INSTEEL INDUSTRIES REPORTS SALES AND EARNINGS
FOR FOURTH QUARTER AND 1991 FISCAL YEAR
MOUNT AIRY, N.C., Nov. 4 /PRNewswire/ -- Insteel Industries, Inc. (AMEX: III), one of the nation's largest wire products manufacturers, today reported revenues of $62,723,000 and net earnings of $1,065,000, or 20 cents per share (primary), for its fourth quarter ended Sept. 30, 1991, compared with revenues of $61,437,000 and net earnings of $210,000, or four cents per share (primary), for the same period last year.
For the 12 months ended Sept. 30, 1991, revenues were $240,803,000 and net earnings were $1,769,000, or 34 cents per share (primary), compared with revenues of $252,127,000 and net earnings of $3,334,000, or 64 cents per share (primary), in fiscal 1990.
"A weak economy and the lack of acceptable productivity improvement at Forbes Steel & Wire made our fourth quarter and our year very difficult," Howard Woltz Jr., chairman, said. "The year, however, has not been without substantial progress in a number of areas. Efforts to enhance product quality and reduce manufacturing costs have been successful at other locations, significantly improving our competitive position. As the economy recovers, we expect to enlarge our market share and increase profitability as a result of actions taken in 1991.
"Despite our efforts, we have not improved the financial performance at Forbes Steel & Wire, and in fact, there was deterioration in the performance of this subsidiary through fiscal 1991. We will continue to restructure the operations of Forbes until we attain the quality and productivity levels we expect from Insteel manufacturing operations.
"Acceptance of the 3-D" building panel is growing. We expect this operation to be profitable in the current year."
Insteel Industries, Inc. produces welded wire reinforcement, high and low carbon industrial wire, galvanized fencing products, nails, specialty wire fabrics, and insulating building panels.
INSTEEL INDUSTRIES, INC.
(In thousands, except per share amounts)
Period ended Three months 12 months
Sept. 30 1991 1990 1991 1990
Revenues $62,723 $61,437 $240,803 $252,127
extraordinary item 1,065 412 1,660 3,536
Extraordinary item -- (202) 109 (202)
Net earnings 1,065 210 1,769 3,334
Earning per share:(A)
Before extraord. item $0.20 $0.08 $0.32 $0.68
Extraord. item -- $(0.04) $.02 $(0.04)
Net earnings per share $0.20 $0.04 $0.34 $0.64
Before extraord. item $0.18 $0.08 $0.32 $0.62
Extraordinary item -- $(0.04) $0.02 $(0.03)
Net earnings per share $0.18 $0.04 $0.34 $0.59
Average shares outstanding(A)
Primary 5,258 5,235 5,248 5,217
Fully diluted(B) 6,756 5,235 5,248 6,798
(A) All share and per share amounts have been adjusted to reflect the 10 percent stock dividends effective April 13, 1990 and April 12, 1991.
(B) The effect of the convertible debentures on fully diluted earnings per share was anti-dilutive for the quarter ended Sept. 30, 1990 and the year ended Sept. 30, 1991. Accordingly, the effect of the conversion has been excluded from the fully diluted calculation for those periods.
/CONTACT: Howard O. Woltz Jr., chairman of Insteel Industries, 919-786-2141/
(III) CO: Insteel Industries, Inc. ST: North Carolina IN: MNG SU: ERN SM-OS -- NY054 -- 0762 11/04/91 13:07 EST