US footwear designer and manufacturer Crocs, Inc. has reported significant increase in revenues for the first quarter ended March 31.

Revenues reached $44.8 million compared with $11 million for the first quarter ended March 31, 2005. Net income for the first quarter of fiscal 2006 was $6.4 million compared with $2 million for the first quarter of fiscal 2005. First quarter net income includes a non-cash share-based compensation expense, net of tax effect, of $1.1 million compared with $779,000 for the comparable period of 2005.

Gross profit for the three months was $23.7 million compared with $6.8 million in the comparable period in 2005.

Ron Snyder, president and chief executive officer, commented "Our first quarter performance, which exceeded both internal and external expectations, was driven by robust demand for the Crocs brand across the board.”

Crocs footwear products all incorporate the company’s proprietary closed-cell resin material, which is said to improve comfort and functionality. The resin, referred to as croslite, enables the company to produce soft and lightweight, non-marking, slip- and odour-resistant footwear suitable for casual wear, as well as recreational uses such as boating, hiking, fishing and gardening.