Crocs Inc (CROX)

[ShadowSpy69]

Crocs, Inc. Reports 2011 Second Quarter Financial Results
Second Quarter Revenue Increased 29.6% to a Record $295.6 Million
Second Quarter Diluted EPS Increased 64.9% to $0.61
Backlog at June 30, 2011 Increased 41.9% to $168.1 Million
http://finance.yahoo.com/news/Crocs-Inc-Reports-2011-Second-bw-3059005346.html?x=0&.v=1

NIWOT, Colo.--(BUSINESS WIRE)-- Crocs, Inc. (NASDAQ:CROX - News) today reported financial results for the second quarter ended June 30, 2011.

Revenue for the second quarter of 2011 increased 29.6% to $295.6 million compared to revenue of $228.0 million reported in the second quarter of 2010. Net income for the second quarter of 2011 increased 71.9% to $55.5 million, or $0.61 per diluted share compared to net income of $32.3 million, or $0.37 per diluted share in the second quarter 2010. The Company benefited from modifications in tax treaties in its international businesses which together with other tax planning resulted in an effective tax rate below 15% for the quarter.

John McCarvel, President and Chief Executive Officer, stated:

“Our second quarter results demonstrate the progress we have made evolving Crocs into an innovative footwear leader. We achieved our highest quarterly revenue and unit volume in the Company’s history as revenues surpassed $295 million and we sold over 14 million pair. Our performance was fueled by demand for our most diverse product line ever and included double-digit growth in each of our distribution channels and geographic regions. As a result, we experienced significant operating expense leverage and a substantial increase in profitability versus a year ago. Looking ahead to the back half of 2011, we expect our momentum to continue through summer and back to school. We are also optimistic about our prospects for the fall and holiday given the 41.9% increase in our backlog which totaled $168.1 million at the end of the second quarter .”

Year-over year second quarter changes in the Company’s channel revenue streams were as follows:
[code]Wholesale sales increased 25.5% to $175.8 million;
Retail sales increased 38.1% to $91.8 million; and
Internet sales increased 30.1% to $28.1 million.[/code]
Year-over year second quarter changes in the Company’s regional revenue streams were as follows:
[code]Asia increased 37.5% to $121.9 million;
Americas increased 15.9% to $121.4 million; and
Europe increased 50.4% to $52.2 million.[/code]

Gross profit for the second quarter of 2011 increased 29.0% to $170.2 million, or 57.6% as a percentage of sales, from $131.9 million, or 57.8% of sales in same period last year. Selling, General, & Administrative expenses increased 14.5% to $107.6 million versus $94.0 million a year ago. As a percentage of sales, SG&A decreased to 36.4% from 41.2% in the second quarter of 2010.

Guidance

For the third quarter of 2011, the Company expects revenue of approximately $280 million, a 30% increase over the third quarter of 2010. The Company expects diluted earnings per share for the third quarter of 2011 to be approximately $0.40.