Crocs, Inc. reported net income of $5.7 million, or $0.07 per diluted share, in the first quarter of 2010. This was a vast improvement over the net loss of $22.4 million, or ($0.27) per diluted share, in the same quarter of 2009.
Crocs, Inc. also reported a large increase in revenue in the first quarter of 2010. The company had revenue of $166.9 million, compared to revenue of $134.9 million in the first quarter of 2009.
Crocs, Inc. said that revenue increased on a year over basis in all three of its distribution channels, including Wholesale, Retail and Internet. Revenue also increased on a year over year basis in all three of its geographical segments, including Europe, Asia and the Americas.
Crocs, Inc. also reported a stronger balance sheet at the end of the first quarter of 2010, with cash and cash equivalents of $53.8 million at 3/31/2010. This was up $2.9 million from the same time last year. Crocs, Inc. has no short or long term debt.
Crocs, Inc. also gave guidance for the second quarter of 2010 ending 6/30/2010. The company expects revenue to be in a range of $210-220 million, which would be year over year growth of 20-26%. Diluted earnings per share are expected to be in a range between $0.18-0.22 for the quarter.
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