Crocs, Inc. - Current report filing (8-K)
April 15 2008 - 6:02AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of Earliest Event Reported):
April 14, 2008
CROCS,
INC.
(Exact name of
Registrant as specified in its charter)
Delaware
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0-51754
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20-2164234
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(State or other
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(Commission
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(I.R.S. Employer
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jurisdiction
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File Number)
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Identification
No.)
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of
incorporation)
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6328
Monarch Park Place
Niwot, Colorado
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80503
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(Address of
principal executive offices)
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(Zip Code)
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Registrants
telephone number, including area code:
(303) 848-7000
Not
Applicable
(Former name or
former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
o
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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SECTION 2 FINANCIAL
INFORMATION
Item
2.02.
Results of Operations and
Financial Condition.
On April 14, 2008, Crocs, Inc. (the
Company) issued a press release reporting preliminary results for the quarter
ended March 31, 2008. A copy of the
press release dated April 14, 2008, reporting preliminary results for the
quarter ended March 31, 2008 is furnished as Exhibit 99.1 to this
report.
Item
2.05.
Costs Associated with Exit or
Disposal Activities.
On April 14, 2008, the Companys Board
of Directors approved a plan to restructure its North American operations. Under the restructuring plan, the Company
will cease Canadian manufacturing activities and consolidate Canadian
manufacturing and distribution into existing North American operations.
Altogether, these actions are expected to result in the elimination of
approximately 600 positions. These actions are intended to streamline
operating costs and effectively leverage Company resources
.
In connection with these actions,
the Company estimates that it will incur a pre-tax restructuring charge of
approximately $20.0 million. This charge
consists of approximately $10.2 million in impairment charges related to fixed
assets, $5.8 million in termination benefits, $3.0 million in lease termination
costs and a $1.0 million write down of inventory. The Company estimates
that of the total estimated restructuring charge, between $7.0 million and $9.0
million is expected to result in future cash outlays. The restructuring
actions are expected to be substantially completed by June 30, 2008.
SECTION 9 FINANCIAL STATEMENTS
AND EXHIBITS
Item
9.01.
Financial Statements and
Exhibits.
(d)
Exhibits
99.1
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Press Release
dated April 14, 2008.
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2
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
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CROCS, INC.
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Date:
April 14, 2008
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By:
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/s/ Russell C.
Hammer
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Russell C.
Hammer,
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Chief
Financial Officer, Senior Vice
President of Finance and Treasurer
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3
EXHIBIT
INDEX
Exhibit No.
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Description
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99.1
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Press Release
dated April 14, 2008.
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4
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