Crocs, Inc. (NASDAQ: CROX), a designer, manufacturer and retailer of footwear for men, women and children under the Crocs™ brand, recently announced the company’s second quarter financial results for the period ending June 30, 2008. Total revenues for the second quarter of the year were recorded at $222.8 million, down slightly from $224.3 million for the same period one year earlier.

Net income totaled $2.1 million, or $0.03 per diluted share, down sharply from net income of $48.5 million, or $0.58 per diluted share, for the quarter ended June 30, 2007. Ron Snyder, the president and chief executive officer, stated that the company experienced some softness in Europe, namely the U.K., which significantly impacted top-line performance. However, during a recent conference call, senior management reiterated that it expects year-end revenues to be down modestly compared to 2007 levels with diluted earnings per share of approximately breakeven.

To further strengthen the company’s growth initiatives, management will focus on right-sizing operations to better align with projected volume, including the implementation of reductions in worldwide head count, closing the company’s Canadian facility, streamlining distribution and infrastructure facilities, and delaying certain capital expenditures over the next two quarters of this year. In addition, the company has reduced executive management’s salaries by 25 percent until the end of the year to help control costs.

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