Insteel Industries Inc
NYSE:IIIN

  • LAST PRICE
    33.0600
  • TODAY'S CHANGE (%)
    0.7400 (2.2896%)
  • Bid / Lots
    32.1500/ 1
  • Ask / Lots
    34.7500/ 1
  • Open / Previous Close
    32.9500 / 32.3200
  • Day Range
    32.9200
    33.2600
  • 52 Week Range
    26.8650
    39.3800
  • Volume
    68,969

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  • Apr 25, 2024

      Show headlines and story abstract

    • 2:12PM ET on Thursday Apr 25, 2024 by Dow Jones
      Companies Mentioned: IIIN

      Insteel Industries, Inc. ( IIIN ) is currently at $31.57, down $2.55 or 7.47%

      --Would be lowest close since Nov. 13, 2023, when it closed at $30.13

      --On pace for largest percent decrease since Jan. 19, 2023, when it fell 13.34%

    • 6:43AM ET on Thursday Apr 25, 2024 by MT Newswires
      Companies Mentioned: IIIN
      06:43 AM EDT, 04/25/2024 (MT Newswires) -- ...

    • 6:30AM ET on Thursday Apr 25, 2024 by Business Wire
      Companies Mentioned: IIIN

      Insteel Industries Inc. (NYSE: IIIN) ("Insteel" or the "Company"), the largest manufacturer of steel wire reinforcing products for concrete construction applications in the United States, today announced financial results for its second quarter of fiscal 2024 ended March 30, 2024.

    • 6:30AM ET on Thursday Apr 25, 2024 by Dow Jones
      Companies Mentioned: IIIN
      ------- ------- ------- ------- Gross profit 15,715 13,262 21,985 31,048 Selling, general and administrative expense 7,875 7,506 14,242 14,632 Other expense (income), net 9 (57) (13) (3,399) Interest expense 28 23 57 47 Interest income (1,147) (747) (2,806) (1,187) ------- ------- ------- ------- Earnings before income taxes 8,950 6,537 10,505 20,955 Income taxes 2,011 1,436 2,434 4,731 ------- ------- ------- ------- Net earnings $ 6,939 $ 5,101 $ 8,071 $ 16,224 ======= ======= ======= ======= Net earnings per share: Basic $ 0.36 $ 0.26 $ 0.41 $ 0.83 Diluted 0.35 0.26 0.41 0.83 Weighted average shares outstanding: Basic 19,508 19,503 19,503 19,514 Diluted 19,594 19,562 19,584 19,573 Cash dividends declared per share $ 0.03 $ 0.03 $ 2.56 $ 2.06 INSTEEL INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) (Unaudited) -------------------- --------------- December September March 30, 30, 30, April 1, 2024 2023 2023 2023 ------- ------- ------- -------- Assets Current assets: Cash and cash equivalents $ 83,945 $ 85,615 $125,670 $ 80,156 Accounts receivable, net 55,549 43,354 63,424 65,874 Inventories 92,530 94,142 103,306 136,492 Other current assets 7,675 8,706 6,453 5,357 ------- ------- ------- -------- Total current assets 239,699 231,817 298,853 287,879 Property, plant and equipment, net 127,534 129,300 120,014 111,946 Intangibles, net 5,716 5,903 6,090 6,465 Goodwill 9,745 9,745 9,745 9,745 Other assets 14,533 13,803 12,811 12,189 ------- ------- ------- -------- Total assets $397,227 $390,568 $447,513 $ 428,224 ======= ======= ======= ======== Liabilities and shareholders' equity Current liabilities: Accounts payable $ 25,409 $ 23,852 $ 34,346 $ 36,936 Accrued expenses 7,975 9,585 11,809 8,153 ------- ------- ------- -------- Total current liabilities 33,384 33,437 46,155 45,089 Other liabilities 23,222 23,536 19,853 18,157 Commitments and contingencies Shareholders' equity: Common stock 19,467 19,448 19,454 19,441 Additional paid-in capital 85,332 84,425 83,832 82,708 Retained earnings 236,105 230,005 278,502 263,806 Accumulated other comprehensive loss (283) (283) (283) (977) ------- ------- ------- -------- Total shareholders' equity 340,621 333,595 381,505 364,978 ------- ------- ------- -------- Total liabilities and shareholders' equity $397,227 $390,568 $447,513 $ 428,224 ======= ======= ======= ======== INSTEEL INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended Six Months Ended ------------------- ---------------------- March 30, April 1, March 30, April 1, 2024 2023 2024 2023 ------- ------ ------- ------- Cash Flows From Operating Activities: Net earnings $ 6,939 $ 5,101 $ 8,071 $ 16,224 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 3,866 3,223 7,575 6,573 Amortization of capitalized financing costs 13 16 26 32 Stock-based compensation expense 997 983 1,395 1,113 Deferred income taxes (579) (101) 2,769 (1,479) Loss (gain) on sale and disposition of property, plant and equipment 24 - 24 (3,324) Increase in cash surrender value of life insurance policies over premiums paid (383) (369) (1,058) (732) Net changes in assets and liabilities: Accounts receivable, net (12,195) 2,915 7,875 15,772 Inventories 1,612 34,693 10,776 61,162 Accounts payable and accrued expenses 62 2,069 (12,859) (19,451) Other changes 1,021 (1,965) (1,383) 3,681 ------- ------ ------- ------- Total adjustments (5,562) 41,464 15,140 63,347 ------- ------ ------- ------- Net cash provided by operating activities 1,377 46,565 23,211 79,571 ------- ------ ------- ------- Cash Flows From Investing Activities: Capital expenditures (1,957) (7,200) (14,225) (15,400) Increase in cash surrender value of life insurance policies (247) (246) (369) (327) Proceeds from sale of property, plant and equipment - - 3 9,920 Proceeds from surrender of life insurance policies - 343 5 343 ------- ------ ------- ------- Net cash used for investing activities (2,204) (7,103) (14,586) (5,464) ------- ------ ------- ------- Cash Flows From Financing Activities: Proceeds from long-term debt 67 75 134 142 Principal payments on long-term debt (67) (75) (134) (142) Cash dividends paid (584) (584) (49,775) (40,085) Payment of employee tax withholdings related to net share transactions (141) (187) (161) (187) Cash received from exercise of stock options 185 - 428 94 Financing costs - (164) - (164) Repurchases of common stock (303) (1,009) (842) (1,925) ------- ------ ------- ------- Net cash used for financing activities (843) (1,944) (50,350) (42,267) ------- ------ ------- ------- Net (decrease) increase in cash and cash equivalents (1,670) 37,518 (41,725) 31,840 Cash and cash equivalents at beginning of period 85,615 42,638 125,670 48,316 ------- ------ ------- ------- Cash and cash equivalents at end of period $ 83,945 $80,156 $ 83,945 $ 80,156 ======= ====== ======= ======= Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes, net $ 716 $ 3,945 $ 724 $ 4,132 Non-cash investing and financing activities: Purchases of property, plant and equipment in accounts payable 1,824 2,123 1,824 2,123 Restricted stock units and stock options surrendered for withholding taxes payable 141 187 161 187

    • 6:30AM ET on Thursday Apr 25, 2024 by Dow Jones
      Companies Mentioned: IIIN
      Cost of sales 111,679 145,789 227,134 294,902 ------- ------- ------- ------- Gross profit 15,715 13,262 21,985 31,048 Selling, general and administrative expense 7,875 7,506 14,242 14,632 Other expense (income), net 9 (57) (13) (3,399) Interest expense 28 23 57 47 Interest income (1,147) (747) (2,806) (1,187) ------- ------- ------- ------- Earnings before income taxes 8,950 6,537 10,505 20,955 Income taxes 2,011 1,436 2,434 4,731 ------- ------- ------- ------- Net earnings $ 6,939 $ 5,101 $ 8,071 $ 16,224 ======= ======= ======= ======= Net earnings per share: Basic $ 0.36 $ 0.26 $ 0.41 $ 0.83 Diluted 0.35 0.26 0.41 0.83 Weighted average shares outstanding: Basic 19,508 19,503 19,503 19,514 Diluted 19,594 19,562 19,584 19,573 Cash dividends declared per share $ 0.03 $ 0.03 $ 2.56 $ 2.06 INSTEEL INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) (Unaudited) -------------------- --------------- December September March 30, 30, 30, April 1, 2024 2023 2023 2023 ------- ------- ------- -------- Assets Current assets: Cash and cash equivalents $ 83,945 $ 85,615 $125,670 $ 80,156 Accounts receivable, net 55,549 43,354 63,424 65,874 Inventories 92,530 94,142 103,306 136,492 Other current assets 7,675 8,706 6,453 5,357 ------- ------- ------- -------- Total current assets 239,699 231,817 298,853 287,879 Property, plant and equipment, net 127,534 129,300 120,014 111,946 Intangibles, net 5,716 5,903 6,090 6,465 Goodwill 9,745 9,745 9,745 9,745 Other assets 14,533 13,803 12,811 12,189 ------- ------- ------- -------- Total assets $397,227 $390,568 $447,513 $ 428,224 ======= ======= ======= ======== Liabilities and shareholders' equity Current liabilities: Accounts payable $ 25,409 $ 23,852 $ 34,346 $ 36,936 Accrued expenses 7,975 9,585 11,809 8,153 ------- ------- ------- -------- Total current liabilities 33,384 33,437 46,155 45,089 Other liabilities 23,222 23,536 19,853 18,157 Commitments and contingencies Shareholders' equity: Common stock 19,467 19,448 19,454 19,441 Additional paid-in capital 85,332 84,425 83,832 82,708 Retained earnings 236,105 230,005 278,502 263,806 Accumulated other comprehensive loss (283) (283) (283) (977) ------- ------- ------- -------- Total shareholders' equity 340,621 333,595 381,505 364,978 ------- ------- ------- -------- Total liabilities and shareholders' equity $397,227 $390,568 $447,513 $ 428,224 ======= ======= ======= ======== INSTEEL INDUSTRIES INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended Six Months Ended ------------------- ---------------------- March 30, April 1, March 30, April 1, 2024 2023 2024 2023 ------- ------ ------- ------- Cash Flows From Operating Activities: Net earnings $ 6,939 $ 5,101 $ 8,071 $ 16,224 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 3,866 3,223 7,575 6,573 Amortization of capitalized financing costs 13 16 26 32 Stock-based compensation expense 997 983 1,395 1,113 Deferred income taxes (579) (101) 2,769 (1,479) Loss (gain) on sale and disposition of property, plant and equipment 24 - 24 (3,324) Increase in cash surrender value of life insurance policies over premiums paid (383) (369) (1,058) (732) Net changes in assets and liabilities: Accounts receivable, net (12,195) 2,915 7,875 15,772 Inventories 1,612 34,693 10,776 61,162 Accounts payable and accrued expenses 62 2,069 (12,859) (19,451) Other changes 1,021 (1,965) (1,383) 3,681 ------- ------ ------- ------- Total adjustments (5,562) 41,464 15,140 63,347 ------- ------ ------- ------- Net cash provided by operating activities 1,377 46,565 23,211 79,571 ------- ------ ------- ------- Cash Flows From Investing Activities: Capital expenditures (1,957) (7,200) (14,225) (15,400) Increase in cash surrender value of life insurance policies (247) (246) (369) (327) Proceeds from sale of property, plant and equipment - - 3 9,920 Proceeds from surrender of life insurance policies - 343 5 343 ------- ------ ------- ------- Net cash used for investing activities (2,204) (7,103) (14,586) (5,464) ------- ------ ------- ------- Cash Flows From Financing Activities: Proceeds from long-term debt 67 75 134 142 Principal payments on long-term debt (67) (75) (134) (142) Cash dividends paid (584) (584) (49,775) (40,085) Payment of employee tax withholdings related to net share transactions (141) (187) (161) (187) Cash received from exercise of stock options 185 - 428 94 Financing costs - (164) - (164) Repurchases of common stock (303) (1,009) (842) (1,925) ------- ------ ------- ------- Net cash used for financing activities (843) (1,944) (50,350) (42,267) ------- ------ ------- ------- Net (decrease) increase in cash and cash equivalents (1,670) 37,518 (41,725) 31,840 Cash and cash equivalents at beginning of period 85,615 42,638 125,670 48,316 ------- ------ ------- ------- Cash and cash equivalents at end of period $ 83,945 $80,156 $ 83,945 $ 80,156 ======= ====== ======= ======= Supplemental Disclosures of Cash Flow Information: Cash paid during the period for: Income taxes, net $ 716 $ 3,945 $ 724 $ 4,132 Non-cash investing and financing activities: Purchases of property, plant and equipment in accounts payable 1,824 2,123 1,824 2,123 Restricted stock units and stock options surrendered for withholding taxes payable 141 187 161 187

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