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Crocs, Inc. and its subsidiaries design, develop, and manufacture consumer products from specialty resins worldwide. It offers footwear for men, women, and children under the crocs brand. The company also offers apparel and accessories, including t-shirts, sweatshirts, hats, beanies, and socks.
In addition, it manufactures spa pillows for the home spa market; seats and pads for use in kayaks and canoes; and scuba diving fins for other water sports products, as well as produces and distributes hockey and lacrosse equipment. It sells its products through other specialty channels, including gift shops, uniform suppliers, independent bicycle dealers, specialty food retailers, health and beauty stores, and other specialty stores.
The company recently announced that it will be introducing its first apparel line this October. Crocs noted that Select pieces in the men's apparel collection incorporate a new form of Crocs' proprietary material, Croslite(TM), already known in Crocs(TM) footwear. The added that the new material, Croslite rt(TM), which stands for "relaxed technology", makes garments lightweight, versatile, breathable, and durable. Croslite rt(TM) also enables garments to be resistant to harsh chemicals and heat, ensuring longevity after exposure to sun, UV light and sweat.
CROX hit a 52-week high on the day it announced the unveiling of its apparel line and it currently trades slightly below that level.
In late July, Crocs announced that it has entered into a definitive agreement to acquire the Bite Footwear brand for $1.75 million in cash, plus a potential earn-out of up to $1.75 million based on Bite hitting certain earnings targets over a three-year period. Crocs stated that Bite has created a portfolio of exciting and innovative footwear products that will be a terrific compliment to Crocs existing business. Like Crocs, Bite Footwear utilizes patented technology to provide consumers with comfort, support and functionality across several target markets.
A few days prior to the Bite Footwear announcement, CROX reported second-quarter results. Earnings per share of 58 cents soared past the year-prior 19 cents and topped the consensus estimate by 32%. Second-quarter revenues shot up 162% on a year-over-year basis. The company raised its year 2007 outlook. Crocs now expects full-year earnings to range between $1.89 and $1.93 per share. Analyst are currently expecting earnings of $1.97 per share for 2007. Wall Street estimates stood at $1.53 two months ago.
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