Glad it crashed before I put an order in for that. But this stock should bounce back to around $13.50-14.50.
JMO....the shareholders have been really punishing stocks lately....GE first....but they are making a ton of money.....now CROX...who makes a lot of money as well. They are both profitable companies.
Posts: 2367 | From: Detroit | Registered: Mar 2005
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