Printer Friendly

INSTEEL INDUSTRIES REPORTS SALES AND EARNINGS FOR FOURTH QUARTER AND 1991 FISCAL YEAR

            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.
                          Financial Highlights
                 (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
    Earnings before
     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)
     Primary:
     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
    Fully diluted(B)
     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.
    -0-              11/4/91
    /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
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 4, 1991
Words:570
Previous Article:NORTHWEST AIRLINES POSTS $105 MILLION PROFIT FOR THIRD QUARTER
Next Article:GEICO CORPORATION REPORTS 1991 THIRD QUARTER RESULTS
Topics:


Related Articles
INSTEEL INDUSTRIES' PROFITS ADVANCE IN FISCAL FIRST QUARTER
INSTEEL INDUSTRIES EARNINGS CONTINUE TO INCREASE IN FISCAL THIRD QUARTER AND FIRST NINE MONTHS
INSTEEL INDUSTRIES' EARNINGS CONTINUE TO ADVANCE IN FOURTH QUARTER OF 1992 FISCAL YEAR
INSTEEL INDUSTRIES REPORTS THIRD-QUARTER FINANCIAL RESULTS
INSTEEL INDUSTRIES REPORTS 4TH-QUARTER AND YEAR-END FINANCIAL RESULTS
INSTEEL INDUSTRIES' 4TH-QUARTER EARNINGS TO BE BELOW EXPECTATIONS
INSTEEL INDUSTRIES REPORTS THIRD-QUARTER FINANCIAL RESULTS
Insteel Industries Reports Fourth-Quarter Financial Results
Insteel Industries Reports Fourth-Quarter Financial Results
Insteel Industries Reports Fourth-Quarter Financial Results.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters