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INSTEEL INDUSTRIES' PROFITS ADVANCE IN FISCAL FIRST QUARTER

     INSTEEL INDUSTRIES' PROFITS ADVANCE IN FISCAL FIRST QUARTER
    MOUNT AIRY, N.C., Jan. 28 /PRNewswire/ -- Insteel Industries, Inc. (AMEX: III), one of the nation's largest wire products manufacturers, increased its earnings in the 1992 fiscal first quarter on relatively unchanged revenues, Howard O. Woltz, Jr., chairman, reported today.
    For the three months ended Dec. 31, 1991, revenues were $53.7 million and net earnings were $434,000, or eight cents per share.  In the same period of fiscal 1991, revenues were $53.3 million and net earnings were $150,000, or three cents per share.  The year-earlier earnings included an extraordinary item of $109,000, or two cents per share, for early extinguishment of debt.
    "Each of our wire products subsidiaries improved performance as compared to  undertaken there.  Insteel Construction Systems, which produces the Insteel 3-D building panel, continues to incur losses at about the level of last year.  We are optimistic, however, about the near term prospects for this operation."
    "Even though most of Insteel's markets are weak, we believe our performance will continue to improve."
    Insteel Industries, Inc., one of the nation's largest wire products manufacturers, produces welded wire reinforcement, high and low carbon industrial wire, galvanized fencing products, nails, specialty wire fabrics and the Insteel 3-D building panel.
                        INSTEEL INDUSTRIES, INC.
                           Financial Highlights
                 (In thousands, except per share amounts)
    Three months ended                               Year
      Dec. 31                                   1991       1990
    Revenues                                  $53,707    $53,323
    Earnings before extraordinary gain            434         41
    Extraordinary item-early
      extinguishment of debt                       --        109
    Net earnings                                  434        150
    Earnings per share(A):
      Primary:
        Before extraordinary item               $0.08      $0.01
        Extraordinary item-early
          extinguishment of debt                   --       0.02
        Net earnings per share                  $0.08      $0.03
      Fully diluted(B):
          Before extraordinary item             $0.08      $0.01
          Extraordinary item-early
            extinguishment of debt                 --       0.02
        Net earnings per share                  $0.08      $0.03
    Average shares outstanding(A):
      Primary                                   5,265      5,249
      Fully diluted(B)                          5,265      5,249
    (A)  All share and per share amounts have been adjusted to reflect the 10 percent stock dividend effective April 12, 1991.
    (B)  The effect of the convertible debentures on fully diluted earnings per share was anti-dilutive for the quarters ended Dec. 31, 1990 and Dec. 31, 1991.  Accordingly, the effect of the conversion has been excluded from the fully diluted calculation for those quarters.
    -0-        1/28/91
    /CONTACT:  Howard O. Woltz, Jr., chairman of Insteel Industries, 919-786-2141/ CO:  Insteel Industries Inc. ST:  North Carolina IN:  MNG SU:  ERN SM-TM -- NY052 -- 4260 01/28/92 12:47 EST
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Publication:PR Newswire
Date:Jan 28, 1992
Words:417
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