Based on strong demand from consumers, which has resulted in faster than anticipated re-orders from our customers both in the U.S. and overseas, the Company now expects sales for the second quarter of fiscal 2006 to be between $62 million and $65 million compared to its previous guidance of $53 million to $55 million. The Company also stated that it now anticipates net income per diluted common share to range from $0.23 to $0.25, versus its previous expectation of net income per diluted common share of $0.21 to $0.22.
Things are growing so fast that in a matter of less than a month the company needs to raise guidance by 18%. I expect it will raise guidance at least once again before reporting its actual sales and earnings after the quarter closes. Even then, it will probably beat estimates.
CROX just filed for a 6,500,000-share secondary offering (7,475,000 with over-allotments) to facilitate some of the Company’s larger shareholders from diversifying. Proposed price = $27.38, but stock already at $28.90 in after-hours trading. No problem with that as far as I’m concerned. In fact, buying shares in that offering would probably be a profitable thing to do. S-1 Filing here.
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