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Crocs GAAP from loss to net income of $6.4 million

Staff writer ▼ |
Crocs reported financial results for the three months ended March 31, 2016. The company reported GAAP net income attributable to common stockholders of $6.4 million or $0.07 per share.

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This compares with a net loss attributable to common stockholders of $6.0 million or $0.08 per share in the same quarter of the prior year.

The company recorded net charges of $0.1 million not related to core business in the first quarter of 2016 compared with $10.7 million in the first quarter of 2015.

Excluding these items, the company reported on a comparable basis, non-GAAP adjusted net income attributable to common shareholders of $6.4 million in the first quarter of 2016 versus non-GAAP adjusted net income attributable to common shareholders of $4.7 million in the first quarter of 2015.

For the quarter ended March 31, 2016 we had 74 million diluted shares outstanding and 73.1 million weighted average common shares outstanding. The company did not repurchase any shares during the three months ended March 31, 2016.

Cash and cash equivalents as of March 31, 2016 were $89.1 million compared with $143.3 million at December 31, 2015.

The decrease in cash and cash equivalents was primarily attributable to the seasonal increase in our net working capital as we build inventories and accounts receivable for our spring/summer 2016 selling season.

Inventory was $186.1 million at March 31, 2016 compared to $168.2 million at December 31, 2015.

The company expects second quarter 2016 revenue in the $340 to $350 million range compared to $345.7 million in the second quarter of last year. This guidance reflects the timing impact from earlier shipments in the first quarter, as noted above.

Additionally, revenue growth is anticipated to be in the mid-single digits, on a constant currency basis, in the first half of the year compared to the first half of 2015. ■

What to read next

Crocs Q2 GAAP net income $11.7 million
Crocs Q2 revenues $313.2 million
Crocs Q1 revenue in line with expectations, loss $0.08 per share

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