Case_1-Crocs - Name: _ MANAGEMENT 1A CASE CROCS, INC....

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Name: _____________________________________________ MANAGEMENT 1A CASE CROCS, INC. Introduction to Financial Statements It all started when three Boulder, Colorado based founders decided to develop and market an innovative type of footwear called Crocs™ Shoes. Originally, Crocs™ Shoes were intended as a boating/outdoor shoe because of its slip-resistant, non-marking sole. By 2003, Crocs™ Footwear had become a bona-fide phenomenon, universally accepted as an all purpose shoe for comfort and fashion. From 2003-2004 Crocs, Inc. focused on accommodating our remarkable growth while maintaining control. We have expanded our product line, added warehouses and shipping programs for speedy assembly and delivery, hired a senior management team and acquired Foam Creations, Inc. Today, Crocs™ Shoes are available all over the world and on the internet as we continue to significantly expand all aspects of our business. Crocs, Inc. and its subsidiaries (collectively, the “Company”) are engaged in the design, development, and manufacturing of consumer products from specialty resins. The Company was organized as a limited liability company in Colorado in 1999 under the name of Western Brands, LLC. In January 2005, the Company changed its name to Crocs, Inc. and converted to a Colorado corporation. The Company reincorporated in Delaware in June 2005. The Company’s wholly owned subsidiary, Foam Creations, Inc. (“Foam Creations”), formerly Finproject N.A. Inc., located in Quebec, Canada, has designed, developed, and manufactured consumer products from specialty resins since 1995. In 2000, Foam Creations completed the formulation of, and began manufacturing, a footwear model made from the proprietary closed-cell resin the Company currently uses in its footwear product line, which it refers to as croslite. In 2002, the Company established a business relationship with Foam Creations to distribute footwear in the United States. In October 2002, the Company modified and improved the design of this shoe and began marketing and distributing it under the Crocs brand in the United States. In June 2004, Crocs Inc. acquired Foam Creations, including its manufacturing operations, product lines and rights to the trade secrets for croslite. In October 2006, the Company acquired 55 Hockey Products Inc., and EXO Italia as part of the Company’s effort to expand into new markets and expand the Company’s internal design capabilities. 55 Hockey Products, which operates under the brand name Fury Hockey, produces and distributes hockey and lacrosse equipment for adults and children. EXO Italia, headquartered in Padova, Italy, designs and develops EVA (Ethylene Vinyl Acetate) based finished products, primarily for the footwear industry. Since 1993, EXO Italia has worked with several leading branded consumer companies to produce high quality EVA based footwear for the global marketplace.
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Case_1-Crocs - Name: _ MANAGEMENT 1A CASE CROCS, INC....

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