Insteel Industries Files FY24 10-K

TL;DR

Insteel's FY24 10-K is in. Check financials for steel wire biz.

AI Summary

Insteel Industries Inc. filed its 10-K for the fiscal year ending September 28, 2024, reporting on its operations as a manufacturer of steel wire products. The filing details the company's financial performance and strategic positioning within the steel industry. Insteel's primary business involves producing and marketing steel wire reinforcing products for concrete construction and industrial applications.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Insteel's financial health, operational performance, and strategic outlook for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Players & Entities

• INSTEEL INDUSTRIES INC (company) — Filer of the 10-K
• September 28, 2024 (date) — Fiscal year end
• NC (location) — State of incorporation
• MOUNT AIRY (location) — City of business address

FAQ

Key Financial Figures

• $70.0 m — , for a purchase price of approximately $70.0 million, subject to certain adjustments (

Filing Documents

• iiin20240928d_10k.htm (10-K) — 1527KB
• ex_735147.htm (EX-10.4) — 65KB
• ex_735148.htm (EX-10.5) — 51KB
• ex_735149.htm (EX-10.6) — 63KB
• ex_735150.htm (EX-10.7) — 104KB
• ex_735151.htm (EX-10.15) — 37KB
• ex_733116.htm (EX-19.1) — 59KB
• ex_733117.htm (EX-21.1) — 3KB
• ex_733118.htm (EX-23.1) — 2KB
• ex_733119.htm (EX-31.1) — 11KB
• ex_733120.htm (EX-31.2) — 10KB
• ex_733121.htm (EX-32.1) — 4KB
• ex_733122.htm (EX-32.2) — 4KB
• chart01.jpg (GRAPHIC) — 70KB
• 0001437749-24-031988.txt ( ) — 9350KB
• iiin-20240928.xsd (EX-101.SCH) — 73KB
• iiin-20240928_def.xml (EX-101.DEF) — 511KB
• iiin-20240928_lab.xml (EX-101.LAB) — 481KB
• iiin-20240928_pre.xml (EX-101.PRE) — 557KB
• iiin-20240928_cal.xml (EX-101.CAL) — 69KB
• iiin20240928d_10k_htm.xml (XML) — 1539KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 11 Item 1C. Cybersecurity 12 Item 2.

Properties

Properties 12 Item 3.

Legal Proceedings

Legal Proceedings 12 Item 4. Mine Safety Disclosures 13 Information About Our Executive Officers 13 PART II Item 5. Market for the Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 13 Item 6. Reserved 14 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 21 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45 Item 9A.

Controls and Procedures

Controls and Procedures 45 Item 9B. Other Information 47 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 47 PART III Item 10. Directors, Executive Officers and Corporate Governance 47 Item 11.

Executive Compensation

Executive Compensation 47 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 47 Item 13. Certain Relationships and Related Transactions, and Director Independence 47 Item 14. Principal Accounting Fees and Services 47 PART IV Item 15. Exhibits, Financial Statement Schedules 47 Item 16. Form 10-K Summary 48

SIGNATURES

SIGNATURES 51 2 Cautionary Note Regarding Forward-Looking Statements This report contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, particularly in the "Business," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of this report. When used in this report, the words "believes," "anticipates," "expects," "estimates," "appears," "plans," "intends," "may," "should," "could," "outlook," "continues," "remains" and similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, they are subject to a number of risks and uncertainties and involve certain assumptions. Actual results may differ materially from those expressed in forward-looking statements, and we can provide no assurances that such plans, intentions or expectations will be implemented or achieved. Many of these risks and uncertainties are discussed in the "Risk Factors" section of this report and are updated from time to time in our filings with the United States ("U.S.") Securities and Exchange Commission ("SEC"). All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All forward-looking statements speak only to the respective dates on which such statements are made, and we do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law. It is not possible to anticipate and list all risks and uncertainties that may affect our business, future operations o

Business

Item 1. Business General Insteel Industries Inc. ("we," "us," "our," "the Company" or "Insteel") is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. We manufacture and market prestressed concrete strand ("PC strand") and welded wire reinforcement ("WWR"), including ESM, concrete pipe reinforcement ("CPR") and standard welded wire reinforcement ("SWWR"). Our products are sold mainly to manufacturers of concrete products that are used primarily in nonresidential construction. For fiscal 2024, we estimate that approximately 85% of our sales were related to nonresidential construction and 15% were related to residential construction. Insteel is the parent holding company for two wholly-owned subsidiaries, Insteel Wire Products Company ("IWP"), an operating subsidiary, and Intercontinental Metals Corporation, an inactive subsidiary. We were incorporated in 1958 in the State of North Carolina. Our business strategy is focused on: (1) achieving leadership positions in our markets; (2) operating as the lowest cost producer in our industry; and (3) pursuing growth opportunities within our core businesses that further our penetration of the markets we currently serve or expand our footprint. Headquartered in Mount Airy, North Carolina, we operate ten manufacturing facilities that are all located in the U.S. in close proximity to our customers and raw material suppliers. Our growth strategy is focused on organic opportunities as well as strategic acquisitions in existing or related markets that leverage our infrastructure and core competencies in the manufacture and marketing of concrete reinforcing products. On October 21, 2024, the Company, through its wholly-owned subsidiary, IWP, entered into an Asset Purchase Agreement pursuant to which it has acquired substantially all of the assets, other than cash and accounts receivable, of Engineered Wire Products, Inc. ("EWP"), a leading manufacturer of welded wire r

Risk Factors

Item 1A. Risk Factors An investment in our common stock involves risks and uncertainties. You should carefully consider the following risk factors, in addition to the other information contained in this annual report on Form 10-K, before deciding whether an investment in our common stock is suitable for you. The risk factors described below are not the only ones we face. There may be other risks and uncertainties that are currently unknown to us or that we currently consider to be immaterial that could adversely affect our business, results of operations, financial condition and cash flows. Industry Specific Risks Our business is cyclical and can be negatively impacted by prolonged economic downturns, rising interest rates or tightening in the financial markets that reduce the level of construction activity and demand for our products. Demand for our products is cyclical in nature and sensitive to changes in the economy and in the financial markets. Our products are sold primarily to manufacturers of concrete products that are used for a broad range of nonresidential and residential construction applications. Demand for our products is driven by the level of construction act

View Full Filing

View this 10-K filing on SEC EDGAR