Exhibit 99.1

Weyco Reports Fourth Quarter And Full Year 2015 Results

MILWAUKEE, March 2, 2016 /PRNewswire/ -- Weyco Group, Inc. (NASDAQ:WEYS) (the "Company") today announced financial results for the quarter and year ended December 31, 2015.

FOURTH QUARTER
Net sales for the fourth quarter of 2015 were $87.4 million, as compared to 2014 net sales of $95.3 million. Earnings from operations were $11.5 million in the fourth quarter of 2015, as compared to $13.4 million in 2014. Net earnings attributable to the Company were $7.0 million in the fourth quarter of 2015, as compared to $8.1 million in 2014. Earnings for the fourth quarter of 2015 included $458,000 ($279,000 after tax, or $0.03 per diluted share) of income representing the final adjustment to the earnout payment relating to the 2011 acquisition of Bogs. The final payment of $5.2 million will be made in the first quarter of 2016. Diluted earnings per share were $0.65 in the fourth quarter of 2015, as compared to $0.75 per share in the fourth quarter of 2014.

Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $67.5 million for the fourth quarter of 2015, as compared to $73.9 million in 2014. Within the wholesale segment, net sales of the Stacy Adams brand were up 5% for the quarter, driven by strong new product sales. This increase was offset by lower net sales of the BOGS, Nunn Bush and Florsheim brands. BOGS net sales were down 22% for the quarter. Overall, BOGS sales in the U.S. and Canada were negatively impacted by the mild start to the winter season. BOGS sales in Canada were also down due to the translation of the weaker Canadian dollar into U.S. dollars. Net sales of the Nunn Bush brand were down 10% for the quarter, primarily due to lower net sales at department stores and off-price retailers. Florsheim net sales were down 2% this quarter. Licensing revenues were $1.3 million in the fourth quarter of 2015, up from $1.2 million in last year's fourth quarter. Overall product margins for the wholesale segment were 34.7% of net sales in the fourth quarter of 2015, compared to 34.2% in the fourth quarter of 2014. Gross margins in the U.S. increased to 35.4% this quarter, from 33.1% in last year's fourth quarter, however, this increase was offset by lower gross margins in Canada. Gross margins in Canada continue to be negatively affected by the weaker Canadian dollar because inventory is purchased in U.S. dollars. Wholesale earnings from operations were $9.1 million in the fourth quarter of 2015, as compared to $9.8 million in 2014. The decline in operating earnings resulted from the lower operating earnings in Canada.

Net sales of the North American retail segment, which include sales from the Company's Florsheim retail stores and its internet business in the United States, were $7.4 million in the fourth quarter of 2015, as compared to $7.5 million in 2014. This decrease was due to three fewer domestic retail stores operating this quarter compared to last year's fourth quarter. Same store sales (which include U.S. internet sales) were up 5% for the quarter. Retail earnings from operations were $1.4 million in the fourth quarter of 2015, as compared to $1.7 million in last year's fourth quarter.

Other net sales, which include the wholesale and retail sales of Florsheim Australia and Florsheim Europe, were $12.5 million in the fourth quarter of 2015, as compared to $13.9 million in 2014. This decrease was primarily due to lower net sales at Florsheim Australia, caused by the translation of the weaker Australian currency into U.S. dollars. In local currency, Florsheim Australia's net sales were up 5% for the quarter. Earnings from operations at Florsheim Australia and Florsheim Europe were $1.1 million in the fourth quarter of 2015, as compared to $1.9 million in the same period last year. This decrease was primarily due to lower gross margins in Australia's and South Africa's wholesale and retail businesses. These businesses purchase their inventory in U.S. dollars, and their gross margins have been negatively impacted by the weakness of their local currencies compared to the U.S. dollar.

FULL YEAR 2015
Overall net sales were flat at $320.6 million in 2015 and $320.5 million in 2014. Earnings from operations were $29.8 million in 2015, as compared to $30.7 million in 2014. Net earnings attributable to the Company were $18.2 million in 2015, as compared to $19.0 million in 2014. Earnings for 2015 included $458,000 ($279,000 after tax, or $0.03 per diluted share) of income representing the final adjustment to the earnout payment relating to the 2011 acquisition of Bogs. Diluted earnings per share were $1.68 in 2015, as compared to $1.75 per share in 2014.

Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $251.4 million in 2015, as compared to $243.4 million in 2014. Within the wholesale segment, net sales of our Stacy Adams brand were up 11% for the year, driven by strong new product sales. BOGS net sales were up 3% for the year, due to strong sales of its women's and children's footwear in the U.S. Net sales of our Nunn Bush brand were flat while Florsheim net sales were down 1% for the year. Licensing revenues were $3.6 million in 2015, up from $3.2 million last year. Overall product margins for the wholesale segment increased to 31.5% this year, from 31.4% last year. Gross margins in the U.S. increased to 32.4% this year, from 31.4% last year, however, this increase was partially offset by lower gross margins in Canada. Gross margins in Canada continue to be negatively affected by the weaker Canadian dollar because inventory is purchased in U.S. dollars. Wholesale selling and administrative expenses were up $1.3 million for the year, which included an additional $2 million in marketing and advertising expenses. Wholesale earnings from operations increased to $24.3 million in 2015, from $22.5 million in 2014. Wholesale operating earnings in the U.S. were up 13% for the year, however, this increase was offset by lower operating earnings in Canada.

In the North American retail segment, net sales were $22.1 million in 2015, as compared to $23.3 million in 2014. The decrease was due to three fewer domestic retail stores operating this year as compared to last year. Same store sales (which include U.S. internet sales) were up 1% for the year. Earnings from operations for the retail segment were $2.5 million in 2015, as compared to $3.3 million in 2014. This decrease was due to lower net sales at the Company's brick and mortar locations.

The Company's other businesses had net sales of $47.1 million in 2015, as compared to $53.7 million in 2014. This decrease was primarily due to lower net sales at Florsheim Australia, caused by the translation of the weaker Australian currency into U.S. dollars. In local currency, Florsheim Australia's net sales were up 7% for the year. Earnings from operations at Florsheim Australia and Florsheim Europe were $3.0 million in 2015, as compared to $4.8 million last year. This decrease was primarily due to lower operating earnings at recently opened retail stores in Asia and Australia as well as lower operating earnings at our retail store in Macau, as a result of higher operating expenses.

Other expense was $1.4 million in 2015 compared to $595,000 in 2014. This year's other expense included foreign currency transaction losses of $961,000 compared to $268,000 last year. This increase was primarily due to the significant decline in the Australian dollar compared to the U.S. dollar. Additionally, other expense includes $473,000 of expense related to the operating losses and write-off of an investment by Florsheim Australia in a foreign joint venture.

"Overall, our 2015 results were adversely impacted by the appreciation of the U.S. dollar against the Canadian and Australian currencies," stated Thomas W. Florsheim, Jr., the Company's Chairman and CEO. "Our North American wholesale segment had an excellent year, with sales, gross margins and operating earnings all increasing. As we look ahead, we remain confident in the strength of our brands worldwide and are committed to making the necessary investment in our brands and business to secure profitable growth in 2016 and beyond."

On March 1, 2016, the Company's Board of Directors declared a cash dividend of $0.20 per share to all shareholders of record on March 21, 2016, payable March 31, 2016.

Conference Call Details
Weyco Group will host a conference call on March 3, 2016, at 11:00 a.m. Eastern Time to discuss the fourth quarter and full year 2015 financial results in more detail. To participate in the call please dial 888-713-4215 or 617-213-4867, referencing passcode 23093019#, five minutes before the start of the call. A replay will be available for one year beginning about two hours after the completion of the call at the following webcast link: http://edge.media-server.com/m/p/c8md36oq. Alternatively, the conference call and replay will be available by visiting the investor relations section of Weyco Group's website at www.weycogroup.com.

About Weyco Group
Weyco Group, Inc., designs and markets quality and innovative footwear for men, women and children under a portfolio of well-recognized brand names including: Florsheim, Nunn Bush, Stacy Adams, BOGS, Rafters and Umi. The Company's products can be found in leading footwear, department, and specialty stores worldwide. Weyco Group also operates Florsheim concept stores in the United States and Australia, as well as in a variety of international markets.

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Various factors could cause the results of Weyco Group to be materially different from any future results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the Company's ability to: (i) successfully market and sell its products in a highly competitive industry and in view of changing consumer trends, consumer acceptance of products and other factors affecting retail market conditions; (ii) procure its products from independent manufacturers; and (iii) other factors, including those detailed from time to time in Weyco Group's filings made with the SEC. Weyco Group undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2015 AND 2014 (UNAUDITED)


















Three Months Ended December 31, 


Twelve Months Ended December 31,


2015


2014


2015


2014


(In thousands, except per share amounts)









Net sales

$  87,404


$  95,271


$  320,617


$  320,488

Cost of sales

51,565


56,205


199,008


197,420

Gross earnings

35,839


39,066


121,609


123,068









Selling and administrative expenses

24,308


25,685


91,824


92,411

Earnings from operations

11,531


13,381


29,785


30,657









Interest income 

219


282


936


1,174

Interest expense

(84)


(55)


(181)


(178)

Other expense, net

(275)


(334)


(1,425)


(595)









Earnings before provision for income taxes

11,391


13,274


29,115


31,058









Provision for income taxes

4,292


4,746


10,962


11,234









Net earnings

7,099


8,528


18,153


19,824









Net earnings (loss) attributable to noncontrolling interest

86


438


(59)


804









Net earnings attributable to Weyco Group, Inc.

$    7,013


$    8,090


$    18,212


$    19,020









Weighted average shares outstanding








     Basic

10,728


10,735


10,773


10,791

     Diluted

10,795


10,845


10,859


10,888









Earnings per share








     Basic

$      0.65


$      0.75


$        1.69


$        1.76

     Diluted

$      0.65


$      0.75


$        1.68


$        1.75









Cash dividends declared (per share)

$      0.20


$      0.19


$        0.79


$        0.75









Comprehensive income (loss)

$    8,342


$       (21)


$    17,102


$    10,802









Comprehensive income (loss) attributable to noncontrolling interest

173


155


(673)


390









Comprehensive income (loss) attributable to Weyco Group, Inc.

$  8,169


$     (176)


$  17,775


$    10,412

WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)













December 31,


December 31,



2015


2014



(Dollars in thousands)

ASSETS:

Cash and cash equivalents


$                17,926


$               12,499

Marketable securities, at amortized cost


4,522


5,914

Accounts receivable, net


54,009


55,100

Inventories


97,184


69,015

Prepaid expenses and other current assets


5,835


7,521

     Total current assets


179,476


150,049






Marketable securities, at amortized cost


20,685


24,540

Deferred income tax benefits


-


1,999

Property, plant and equipment, net


31,833


33,694

Goodwill


11,112


11,112

Trademarks


34,748


34,748

Other assets


21,143


21,304

     Total assets


$            298,997


$             277,446






LIABILITIES AND EQUITY:





Short-term borrowings


$              26,649


$                  5,405

Accounts payable


13,339


15,657

Dividend payable


2,147


2,045

Accrued liabilities


17,484


12,752

Accrued income tax payable


31


151

Deferred income tax liabilities 


1,537


1,747

     Total current liabilities


61,187


37,757






Deferred income tax liabilities 


70


-

Long-term pension liability


30,188


33,379

Other long-term liabilities


2,823


8,356






Common stock


10,767


10,821

Capital in excess of par value


45,759


37,966

Reinvested earnings


160,325


160,179

Accumulated other comprehensive loss


(18,467)


(18,030)

     Total Weyco Group, Inc. equity


198,384


190,936

Noncontrolling interest


6,345


7,018

     Total equity


204,729


197,954

     Total liabilities and equity


$            298,997


$             277,446

WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)











Twelve Months Ended December 31,




2015


2014




(Dollars in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:





Net earnings

$   18,153


$   19,824


Adjustments to reconcile net earnings to net cash (used for)





 provided by operating activities - 






Depreciation

3,612


3,659



Amortization

426


361



Bad debt expense

235


240



Deferred income taxes

346


1,115



Net (gains) losses on remeasurement of contingent consideration

(458)


611



Net foreign currency transaction losses

961


268



Stock-based compensation

1,559


1,465



Pension contributions

(2,633)


(1,300)



Pension expense

3,699


2,212



Increase in cash surrender value of life insurance

(573)


(552)


Changes in operating assets and liabilities - 






Accounts receivable

1,009


(6,787)



Inventories

(28,282)


(5,807)



Prepaid expenses and other assets

2,237


(901)



Accounts payable

(2,326)


1,626



Accrued liabilities and other

(3,587)


604



Accrued income taxes

(105)


1,205



    Net cash (used for) provided by operating activities

(5,727)


17,843







CASH FLOWS FROM INVESTING ACTIVITIES:





Purchase of marketable securities

(3,033)


(8,427)


Proceeds from maturities of marketable securities

8,191


8,177


Life insurance premiums paid

(155)


(155)


Purchase of property, plant and equipment

(2,481)


(2,890)



     Net cash provided by (used for) investing activities

2,522


(3,295)







CASH FLOWS FROM FINANCING ACTIVITIES:





Cash dividends paid

(8,452)


(8,029)


Cash dividends paid to noncontrolling interest of subsidiary

-


(198)


Shares purchased and retired

(9,858)


(7,984)


Proceeds from stock options exercised

6,144


4,881


Proceeds from bank borrowings

160,534


101,200


Repayments of bank borrowings

(139,290)


(107,795)


Income tax benefits from stock-based compensation

391


133



     Net cash provided by (used for) financing activities

9,469


(17,792)








Effect of exchange rate changes on cash and cash equivalents

(837)


(226)








Net increase (decrease) in cash and cash equivalents

$     5,427


$    (3,470)







CASH AND CASH EQUIVALENTS at beginning of year

12,499


15,969







CASH AND CASH EQUIVALENTS at end of year

$   17,926


$    12,499







SUPPLEMENTAL CASH FLOW INFORMATION:





Income taxes paid, net of refunds

$   10,341


$      8,875


Interest paid

$        181


$         127



CONTACT: John Wittkowske, Senior Vice President and Chief Financial Officer, 414-908-1880


The following information was filed by Weyco Group Inc (WEYS) on Wednesday, March 2, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Weyco Group Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Weyco Group Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account