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INSTEEL INDUSTRIES RETURNS TO PROFITABLE RESULTS IN FISCAL 1992 SECOND QUARTER AND FIRST HALF

 INSTEEL INDUSTRIES RETURNS TO PROFITABLE RESULTS
 IN FISCAL 1992 SECOND QUARTER AND FIRST HALF
 MOUNT AIRY, N.C., April 23 /PRNewswire/ -- Insteel Industries, Inc. (AMEX: III), one of the nation's largest producers of wire and wire products, today reported a continuing improvement in earnings for the three months and six months ended March 31, 1992.
 For the three months ended March 31, 1992, Insteel had revenues of $63.0 million and net earnings of $682,000, or 12 cents per share (primary). This compares with revenues of $58.5 million and a net loss of $432,000, or 7 cents a share (primary) the previous year. For the six months ended March 31, 1992, revenues totaled $116.8 million and net earnings were $1.1 million, or 19 cents per share. In the comparable period of 1991, revenues were $111.8 million and there was a net loss of $282,000, or 5 cents per share (primary) after an extraordinary gain of $109,000, or 2 cents per share (primary). All per share amounts have been adjusted for the recent 10 percent stock dividend.
 H. O. Woltz III, president and chief executive officer, stated, "During the second quarter, quality and productivity improvements at both Forbes Steel & Wire plants resulted in substantially reduced losses as compared to prior periods. As a part of our continuing program to attain profitability at Forbes, we announced in March that the agricultural products operation currently located at the Forbes, Ark., plant will be relocated to Insteel's Gallatin, Tenn., plant. This relocation will occur in early 1993 at which time the Arkansas plant will be closed. The concrete reinforcing operations are being shifted from the Arkansas plant to Insteel's Dayton, Texas, facility. The expansion required to accommodate the relocated equipment at Dayton is nearing completion and startup will occur in May. The previously announced relocation of all Federal Nail operations to Andrews, S.C., is proceeding on schedule and on budget.
 "Activity has increased in most of our markets reflecting both seasonal improvement and a modest pickup in the economy. Our Insteel 3-D(TM) building panel continues to gain acceptance in a wide variety of applications, but sales continue below a break-even point. With the business environment continuing to improve, considerably higher earnings are anticipated in the last half of the year as compared with the first six months."
 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 panel.
 INSTEEL INDUSTRIES, INC.
 Financial Highlights
 (In thousands, except per share amounts)
 Periods ended Three Months Six Months
 March 31 1992 1991 1992 1991
 Revenues $63,043 $58,453 $116,750 $111,776
 Earnings (loss) before
 extraordinary item 682 (432) 1,116 (391)
 Extraordinary item -- -- -- 109
 Net earnings (loss) $ 682 $ (432) $ 1,116 $ (282)
 Earnings (loss) per share (A):
 Primary:
 Before extraordinary item $0.12 $(0.07) $0.19 $(0.07)
 Extraordinary item -- -- -- 0.02
 Net earnings (loss) per share 0.12 (0.07) 0.19 (0.05)
 Fully diluted: (B)
 Before extraordinary item 0.11 (0.07) 0.19 (0.07)
 Extraordinary item -- -- -- 0.02
 Net earnings (loss) per share $0.11 $(0.07) $0.19 $(0.05)
 Average shares outstanding (A):
 Primary 5,855 5,783 5,823 5,772
 Fully diluted 7,525 5,784 7,514 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 quarter and six months ended March 31, 1991. Accordingly, the effect of the conversion has been excluded from the fully diluted calculation for those periods.
 -0- 4/23/92
 /CONTACT: Howard O. Woltz Jr., chairman of Insteel, 919-786-2141/
 (III) CO: Insteel Industries, Inc. ST: North Carolina IN: MNG SU: ERN


GK-OS -- NY039 -- 1758 04/23/92 10:26 EDT
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Date:Apr 23, 1992
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