Crocs Out Of Business
Crocs…..is it true they’re going out of business?
Crocs is not yet going out of business, but if they were a patient they’d be listed in critical condition. As late as this past May, the company estimated they would earn north of $1.50 per share for fiscal year 2008. That estimate is now down to break-even ($0.16 per share if you take out a one time charge for closing their Canadian operations). So, even with the stock down from $75/share last October to $4.50 now, the p/e ratio is high at 28 times this years lowered expectations. Today they announced the elimination of 75 jobs. That’s only about 4.5 percent of the U.S. workforce, but is a sign of more to come. With virtually no debt and a fair amount of cash, they won’t be headed to bankruptcy court anytime soon, but unless they come up with some successful new product or acquire a complementary business, this one-trick pony is headed for the glue factory.
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