Crocs (CROX) Crocs may actually be moving into the stage where its price and market cap are so low that it could become a takeover target. After announcing awful quarterly numbers and a weak forecast, shares in the company have fallen to $4.38 down from their 52-week high of $75.21.
Crocs said it expects its second quarter 2008 revenue to be in the approximate range of $218 million to $223 million and expects diluted earnings per share in the range of $0.03 to $0.07.
The company did say its international business continues to do very well. As extraordinary as it may seem, Crocs market cap is not only $366 million. The company has no long-term debt.
The Crocs line of products would not be a bad match with the Nike (NKE) casual shoe lines. Adidas has some products in the same category. If Crocs is going to get back to $10.00, it may have to be through an acquisition.
Management does not own a great deal of Crocs. Are investors tired enough to take a huge haircut? Investors who got in at $20? That’s the question.
Douglas A. McIntyre
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