Thursday, apparels and footwear maker Crocs, Inc. (CROX), reported a swing to loss in the fourth quarter, primarily due to a 43.9% decline in revenues and lower gross margins. The company has also provided its guidance for the first quarter of fiscal 2009.
The Niwot, Colorado-based company's net loss for the fourth quarter was $33.2 million or $0.40 per share, compared with a profit of $38.3 million or $0.45 per share in the prior year comparable quarter.
Net loss for the quarter under review included about $21.1 million in pre-tax foreign currency exchange rate non-cash losses mainly on inter-company balances and $0.90 million in pre-tax, restructuring charges primarily related to the shutdown of a manufacturing facility in Brazil.
Excluding the foreign currency exchange rate losses, net of tax, of $16.1 million or $0.20 per share, net loss on an adjusted basis was $17.1 million or $0.20 per share.
On average, five analysts polled by Thomson Reuters expected the company to report a loss of $0.56 per share. Analysts' estimates typically exclude special items.
Revenues for the period decreased 43.9% to $126.1 million from $224.8 million in last year quarter. Five Wall Street analysts expected revenues of $102.46 million for the quarter.Revenue for Asia improved 22.4% to $204.9 million, while revenues in Europe and the Americas declined 16.2% and 26.9% respectively.
Gross profit for the quarter was $56.0 million or 44.4% of revenues, down from $125.8 million or 56.0% of revenues in the corresponding quarter a year ago.
For the full year, the company's net loss was $183.6 million or $2.22 per share, compared with net income of $168.2 million or $2.00 per share in the previous year. Non-GAAP net loss for 2008 was $37.2 million or $0.44 per share.
Revenues for the full year period were $721.6 million, down from $847.3 million in the last year period.
For the first quarter, the company expects to report a loss in the range of $0.32 to $0.17 per share. Revenues are estimated to range between $110 million and $135 million.
The Street currently expects a loss of $0.09 per share on revenues of $127.53 million for the first quarter.
CROX closed Thursday's trading at $1.21, up $0.03 or 2.54% on a volume of 0.98 million shares. In after market the stocks are currently trading at $1.32, gaining $0.11 or 9.09% on the Nasdaq.
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