Printer Friendly

INSTEEL INDUSTRIES TO LIST COMMON STOCK ON NEW YORK STOCK EXCHANGE

INSTEEL INDUSTRIES TO LIST COMMON STOCK ON NEW YORK STOCK EXCHANGE
 MOUNT AIRY, N.C., Nov. 9 /PRNewswire/ -- Insteel Industries, Inc. (AMEX: III), one of the nation's largest wire products manufacturers, has been cleared to list its common shares on the New York Stock Exchange, with trading expected to commence around Dec. 1, 1992 under the ticker symbol III, H.O. Woltz III, president and chief executive officer, announced today.
 "We expect the New York Stock Exchange listing to help broaden and diversify interest in our company," Mr. Woltz said. "This should provide long-term benefit to current shareholders and new investors as well."
 The company has 5.8 million shares outstanding of which about 35 percent are held by institutions. The stock, currently listed on the American Stock Exchange, has traded in a 52-week range of 6-5/8 to 10-3/4. It last traded at the 52-week high on Nov. 3, 1992 and closed at 10-5/8 last Friday.
 Insteel began trading publicly on the NASDAQ National Market System in 1985 and switched to the American Exchange in 1988. On Nov. 6, 1992, one share purchased in the initial public offering at $13.875 had grown in value to 3.62 shares worth $38.46.
 Insteel Industries produces welded wire reinforcement, galvanized fencing products, specialty wire fabrics, industrial wire, nails and Insteel 3-D building panels. For its fiscal year ended Sept. 30, 1992, the company reported sales of $240.5 million, compared with $240.8 million one year earlier, and net earnings of $4.3 million, or $.74 per share (primary), up from $1.8 million, or $.31 per share (primary). Comparative earnings have advanced in each of Insteel's last five reported quarters.
 -0- 11/9/92
 /CONTACT: Howard O. Woltz Jr., chairman of the board of Insteel Industries, Inc., 919-786-2141/
 (III) CO: Insteel Industries, Inc. ST: North Carolina IN: MNG SU:


SH-OS -- NY091 -- 8821 11/09/92 15:08 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 9, 1992
Words:321
Previous Article:OLD DOMINION CAPITAL CREATED TO INVEST IN CELLULAR TELEPHONE SYSTEMS NEW PARTNERSHIP FUNDED AT $23.5 MILLION
Next Article:NATIONAL CITY BANK AND RINI REGO TO HOLD "RACE FOR GROCERIES" FOR SHOPPING SPREE CONTEST WINNERS
Topics:


Related Articles
Insteel Industries Announces Refinancing Plans.
Insteel Industries Announces Shares to be Traded on Pink Sheets.
Insteel Industries Announces Filing of Application to List on the Nasdaq National Market.
Insteel Industries Reports Progress on Refinancing.
Insteel Industries Announces Approval of Listing on Nasdaq National Market.
Insteel Industries Declares Quarterly Cash Dividend.
Insteel Industries Declares Quarterly Cash Dividend.
Insteel Industries Declares Two-For-One Stock Split and Quarterly Cash Dividend.
Insteel Industries Announces Sale of Assets of Industrial Wire Business.
Insteel Industries Announces $25 Million Stock Repurchase Program.

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