About Insteel<\/span>\n<\/p>\n\nInsteel is the nation\u2019s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh (\u201cESM\u201d), concrete pipe reinforcement and standard welded wire reinforcement. Insteel\u2019s products are sold primarily to manufacturers of concrete products and concrete contractors for use, primarily, in nonresidential construction applications. Headquartered in Mount Airy, North Carolina, Insteel operates ten manufacturing facilities located in the United States.\n<\/p>\n
\nCautionary Note Regarding Forward-Looking Statements<\/span>\n<\/p>\n\nThis news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cestimates,\u201d \u201cappears,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201ccould\u201d and similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, they are subject to a number of risks and uncertainties, and we can provide no assurances that such plans, intentions or expectations will be implemented or achieved. Many of these risks and uncertainties are discussed in detail and are updated from time to time in our filings with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d), in particular in our Annual Report on Form 10-K for the year ended October 2, 2021.\n<\/p>\n
\nAll forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All forward-looking statements speak only to the respective dates on which such statements are made and we do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.\n<\/p>\n
\nIt is not possible to anticipate and list all risks and uncertainties that may affect our future operations or financial performance; however, they include, but are not limited to, the following: the impact of COVID-19 on the economy, demand for our products and our operations, including the measures taken by governmental authorities to address it, which may precipitate or exacerbate other risks and\/or uncertainties; general economic and competitive conditions in the markets in which we operate; changes in the spending levels for nonresidential and residential construction and the impact on demand for our products; changes in the amount and duration of transportation funding provided by federal, state and local governments and the impact on spending for infrastructure construction and demand for our products; the cyclical nature of the steel and building material industries; credit market conditions and the relative availability of financing for us, our customers and the construction industry as a whole; fluctuations in the cost and availability of our primary raw material, hot-rolled steel wire rod, from domestic and foreign suppliers; competitive pricing pressures and our ability to raise selling prices in order to recover increases in raw material or operating costs; changes in United States or foreign trade policy affecting imports or exports of steel wire rod or our products; unanticipated changes in customer demand, order patterns and inventory levels; the impact of fluctuations in demand and capacity utilization levels on our unit manufacturing costs; our ability to further develop the market for ESM and expand our shipments of ESM; legal, environmental, economic or regulatory developments that significantly impact our business or operating costs; unanticipated plant outages, equipment failures or labor difficulties; and the \u201cRisk Factors\u201d discussed in our Annual Report on Form 10-K for the year ended October 2, 2021 and in other filings made by us with the SEC.\n<\/p>\n
INSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
\nCONSOLIDATED STATEMENTS OF OPERATIONS
\n(In thousands except for per share data)
\n(Unaudited)<\/p>\n
\u00a0<\/p>\n
Three Months Ended<\/p>\n
Year Ended<\/p>\n
(Unaudited)<\/p>\n
(Unaudited)<\/p>\n
(Unaudited)<\/p>\n
October 1,<\/p>\n
October 2,<\/p>\n
October 1,<\/p>\n
October 2,<\/p>\n
\n2022\n<\/p>\n
\n\u00a0\n<\/p>\n
\n2021\n<\/p>\n
\n\u00a0\n<\/p>\n
\n2022\n<\/p>\n
\n\u00a0\n<\/p>\n
\n2021\n<\/p>\n
\u00a0
\nNet sales<\/p>\n
\n$\n<\/p>\n
\n207,991\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n171,258\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n826,832\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n590,601\n<\/p>\n
\n\u00a0\n<\/p>\n
Cost of sales<\/p>\n
\n\u00a0\n<\/p>\n
\n168,196\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n131,339\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n629,522\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n469,053\n<\/p>\n
\n\u00a0\n<\/p>\n
Gross profit<\/p>\n
\n\u00a0\n<\/p>\n
\n39,795\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n39,919\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n197,310\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n121,548\n<\/p>\n
\n\u00a0\n<\/p>\n
Selling, general and administrative expense<\/p>\n
\n\u00a0\n<\/p>\n
\n8,330\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n7,321\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n36,048\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n32,388\n<\/p>\n
\n\u00a0\n<\/p>\n
Restructuring charges (recoveries), net<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n68\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(318\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n2,868\n<\/p>\n
\n\u00a0\n<\/p>\n
Other expense (income), net<\/p>\n
\n\u00a0\n<\/p>\n
\n103\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(9\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n88\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n114\n<\/p>\n
\n\u00a0\n<\/p>\n
Interest expense<\/p>\n
\n\u00a0\n<\/p>\n
\n23\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n23\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n91\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n96\n<\/p>\n
\n\u00a0\n<\/p>\n
Interest income<\/p>\n
\n\u00a0\n<\/p>\n
\n(216\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(6\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(326\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(21\n<\/p>\n
\n)\n<\/p>\n
Earnings before income taxes<\/p>\n
\n\u00a0\n<\/p>\n
\n31,555\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n32,522\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n161,727\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n86,103\n<\/p>\n
\n\u00a0\n<\/p>\n
Income taxes<\/p>\n
\n\u00a0\n<\/p>\n
\n7,249\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n7,370\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n36,716\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,493\n<\/p>\n
\n\u00a0\n<\/p>\n
Net earnings<\/p>\n
\n$\n<\/p>\n
\n24,306\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n25,152\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n125,011\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n66,610\n<\/p>\n
\n\u00a0\n<\/p>\n
\u00a0<\/p>\n
\u00a0
\nNet earnings per share:<\/p>\n
Basic<\/p>\n
\n$\n<\/p>\n
\n1.24\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n1.30\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n6.41\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n3.44\n<\/p>\n
\n\u00a0\n<\/p>\n
Diluted<\/p>\n
\n\u00a0\n<\/p>\n
\n1.24\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n1.28\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n6.37\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n3.41\n<\/p>\n
\n\u00a0\n<\/p>\n
\u00a0
\nWeighted average shares outstanding:<\/p>\n
Basic<\/p>\n
\n\u00a0\n<\/p>\n
\n19,558\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,386\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,517\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,344\n<\/p>\n
\n\u00a0\n<\/p>\n
Diluted<\/p>\n
\n\u00a0\n<\/p>\n
\n19,628\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,612\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,629\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,534\n<\/p>\n
\n\u00a0\n<\/p>\n
\u00a0
\nCash dividends declared per share<\/p>\n
\n$\n<\/p>\n
\n0.03\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n0.03\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n2.12\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n1.62\n<\/p>\n
\n\u00a0\n<\/p>\n
INSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
\nCONSOLIDATED BALANCE SHEETS
\n(In thousands)<\/p>\n
\u00a0<\/p>\n
(Unaudited)<\/p>\n
October 1,<\/p>\n
July 2,<\/p>\n
October 2,<\/p>\n
\n2022\n<\/p>\n
\n2022\n<\/p>\n
\n2021\n<\/p>\n
Assets<\/p>\n
Current assets:<\/p>\n
Cash and cash equivalents<\/p>\n
\n$\n<\/p>\n
\n48,316\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n63,045\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n89,884\n<\/p>\n
\n\u00a0\n<\/p>\n
Accounts receivable, net<\/p>\n
\n\u00a0\n<\/p>\n
\n81,646\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n81,175\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n67,917\n<\/p>\n
\n\u00a0\n<\/p>\n
Inventories<\/p>\n
\n\u00a0\n<\/p>\n
\n197,654\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n192,447\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n79,049\n<\/p>\n
\n\u00a0\n<\/p>\n
Other current assets<\/p>\n
\n\u00a0\n<\/p>\n
\n7,716\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n6,998\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n10,056\n<\/p>\n
\n\u00a0\n<\/p>\n
Total current assets<\/p>\n
\n\u00a0\n<\/p>\n
\n335,332\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n343,665\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n246,906\n<\/p>\n
\n\u00a0\n<\/p>\n
Property, plant and equipment, net<\/p>\n
\n\u00a0\n<\/p>\n
\n108,156\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n108,265\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n105,624\n<\/p>\n
\n\u00a0\n<\/p>\n
Intangibles, net<\/p>\n
\n\u00a0\n<\/p>\n
\n6,847\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n7,051\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n7,668\n<\/p>\n
\n\u00a0\n<\/p>\n
Goodwill<\/p>\n
\n\u00a0\n<\/p>\n
\n9,745\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n9,745\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n9,745\n<\/p>\n
\n\u00a0\n<\/p>\n
Other assets<\/p>\n
\n\u00a0\n<\/p>\n
\n11,665\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n12,322\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n20,767\n<\/p>\n
\n\u00a0\n<\/p>\n
Total assets<\/p>\n
\n$\n<\/p>\n
\n471,745\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n481,048\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n390,710\n<\/p>\n
\n\u00a0\n<\/p>\n
\u00a0
\nLiabilities and shareholders’ equity<\/p>\n
Current liabilities:<\/p>\n
Accounts payable<\/p>\n
\n$\n<\/p>\n
\n46,796\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n77,159\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n49,443\n<\/p>\n
\n\u00a0\n<\/p>\n
Accrued expenses<\/p>\n
\n\u00a0\n<\/p>\n
\n15,800\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n17,877\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,406\n<\/p>\n
\n\u00a0\n<\/p>\n
Total current liabilities<\/p>\n
\n\u00a0\n<\/p>\n
\n62,596\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n95,036\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n68,849\n<\/p>\n
\n\u00a0\n<\/p>\n
Long-term debt<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
Other liabilities<\/p>\n
\n\u00a0\n<\/p>\n
\n19,405\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n21,088\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,823\n<\/p>\n
\n\u00a0\n<\/p>\n
Commitments and contingencies<\/p>\n
Shareholders’ equity:<\/p>\n
Common stock<\/p>\n
\n\u00a0\n<\/p>\n
\n19,478\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,506\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n19,408\n<\/p>\n
\n\u00a0\n<\/p>\n
Additional paid-in capital<\/p>\n
\n\u00a0\n<\/p>\n
\n81,997\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n81,349\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n78,688\n<\/p>\n
\n\u00a0\n<\/p>\n
Retained earnings<\/p>\n
\n\u00a0\n<\/p>\n
\n289,246\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n266,511\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n206,384\n<\/p>\n
\n\u00a0\n<\/p>\n
Accumulated other comprehensive loss<\/p>\n
\n\u00a0\n<\/p>\n
\n(977\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(2,442\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(2,442\n<\/p>\n
\n)\n<\/p>\n
Total shareholders’ equity<\/p>\n
\n\u00a0\n<\/p>\n
\n389,744\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n364,924\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n302,038\n<\/p>\n
\n\u00a0\n<\/p>\n
Total liabilities and shareholders’ equity<\/p>\n
\n$\n<\/p>\n
\n471,745\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n481,048\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n390,710\n<\/p>\n
\n\u00a0\n<\/p>\n
INSTEEL INDUSTRIES, INC. AND SUBSIDIARIES
\nCONSOLIDATED STATEMENTS OF CASH FLOWS
\n(In thousands)
\n(Unaudited)<\/p>\n
\u00a0<\/p>\n
Three Months Ended<\/p>\n
Year Ended<\/p>\n
(Unaudited)<\/p>\n
(Unaudited)<\/p>\n
(Unaudited)<\/p>\n
October 1,<\/p>\n
October 2,<\/p>\n
October 1,<\/p>\n
October 2,<\/p>\n
\n2022\n<\/p>\n
\n2021\n<\/p>\n
\n2022\n<\/p>\n
\n2021\n<\/p>\n
Cash Flows From Operating Activities:<\/p>\n
Net earnings<\/p>\n
\n$\n<\/p>\n
\n24,306\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n25,152\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n125,011\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n66,610\n<\/p>\n
\n\u00a0\n<\/p>\n
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:<\/p>\n
Depreciation and amortization<\/p>\n
\n\u00a0\n<\/p>\n
\n3,509\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n3,693\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n14,486\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n14,521\n<\/p>\n
\n\u00a0\n<\/p>\n
Amortization of capitalized financing costs<\/p>\n
\n\u00a0\n<\/p>\n
\n16\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n16\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n65\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n65\n<\/p>\n
\n\u00a0\n<\/p>\n
Stock-based compensation expense<\/p>\n
\n\u00a0\n<\/p>\n
\n1,034\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n814\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n2,429\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n1,988\n<\/p>\n
\n\u00a0\n<\/p>\n
Deferred income taxes<\/p>\n
\n\u00a0\n<\/p>\n
\n(297\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(82\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n327\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(118\n<\/p>\n
\n)\n<\/p>\n
Asset impairment charges<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n1,415\n<\/p>\n
\n\u00a0\n<\/p>\n
Loss (gain) on sale and disposition of property, plant and equipment<\/p>\n
and assets held for sale<\/p>\n
\n\u00a0\n<\/p>\n
\n115\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(480\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n125\n<\/p>\n
\n\u00a0\n<\/p>\n
Increase in cash surrender value of life insurance policies over premiums paid<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(1,533\n<\/p>\n
\n)\n<\/p>\n
Gain from life insurance proceeds<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(364\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
Net changes in assets and liabilities:<\/p>\n
Accounts receivable, net<\/p>\n
\n\u00a0\n<\/p>\n
\n(471\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(8,568\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(13,729\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(14,100\n<\/p>\n
\n)\n<\/p>\n
Inventories<\/p>\n
\n\u00a0\n<\/p>\n
\n(5,207\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(7,891\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(118,605\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(10,086\n<\/p>\n
\n)\n<\/p>\n
Accounts payable and accrued expenses<\/p>\n
\n\u00a0\n<\/p>\n
\n(29,161\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(7,751\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(1,964\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n11,891\n<\/p>\n
\n\u00a0\n<\/p>\n
Other changes<\/p>\n
\n\u00a0\n<\/p>\n
\n(3,288\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(969\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(1,506\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(900\n<\/p>\n
\n)\n<\/p>\n
Total adjustments<\/p>\n
\n\u00a0\n<\/p>\n
\n(33,750\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(20,738\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(119,341\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n3,268\n<\/p>\n
\n\u00a0\n<\/p>\n
Net cash provided by (used for) operating activities<\/p>\n
\n\u00a0\n<\/p>\n
\n(9,444\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n4,414\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n5,670\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n69,878\n<\/p>\n
\n\u00a0\n<\/p>\n
\u00a0
\nCash Flows From Investing Activities:<\/p>\n
Capital expenditures<\/p>\n
\n\u00a0\n<\/p>\n
\n(3,649\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(3,819\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(15,900\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(17,500\n<\/p>\n
\n)\n<\/p>\n
Decrease (increase) in cash surrender value of life insurance policies<\/p>\n
\n\u00a0\n<\/p>\n
\n349\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(105\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n1,361\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(416\n<\/p>\n
\n)\n<\/p>\n
Proceeds from sale of assets held for sale<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n6,934\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n79\n<\/p>\n
\n\u00a0\n<\/p>\n
Proceeds from surrender of life insurance policies<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n5\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n110\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n32\n<\/p>\n
\n\u00a0\n<\/p>\n
Proceeds from life insurance claims<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n1,456\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
Net cash used for investing activities<\/p>\n
\n\u00a0\n<\/p>\n
\n(3,300\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(3,919\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(6,039\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(17,805\n<\/p>\n
\n)\n<\/p>\n
\u00a0
\nCash Flows From Financing Activities:<\/p>\n
Proceeds from long-term debt<\/p>\n
\n\u00a0\n<\/p>\n
\n46\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n67\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n266\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n297\n<\/p>\n
\n\u00a0\n<\/p>\n
Principal payments on long-term debt<\/p>\n
\n\u00a0\n<\/p>\n
\n(46\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(67\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(266\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(297\n<\/p>\n
\n)\n<\/p>\n
Cash dividends paid<\/p>\n
\n\u00a0\n<\/p>\n
\n(584\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(582\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(41,162\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(31,294\n<\/p>\n
\n)\n<\/p>\n
Cash received from exercise of stock options<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n648\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n1,650\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n1,082\n<\/p>\n
\n\u00a0\n<\/p>\n
Payment of employee tax withholdings related to net share transactions<\/p>\n
\n\u00a0\n<\/p>\n
\n(197\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(504\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(483\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(665\n<\/p>\n
\n)\n<\/p>\n
Repurchases of common stock<\/p>\n
\n\u00a0\n<\/p>\n
\n(1,204\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(1,204\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n–\n<\/p>\n
\n\u00a0\n<\/p>\n
Net cash used for financing activities<\/p>\n
\n\u00a0\n<\/p>\n
\n(1,985\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(438\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(41,199\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(30,877\n<\/p>\n
\n)\n<\/p>\n
\u00a0
\nNet (decrease) increase in cash and cash equivalents<\/p>\n
\n\u00a0\n<\/p>\n
\n(14,729\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n57\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n(41,568\n<\/p>\n
\n)\n<\/p>\n
\n\u00a0\n<\/p>\n
\n21,196\n<\/p>\n
\n\u00a0\n<\/p>\n
Cash and cash equivalents at beginning of period<\/p>\n
\n\u00a0\n<\/p>\n
\n63,045\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n89,827\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n89,884\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n68,688\n<\/p>\n
\n\u00a0\n<\/p>\n
Cash and cash equivalents at end of period<\/p>\n
\n$\n<\/p>\n
\n48,316\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n89,884\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n48,316\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n89,884\n<\/p>\n
\n\u00a0\n<\/p>\n
\u00a0
\nSupplemental Disclosures of Cash Flow Information:<\/p>\n
Cash paid during the period for:<\/p>\n
Income taxes, net<\/p>\n
\n$\n<\/p>\n
\n11,485\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n5,925\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n41,483\n<\/p>\n
\n\u00a0\n<\/p>\n
\n$\n<\/p>\n
\n16,799\n<\/p>\n
\n\u00a0\n<\/p>\n
Non-cash investing and financing activities:<\/p>\n
Purchases of property, plant and equipment in accounts payable<\/p>\n
\n\u00a0\n<\/p>\n
\n946\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n501\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n946\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n501\n<\/p>\n
\n\u00a0\n<\/p>\n
Restricted stock units and stock options surrendered for withholding taxes payable<\/p>\n
\n\u00a0\n<\/p>\n
\n197\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n504\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n483\n<\/p>\n
\n\u00a0\n<\/p>\n
\n\u00a0\n<\/p>\n
\n665\n<\/p>\n
\n\u00a0\n<\/p>\n
\nIIIN \u2013 E\n<\/p>\n
Contacts <\/p>\n
\nMark A. Carano
\n
Senior Vice President,
\n
Chief Financial Officer and Treasurer
\n
Insteel Industries Inc.
\n
(336) 786-2141<\/p>","protected":false},"excerpt":{"rendered":"
MOUNT AIRY, N.C.–(BUSINESS WIRE)–Insteel Industries Inc. (NYSE: IIIN) today announced financial results for its fourth quarter and fiscal year ended October 1, 2022. Fourth Quarter 2022 Results Net earnings for the fourth quarter of fiscal 2022 were $24.3 million, or $1.24 per diluted share, compared to $25.2 million, or $1.28 per share, in the same […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-828654","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\n
Insteel Industries Reports Fourth Quarter and Fiscal 2022 Results - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insteel Industries Reports Fourth Quarter and Fiscal 2022 Results - BeBeez\" \/>\n<meta property=\"og:description\" content=\"MOUNT AIRY, N.C.–(BUSINESS WIRE)–Insteel Industries Inc. (NYSE: IIIN) today announced financial results for its fourth quarter and fiscal year ended October 1, 2022. Fourth Quarter 2022 Results Net earnings for the fourth quarter of fiscal 2022 were $24.3 million, or $1.24 per diluted share, compared to $25.2 million, or $1.28 per share, in the same […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/\" \/>\n<meta property=\"og:site_name\" content=\"BeBeez\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-20T17:07:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo-x2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"683\" \/>\n\t<meta property=\"og:image:height\" content=\"242\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Insteel Industries Reports Fourth Quarter and Fiscal 2022 Results\",\"datePublished\":\"2022-10-20T17:07:25+00:00\",\"dateModified\":\"2022-10-20T17:07:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/\"},\"wordCount\":1867,\"publisher\":{\"@id\":\"https:\/\/15.161.165.86\/#organization\"},\"articleSection\":[\"Real Estate in Asia Pacific\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/\",\"url\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/\",\"name\":\"Insteel Industries Reports Fourth Quarter and Fiscal 2022 Results - 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![<\/a><\/p>\n\nFourth Quarter 2022 Results<\/span>\n<\/p>\n\nNet earnings for the fourth quarter of fiscal 2022 were $24.3 million, or $1.24 per diluted share, compared to $25.2 million, or $1.28 per share, in the same period a year ago. Net sales increased 21.4% to $208.0 million from $171.3 million in the prior year quarter.\n<\/p>\n\nInsteel\u2019s fourth quarter results benefitted from widening spreads between selling prices and raw material costs due to a 26.1% increase in average selling prices from the prior year quarter, implemented to recover rising raw material and operating costs. Ongoing weakness in residential construction activity combined with the negative impact of inventory management measures implemented by many of our customers led to a 3.7% reduction in shipments. On a sequential basis, fourth quarter average selling prices decreased 2.6% due primarily to weakness in residential markets, and shipments decreased 6.0%.\n<\/p>\n\nGross margin decreased 420 basis points to 19.1% from 23.3% in the prior year quarter primarily due to lower shipment volumes and higher plant operating costs. Insteel\u2019s net earnings for the current year quarter reflect a $0.5 million decrease in the cash surrender value of life insurance policies, which increased selling, general and administrative expense, and decreased net earnings per share by $0.02.\n<\/p>\n\nOperating activities used $9.4 million of cash during the fourth quarter compared to generating $4.4 million in the prior year quarter due to the relative changes in working capital. Working capital used $34.8 million of cash in the current year compared to using $24.2 million the prior year.\n<\/p>\n\nFiscal 2022 Results<\/span>\n<\/p>\n\nFiscal 2022 annual revenue and net earnings are the highest on record for the Company. Net earnings increased to $125.0 million, or $6.37 per diluted share, from $66.6 million, or $3.41 per diluted share, in the prior year. Net sales increased 40.0% to $826.8 million from $590.6 million in the prior year driven by a 51.9% increase in average selling prices offset by a 7.8% decrease in shipments.\n<\/p>\n\nGross margin expanded to 23.9% from 20.6% due to the wider spreads. Insteel\u2019s net earnings for fiscal 2022 reflect a $1.9 million decrease in cash surrender value of life insurance policies, which decreased fiscal 2022 net earnings per diluted share by $0.07. Net earnings for the prior year period reflect $1.5 million increase in cash surrender value of life insurance policies and $2.9 million of restructuring charges and acquisition costs related to the Company\u2019s acquisition of substantially all the assets of Strand-Tech Manufacturing, Inc., which, in the aggregate, decreased fiscal 2021 net earnings per diluted share by $0.05.\n<\/p>\n\nOperating activities generated $5.7 million of cash compared to $69.9 million in the prior year due to relative changes in working capital. Working capital used $134.3 million in the current year compared to using $12.3 million in the prior year.\n<\/p>\n\nCapital Allocation and Liquidity<\/span>\n<\/p>\n\nCapital expenditures for fiscal 2022 decreased to $15.9 million from $17.5 million in the prior year and are expected to total up to approximately $30 million in fiscal 2023 including expenditures primarily to advance the growth of our engineered structural mesh business and to support cost and productivity improvement initiatives as well as recurring maintenance requirements.\n<\/p>\n\nInsteel ended the year debt-free with $48.3 million of cash and no borrowings outstanding on its $100.0 million revolving credit facility.\n<\/p>\n\nOutlook<\/span>\n<\/p>\n\n\u201cFiscal 2022 was a record year of financial performance for Insteel, meaningfully exceeding our previous record achieved in fiscal 2021. Our financial results were particularly gratifying in view of the difficult operating conditions experienced at times over the last twelve months. including raw material shortfalls, labor availability challenges and residential construction market weakness,\u201d commented H.O. Woltz III, Insteel\u2019s President and CEO. \u201cWe appreciate the contributions of our dedicated employees who persevered through many challenges and our supplier base that supported the Company, allowing us to deliver consistently for customers.\u201d\n<\/p>\n\nMr. Woltz added, \u201cAs we look ahead to fiscal 2023, we remain optimistic about demand in our non-residential construction markets, which represent a substantial majority of our sales. Backlogs across our customer base remain solid and third-party non-residential construction indices point to continued expansion. In addition, incremental demand from projects funded by the Infrastructure Investment and Jobs Act should materialize during 2023, contributing positively to the overall demand environment. While weakness in the residential construction markets and heightened uncertainty regarding the future direction of the overall economy are areas we are closely monitoring, our strong balance sheet and flexible operating model position us to navigate any softness we may encounter.\u201d\n<\/p>\n\nConference Call<\/span>\n<\/p>\n\nInsteel will hold a conference call at 10:00 a.m. ET today to discuss its fourth quarter and 2022 fiscal year end financial results. A live webcast of this call can be accessed on Insteel\u2019s website at https:\/\/investor.insteel.com<\/a> and will be archived for replay until the next quarterly conference call.\n<\/p>\n\nAbout Insteel<\/span>\n<\/p>\n\nInsteel is the nation\u2019s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh (\u201cESM\u201d), concrete pipe reinforcement and standard welded wire reinforcement. Insteel\u2019s products are sold primarily to manufacturers of concrete products and concrete contractors for use, primarily, in nonresidential construction applications. Headquartered in Mount Airy, North Carolina, Insteel operates ten manufacturing facilities located in the United States.\n<\/p>\n\nCautionary Note Regarding Forward-Looking Statements<\/span>\n<\/p>\n\nThis news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this news release, the words \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cestimates,\u201d \u201cappears,\u201d \u201cplans,\u201d \u201cintends,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201ccould\u201d and similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, they are subject to a number of risks and uncertainties, and we can provide no assurances that such plans, intentions or expectations will be implemented or achieved. Many of these risks and uncertainties are discussed in detail and are updated from time to time in our filings with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d), in particular in our Annual Report on Form 10-K for the year ended October 2, 2021.\n<\/p>\n\nAll forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All forward-looking statements speak only to the respective dates on which such statements are made and we do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.\n<\/p>\n\nIt is not possible to anticipate and list all risks and uncertainties that may affect our future operations or financial performance; however, they include, but are not limited to, the following: the impact of COVID-19 on the economy, demand for our products and our operations, including the measures taken by governmental authorities to address it, which may precipitate or exacerbate other risks and\/or uncertainties; general economic and competitive conditions in the markets in which we operate; changes in the spending levels for nonresidential and residential construction and the impact on demand for our products; changes in the amount and duration of transportation funding provided by federal, state and local governments and the impact on spending for infrastructure construction and demand for our products; the cyclical nature of the steel and building material industries; credit market conditions and the relative availability of financing for us, our customers and the construction industry as a whole; fluctuations in the cost and availability of our primary raw material, hot-rolled steel wire rod, from domestic and foreign suppliers; competitive pricing pressures and our ability to raise selling prices in order to recover increases in raw material or operating costs; changes in United States or foreign trade policy affecting imports or exports of steel wire rod or our products; unanticipated changes in customer demand, order patterns and inventory levels; the impact of fluctuations in demand and capacity utilization levels on our unit manufacturing costs; our ability to further develop the market for ESM and expand our shipments of ESM; legal, environmental, economic or regulatory developments that significantly impact our business or operating costs; unanticipated plant outages, equipment failures or labor difficulties; and the \u201cRisk Factors\u201d discussed in our Annual Report on Form 10-K for the year ended October 2, 2021 and in other filings made by us with the SEC.\n<\/p>\nINSTEEL INDUSTRIES, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF OPERATIONS\n(In thousands except for per share data)\n(Unaudited)<\/p>\n\u00a0<\/p>\nThree Months Ended<\/p>\nYear Ended<\/p>\n(Unaudited)<\/p>\n(Unaudited)<\/p>\n(Unaudited)<\/p>\nOctober 1,<\/p>\nOctober 2,<\/p>\nOctober 1,<\/p>\nOctober 2,<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\n\u00a0\n<\/p>\n\n2022\n<\/p>\n\n\u00a0\n<\/p>\n\n2021\n<\/p>\n\u00a0\nNet sales<\/p>\n\n$\n<\/p>\n\n207,991\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n171,258\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n826,832\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n590,601\n<\/p>\n\n\u00a0\n<\/p>\nCost of sales<\/p>\n\n\u00a0\n<\/p>\n\n168,196\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n131,339\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n629,522\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n469,053\n<\/p>\n\n\u00a0\n<\/p>\nGross profit<\/p>\n\n\u00a0\n<\/p>\n\n39,795\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n39,919\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n197,310\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n121,548\n<\/p>\n\n\u00a0\n<\/p>\nSelling, general and administrative expense<\/p>\n\n\u00a0\n<\/p>\n\n8,330\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,321\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n36,048\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n32,388\n<\/p>\n\n\u00a0\n<\/p>\nRestructuring charges (recoveries), net<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n68\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(318\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n2,868\n<\/p>\n\n\u00a0\n<\/p>\nOther expense (income), net<\/p>\n\n\u00a0\n<\/p>\n\n103\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(9\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n88\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n114\n<\/p>\n\n\u00a0\n<\/p>\nInterest expense<\/p>\n\n\u00a0\n<\/p>\n\n23\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n23\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n91\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n96\n<\/p>\n\n\u00a0\n<\/p>\nInterest income<\/p>\n\n\u00a0\n<\/p>\n\n(216\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(6\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(326\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(21\n<\/p>\n\n)\n<\/p>\nEarnings before income taxes<\/p>\n\n\u00a0\n<\/p>\n\n31,555\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n32,522\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n161,727\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n86,103\n<\/p>\n\n\u00a0\n<\/p>\nIncome taxes<\/p>\n\n\u00a0\n<\/p>\n\n7,249\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,370\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n36,716\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,493\n<\/p>\n\n\u00a0\n<\/p>\nNet earnings<\/p>\n\n$\n<\/p>\n\n24,306\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n25,152\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n125,011\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n66,610\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\u00a0\nNet earnings per share:<\/p>\nBasic<\/p>\n\n$\n<\/p>\n\n1.24\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.30\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n6.41\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n3.44\n<\/p>\n\n\u00a0\n<\/p>\nDiluted<\/p>\n\n\u00a0\n<\/p>\n\n1.24\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1.28\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6.37\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3.41\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nWeighted average shares outstanding:<\/p>\nBasic<\/p>\n\n\u00a0\n<\/p>\n\n19,558\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,386\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,517\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,344\n<\/p>\n\n\u00a0\n<\/p>\nDiluted<\/p>\n\n\u00a0\n<\/p>\n\n19,628\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,612\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,629\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,534\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nCash dividends declared per share<\/p>\n\n$\n<\/p>\n\n0.03\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n0.03\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n2.12\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n1.62\n<\/p>\n\n\u00a0\n<\/p>\nINSTEEL INDUSTRIES, INC. AND SUBSIDIARIES\nCONSOLIDATED BALANCE SHEETS\n(In thousands)<\/p>\n\u00a0<\/p>\n(Unaudited)<\/p>\nOctober 1,<\/p>\nJuly 2,<\/p>\nOctober 2,<\/p>\n\n2022\n<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\nAssets<\/p>\nCurrent assets:<\/p>\nCash and cash equivalents<\/p>\n\n$\n<\/p>\n\n48,316\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n63,045\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n89,884\n<\/p>\n\n\u00a0\n<\/p>\nAccounts receivable, net<\/p>\n\n\u00a0\n<\/p>\n\n81,646\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n81,175\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n67,917\n<\/p>\n\n\u00a0\n<\/p>\nInventories<\/p>\n\n\u00a0\n<\/p>\n\n197,654\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n192,447\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n79,049\n<\/p>\n\n\u00a0\n<\/p>\nOther current assets<\/p>\n\n\u00a0\n<\/p>\n\n7,716\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,998\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n10,056\n<\/p>\n\n\u00a0\n<\/p>\nTotal current assets<\/p>\n\n\u00a0\n<\/p>\n\n335,332\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n343,665\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n246,906\n<\/p>\n\n\u00a0\n<\/p>\nProperty, plant and equipment, net<\/p>\n\n\u00a0\n<\/p>\n\n108,156\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n108,265\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n105,624\n<\/p>\n\n\u00a0\n<\/p>\nIntangibles, net<\/p>\n\n\u00a0\n<\/p>\n\n6,847\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,051\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n7,668\n<\/p>\n\n\u00a0\n<\/p>\nGoodwill<\/p>\n\n\u00a0\n<\/p>\n\n9,745\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,745\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n9,745\n<\/p>\n\n\u00a0\n<\/p>\nOther assets<\/p>\n\n\u00a0\n<\/p>\n\n11,665\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n12,322\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n20,767\n<\/p>\n\n\u00a0\n<\/p>\nTotal assets<\/p>\n\n$\n<\/p>\n\n471,745\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n481,048\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n390,710\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nLiabilities and shareholders’ equity<\/p>\nCurrent liabilities:<\/p>\nAccounts payable<\/p>\n\n$\n<\/p>\n\n46,796\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n77,159\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n49,443\n<\/p>\n\n\u00a0\n<\/p>\nAccrued expenses<\/p>\n\n\u00a0\n<\/p>\n\n15,800\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n17,877\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,406\n<\/p>\n\n\u00a0\n<\/p>\nTotal current liabilities<\/p>\n\n\u00a0\n<\/p>\n\n62,596\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n95,036\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n68,849\n<\/p>\n\n\u00a0\n<\/p>\nLong-term debt<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nOther liabilities<\/p>\n\n\u00a0\n<\/p>\n\n19,405\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n21,088\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,823\n<\/p>\n\n\u00a0\n<\/p>\nCommitments and contingencies<\/p>\nShareholders’ equity:<\/p>\nCommon stock<\/p>\n\n\u00a0\n<\/p>\n\n19,478\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,506\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n19,408\n<\/p>\n\n\u00a0\n<\/p>\nAdditional paid-in capital<\/p>\n\n\u00a0\n<\/p>\n\n81,997\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n81,349\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n78,688\n<\/p>\n\n\u00a0\n<\/p>\nRetained earnings<\/p>\n\n\u00a0\n<\/p>\n\n289,246\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n266,511\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n206,384\n<\/p>\n\n\u00a0\n<\/p>\nAccumulated other comprehensive loss<\/p>\n\n\u00a0\n<\/p>\n\n(977\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(2,442\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(2,442\n<\/p>\n\n)\n<\/p>\nTotal shareholders’ equity<\/p>\n\n\u00a0\n<\/p>\n\n389,744\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n364,924\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n302,038\n<\/p>\n\n\u00a0\n<\/p>\nTotal liabilities and shareholders’ equity<\/p>\n\n$\n<\/p>\n\n471,745\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n481,048\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n390,710\n<\/p>\n\n\u00a0\n<\/p>\nINSTEEL INDUSTRIES, INC. AND SUBSIDIARIES\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(In thousands)\n(Unaudited)<\/p>\n\u00a0<\/p>\nThree Months Ended<\/p>\nYear Ended<\/p>\n(Unaudited)<\/p>\n(Unaudited)<\/p>\n(Unaudited)<\/p>\nOctober 1,<\/p>\nOctober 2,<\/p>\nOctober 1,<\/p>\nOctober 2,<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\n\n2022\n<\/p>\n\n2021\n<\/p>\nCash Flows From Operating Activities:<\/p>\nNet earnings<\/p>\n\n$\n<\/p>\n\n24,306\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n25,152\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n125,011\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n66,610\n<\/p>\n\n\u00a0\n<\/p>\nAdjustments to reconcile net earnings to net cash provided by (used for) operating activities:<\/p>\nDepreciation and amortization<\/p>\n\n\u00a0\n<\/p>\n\n3,509\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n3,693\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n14,486\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n14,521\n<\/p>\n\n\u00a0\n<\/p>\nAmortization of capitalized financing costs<\/p>\n\n\u00a0\n<\/p>\n\n16\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n16\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n65\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n65\n<\/p>\n\n\u00a0\n<\/p>\nStock-based compensation expense<\/p>\n\n\u00a0\n<\/p>\n\n1,034\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n814\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n2,429\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,988\n<\/p>\n\n\u00a0\n<\/p>\nDeferred income taxes<\/p>\n\n\u00a0\n<\/p>\n\n(297\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(82\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n327\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(118\n<\/p>\n\n)\n<\/p>\nAsset impairment charges<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,415\n<\/p>\n\n\u00a0\n<\/p>\nLoss (gain) on sale and disposition of property, plant and equipment<\/p>\nand assets held for sale<\/p>\n\n\u00a0\n<\/p>\n\n115\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(480\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n125\n<\/p>\n\n\u00a0\n<\/p>\nIncrease in cash surrender value of life insurance policies over premiums paid<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,533\n<\/p>\n\n)\n<\/p>\nGain from life insurance proceeds<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(364\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nNet changes in assets and liabilities:<\/p>\nAccounts receivable, net<\/p>\n\n\u00a0\n<\/p>\n\n(471\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(8,568\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(13,729\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(14,100\n<\/p>\n\n)\n<\/p>\nInventories<\/p>\n\n\u00a0\n<\/p>\n\n(5,207\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(7,891\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(118,605\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(10,086\n<\/p>\n\n)\n<\/p>\nAccounts payable and accrued expenses<\/p>\n\n\u00a0\n<\/p>\n\n(29,161\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(7,751\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,964\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n11,891\n<\/p>\n\n\u00a0\n<\/p>\nOther changes<\/p>\n\n\u00a0\n<\/p>\n\n(3,288\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(969\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,506\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(900\n<\/p>\n\n)\n<\/p>\nTotal adjustments<\/p>\n\n\u00a0\n<\/p>\n\n(33,750\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(20,738\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(119,341\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n3,268\n<\/p>\n\n\u00a0\n<\/p>\nNet cash provided by (used for) operating activities<\/p>\n\n\u00a0\n<\/p>\n\n(9,444\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n4,414\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5,670\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n69,878\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nCash Flows From Investing Activities:<\/p>\nCapital expenditures<\/p>\n\n\u00a0\n<\/p>\n\n(3,649\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(3,819\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(15,900\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(17,500\n<\/p>\n\n)\n<\/p>\nDecrease (increase) in cash surrender value of life insurance policies<\/p>\n\n\u00a0\n<\/p>\n\n349\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(105\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n1,361\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(416\n<\/p>\n\n)\n<\/p>\nProceeds from sale of assets held for sale<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n6,934\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n79\n<\/p>\n\n\u00a0\n<\/p>\nProceeds from surrender of life insurance policies<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n5\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n110\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n32\n<\/p>\n\n\u00a0\n<\/p>\nProceeds from life insurance claims<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,456\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nNet cash used for investing activities<\/p>\n\n\u00a0\n<\/p>\n\n(3,300\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(3,919\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(6,039\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(17,805\n<\/p>\n\n)\n<\/p>\n\u00a0\nCash Flows From Financing Activities:<\/p>\nProceeds from long-term debt<\/p>\n\n\u00a0\n<\/p>\n\n46\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n67\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n266\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n297\n<\/p>\n\n\u00a0\n<\/p>\nPrincipal payments on long-term debt<\/p>\n\n\u00a0\n<\/p>\n\n(46\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(67\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(266\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(297\n<\/p>\n\n)\n<\/p>\nCash dividends paid<\/p>\n\n\u00a0\n<\/p>\n\n(584\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(582\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(41,162\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(31,294\n<\/p>\n\n)\n<\/p>\nCash received from exercise of stock options<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n648\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,650\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n1,082\n<\/p>\n\n\u00a0\n<\/p>\nPayment of employee tax withholdings related to net share transactions<\/p>\n\n\u00a0\n<\/p>\n\n(197\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(504\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(483\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(665\n<\/p>\n\n)\n<\/p>\nRepurchases of common stock<\/p>\n\n\u00a0\n<\/p>\n\n(1,204\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(1,204\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n–\n<\/p>\n\n\u00a0\n<\/p>\nNet cash used for financing activities<\/p>\n\n\u00a0\n<\/p>\n\n(1,985\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(438\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(41,199\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n(30,877\n<\/p>\n\n)\n<\/p>\n\u00a0\nNet (decrease) increase in cash and cash equivalents<\/p>\n\n\u00a0\n<\/p>\n\n(14,729\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n57\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n(41,568\n<\/p>\n\n)\n<\/p>\n\n\u00a0\n<\/p>\n\n21,196\n<\/p>\n\n\u00a0\n<\/p>\nCash and cash equivalents at beginning of period<\/p>\n\n\u00a0\n<\/p>\n\n63,045\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n89,827\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n89,884\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n68,688\n<\/p>\n\n\u00a0\n<\/p>\nCash and cash equivalents at end of period<\/p>\n\n$\n<\/p>\n\n48,316\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n89,884\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n48,316\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n89,884\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0\nSupplemental Disclosures of Cash Flow Information:<\/p>\nCash paid during the period for:<\/p>\nIncome taxes, net<\/p>\n\n$\n<\/p>\n\n11,485\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n5,925\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n41,483\n<\/p>\n\n\u00a0\n<\/p>\n\n$\n<\/p>\n\n16,799\n<\/p>\n\n\u00a0\n<\/p>\nNon-cash investing and financing activities:<\/p>\nPurchases of property, plant and equipment in accounts payable<\/p>\n\n\u00a0\n<\/p>\n\n946\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n501\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n946\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n501\n<\/p>\n\n\u00a0\n<\/p>\nRestricted stock units and stock options surrendered for withholding taxes payable<\/p>\n\n\u00a0\n<\/p>\n\n197\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n504\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n483\n<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n665\n<\/p>\n\n\u00a0\n<\/p>\n\nIIIN \u2013 E\n<\/p>\nContacts <\/p>\n\nMark A. Carano\nSenior Vice President,\nChief Financial Officer and Treasurer\nInsteel Industries Inc.\n(336) 786-2141<\/p>","protected":false},"excerpt":{"rendered":"MOUNT AIRY, N.C.–(BUSINESS WIRE)–Insteel Industries Inc. (NYSE: IIIN) today announced financial results for its fourth quarter and fiscal year ended October 1, 2022. Fourth Quarter 2022 Results Net earnings for the fourth quarter of fiscal 2022 were $24.3 million, or $1.24 per diluted share, compared to $25.2 million, or $1.28 per share, in the same […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-828654","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nInsteel Industries Reports Fourth Quarter and Fiscal 2022 Results - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insteel Industries Reports Fourth Quarter and Fiscal 2022 Results - BeBeez\" \/>\n<meta property=\"og:description\" content=\"MOUNT AIRY, N.C.–(BUSINESS WIRE)–Insteel Industries Inc. (NYSE: IIIN) today announced financial results for its fourth quarter and fiscal year ended October 1, 2022. 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(NYSE: IIIN) today announced financial results for its fourth quarter and fiscal year ended October 1, 2022. Fourth Quarter 2022 Results Net earnings for the fourth quarter of fiscal 2022 were $24.3 million, or $1.24 per diluted share, compared to $25.2 million, or $1.28 per share, in the same […]","og_url":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/","og_site_name":"BeBeez","article_published_time":"2022-10-20T17:07:25+00:00","og_image":[{"width":683,"height":242,"url":"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo-x2.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/#article","isPartOf":{"@id":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/"},"author":{"name":"","@id":""},"headline":"Insteel Industries Reports Fourth Quarter and Fiscal 2022 Results","datePublished":"2022-10-20T17:07:25+00:00","dateModified":"2022-10-20T17:07:25+00:00","mainEntityOfPage":{"@id":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/"},"wordCount":1867,"publisher":{"@id":"https:\/\/15.161.165.86\/#organization"},"articleSection":["Real Estate in Asia Pacific"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/","url":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/","name":"Insteel Industries Reports Fourth Quarter and Fiscal 2022 Results - BeBeez","isPartOf":{"@id":"https:\/\/15.161.165.86\/#website"},"datePublished":"2022-10-20T17:07:25+00:00","dateModified":"2022-10-20T17:07:25+00:00","breadcrumb":{"@id":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/insteel-industries-reports-fourth-quarter-and-fiscal-2022-results\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bebeez.it\/en\/"},{"@type":"ListItem","position":2,"name":"Insteel Industries Reports Fourth Quarter and Fiscal 2022 Results"}]},{"@type":"WebSite","@id":"https:\/\/15.161.165.86\/#website","url":"https:\/\/15.161.165.86\/","name":"BeBeez","description":"BeBeez","publisher":{"@id":"https:\/\/15.161.165.86\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/15.161.165.86\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/15.161.165.86\/#organization","name":"BeBeez","url":"https:\/\/15.161.165.86\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/15.161.165.86\/#\/schema\/logo\/image\/","url":"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo.png","contentUrl":"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo.png","width":309,"height":122,"caption":"BeBeez"},"image":{"@id":"https:\/\/15.161.165.86\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/posts\/828654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/comments?post=828654"}],"version-history":[{"count":0,"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/posts\/828654\/revisions"}],"wp:attachment":[{"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/media?parent=828654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/categories?post=828654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/tags?post=828654"},{"taxonomy":"settori","embeddable":true,"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/settori?post=828654"},{"taxonomy":"slider_categorie_and_home_page","embeddable":true,"href":"https:\/\/bebeez.it\/en\/wp-json\/wp\/v2\/slider_categorie_and_home_page?post=828654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/mms.businesswire.com\/media\/20221020005060\/en\/1606463\/5\/IIIN.jpg\"){kind=link}