WEYCO GROUP INC
For the period ended Dec 31, 2023. Filed Mar 14, 2024.
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FY2023 · Filed Mar 14, 2024
WEYS$60.68-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | | | | | |
|---|---|---|---|---|---|---|
| · · 2023 · · 2022 | ||||||
| · · (Dollars in thousands) | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: · · · · · | ||||||
| Net earnings | | $30,188 | | $29,540 | ||
| Adjustments to reconcile net earnings to net cash provided by (used for) operating activities - | | | | | ||
| Depreciation | | 2,579 | | 2,485 | ||
| Amortization | | 271 | | 282 | ||
| Bad debt expense | | 519 | | 151 | ||
| Deferred income taxes | | 2,462 | | 1,297 | ||
| Net foreign currency transaction losses | | 99 | | 43 | ||
| Share-based compensation expense | | 1,352 | | 1,523 | ||
| Pension settlement charge | | | — | | | 894 |
| Pension expense | | 1,293 | | 178 | ||
| Impairment of trademark | | | 450 | | | 1,150 |
| Loss on disposal of fixed assets | | | 59 | | | 117 |
| Gain from fair value remeasurement of contingent consideration | | | — | | | (857) |
| Increase in cash surrender value of life insurance | | (684) | | (690) | ||
| Changes in operating assets and liabilities - | | | | | ||
| Accounts receivable | | 13,531 | | (282) | ||
| Inventories | | 53,047 | | (56,963) | ||
| Prepaid expenses and other assets | | (358) | | (1,429) | ||
| Accounts payable | | (6,074) | | (4,293) | ||
| Accrued liabilities and other | | (982) | | (2,553) | ||
| Accrued income taxes | | 879 | | (497) | ||
| Net cash provided by (used for) operating activities | | 98,631 | | (29,904) | ||
| | | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | | | ||||
| Proceeds from maturities of marketable securities | | 1,960 | | 1,719 | ||
| Proceeds from sale of investment securities | | | 107 | | | 8,049 |
| Purchases of property, plant and equipment | | (3,309) | | (2,342) | ||
| Net cash (used for) provided by investing activities | | (1,242) | | 7,426 | ||
| | | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | ||
| Cash dividends paid | | (9,286) | | (6,951) | ||
| Shares purchased and retired | | (4,338) | | (4,195) | ||
| Net proceeds from stock options exercised | | 103 | | | 293 | |
| Payment of contingent consideration | | (500) | | — | ||
| Taxes paid related to the net share settlement of equity awards | | (186) | | | (12) | |
| Proceeds from bank borrowings | | 70,060 | | 120,608 | ||
| Repayments of bank borrowings | | | (101,196) | | | (89,472) |
| Net cash (used for) provided by financing activities | | (45,343) | | 20,271 | ||
| | | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | | 390 | | (628) | ||
| | | | | | | |
| Net increase (decrease) in cash and cash equivalents | | $52,436 | | $(2,835) | ||
| | | | | | | |
| CASH AND CASH EQUIVALENTS at beginning of year | | 16,876 | | | 19,711 | |
| | | | | | | |
| CASH AND CASH EQUIVALENTS at end of year | | $69,312 | | $16,876 | ||
| | | | | | | |
| SUPPLEMENTAL CASH FLOW INFORMATION: | | | | | ||
| Income taxes paid, net of refunds | | $7,115 | | $9,441 | ||
| Interest paid | | $977 | | $710 | ||
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