Weyco Group Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Weyco Group Inc. filed its Q1 2024 10-Q report, detailing financial performance and equity structure.</b>

AI Summary

WEYCO GROUP INC (WEYS) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Weyco Group Inc. reported its Q1 2024 results on May 9, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points from previous periods (2023, 2022) are referenced for comparison. Information regarding common stock, reinvested earnings, and capital in excess of par value is detailed. Details on employee stock options and restricted stock grants are provided for 2024 and 2023.

Why It Matters

For investors and stakeholders tracking WEYCO GROUP INC, this filing contains several important signals. This 10-Q filing provides stakeholders with a quarterly update on Weyco Group's financial health and operational performance, crucial for investment decisions. The detailed breakdown of equity components and stock-based compensation offers insights into management's incentives and the company's capital structure.

Risk Assessment

Risk Level: low — WEYCO GROUP INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags, indicating a low level of immediate risk.

Analyst Insight

Monitor Weyco Group's subsequent filings for trends in revenue segments and changes in equity structure to assess ongoing business performance.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 2023-01-01 — Prior Year Start Date (Reference for comparative data)
• 2023-03-31 — Prior Year Period End Date (Reference for comparative data)

Key Players & Entities

• WEYCO GROUP INC (company) — Filer name
• 20240331 (date) — Conformed period of report
• 20240509 (date) — Filed as of date
• WI (location) — State of incorporation
• 333 W ESTABROOK BOULEVARD (address) — Business address street 1
• GLENDALE (location) — Business address city
• 4149081600 (phone) — Business phone
• WEYENBERG SHOE MANUFACTURING CO (company) — Former company name

FAQ

Industry Context

Weyco Group Inc. operates in the wholesale apparel, piece goods, and notions sector, as indicated by its SIC code.

Regulatory Implications

The filing is a standard Form 10-Q, a mandatory quarterly report for public companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Track future filings for revenue trends across wholesale, retail, and other segments.
3. Analyze changes in equity structure and stock-based compensation for insights into company strategy.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for 2024, providing an update compared to the previous year's Q1 and the full year 2023 data points referenced.

Key Financial Figures

• $1.00 — nge on which registered Common Stock - $1.00 par value per share WEYS The Nasdaq

Filing Documents

• weys-20240331x10q.htm (10-Q) — 1128KB
• weys-20240331xex31d1.htm (EX-31.1) — 10KB
• weys-20240331xex31d2.htm (EX-31.2) — 10KB
• weys-20240331xex32.htm (EX-32) — 8KB
• 0001558370-24-007553.txt (&nbsp;) — 6070KB
• weys-20240331.xsd (EX-101.SCH) — 36KB
• weys-20240331_cal.xml (EX-101.CAL) — 67KB
• weys-20240331_def.xml (EX-101.DEF) — 95KB
• weys-20240331_lab.xml (EX-101.LAB) — 277KB
• weys-20240331_pre.xml (EX-101.PRE) — 224KB
• weys-20240331x10q_htm.xml (XML) — 1311KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. The following consolidated condensed balance sheet as of December 31, 2023, which has been derived from audited financial statements, and the unaudited interim consolidated condensed financial statements have been prepared by Weyco Group, Inc. ("we," "our," "us," and the "Company") pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. Please read these consolidated condensed financial statements in conjunction with the financial statements and notes thereto included in our latest Annual Report on Form 10-K. 1 WEYCO GROUP, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2024 2023 (Dollars in thousands) ASSETS: Cash and cash equivalents $ 78,348 $ 69,312 Marketable securities, at amortized cost — 215 Accounts receivable, net 42,098 39,275 Income tax receivable — 245 Inventories 61,960 74,890 Prepaid expenses and other current assets 3,641 6,172 Total current assets 186,047 190,109 Marketable securities, at amortized cost 6,360 6,354 Deferred income tax benefits 1,052 1,096 Property, plant and equipment, net 28,970 29,504 Operating lease right-of-use assets 11,153 12,520 Goodwill 12,317 12,317 Trademarks 33,168 33,168 Other assets 24,204 24,274 Total assets $ 303,271 $ 309,342 LIABILITIES AND EQUITY: Accounts payable $ 5,789 $ 8,845 Dividend payable — 2,352 Operating lease liabilities 3,671 3,979 Accrued liabilities 9,718 14,446 Accrued income tax payable 1,950 — Total current liabilities 21,128 29,622 Deferre

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements represent our good faith judgment with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially. Such statements can be identified by the use of words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "likely," "plans," "predicts," "projects," "should," "will," or variations of such words, and similar expressions. Forward-looking statements, by their nature, address matters that are, to varying degrees, uncertain. Therefore, the reader is cautioned that these forward-looking statements are subject to a number of risks, uncertainties or other factors that may cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risk factors described under Item 1A, "Risk Factors," of our Annual Report on Form 10-K for the year-ended December 31, 2023, filed on March 14, 2024 , which information is incorporated herein by reference. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. GENERAL The Company designs, markets, and distributes quality and innovative footwear principally for men, but also for women and children, under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters, and Forsake. Inventory is purchased from third-party overseas manufacturers. Almost all of these foreign-sourced purchases are denominated in U.S. dollars. We have two reportable segments, North American wholesale operations ("Wholesale") and North American retail operations ("Retail"). In the Wholesale segment, our products are sold to leading footwear

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View this 10-Q filing on SEC EDGAR