Last10K.com

Insteel Industries Inc (IIIN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, September 29, 2018

Insteel Industries Inc

CIK: 764401 Ticker: IIIN

Exhibit 99.1

 

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

 

 

Contact:

Michael C. Gazmarian

Vice President, CFO and Treasurer

Insteel Industries, Inc.

(336) 786-2141, Ext. 3020

 

INSTEEL INDUSTRIES REPORTS FOURTH QUARTER

AND FISCAL 2018 FINANCIAL RESULTS

 

MOUNT AIRY, N.C., October 18, 2018 – Insteel Industries, Inc. (NasdaqGS:IIIN) today announced financial results for its fourth quarter and fiscal year ended September 29, 2018.

 

Fourth Quarter 2018 Results

 

Net earnings for the fourth quarter of fiscal 2018 increased to $9.4 million, or $0.49 per share, from $3.8 million, or $0.20 per share, in the same period a year ago. Insteel’s fourth-quarter results for fiscal 2018 benefited from higher spreads between selling prices and raw material costs and a lower effective tax rate relative to the prior year quarter.

 

Net sales increased 25.3% to $121.4 million from $96.9 million in the prior year quarter driven by a 27.3% increase in average selling prices partially offset by a 1.6% decrease in shipments. The reduction in shipments was due to a combination of factors, including competitive pricing pressures, operational issues at certain locations, raw material availability and customer inventory rebalancing. On a sequential basis, average selling prices increased 11.3% from the third quarter of fiscal 2018 while shipments decreased 13.9%. Gross margin increased 390 basis points to 16.1% from 12.2% in the prior year quarter due to the higher spreads. Excluding a $0.4 million adjustment to reduce the estimated deferred tax gain that was recorded in the first quarter of fiscal 2018, Insteel’s effective tax rate decreased to 19.3% from 34.9% in the prior year quarter reflecting the reduction in the corporate tax rate under the Tax Cuts and Jobs Act.

 

Operating activities provided $4.1 million of cash in the fourth quarter of fiscal 2018 while using $1.2 million of cash in the prior year quarter primarily due to the increase in earnings. Net working capital used $9.8 million of cash compared to $8.4 million in the prior year quarter.

 

Fiscal 2018 Results

 

Net earnings for fiscal 2018 increased to $36.3 million, or $1.88 per diluted share, from $22.5 million, or $1.17 per diluted share in the prior year. Insteel’s results for fiscal 2018 benefited from a $3.3 million, or $0.17 per share gain on the remeasurement of deferred tax assets and liabilities related to the impact of the new tax law.

 

Net sales increased 16.5% to $453.2 million from $388.9 million in the prior year driven by an 11.5% increase in average selling prices and a 4.6% increase in shipments. Gross margin increased 20 basis points to 15.6% from 15.4% due to higher spreads, and, to a lesser extent, the increase in shipments and lower unit manufacturing costs on higher production volume. Excluding the deferred tax gain, Insteel’s effective tax rate decreased to 22.7% from 34.0% in the prior year.

 

Cash flow from operations in fiscal 2018 increased to $54.0 million from $20.8 million in the prior year primarily due to the relative changes in net working capital and the increase in earnings. Net working capital provided $4.7 million of cash in fiscal 2018 while using $15.5 million in the prior year.

 

(MORE)

 

1373 Boggs Drive, Mount Airy, NC 27030/PHONE: (336) 786-2141/FAX: (336) 786-2144

WWW.INSTEEL.COM

 

The following information was filed by Insteel Industries Inc (IIIN) on Thursday, October 18, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Insteel Industries Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Insteel Industries Inc.

Continue

Assess how Insteel Industries Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Insteel Industries Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
Legal
Other
Filter Subcategory:
All
Cash Flow
Expense
Earnings
Income
Product
Debt
Other
Inside Insteel Industries Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parentheticals)
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parentheticals)
Note 1 - Description Of Business
Note 10 - Employee Benefit Plans
Note 10 - Employee Benefit Plans (Details Textual)
Note 10 - Employee Benefit Plans (Tables)
Note 10 - Employee Benefit Plans - Net Periodic Pension Costs And Related Components (Details)
Note 10 - Employee Benefit Plans - Plan Valuation Assumptions (Details)
Note 10 - Employee Benefit Plans - Projected Benefit Obligation Reconciliation For Delaware Plan (Details)
Note 10 - Employee Benefit Plans - Projected Benefit Obligation Reconciliation For Serp (Details)
Note 10 - Employee Benefit Plans - Projected Benefit Payments (Details)
Note 11 - Commitments And Contingencies
Note 11 - Commitments And Contingencies (Details Textual)
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share (Details Textual)
Note 12 - Earnings Per Share (Tables)
Note 12 - Earnings Per Share - Basic And Diluted Earnings Per Share Attributable To Common Shareholders (Details)
Note 13 - Business Segment Information
Note 13 - Business Segment Information (Details Textual)
Note 13 - Business Segment Information (Tables)
Note 13 - Business Segment Information - Net Sales And Long-Lived Assets By Geographic Region (Details)
Note 13 - Business Segment Information - Net Sales By Product Line (Details)
Note 14 - Related Party Transactions
Note 14 - Related Party Transactions (Details Textual)
Note 15 - Other Financial Data
Note 15 - Other Financial Data (Tables)
Note 15 - Other Financial Data - Balance Sheet Information (Details)
Note 16 - Rights Agreement
Note 16 - Rights Agreement (Details Textual)
Note 17 - Product Warranties
Note 18 - Share Repurchases
Note 18 - Share Repurchases (Details Textual)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (Details Textual)
Note 3 - Recent Accounting Pronouncements
Note 3 - Recent Accounting Pronouncements (Details Textual)
Note 4 - Restructuring Charges
Note 4 - Restructuring Charges (Tables)
Note 4 - Restructuring Charges - Summary Of Restructuring Activities And Associated Costs (Details)
Note 5 - Fair Value Measurements
Note 5 - Fair Value Measurements (Details Textual)
Note 5 - Fair Value Measurements (Tables)
Note 5 - Fair Value Measurements - Fair Value Of Financial Assets (Details)
Note 6 - Intangible Assets
Note 6 - Intangible Assets (Details Textual)
Note 6 - Intangible Assets (Tables)
Note 6 - Intangible Assets - Summary Of Intangible Assets (Details)
Note 7 - Long-Term Debt
Note 7 - Long-Term Debt (Details Textual)
Note 7 - Long-Term Debt (Tables)
Note 7 - Long-Term Debt - Amortization Of Financing Costs (Details)
Note 8 - Stock-Based Compensation
Note 8 - Stock-Based Compensation (Details Textual)
Note 8 - Stock-Based Compensation (Tables)
Note 8 - Stock-Based Compensation - Rsu Activity (Details)
Note 8 - Stock-Based Compensation - Rsu Grants And Compensation Expense (Details)
Note 8 - Stock-Based Compensation - Stock Option Activity (Details)
Note 8 - Stock-Based Compensation - Stock Option Valuation Assumptions (Details)
Note 9 - Income Taxes
Note 9 - Income Taxes (Details Textual)
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes - Components Of Provision For Income Taxes (Details)
Note 9 - Income Taxes - Deferred Tax Asset And Liability Components (Details)
Note 9 - Income Taxes - Income Tax Reconciliation (Details)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Tables)
Schedule Ii - Valuation And Qualifying Accounts - Allowance For Doubtful Accounts (Details)
Significant Accounting Policies (Policies)
Ticker: IIIN
CIK: 764401
Form Type: 10-K Annual Report
Accession Number: 0001437749-18-018853
Submitted to the SEC: Fri Oct 26 2018 2:40:59 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Saturday, September 29, 2018
Industry: Steel Works Blast Furnaces And Rolling And Finishing Mills

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/iiin/0001437749-18-018853.htm