<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-06-16</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000105532</issuerCik>
        <issuerName>WELLCO ENTERPRISES INC</issuerName>
        <issuerTradingSymbol>WLC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001228508</rptOwnerCik>
            <rptOwnerName>WIJEWICKRAMA CHANDRA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PO BOX 625</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HAZELWOOD</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28738</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>V. P. - Caribbean Operations</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>COMMON STOCK</value>
            </securityTitle>
            <transactionDate>
                <value>2004-06-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>12.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">THIS FORM 4 REPORTS THE EXERCISE OF STOCK OPTIONS</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>CHANDRA WIJEWICKRAMA</signatureName>
        <signatureDate>2004-06-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0202
4
2004-06-16
0
0000105532
WELLCO ENTERPRISES INC
WLC
0001228508
WIJEWICKRAMA CHANDRA
PO BOX 625
HAZELWOOD
NC
28738
0
1
0
0
V. P. - Caribbean Operations
COMMON STOCK
2004-06-16
4
M
0
5000
12.00
A
7500
D
THIS FORM 4 REPORTS THE EXERCISE OF STOCK OPTIONS
CHANDRA WIJEWICKRAMA
2004-06-16