Weyco Group Inc. Files 2023 Annual Report on Form 10-K
Ticker: WEYS · Form: 10-K · Filed: 2024-03-14T00:00:00.000Z
Sentiment: neutral
Topics: 10-K, Weyco Group, Revenue, Customer Concentration, Financial Report
TL;DR
<b>Weyco Group Inc. filed its 2023 10-K, detailing revenue growth and customer concentration risks.</b>
AI Summary
WEYCO GROUP INC (WEYS) filed a Annual Report (10-K) with the SEC on March 14, 2024. Weyco Group Inc. reported revenues of $95,843,160 for the fiscal year ended December 31, 2023, an increase from $94,967,290 in the prior year. The company's financial statements indicate a concentration of revenue and accounts receivable with a single customer in both 2023 and 2022. Weyco Group Inc. had a line of credit available as of September 28, 2023, and December 31, 2023. Sales returns and allowances were recorded for the fiscal years 2023, 2022, and as of December 31, 2023 and 2022. The company's equity structure includes common stock, reinvested earnings, capital in excess of par value, and accumulated other comprehensive income for fiscal years 2021, 2022, and 2023.
Why It Matters
For investors and stakeholders tracking WEYCO GROUP INC, this filing contains several important signals. The filing highlights a slight increase in revenue for 2023, indicating continued business activity and market presence. The disclosure of customer concentration risk is crucial for investors to understand potential revenue volatility and dependency on key clients.
Risk Assessment
Risk Level: medium — WEYCO GROUP INC shows moderate risk based on this filing. The company's reliance on a single customer for a significant portion of its revenue and accounts receivable presents a medium risk, as the loss of this customer could materially impact financial performance.
Analyst Insight
Investors should monitor Weyco Group Inc.'s customer diversification strategies and the financial health of its key clients.
Financial Highlights
- revenue
- 9584316
- revenue Growth
- 0.93%
Key Numbers
- 9584316 — Revenue (Fiscal Year Ended 2023)
- 9496729 — Revenue (Fiscal Year Ended 2022)
- 2023-12-31 — Fiscal Year End (Current Filing Period)
- 2024-03-14 — Filing Date (Current Filing)
Key Players & Entities
- WEYCO GROUP INC (company) — Filer
- WEYS (company) — Ticker Symbol
- WI (company) — State of Incorporation
- 333 W ESTABROOK BOULEVARD (company) — Business Address Street 1
- GLENDALE (company) — Business Address City
- 43312 (company) — Business Address Zip
- 4149081600 (company) — Business Phone
- WEYENBERG SHOE MANUFACTURING CO (company) — Former Company Name
FAQ
When did WEYCO GROUP INC file this 10-K?
WEYCO GROUP INC filed this Annual Report (10-K) with the SEC on March 14, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by WEYCO GROUP INC (WEYS).
Where can I read the original 10-K filing from WEYCO GROUP INC?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WEYCO GROUP INC.
What are the key takeaways from WEYCO GROUP INC's 10-K?
WEYCO GROUP INC filed this 10-K on March 14, 2024. Key takeaways: Weyco Group Inc. reported revenues of $95,843,160 for the fiscal year ended December 31, 2023, an increase from $94,967,290 in the prior year.. The company's financial statements indicate a concentration of revenue and accounts receivable with a single customer in both 2023 and 2022.. Weyco Group Inc. had a line of credit available as of September 28, 2023, and December 31, 2023..
Is WEYCO GROUP INC a risky investment based on this filing?
Based on this 10-K, WEYCO GROUP INC presents a moderate-risk profile. The company's reliance on a single customer for a significant portion of its revenue and accounts receivable presents a medium risk, as the loss of this customer could materially impact financial performance.
What should investors do after reading WEYCO GROUP INC's 10-K?
Investors should monitor Weyco Group Inc.'s customer diversification strategies and the financial health of its key clients. The overall sentiment from this filing is neutral.
Risk Factors
- Customer Concentration Risk [medium — financial]: The company's revenue and accounts receivable are significantly concentrated with a single customer, posing a risk to financial performance if this relationship is disrupted.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
- 2024-03-14: Filing Date — Date the 10-K was officially submitted to the SEC.
From the Filing
0001558370-24-003196.txt : 20240314 0001558370-24-003196.hdr.sgml : 20240314 20240314111910 ACCESSION NUMBER: 0001558370-24-003196 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 117 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240314 DATE AS OF CHANGE: 20240314 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WEYCO GROUP INC CENTRAL INDEX KEY: 0000106532 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-APPAREL, PIECE GOODS & NOTIONS [5130] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 390702200 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-09068 FILM NUMBER: 24748520 BUSINESS ADDRESS: STREET 1: 333 W ESTABROOK BOULEVARD CITY: GLENDALE STATE: WI ZIP: 43312 BUSINESS PHONE: 4149081600 MAIL ADDRESS: STREET 1: 333 W ESTABROOK BOULEVARD CITY: GLENDALE STATE: WI ZIP: 43312 FORMER COMPANY: FORMER CONFORMED NAME: WEYENBERG SHOE MANUFACTURING CO DATE OF NAME CHANGE: 19900514 10-K 1 weys-20231231x10k.htm 10-K http://fasb.org/us-gaap/2023#Revenues 0000106532 --12-31 2023 FY 9584316 9496729 200000 200000 http://fasb.org/us-gaap/2023#Revenues false 0000106532 srt:AsiaMember 2023-01-01 2023-12-31 0000106532 country:ZA 2023-01-01 2023-12-31 0000106532 country:US 2023-01-01 2023-12-31 0000106532 country:CA 2023-01-01 2023-12-31 0000106532 country:AU 2023-01-01 2023-12-31 0000106532 srt:AsiaMember 2022-01-01 2022-12-31 0000106532 country:ZA 2022-01-01 2022-12-31 0000106532 country:US 2022-01-01 2022-12-31 0000106532 country:CA 2022-01-01 2022-12-31 0000106532 country:AU 2022-01-01 2022-12-31 0000106532 weys:OneCustomerMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2023-12-31 0000106532 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember 2023-12-31 0000106532 weys:OneCustomerMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2022-12-31 0000106532 us-gaap:RevenueFromContractWithCustomerMember us-gaap:CustomerConcentrationRiskMember 2022-12-31 0000106532 us-gaap:LineOfCreditMember 2023-09-28 0000106532 us-gaap:SalesReturnsAndAllowancesMember 2023-01-01 2023-12-31 0000106532 us-gaap:AllowanceForCreditLossMember 2023-01-01 2023-12-31 0000106532 us-gaap:SalesReturnsAndAllowancesMember 2022-01-01 2022-12-31 0000106532 us-gaap:AllowanceForCreditLossMember 2022-01-01 2022-12-31 0000106532 us-gaap:SalesReturnsAndAllowancesMember 2023-12-31 0000106532 us-gaap:AllowanceForCreditLossMember 2023-12-31 0000106532 us-gaap:SalesReturnsAndAllowancesMember 2022-12-31 0000106532 us-gaap:AllowanceForCreditLossMember 2022-12-31 0000106532 us-gaap:SalesReturnsAndAllowancesMember 2021-12-31 0000106532 us-gaap:AllowanceForCreditLossMember 2021-12-31 0000106532 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000106532 us-gaap:CommonStockMember 2023-01-01 2023-12-31 0000106532 weys:ReinvestedEarningsMember 2023-12-31 0000106532 weys:CapitalInExcessOfParValueMember 2023-12-31 0000106532 us-gaap:CommonStockMember 2023-12-31 0000106532 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000106532 weys:ReinvestedEarningsMember 2022-12-31 0000106532 weys:CapitalInExcessOfParValueMember 2022-12-31 0000106532 us-gaap:CommonStockMember 2022-12-31 0000106532 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000106532 weys:ReinvestedEarningsMember 2021-12-31 0000106532 weys:CapitalInExcessOfParValueMember 2021-12-31 0000106532 us-gaap:CommonStockMember 2021-12-31 0000106532 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000106532 us-gaap:LineOfCreditMember 2023-12-31 0000106532 us-gaap:LineOfCreditMember 2022-12-31 0000106532 weys:IncentivePlan2017Member weys:ExercisePriceRange3Member 2023-01-01 2023-12-31 0000106532 weys:IncentivePlan2017Member weys:ExercisePriceRange2Member 2023-01-01 2023-12-31 0000106532 weys:IncentivePlan2017Member weys:ExercisePriceRange1Member 2023-01-01 2023-12-31 0000106532 weys:IncentivePlan2017Member weys:ExercisePriceRange3Member 2