Monday, October 31, 2011 4:08:46 AM
Third Quarter Revenue Increased 27.5% to $274.9 million
Cash Increased 54.1% to $220.4 million
Consolidated Backlog up 30.3%
http://finance.yahoo.com/news/Crocs-Inc-Reports-2011-Third-bw-152779937.html?x=0&.v=1
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=8075274-772-146633&type=sect&dcn=0001104659-11-043145
NIWOT, Colo.--(BUSINESS WIRE)-- Crocs, Inc. (NASDAQ:CROX - News) today reported financial results for the third quarter ended September 30, 2011.
Revenue for the third quarter of 2011 increased 27.5% to $274.9 million compared to revenue of $215.6 million in the third quarter of 2010. Net income for the third quarter of 2011 increased 20.8% to $30.2 million, or $0.33 per diluted share compared to net income of $25.0 million, or $0.28 per diluted share in the third quarter 2010 which included a one-time tax benefit of $3.0 million, or $0.03 per diluted share.
John McCarvel, President and Chief Executive Officer, stated:
Year-over year third quarter changes in the Company’s channel revenue streams were as follows:
Year-over year third quarter changes in the Company’s regional revenue streams were as follows:
Gross profit for the third quarter of 2011 increased 23.9% to $147.2 million, or 53.5% as a percentage of sales, from $118.8 million, or 55.1% of sales in same period last year. Selling, General, & Administrative expenses increased 21.0% to $111.6 million versus $92.2 million a year ago. As a percentage of sales, SG&A decreased to 40.6% from 42.8% in the third quarter of 2010.
Balance Sheet
Cash and cash equivalents at September 30, 2011 increased 54.1% to $220.4 million compared to $143.1 million at September 30, 2010. Inventories at September 30, 2011 were $151.1 million, up from $142.5 million at September 30, 2010.
Backlog
Backlog at September 30, 2011 increased 30.3% to $296.8 million compared to backlog of $227.8 million at September 30, 2010.
Guidance
For the fourth quarter of 2011, the Company expects revenue to be in the range of $200 to $205 million and diluted earnings per share to be between $0.03 and $0.05.
Mr. McCarvel concluded,
Conference Call Information
A conference call to discuss Crocs’ third quarter 2011 financial results is scheduled for today (October 27, 2011) at 5:00 PM Eastern Time. A webcast of the call will take place simultaneously and can be accessed by clicking the ‘Investor Relations’ link under the Company section on http://www.crocs.com or at http://www.earnings.com. To listen to the broadcast, your computer must have Windows Media Player installed. If you do not have Windows Media Player, go to http://www.earnings.com prior to the call, where you can download the software for free.
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