High flyer Crocs Inc. (NASDAQ: CROX) is set to report after the close today and will host a conference call and web cast for all investors at 4:30pm Eastern Time. The stock has been running up a bit in front of the release, gaining about $5 to $72. What to expect?

The company crushed the June numbers by a wide margin. It beat the top line by $40 million at $224 million of revenues and the bottom line was $0.58 versus expectations of $0.42. The company made a huge statement as to its validity with these June results. Consensus for the September quarter (endorsed by the company -- a first) is for revenues of $258 million and earnings per share of $0.63. The fact that Crocs management endorsed these numbers indicates they must see a powerful quarter developing. Both top and bottom line numbers represent a roughly 10% increase from quarter-to-quarter.

I have recently moved my price target to $100 within the next 12 months for Crocs. It is a misunderstood story and the short-sellers who have dismissed this story as a fad have gotten destroyed. The stock has increased 4-fold this year so far. I have written that I believe Crocs is a real phenomenon -- fads do not do $1 billion in revenues, and fads do not offer 65 different products.

Crocs Inc. (NASDAQ: CROX) has been a true home run stock this year. Many of you have read my articles about Crocs since February and I have been recommending this stock since $15 on a split-adjusted basis. The shares are above $61, and the stock is still a buy!! Why?

I have written extensively that Crocs has surpassed the "fad-status" or the "niche-play" and is becoming a full-blown phenomenon. But to achieve phenom status, Crocs would have to develop products that go "north of the ankle." That is exactly what Crocs is doing. The company is launching a line of men's and children's apparel coming out this October. The clothing will be made from Crocs natural, proprietary resin material.

Further, the company has added several accessories to its line of products, including back packs, slosh-boots, t-shirts, etc. Crocs has also extended its branding identity by licensing its clogs and sandals to more than 100 American Universities and the NFL and NHL.

There is an outfit in Niwot, Colorado that designed a line of shoes originally intended for boating and outdoor uses. They caught on so well, though, that you see them just about everywhere now.

Crocs Inc. (NASDAQ: CROX) designs, manufactures and markets footwear for men, women, and children. The company's shoes are soft, lightweight, nonmarking, and slip-resistant. The firm also manufactures and sells a line of Crocs-branded apparel and accessory items. Products are distributed through retailers, including Dillard's (NYSE: DDS) and Nordstrom (NYSE: JWN). Nike (NYSE: NKE) is a major competitor.

The firm pleased investors last week, when it announced Q1 EPS of 61 cents and revenues of $142 million. Analysts had been expecting 49 cents and $113.9 million. Management also guided Q2 EPS to 80-85 cents (63 cent consensus), Q2 revenues to $180-$190 million ($135.61M consensus), FY07 EPS to $2.90-$2.95 ($1.42 consensus) and FY07 revenues to $670-$680 million ($540.11M consensus).

Further, Crocs announced a 2-for-1 stock split. Shares will trade split-adjusted, on June 15th. Wedbush Morgan subsequently upgraded the issue to "strong buy" and Nollenberger Capital reiterated its "buy." CROX shares popped on the news and have since been defining a bullish "pennant" consolidation pattern. Prices frequently exit pennants moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.

Altogether, brokers now recommend the shares with three "strong buys," two "buys" and two "holds." Analysts expect a 25% average annual growth rate, through the next five years. The CROX PEG ratio (1.42), Sales Growth rate (216.65%), EPS Growth rate (258.82%), Operating Margin (27.16%), Net Profit Margin (18.35%), Return on Assets (33.09%), Return on Investment (44.11%) and Return on Equity (44.87%) compare favorably with industry, sector and S&P 500 averages.

Institutional investors hold about 95% of the outstanding shares. The stock is one of those used to calculate the S&P 600 Small Cap Index. Over the past 52 weeks, it has traded between $21.56 and $72.25. A stop-loss of $62 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.