Good day, ladies and gentlemen, and welcome to the Weyco Group Inc. Fourth Quarter and Full Year 2015 Earnings Release Conference Call. My name is Sheila and I’ll be your operator for today. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session towards the end of this conference. [Operator Instructions] As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Mr. John Wittkowske, Chief Financial Officer. Please proceed sir.

Thank you. Good morning, everyone and welcome to Weyco Group’s 2015 conference call. With me today are Tom Florsheim Jr., our Chairman and CEO; and John Florsheim, our President and COO. Before we begin, I’d like to 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 events or results may differ materially. We refer you to Weyco Group’s most recent Form 10-K that’s filed with the Securities and Exchange Commission. The 10-K identifies important factors and risks 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. Our net sales for the fourth quarter of 2015 were $87.4 million, as compared to fourth quarter 2014 net sales of $95.3 million. Fourth quarter operating earnings were $11.5 million in 2015 as compared to $13.4 million in 2014. Net earnings attributable to Weyco Group were $7 million this quarter and $8.1 million last year. Diluted earnings per share for the quarter were $0.65 in 2015 and $0.75 in 2014. Earnings for the quarter and for the year included $458,000 of income representing the final adjustment to the earnout payment relating to the 2011 acquisition of Bogs. On an after-tax basis, this adjustment was $279,000 or $0.03 per share. The final earnout payment of $5.2 million will be made in the first quarter of 2016. In the North American wholesale segment, net sales for the fourth quarter of 2015 were $67.5 million, as compared to $73.9 million in…

Thank you, John, and good morning everyone. 2015 was a year of mixed results. After the first three quarters we were running with an 8% increase in our North American wholesale business but record unseasonably warm weather significantly impacted our sales in the late fall, early winter time period, resulting in a 9% decline in total wholesale sales for the fourth quarter as compared to last year. For the full year, we ended with a 3% increase in North American wholesale sales due to the challenges faced during the final stretch of the year. With warm temperatures and low precipitation across the Midwest, East Coast and Canada, our BOGS sales fell 22% in the fourth quarter but were up 3% for the year. The mild weather in the fourth quarter affected our BOGS business as we experienced significant cancellations and drop-off in at-once fill-in business. While we have focused on diversifying the BOGS business away from cold-weather products and believe we have made significant progress towards this end, the majority of sales in the fourth quarter are still in the weather boot category. Relative to other cold-weather boot brands we feel that BOGS performed well in difficult conditions and retailers remain very bullish on the brand. We are also investing significantly in BOGS advertising, doubling our spending in 2015, including our first national campaign via both traditional and digital media. In January, the US and parts of Canada finally experienced some cold-weather and snow which helped clear retail inventory and create demand as we began 2016. Our Stacy Adams business was up approximately 5% for the quarter and 11% for the year. The brand occupies a unique space in the men's footwear market with its fashion heritage, modern style and accessible pricing. Stacy Adams’ growth in 2015 was driven by…

[Operator Instructions] We have no questions coming through. I’d like to turn the call back to John Wittkowske.

End of Q&A

Thank you. Again thanks for listening to our conference call for 2015, and we will look forward to seeing or hearing back from you on our first call in 2016. Have a great day.

Thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect. Have a great day.