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INSTEEL INDUSTRIES' EARNINGS CONTINUE TO ADVANCE IN FOURTH QUARTER OF 1992 FISCAL YEAR

 INSTEEL INDUSTRIES' EARNINGS CONTINUE TO ADVANCE
 IN FOURTH QUARTER OF 1992 FISCAL YEAR
 MOUNT AIRY, N.C., Nov. 2 /PRNewswire/ -- Insteel Industries, Inc. (AMEX: III), one of the nation's largest wire products manufacturers, today reported continuing improvement in earnings for the final quarter of the 1992 fiscal year.
 In the fourth quarter ended Sept. 30, 1992, revenues were $63,715,000 and net earnings were $1,845,000, or 31 cents per share (primary), compared with revenues of $62,723,000 and net earnings of $1,065,000, or 18 cents per share (primary), for the same period last year. The increase in fourth quarter earnings was partially attributable to the reduction of certain liabilities which, based on events which occurred in the fourth quarter, were determined to be over- accrued. In the 12 months ended Sept. 30, 1992, revenues were $240,527,000 and net earnings were $4,345,000, or 74 cents per share (primary), compared with revenues of $240,803,000 and net earnings of $1,769,000, or 31 cents per share (primary), in fiscal 1991.
 "The fourth quarter results represent Insteel's fifth consecutive quarter in which earnings compared favorably with the same quarter in the previous year," said H.O. Woltz III, president and chief executive officer. "These gains are primarily due to ongoing programs to increase quality and productivity levels at the operations acquired as part of Forbes Steel and Wire. While progress has been made during 1992, the true earnings impact of our consolidation plan will not be realized until we complete the relocation of our Arkansas operations to Gallatin, Tenn., during the third quarter of 1993."
 Commenting on market conditions for the company's wire products, Mr. Woltz said, "Price competition in our markets is intense. Our focus will continue to be on cost reductions and quality improvements within each of our product lines."
 During this past summer, buildings constructed with Insteel 3-D(TM) survived without damage the most severe earthquake recorded in 40 years in Southern California and Hurricane Andrew in the Miami and Homestead areas of Florida, Mr. Woltz reported. In California, four buildings sponsored by the National Science Foundation, located within 70 miles of the epicenters of two earthquakes measuring 6.5 and 6.9 on the Richter scale, survived with no signs of any damage. In Florida, 15 houses sponsored by Habitat for Humanity survived Hurricane Andrew with no structural damage. "The enormous strength of the Insteel 3-D system was dramatically demonstrated during these two natural disasters," Mr. Woltz said. "We expect that the publicity received will accelerate the acceptance of our new product."
 Insteel Industries, Inc. produces welded wire reinforcement, galvanized fencing products, specialty wire fabrics, industrial wire, nails, and the Insteel 3-D panels.
 INSTEEL INDUSTRIES, INC.
 Financial Highlights
 (In thousands, except per-share amounts)
 Periods ended Three Months 12 Months
 Sept. 30 1992 1991 1992 1991
 Revenues $63,715 $62,723 $240,527 $240,803
 Earnings bef. extraord. item 1,845 1,065 4,345 1,660
 Extraordinary item -- -- -- 109
 Net earnings 1,845 1,065 4,345 1,769
 Earnings per share(A):
 Primary:
 Before extraordinary item $0.31 $0.18 $0.74 $0.29
 Extraordinary item -- -- -- 0.02
 Net earnings per share 0.31 0.18 0.74 0.31
 Fully diluted(B):
 Before extraordinary item 0.27 0.17 0.66 0.29
 Extraordinary item -- -- -- 0.02
 Net earnings per share 0.27 0.17 0.66 0.31
 Average shares outstanding(A):
 Primary 5,873 5,784 5,848 5,773
 Fully diluted 7,539 7,432 7,523 5,773
 (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 12 months ended Sept. 30, 1991. Accordingly, the effect of the conversion has been excluded from the fully diluted calculation for that period.
 -0- 11/2/92
 /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


PS-CK -- NY043 -- 1558 11/02/92 11:27 EST
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Date:Nov 2, 1992
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