rocs Inc. (NASDAQ:CROX) reported a Q1 loss of 23 cents per share, ex-items, beating consensus estimates for a loss of 27 cents per share. Revenues in the quarter declined 32% year-over-year to $134.9 million, but came in ahead of consensus estimates of $114.4 million. Crocs Inc. expects a Q2 loss of 15-31 cents per share, vs. consensus estimates for a loss of 17 cents per share. The company also said it expects Q2 revenues of $135 million to $160 million, vs. consensus estimates of $141.6 million. Crocs said it couldn't give full-year guidance at this time due to market uncertainty. Crocs' cash and cash equivalents declined to $50.9 million from $51.7 million at the end of 2008. However, compared to the quarter ended March 31, 2008, Crocs' cash and cash equivalents rose by approximately $21.3 million. "While our first quarter results were generally in line with expectations, there is still much work ahead of us in order to improve on our recent performance and return to consistent profitability," stated John Duerden, President and Chief Executive Officer of Crocs, Inc. "Crocs achieved a tremendous amount in a few short years and quickly established itself as a truly global brand with market penetration in more than 100 countries. During this time, the product line evolved significantly from a few key items into seasonal footwear collections that have created a large and loyal consumer base. With this rapid growth came a number of challenges which, along with the recent recession, have negatively impacted the business. In response, Crocs took several steps throughout 2008 to better align its expense structure with lower sales volumes and strengthen its balance sheet. Our intention in 2009 is to preserve the strength of the Crocs brand while endeavoring to strike a balance between lowering our fixed cost base and responsibly reducing our inventory. I am confident that with the solid foundation already in place and the talented group of people working here that we can accomplish our near-term objectives while creating a stronger, more efficient company for the future."