Good day, ladies and gentlemen and welcome to the fourth quarter 2008 Weyco Group earnings conference call. My name is Shinal and I’ll be your coordinator for today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference. (Operator instructions) I would now like to turn the presentation over to your host for today’s call Mr. John Wittkowske.

Thank you. Good morning everyone and welcome to Weyco Group’s conference call to discuss our fourth quarter and full year 2008 results. I’m John Wittkowske, Weyco Group’s Senior Vice President and Chief Financial Officer. Also on this call today are Tom Florsheim Jr., Chairman and CEO and John Florsheim, President and COO. On behalf of John and Tom, I’d like to thank all of you for joining us here today and before I begin I’ll read a brief disclaimer. During the course of this call, we may make projections or other forward-looking statements regarding our current expectations concerning future events and the future financial performance of the company. We wish to caution you that such statements are just predictions and that actual event or results may differ materially. We refer you to our most recent Form 10-K, as filed with the Securities and Exchange Commission. This document identifies important factors that could cause the company’s actual results to differ materially from our projections. Additionally, some comparisons may refer to non-GAAP measures. Our SEC filings may contain additional information about these non-GAAP measures and why we use them. Net sales for the fourth quarter of 2008 were $50 million, down from $62.2 million in 2007. Net earnings were $3.5 million, compared with $7.8 million last year. Fourth quarter diluted earnings per share were $0.30 compared with $0.66 per share in 2007. For the year, net sales were $221.4 million down 5% from $232.6 million in 2007. Net earnings were $17 million, down from $22.9 million last year. Diluted earnings per share were $1.45 down from $1.91. Wholesale, net sales for the quarter were $41.1 million, down $51.5 million in 2007. For the year, wholesale sales were $188.2 million, down 5% from $197.4 million in 2007. Looking at each brand in our…

Thanks John and good morning. Through the end of the third quarter this year, our overall sales volume held up well considering the economic climate with overall sales up slightly. Our wholesale sales dropped 1% and retail sales were down 2%. In the fourth quarter, however both our wholesale and retail businesses suffered significant volume losses. There were several aspects of the poor economic climate in the later part of 2008 that caused this decline. The general pull back in consumer spending affected our retail sales and also caused our wholesale customers to reduce their inventory levels. Additionally credit issues in the retail industry became more pronounced, causing us to reduce or in some cases seize our shipments to a number of retailers. We believe that the challenges that we faced in the fourth quarter of 2008 will continue into 2009. As we move forward, our strong financial position allows us to continue to make the necessary long-term investments in our brands, so that they will be well positioned when economic conditions improve. With that in mind, I would like to discuss some of our plans and strategies for each of our brands. We believe that Nunn Bush will continue to be solid performer, with its blend of innovation and relevant styling offered in a moderate price Nunn Bush has historically been a brand that retailers can relay on for solid sell throughs in tough times. Despite the downturn, that many of the large retailers are seen in their overall business, our sell throughs remain strong and many of the large retailers, we are gaining shelf space. In spring 2009, we will begin shipping our new Nunn Bush Comfort Gel 3.0 footwear which features an enhanced version of our successful Comfort Gel product line. Comfort Gel 3.0 was well received…

(Operator Instructions) At this moment there are no questions in the queue. I would now like to turn the call back over to Mr. John Wittkowske.

If there are no questions, we’d like thank everybody again for joining us and have a good day.

Ladies and gentlemen, that concludes the presentation. Thank you for your participation. You may now disconnect. Have a great day.