Weyco Group Inc. said its normalized net income for the fourth quarter was 63 cents per share, a decrease of 17.7% from 76 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.7 million, a decrease of 18.1% from $8.2 million in the prior-year period.
The normalized profit margin fell to 7.7% from 8.6% in the year-earlier period.
Total revenue declined 8.3% year over year to $87.4 million from $95.3 million, and total operating expenses decreased 6.1% on an annual basis to $76.3 million from $81.3 million.
Reported net income declined 13.7% year over year to $7.0 million, or 65 cents per share, from $8.2 million, or 75 cents per share.
For the year, the company's normalized net income totaled $1.65 per share, a decline from $1.71 per share in the prior year.
Normalized net income was $18.0 million, a fall from $18.6 million in the prior year.
Full-year total revenue totaled $320.6 million, compared with $320.5 million in the prior year, and total operating expenses came to $291.3 million, compared with $289.8 million in the prior-year period.
The company said reported net income decreased year over year to $18.2 million, or $1.68 per share, in the full year, from $19.1 million, or $1.75 per share.