Weyco Reports Fourth Quarter And Full Year 2016 Results

MILWAUKEE, March 8, 2017 /PRNewswire/ -- Weyco Group, Inc. (NASDAQ:WEYS) (the "Company") today announced financial results for the quarter and year ended December 31, 2016.

FOURTH QUARTER
Net sales for the fourth quarter of 2016 were $82.1 million, a decrease of 6% as compared to fourth quarter 2015 net sales of $87.4 million. Earnings from operations were $8.5 million in the fourth quarter of 2016, down 26% as compared to $11.5 million in the fourth quarter of 2015. Net earnings attributable to the Company were $8.2 million in the fourth quarter of 2016, up 17% as compared to $7.0 million in last year's fourth quarter. Earnings for the fourth quarter of 2016 included an impairment of long-lived assets charge of $1.8 million ($1.1 million after tax), offset by a $3.1 million adjustment to reverse the deferred tax liability on corporate-owned life insurance policies. Earnings for the fourth quarter of 2015 included $458,000 ($279,000 after tax) of income representing the final adjustment to the earnout payment relating to the 2011 acquisition of the BOGS/Rafters brands. Without these non-recurring adjustments, earnings from operations and net earnings attributable to the Company would have been down 7% and 9%, respectively, for the quarter.

Diluted earnings per share were $0.78 in the fourth quarter of 2016 as compared to $0.65 in the fourth quarter of 2015. Without the non-recurring adjustments described above, diluted earnings per share on an adjusted basis would have been $0.58 in the fourth quarter of 2016 and $0.62 in the fourth quarter of 2015. See the "Reconciliation of Non-GAAP Financial Measures" table below.

During the fourth quarter of 2016, the Company evaluated the current state of its Umi business and determined the brand did not fit the long-term strategic objectives of the Company. As a result, the Company recorded a $1.8 million impairment charge to write off the majority of the value of the Umi trademark. The Company is currently looking into different strategic alternatives for the Umi brand. Additionally, in the fourth quarter of 2016, the Company reviewed its liquidity needs and sources of capital, including evaluating whether it would need the cash available under corporate-owned life insurance policies on two former executives. It was determined that the chances were remote that the Company would need to surrender these policies to satisfy liquidity needs, and, as a result, the Company reversed the $3.1 million deferred tax liability related to these policies.

Net sales in the North American wholesale segment, which include North American wholesale sales and licensing revenues, were $61.6 million for the fourth quarter of 2016, down 9% as compared to $67.5 million in the fourth quarter of 2015. Within the wholesale segment, net sales of the Stacy Adams, Nunn Bush and Florsheim brands were down 11%, 9%, and 6%, respectively, for the quarter. These sales declines were the result of a challenging retail environment, particularly at our customers' brick and mortar locations, where foot traffic has declined due to the growing popularity of online retailing. BOGS fourth quarter net sales were down 7%, reflecting the continued impact of the mild 2015/2016 winter season, as retailers carried over BOGS inventory into the 2016/2017 winter season. Licensing revenues were $1.1 million in the fourth quarter of 2016, as compared to $1.3 million in last year's fourth quarter.

Gross earnings for the North American wholesale segment were 34.7% of net sales in the fourth quarter of 2016, as compared to 36.0% of net sales in last year's fourth quarter. Earnings from operations for the wholesale segment were $5.8 million in the fourth quarter of 2016, down 37% as compared to $9.1 million in 2015. Wholesale operating earnings for the fourth quarter of 2016 included an impairment charge of $1.8 million related to the Umi trademark. Wholesale operating earnings for the fourth quarter of 2015 included $458,000 of income representing the final adjustment to the BOGS/Rafters earnout payment. Without these non-recurring adjustments, wholesale earnings from operations would have been down 13% for the quarter, due mainly to the decrease in wholesale sales.

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 flat at $7.4 million in the fourth quarter of both 2016 and 2015. Same store sales (which include U.S. internet sales) were down 3% for the quarter. There was one fewer domestic retail store operating in the fourth quarter of 2016 than there was in last year's fourth quarter, as two stores closed and one store opened. Earnings from operations for the retail segment were $1.3 million in the fourth quarter of 2016, compared to $1.4 million in 2015.

Other net sales, which include the wholesale and retail sales of Florsheim Australia and Florsheim Europe, were $13.1 million in the fourth quarter of 2016, up 5% as compared to $12.5 million in 2015. This increase was due to a 7% increase in net sales at Florsheim Australia. In local currency, Florsheim Australia's net sales were up 2% for the quarter. Earnings from operations at Florsheim Australia and Florsheim Europe were $1.4 million in the fourth quarter of 2016, up 35% as compared to $1.1 million in the same period last year. The increase between years was due to higher operating earnings in Florsheim Australia's wholesale businesses, resulting mainly from an increase in sales.

FULL YEAR 2016
Overall net sales were $296.9 million in 2016, a decrease of 7% as compared to $320.6 million in 2015. Earnings from operations were $21.2 million in 2016, down 29% as compared to $29.8 million in 2015. Net earnings attributable to the Company were $16.5 million in 2016, down 10% as compared to $18.2 million in 2015. Earnings for 2016 included an impairment of long-lived assets charge of $1.8 million ($1.1 million after tax) related to the Umi trademark, offset by a $3.1 million adjustment to reverse the deferred tax liability on corporate-owned life insurance policies. Earnings for 2015 included $458,000 ($279,000 after tax) of income representing the final adjustment to the BOGS/Rafters earnout payment. Without these non-recurring adjustments, earnings from operations and net earnings attributable to the Company would have been down 22% and 20%, respectively, for the year.

Diluted earnings per share were $1.56 in 2016, as compared to $1.68 in 2015. Without the non-recurring adjustments described above, diluted earnings per share on an adjusted basis would have been $1.36 in 2016 and $1.65 in 2015. See the "Reconciliation of Non-GAAP Financial Measures" table below.

Net sales in the North American wholesale segment were $227.5 million in 2016, down 9% as compared to $251.4 million in 2015. Within the wholesale segment, net sales of our BOGS brand were down 23% for the year. This decrease was primarily due to the impact of last year's mild winter season, as described above. Net sales of the Nunn Bush brand were down 13% this year. While its sales were down across a number of distribution categories, Nunn Bush was most affected by its reduced sales in the department store trade channel. Mid-tier department stores, in particular, are facing a challenging retail environment due to the growing popularity of online retailing. Stacy Adams net sales were down 2% for the year, primarily due to lower sales to national shoe chains. Florsheim net sales were up 1% for the year due to strong new product sales. Licensing revenues were $2.8 million in 2016, as compared to $3.6 million last year. The decrease in licensing revenues resulted mainly from licensee transitions that occurred during 2016.

North American wholesale segment gross earnings as a percent of net sales were 32.1% in 2016 and 32.5% in 2015. Wholesale earnings from operations were $16.4 million in 2016, down 32% as compared to $24.3 million in 2015. This year's wholesale operating earnings included an impairment charge of $1.8 million related to the Umi trademark. Last year's wholesale operating earnings included $458,000 of income representing the final adjustment to the BOGS/Rafters earnout payment. Without these non-recurring adjustments, wholesale earnings from operations would have been down 24% for the year, due mainly to the decrease in wholesale sales.

In the North American retail segment, net sales were $21.9 million in 2016, down 1% as compared to $22.1 million in 2015. Same store sales (which include U.S. internet sales) were up 1% for the year. There were three fewer domestic retail stores operating this year than there were last year, as four stores closed and one store opened. Earnings from operations for the retail segment were $2.1 million in 2016 and $2.5 million in 2015. This decrease was primarily due to lower net sales at the Company's brick and mortar locations.

The Company's other businesses had net sales of $47.5 million in 2016, up 1% as compared to $47.1 million in 2015. This increase was primarily due to higher net sales in Florsheim Europe's wholesale business. Florsheim Australia's net sales were down 1% for the year. In local currency, Florsheim Australia's net sales were flat for the year. Earnings from operations at Florsheim Australia and Florsheim Europe were $2.7 million in 2016, down 9% as compared to $3.0 million last year. This decrease was primarily due to lower operating earnings at our retail store in Macau, resulting from lower sales.

Other income (expense) was $514,000 of income in 2016 compared to ($1.4 million) of expense in 2015. This year's other income included foreign currency transaction gains of $513,000, resulting mainly from unrealized gains on foreign exchange contracts entered into by Florsheim Australia. Last year's other expense included ($961,000) of foreign currency transaction losses, resulting mainly from unrealized losses on foreign exchange contracts entered into by Florsheim Australia, as well as losses from the revaluation of intercompany loans between the Company's North American wholesale segment and Florsheim Australia.

"It was a tough year for our North American wholesale business," stated Thomas W. Florsheim, Jr., the Company's Chairman and CEO. "Not only were BOGS sales down following last year's mild winter, but our legacy brands also struggled, echoing the challenges our retail partners are facing, particularly at their brick and mortar locations. While we are disappointed in our results for the year, we are committed to addressing the challenges brought out by this rapidly changing marketplace. We believe we have the right products and long-term strategies in place that will position the Company for sustained growth in the long-term."

On March 7, 2017, the Company's Board of Directors declared a quarterly cash dividend of $0.21 per share to all shareholders of record on March 20, 2017, payable March 31, 2017.

Reconciliations of Non-GAAP Financial Measures

The following is a reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures for the three-month periods ended December 31, 2016 and 2015.


Three Months Ended December 31, 2016


Three Months Ended December 31, 2015


GAAP
Measures
(As Reported)


 Adjustments 


Non-GAAP
Measures
(As Adjusted)


GAAP
Measures
(As Reported)


 Adjustments 


Non-GAAP
Measures
(As Adjusted)













Net sales

$      82,097




$                82,097


$                87,404




$                87,404

Cost of sales

48,794




48,794


51,565




51,565

Gross earnings

33,303




33,303


35,839




35,839













Selling and administrative expenses

24,784


(1,770)

 (1)

23,014


24,308


458

 (23)

24,766

Earnings from operations

8,519




10,289


11,531




11,073













Interest income

179




179


219




219

Interest expense

(208)




(208)


(84)




(84)

Other income (expense), net

92




92


(275)




(275)













Earnings before provision for income taxes

8,582




10,352


11,391




10,933













Provision for income taxes

-


3,832

 (2)

3,832


4,292


(179)

 (3)

4,113













Net earnings

8,582




6,520


7,099




6,820













Net earnings attributable to noncontrolling interest

397




397


86




86













Net earnings attributable to Weyco Group, Inc. 

$        8,185




$                  6,123


$                  7,013




$                  6,734

























Earnings per share












   Basic

$          0.79


(0.20)


$                    0.59


$                    0.65


(0.02)


$                    0.63

   Diluted

$          0.78


(0.20)


$                    0.58


$                    0.65


(0.03)


$                    0.62














 (1)

Umi trademark impairment

 (2)

Includes a $3.1 million adjustment to reverse deferred taxes on corporate-owned life insurance policies, and the tax effect of the Umi trademark impairment

 (3)

Gain from the final adjustment to the earnout payment relating to the 2011 acquisition of Bogs, and the related tax effect.

The following is a reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures for the twelve-month periods ended December 31, 2016 and 2015.


Twelve Months Ended December 31, 2016


Twelve Months Ended December 31, 2015

GAAP
Measures

(As Reported)


 Adjustments 


Non-GAAP

Measures

(As Adjusted)


GAAP

Measures

(As Reported)


 Adjustments 


Non-GAAP

Measures

(As Adjusted)













Net sales

$            296,933




$            296,933


$             320,617




$            320,617

Cost of sales

184,890




184,890


199,008




199,008

Gross earnings

112,043




112,043


121,609




121,609













Selling and administrative expenses

90,807


(1,770)

 (1)

89,037


91,824


458

 (3)

92,282

Earnings from operations

21,236




23,006


29,785




29,327













Interest income

763




763


936




936

Interest expense

(436)




(436)


(181)




(181)

Other income (expense), net

514




514


(1,425)




(1,425)













Earnings before provision for income taxes

22,077




23,847


29,115




28,657













Provision for income taxes

5,084


3,832

 (2)

8,916


10,962


(179)

 (3)

10,783













Net earnings

16,993




14,931


18,153




17,874













Net earnings (loss) attributable to noncontrolling interest

521




521


(59)




(59)














Net earnings attributable to Weyco Group, Inc. 

$              16,472




$              14,410


$               18,212




$              17,933













Earnings per share












   Basic

$                  1.57


(0.20)


$                  1.37


$                   1.69


(0.03)


$                  1.66

   Diluted

$                  1.56


(0.20)


$                  1.36


$                   1.68


(0.03)


$                  1.65













 (1)

Umi trademark impairment

 (2)

Includes a $3.1 million adjustment to reverse deferred taxes on corporate-owned life insurance policies, and the tax effect of the Umi trademark impairment

 (3)

Gain from the final adjustment to the earnout payment relating to the 2011 acquisition of Bogs, and the related tax effect.

In addition to the results reported in accordance with U.S. generally accepted accounting principles ("GAAP") included in this release, the tables above (as well as information provided throughout this release) provide certain non-GAAP financial information, such as Non-GAAP selling and administrative expenses, Non-GAAP earnings from operations, Non-GAAP net earnings, and Non-GAAP basic and diluted earnings per share. Management believes that presentation of these non-GAAP financial measures provide useful information to investors because this information may allow investors to better evaluate ongoing business performance and certain components of the Company's results. In addition, the Company believes the presentation of Non-GAAP financial measures, excluding the impact of the Umi trademark impairment, the reversal of the deferred tax liability on corporate-owned life insurance policies, and the final adjustment to the Bogs earnout payment in 2015, enhances an investor's ability to make period-to-period comparisons of the Company's operating results. This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results. The Company has reconciled the non-GAAP financial information included in this release to the nearest GAAP measures.

Conference Call Details
Weyco Group, Inc. will host a conference call on March 9, 2017, at 11:00 a.m. Eastern Time to discuss the fourth quarter and full year 2016 financial results in more detail. To participate in the call, you will first need to pre-register online. Pre-registration takes only a few minutes and you may pre-register at any time, including up to and after the call start time. To pre-register please go to: http://web.meetme.net/r.aspx?p=1&a=UzCUiPtdEoxnNe. The pre-registration process will provide the conference call phone number and a passcode required to enter 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/fzfy5kze. The conference call will also be available in 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, 2016 AND 2015 (UNAUDITED)





Three Months Ended December 31, 


Twelve Months Ended December 31,



2016


2015


2016


2015



(In thousands, except per share amounts)










Net sales

$ 82,097


$  87,404


$ 296,933


$ 320,617

Cost of sales

48,794


51,565


184,890


199,008

Gross earnings

33,303


35,839


112,043


121,609










Selling and administrative expenses

24,784


24,308


90,807


91,824

Earnings from operations

8,519


11,531


21,236


29,785










Interest income 

179


219


763


936

Interest expense

(208)


(84)


(436)


(181)

Other income (expense), net

92


(275)


514


(1,425)










Earnings before provision for income taxes

8,582


11,391


22,077


29,115










Provision for income taxes

-


4,292


5,084


10,962










Net earnings

8,582


7,099


16,993


18,153










Net earnings (loss) attributable to noncontrolling interest

397


86


521


(59)










Net earnings attributable to Weyco Group, Inc.

$    8,185


$    7,013


$    16,472


$   18,212










Weighted average shares outstanding









Basic

10,409


10,728


10,519


10,773


Diluted

10,476


10,795


10,572


10,859










Earnings per share









Basic

$      0.79


$      0.65


$        1.57


$        1.69


Diluted

$      0.78


$      0.65


$        1.56


$        1.68










Cash dividends declared (per share)

$      0.21


$      0.20


$        0.83


$        0.79










Comprehensive income

$    8,487


$    8,342


$    18,887


$   17,102










Comprehensive income (loss) attributable to noncontrolling interest

141


173


517


(673)










Comprehensive income attributable to Weyco Group, Inc.

$    8,346


$    8,169


$    18,370


$   17,775

WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)




December 31,
2016


December 31,
2015


(Dollars in thousands)

ASSETS:

Cash and cash equivalents

$                   13,710


$                  17,926

Marketable securities, at amortized cost

4,601


4,522

Accounts receivable, net

50,726


54,009

Income tax receivable

789


-

Inventories

69,898


97,184

Prepaid expenses and other current assets

6,203


5,835

     Total current assets

145,927


179,476





Marketable securities, at amortized cost

21,061


20,685

Deferred income tax benefits

660


-

Property, plant and equipment, net

33,717


31,833

Goodwill

11,112


11,112

Trademarks

32,978


34,748

Other assets

22,785


21,143

     Total assets

$              268,240


$              298,997





LIABILITIES AND EQUITY:




Short-term borrowings

$                   4,268


$                 26,649

Accounts payable

11,942


13,339

Dividend payable

2,192


2,147

Accrued liabilities

10,572


17,484

Accrued income tax payable

-


31

Deferred income tax liabilities 

-


1,537

     Total current liabilities

28,974


61,187





Deferred income tax liabilities 

703


70

Long-term pension liability

27,801


30,188

Other long-term liabilities

2,482


2,823





Common stock

10,505


10,767

Capital in excess of par value

50,184


45,759

Reinvested earnings

157,468


160,325

Accumulated other comprehensive loss

(16,569)


(18,467)

     Total Weyco Group, Inc. equity

201,588


198,384

Noncontrolling interest

6,692


6,345

     Total equity

208,280


204,729

     Total liabilities and equity

$              268,240


$              298,997

WEYCO GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)




Twelve Months Ended December 31,




2016


2015




(Dollars in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES:





Net earnings

$   16,993


$    18,153


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





 operating activities - 






Depreciation

3,670


3,612



Amortization

387


426



Bad debt expense

76


235



Deferred income taxes

(2,645)


346



Net gain on remeasurement of contingent consideration

-


(458)



Net foreign currency transaction (gains) losses

(513)


961



Stock-based compensation

1,559


1,559



Pension contributions

(2,400)


(2,633)



Pension expense

3,184


3,699



Impairment of property, plant and equipment

113


-



Impairment of trademark

1,770


-



Increase in cash surrender value of life insurance

(573)


(573)


Changes in operating assets and liabilities - 






Accounts receivable

3,179


1,009



Inventories

27,313


(28,282)



Prepaid expenses and other assets

(1,595)


2,237



Accounts payable

(1,389)


(2,326)



Accrued liabilities and other

(1,447)


(3,587)



Accrued income taxes

(811)


(105)



    Net cash provided by (used for) operating activities

46,871


(5,727)







CASH FLOWS FROM INVESTING ACTIVITIES:





Purchase of marketable securities

(6,287)


(3,033)


Proceeds from maturities of marketable securities

5,745


8,191


Life insurance premiums paid

(155)


(155)


Purchase of property, plant and equipment

(5,992)


(2,481)



     Net cash (used for) provided by investing activities

(6,689)


2,522







CASH FLOWS FROM FINANCING ACTIVITIES:





Cash dividends paid

(8,720)


(8,452)


Cash dividends paid to noncontrolling interest of subsidiary

(170)


-


Shares purchased and retired

(10,967)


(9,858)


Proceeds from stock options exercised

2,994


6,144


Payment of contingent consideration

(5,217)


-


Proceeds from bank borrowings

121,959


160,534


Repayments of bank borrowings

(144,340)


(139,290)


Income tax benefits from stock-based compensation

20


391



     Net cash (used for) provided by financing activities

(44,441)


9,469








Effect of exchange rate changes on cash and cash equivalents

43


(837)








Net (decrease) increase in cash and cash equivalents

$    (4,216)


$     5,427







CASH AND CASH EQUIVALENTS at beginning of year

17,926


12,499







CASH AND CASH EQUIVALENTS at end of year

$    13,710


$   17,926







SUPPLEMENTAL CASH FLOW INFORMATION:





Income taxes paid, net of refunds

$     8,505


$    10,341


Interest paid

$          436


$            181



CONTACT: For more information, 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 8, 2017 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.

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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

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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

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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

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