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In a recent 8K filing with the U.S. Securities and Exchange Commission, Weyco Group Inc. (NASDAQ:WEYS), a wholesale apparel company with a market capitalization of $307 million, reported significant organizational changes. According to InvestingPro analysis, the company maintains a "GREAT" financial health score and appears undervalued at current levels. Effective February 28, 2025, long-serving director Mr. Robert Feitler resigned from the Board of Directors. Serving since 1964, Mr. Feitler was a member of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. His resignation was not due to any disagreements with the company’s operations, policies, or practices.
Furthermore, on March 4, 2025, Weyco Group’s Board of Directors approved amendments to the company’s bylaws. The changes include a modification to the number of directors on the Board, now set to be a minimum of six and a maximum of eight, a shift from the previous requirement of seven directors. Additionally, language concerning the phased declassification of the Board, completed in 2023, was removed. These amendments aim to streamline the company’s governance structure. The company’s strong financial position is evidenced by its healthy balance sheet, with more cash than debt and a remarkable 54-year track record of consecutive dividend payments.
In connection with Mr. Feitler’s departure, his unvested stock options and restricted stock will vest on March 4, 2025, without any further restrictions. This move aligns with the company’s compensatory arrangements for departing executives.
The amended bylaws have been filed as Exhibit 3.1 with the report and are now in effect. The company’s headquarters remain at 333 W. Estabrook Blvd., Glendale, WI, with no changes reported to its principal executive offices.
This report is based on a press release statement and provides a summary of the key changes at Weyco Group Inc., without any speculative or subjective assessments. The company’s stock trades on The Nasdaq Stock Market under the ticker symbol WEYS, with shares currently trading at a P/E ratio of 10.57. Investors should note that the company will report its next earnings on March 11, 2025. For deeper insights into WEYS’s valuation and financial health metrics, visit InvestingPro, where you’ll find comprehensive analysis and additional ProTips.
In other recent news, Weyco Group reported its financial results for the fourth quarter of 2024, showing stable earnings despite a slight decline in net sales. The company announced net earnings of $30.3 million for the full year, with a gross earnings margin improvement to 45.3% from 44.9% last year. Full-year net sales decreased by 9% to $290 million, while Q4 net sales remained flat at $80.5 million. Weyco Group continues to focus on product innovation and expanding its retail presence amid economic challenges and shifting consumer preferences. The company is negotiating with Chinese suppliers to mitigate the impact of tariffs, which may lead to price increases. With an emphasis on strengthening its market position, Weyco Group is projecting capital expenditures of $1-3 million for 2025. These developments highlight Weyco Group’s strategic efforts to navigate ongoing economic uncertainties.
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