Weyco Reports First Quarter Sales & Earnings

Apr 24, 2001, 01:00 ET from Weyco Group, Inc.

    MILWAUKEE, April 24 /PRNewswire Interactive News Release/ --
     Weyco Group, Inc. (Nasdaq:   WEYS), a manufacturer and distributor of men's
 casual, fashion and dress shoes announced that its net sales for the first
 quarter of 2001 were $35,358,000 compared to $41,903,000 for the same period
 in 2000.  Net earnings for the first quarter ending March 31, 2001 were
 $2,341,000, down 23% from 2000 net earnings of $3,027,000.  Diluted earnings
 per share were down 18% from $.72 per share in 2000 to $.59 per share in 2001.
     Wholesale net sales were down 15% from $40.3 million in 2000 to
 $34.1 million in 2001.  Overall, the decreases in the first quarter were the
 result of a difficult retail environment.  Retailers are maintaining lean
 inventories in response to the economic slowdown with the timing of seasonal
 deliveries shifting in part to the second quarter.  Our current backlogs are
 up across all brands and we believe we are well positioned for future growth
 in the markets which we compete.
     On April 2, 2001, the Company paid a regular quarterly dividend of
 $.11 per share to shareholders of record March 5, 2001.
 
 
                                                        3 MONTHS ENDED MARCH 31
 
                                                          2001            2000
     NET SALES                                       $35,358,000    $41,903,000
     EARNINGS FROM OPERATIONS                          2,887,000      4,574,000
     EARNINGS BEFORE INCOME TAXES                      3,591,000      4,727,000
     INCOME TAXES                                      1,250,000      1,700,000
     NET EARNINGS                                      2,341,000      3,027,000
     DILUTED EARNINGS PER SHARE                              .59            .72
     DILUTED WEIGHTED AVERAGE
      SHARES                                           3,981,082      4,185,641
 
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SOURCE Weyco Group, Inc.
    MILWAUKEE, April 24 /PRNewswire Interactive News Release/ --
     Weyco Group, Inc. (Nasdaq:   WEYS), a manufacturer and distributor of men's
 casual, fashion and dress shoes announced that its net sales for the first
 quarter of 2001 were $35,358,000 compared to $41,903,000 for the same period
 in 2000.  Net earnings for the first quarter ending March 31, 2001 were
 $2,341,000, down 23% from 2000 net earnings of $3,027,000.  Diluted earnings
 per share were down 18% from $.72 per share in 2000 to $.59 per share in 2001.
     Wholesale net sales were down 15% from $40.3 million in 2000 to
 $34.1 million in 2001.  Overall, the decreases in the first quarter were the
 result of a difficult retail environment.  Retailers are maintaining lean
 inventories in response to the economic slowdown with the timing of seasonal
 deliveries shifting in part to the second quarter.  Our current backlogs are
 up across all brands and we believe we are well positioned for future growth
 in the markets which we compete.
     On April 2, 2001, the Company paid a regular quarterly dividend of
 $.11 per share to shareholders of record March 5, 2001.
 
 
                                                        3 MONTHS ENDED MARCH 31
 
                                                          2001            2000
     NET SALES                                       $35,358,000    $41,903,000
     EARNINGS FROM OPERATIONS                          2,887,000      4,574,000
     EARNINGS BEFORE INCOME TAXES                      3,591,000      4,727,000
     INCOME TAXES                                      1,250,000      1,700,000
     NET EARNINGS                                      2,341,000      3,027,000
     DILUTED EARNINGS PER SHARE                              .59            .72
     DILUTED WEIGHTED AVERAGE
      SHARES                                           3,981,082      4,185,641
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X26216669
 
 SOURCE  Weyco Group, Inc.