Crocs reported financial results for the first quarter ended March 31, 2015. GAAP revenue was $262.2 million, in line with expectations.
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On a constant currency basis, revenue decreased 8% as compared to the prior year.
Net loss attributable to common stockholders on a GAAP basis was $0.08 per diluted share for the first quarter. Excluding certain non-recurring and special charges, the company reported non-GAAP adjusted net income attributable to common shareholders of $4.7 million.
In the first quarter of 2015, the company incurred a GAAP net loss attributable to common stockholders of $6.0 million or $0.08 per share, compared with net income of $6.4 million or $0.06 per diluted share in the same quarter of the prior year.
The company recorded $10.7 million in non-recurring and special charges in the first quarter of 2015 compared with $8.1 million in non-recurring and special charges in the first quarter of 2014.
Excluding these items the company reported: non-GAAP operating income of $8.3 million versus $24.9 million in the comparable prior year period; on a comparable basis, non-GAAP adjusted net income attributable to common shareholders of $4.7 million in the quarter versus $14.5 million in the first quarter of 2014.
Cash and cash equivalents at March 31, 2015, were $180.7 million. Inventory was $184.7 million compared with $171 million on December 31, 2014.
Gregg Ribatt, Chief Executive Officer, said: "Compared to last year, our first quarter financial results reflect the strategic shift to focus the organization on a narrower range of businesses, less retail stores and a narrowed geographic focus.
"The balance of our business continues to stabilize across all of our regions while we address the continuing challenges of the stronger US dollar, our China business and the impact of the slowdown at the US ports.
"Our balance sheet at the end of the first quarter reflected lower inventory and global accounts receivables. As our business continues to stabilize, we expect Q2 revenue in the $340 to $350 million range, showing slight growth excluding the impacts of our China business and store closings and discontinued product lines." ■