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INSTEEL INDUSTRIES EARNINGS CONTINUE TO INCREASE IN FISCAL THIRD QUARTER AND FIRST NINE MONTHS

 INSTEEL INDUSTRIES EARNINGS CONTINUE TO INCREASE
 IN FISCAL THIRD QUARTER AND FIRST NINE MONTHS
 MOUNT AIRY, N.C., July 27 /PRNewswire/ -- Insteel Industries, Inc. (AMEX: III), one of the nation's largest producers of wire and wire products, increased its earnings in the third quarter and first nine months of its 1992 fiscal year, H.O. Woltz III, president and chief executive officer, reported today.
 For the three months ended June 30, 1992, revenues were $60 million and net income was $1,384,000, or 24 cents per share (primary). This compares with revenues of $66.3 million and net income of $986,000, or 17 cents per share (primary), in the same period of 1991. For the nine months, revenues totaled $176.8 million and income was $2.5 million, or 43 cents per share (primary), compared with revenues of $178.1 million and income of $704,000, or 12 cents per share (primary), one year earlier.
 "While revenues decreased somewhat, our earnings continue to improve quarter by quarter," Woltz said. "The improvement in results was limited, however, by intense price competition in most of our product lines.
 "We have been achieving tangible gains in operating efficiency through plant consolidation and improved management at the plant level. In the third quarter, for the first time, profitability was attained at the Forbes Delaware plant and in the Forbes Steel & Wire operations overall. These improvements in efficiency should contribute to higher earnings in the fourth quarter and be substantially beneficial to Insteel's fiscal 1993 results."
 Insteel Industries, Inc., one of the nation's largest wire products manufacturers, produces welded wire reinforcement, industrial wire, galvanized fencing products, nails, specialty wire fabrics and the Insteel 3-D building panels.
 INSTEEL INDUSTRIES, INC.
 Financial Highlights
 (In thousands, except per-share amounts)
 Three Months Nine Months
 Periods ended June 30 1992 1991 1992 1991
 Revenues $60,062 $66,304 $176,812 $178,080
 Earnings bef. extraord. item 1,384 986 2,500 595
 Extraordinary item -- -- -- 109
 Net earnings 1,384 986 2,500 704
 Earnings per share(A)
 Primary:
 Before extraordinary item $0.24 $0.17 $0.43 $0.10
 Extraordinary item -- -- -- 0.02
 Net earnings per share 0.24 0.17 0.43 0.12
 Fully diluted(B):
 Before extraordinary item 0.21 0.15 0.40 0.10
 Extraordinary item -- -- -- 0.02
 Net earnings per share 0.21 0.15 0.40 0.12
 Average shares outstanding(A):
 Primary 5,872 5,773 5,840 5,772
 Fully diluted 7,523 7,432 7,517 5,772
 (A) -- All share and per-share amounts have been adjusted to reflect the 10 percent stock dividends effective April 12, 1991, and April 10, 1992.
 (B) -- The effect of the convertible debentures on fully diluted earnings per share was anti-dilutive for the nine months ended June 30, 1991. Accordingly, the effect of the conversion has been excluded from the fully diluted calculation for that period.
 -0- 7/27/92
 /CONTACT: Howard O. Woltz Jr., chairman of the board of Insteel Industries, 919-786-2141/
 (III) CO: Insteel Industries Inc. ST: North Carolina IN: MNG SU: ERN


SM-CK -- NY067 -- 3516 07/27/92 12:16 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
Words:522
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