Insteel Industries Files 8-K on Exit Costs
Ticker: IIIN · Form: 8-K · Filed: Nov 18, 2024 · CIK: 764401
| Field | Detail |
|---|---|
| Company | Insteel Industries INC (IIIN) |
| Form Type | 8-K |
| Filed Date | Nov 18, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.9 million, $0.6 million, $0.2 million, $0.5 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: exit-costs, disposal-activities, 8-K
TL;DR
Insteel Industries filed an 8-K on 11/18/24 about exit/disposal costs.
AI Summary
On November 18, 2024, Insteel Industries Inc. filed an 8-K report detailing costs associated with exit or disposal activities. The filing also includes other events and financial statements and exhibits. The company is incorporated in North Carolina and its principal executive offices are located at 1373 Boggs Drive, Mount Airy, NC.
Why It Matters
This filing indicates potential restructuring or divestiture activities within Insteel Industries, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — Disposal activities can signal financial distress or strategic shifts that carry inherent business risks.
Key Players & Entities
- Insteel Industries Inc. (company) — Registrant
- North Carolina (location) — State of Incorporation
- 1373 Boggs Drive, Mount Airy, North Carolina 27030 (location) — Principal Executive Offices
FAQ
What specific activities are associated with the exit or disposal costs mentioned in the filing?
The filing does not specify the exact nature of the exit or disposal activities, only that costs are associated with them.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on November 18, 2024.
What is Insteel Industries Inc.'s fiscal year end?
Insteel Industries Inc.'s fiscal year end is September 28.
What is the IRS Employer Identification Number for Insteel Industries Inc.?
The IRS Employer Identification Number for Insteel Industries Inc. is 56-0674867.
What is the SIC code for Insteel Industries Inc.?
The Standard Industrial Classification (SIC) code for Insteel Industries Inc. is 3310, which corresponds to STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS.
Filing Stats: 840 words · 3 min read · ~3 pages · Grade level 11.7 · Accepted 2024-11-18 16:06:06
Key Financial Figures
- $1.9 million — a restructuring charge of approximately $1.9 million related to the facility's closure, whic
- $0.6 million — the facility's closure, which includes $0.6 million for equipment relocation costs, $0.2 mi
- $0.2 million — million for equipment relocation costs, $0.2 million for employee separation costs, $0.5 mil
- $0.5 million — million for employee separation costs, $0.5 million for asset impairment and $0.6 million f
Filing Documents
- iiin20241116_8k.htm (8-K) — 27KB
- ex_749200.htm (EX-99.1) — 8KB
- image1.jpg (GRAPHIC) — 8KB
- 0001437749-24-035612.txt ( ) — 178KB
- iiin-20241118.xsd (EX-101.SCH) — 3KB
- iiin-20241118_def.xml (EX-101.DEF) — 11KB
- iiin-20241118_lab.xml (EX-101.LAB) — 15KB
- iiin-20241118_pre.xml (EX-101.PRE) — 11KB
- iiin20241116_8k_htm.xml (XML) — 3KB
05. Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities The information set forth under Item 8.01 below is hereby incorporated into this Item 2.05 by reference.
01. Other Events
Item 8.01. Other Events On November 18, 2024, Insteel Industries Inc. issued a News Release announcing that its wholly-owned subsidiary, Insteel Wire Products Company (together referred to as "Insteel" or the "Company"), will be closing its facility in Warren, Ohio, and moving the manufacturing to the Company's remaining welded wire reinforcement production facilities. The consolidation of the Company's welded wire manufacturing operations is expected to result in the elimination of up to 35 positions at the Warren facility. It is anticipated that operations at the Warren facility will cease by the end of November 2024. Insteel expects to incur a restructuring charge of approximately $1.9 million related to the facility's closure, which includes $0.6 million for equipment relocation costs, $0.2 million for employee separation costs, $0.5 million for asset impairment and $0.6 million for other closure-related costs. Insteel expects that the restructuring charges, other than asset impairment, will consist of cash expenditures, which are anticipated to begin in the first quarter of fiscal 2024 and continue through the remainder of the fiscal year. Cautionary Note Regarding Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this Current Report, the words "believes," "anticipates," "expects," "estimates," "appears," "plans," "intends," "may," "should," "could" 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 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 detail and ar
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits Exhibit 99.1 News Release dated November 18, 2024 announcing the closure of the Warren, Ohio Facility. Exhibit 104 Cover Page Interactive Data File (embedded within Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. INSTEEL INDUSTRIES, INC. By: /s/ Elizabeth C. Southern Name: Elizabeth C. Southern Title: Vice President Administration, Secretary and Chief Legal Officer Date: November 18, 2024