Who keeps buying this aberration of a shoe?

Crocs reports earnings up nearly fivefold

'DENVER (AP) - Offbeat shoe manufacturer Crocs Inc. said Tuesday its net income increased nearly fivefold in the fourth quarter, driven by its expanded business and product lines.

The Niwot-based company reported earnings after the market closed Tuesday, a little more than a year after it began trading publicly.

Chief Executive Officer Ron Snyder credited the results to a boost in international business, a diversified product line and licensing agreements that have led to a collection of Disney footwear and products in collegiate colors.

"We are extremely pleased at the early performance of these new growth vehicles which bode well as we prepare to further evolve and expand our licensing program," he told analysts.

For the quarter ending Dec. 31, Crocs posted net income of $20.8 million, or 51 cents a share, compared with net income of $4.2 million, or 12 cents a share, in the previous fourth quarter.'