Crocs told the SEC Tuesday it will be late in filing its quarterly financial report.

Following last week’s announcement of a drop in quarterly profits from $48.5 million in 2007 to $2.1 million, Crocs said that the filing delay was the result of “significant changes” in its business operations during the quarter.

Said the company, “The Management Discussion and Analysis of Financial Condition and Results of Operations could not be assembled and analyzed in a timely manner without unreasonable effort and expense to the Registrant.”