Crocs unsteady

End financial year (31 December), the company had $51.6-m in cash and $22.4-m in borrowings under a credit facility that expires 2 April. Talks are currently underway to extend the facility and there are negotiations with financial institutions to obtain an asset backed lending arrangement. Crocs has also indicated that it might explore other sources for capital to meet ongoing needs.

They have indicated that they intend to continue cost cutting actions.

Crocs showed a net loss of $183.6-m at the end of the financial year – a substantial drop from a profit of $168.2-bn the previous year. They had experienced 15% drop in sales and charges of $145.2-m for foreign exchange rate losses, the shuttering of production sites in Brazil and in Canada, and inventory write-downs.