INSTEEL INDUSTRIES INC

Listed Company

IIINCIK 0000764401NYSEAcceleratedSteel Works, Blast Furnaces & Rolling & Finishing MillsNorth CarolinaFY ends Oct 3

Period

FY 2025

Revenue

$647.71M

Net Income

$41.02M

Total Assets

$462.65M

Equity

$371.53M

Shares Out

19.43M

Op. Cash Flow

$27.16M

Business

Insteel Industries Inc. manufactures and markets steel wire reinforcing products for concrete construction applications, primarily supplying producers of concrete products. It offers high-strength prestressed concrete strand (PC strand) and a full range of welded wire reinforcement (WWR) products, including engineered made-to-order ESM, concrete pipe reinforcement (CPR) and standard welded wire reinforcement (SWWR). Operations are reported as a single segment and are conducted through operating subsidiary Insteel Wire Products Company, with Intercontinental Metals Corporation inactive. The company sells nationwide across the U.S. and, to a lesser extent, into Canada, Mexico and Central and South America, marketing through employee sales representatives and shipping mainly by truck.

Summary from filing dated 2025-10-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Net sales	648	529	649	827	591
Cost of sales	554	480	584	630	469
Gross profit	93	50	65	197	122
Selling, general and administrative expense	39	30	31	36	32
Restructuring charges, net	2	0	0	—	3
Acquisition costs	325,000	61,000	0	0	0
Other expense (income), net	17,000	37,000	−3	88,000	114,000
Interest expense	52,000	89,000	87,000	91,000	96,000
Interest income	−2	−5	−4	−326,000	−21,000
Earnings before income taxes	54	25	42	162	86
Income taxes	13	6	9	37	19
Net earnings	41	19	32	125	67
Basic (in dollars per share)	2.11	0.99	1.66	6.41	3.44
Diluted (in dollars per share)	2.1	0.99	1.66	6.37	3.41
Cash dividends declared (in dollars per share)	1.12	2.62	2.12	2.12	1.62
Basic (in shares)	19	20	20	20	19
Diluted (in shares)	20	20	20	20	20

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	39	112	126	48	90
Accounts receivable, net	79	58	63	82	68
Inventories	138	89	103	198	79
Other current assets	7	9	6	8	10
Total current assets	262	267	299	335	247
Property, plant and equipment, net	129	126	120	108	106
Intangibles, net	17	5	6	7	8
Goodwill	38	10	10	10	10
Other assets	18	15	13	12	21
Total assets	463	423	448	472	391
Accounts payable	48	37	34	47	49
Accrued expenses	18	10	12	16	19
Total current liabilities	66	47	46	63	69
Other liabilities	25	25	20	19	20
Preferred stock, no par value Authorized shares: 1,000 None Issued	0	0	0	0	0
Common stock, $1 stated value Authorized shares: 50,000 Issued and outstanding shares: 2025, 19,420; 2024, 19,452	19	19	19	19	19
Additional paid-in capital	89	87	84	82	79
Retained earnings	263	245	279	289	206
Accumulated other comprehensive loss	−36,000	−608,000	−283,000	−977,000	−2
Total shareholders equity	372	351	382	390	302
Total liabilities and shareholders equity	463	423	448	472	391

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Depreciation and amortization	18	15	13	14	15
Amortization of capitalized financing costs	50,000	50,000	57,000	65,000	65,000
Stock-based compensation expense	3	3	2	2	2
Deferred income taxes	−748,000	4	238,000	327,000	−118,000
Asset impairment charges	1	0	0	0	1
Loss (gain) on sale and disposition of property, plant and equipment	127,000	99,000	−3	−480,000	125,000
Increase in cash surrender value of life insurance policies over premiums paid	−452,000	−2	−531,000	0	−2
Accounts receivable, net	−20	5	18	−14	−14
Inventories	−36	14	94	−119	−10
Accounts payable and accrued expenses	19	−639,000	−17	−2	12
Other changes	2	−1	2	−2	−900,000
Total adjustments	−14	39	110	−119	3
Net cash provided by operating activities	27	58	142	6	70
Acquisition of businesses	−72	0	0	0	0
Capital expenditures	−8	−19	−31	−16	−18
Increase in cash surrender value of life insurance policies	−581,000	−517,000	−476,000	1	−416,000
Proceeds from sale of assets held for sale	5	0	0	7	79,000
Proceeds from sale of property, plant, and equipment	107,000	4,000	10	0	—
Proceeds from surrender of life insurance policies	91,000	25,000	358,000	110,000	32,000
Net cash used for investing activities	−76	−20	−21	−6	−18
Proceeds from long-term debt	291,000	298,000	323,000	266,000	297,000
Principal payments on long-term debt	−291,000	−298,000	−323,000	−266,000	−297,000
Cash dividends paid	−22	−51	−41	−41	−31
Cash received from exercise of stock options	62,000	428,000	239,000	2	1
Financing costs	0	0	−177,000	0	0
Payment of employee tax withholdings related to net share transactions	−425,000	−352,000	−432,000	−483,000	−665,000
Repurchases of common stock	−2	−2	−2	−1	0
Net cash used for financing activities	−24	−53	−44	−41	−31
Net (decrease) increase in cash and cash equivalents	−73	−14	77	−42	21
Income taxes, net	11	3	8	41	17
Purchases of property, plant and equipment in accounts payable	2	2	1	946,000	501,000
Restricted stock units and stock options surrendered for withholding taxes payable	425,000	352,000	432,000	483,000	665,000

Filings

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