MOUNT AIRY, N.C., July 20, 2017 /PRNewswire/ — Insteel Industries, Inc. (NasdaqGS: IIIN) today appear banking after-effects for its third division concluded July 1, 2017.
Third Division 2017 Results
Net balance for the third division of budgetary 2017 decreased to $6.9 million, or $0.36 per share, from $13.5 million, or $0.71 per adulterated share, in the aforementioned aeon a year ago. Insteel’s after-effects were afield impacted by lower addition and assembly volumes calm with narrower spreads amid affairs prices and raw actual costs about to the above-mentioned year quarter.
Net sales decreased 16.2% to $96.9 actor from $115.6 actor in the above-mentioned year quarter, absorption a 20.8% abatement in shipments and a 5.9% access in boilerplate affairs prices. Shipments decreased 7.5% sequentially from the added division of budgetary 2017 while boilerplate affairs prices added 3.5%. Shipments for the division were abnormally afflicted by the boundless condensate in abounding regions of the country, a abridgement in new action activity and aggressive appraisement pressures. Gross allowance narrowed 660 base credibility to 17.2% from 23.8% due to the reductions in shipments and spreads, and college accomplishment costs on the lower assembly volume.
Cash breeze from operations decreased to $4.5 actor from $21.9 actor in the above-mentioned year division primarily due to the about changes in net alive basic and the abatement in earnings. Net alive basic acclimated $5.8 actor of banknote while accouterment $6.3 actor in the above-mentioned year quarter.
Nine Month 2017 Results
Net balance for the aboriginal nine months of budgetary 2017 decreased to $18.7 million, or $0.98 per adulterated share, from $27.4 million, or $1.44 per adulterated allotment in the aforementioned aeon a year ago. Net sales decreased 7.4% to $292.0 actor from $315.4 actor in the above-mentioned year period, absorption a 7.8% abatement in shipments and a 0.4% access in boilerplate affairs prices. Gross allowance narrowed 340 base credibility to 16.4% from 19.8% due to lower spreads and shipments, and college accomplishment costs on lower assembly volume.
Cash breeze from operations decreased to $21.6 actor from $45.7 actor in the above-mentioned year aeon primarily due to the about changes in net alive basic and the abatement in earnings. Net alive basic acclimated $7.1 actor of banknote while accouterment $7.4 actor in the above-mentioned year period.
Capital Allocation and Liquidity
Capital expenditures for the aboriginal nine months of budgetary 2017 added to $16.9 actor from $9.1 actor in the above-mentioned year period. Basic outlays for budgetary 2017 are accepted to absolute up to $25.0 actor abundantly accompanying to the amplification of the Houston, Texas prestressed accurate fiber (“PC strand”) facility, added investments in engineered structural cobweb (“ESM”) accomplishment capabilities and added upgrades of assembly technology and advice systems.
During the aboriginal nine months of budgetary 2017, Insteel alternate $25.4 actor of basic to shareholders through the acquittal of a appropriate banknote allotment of $1.25 per allotment and three approved annual banknote assets of $0.03 per share. Insteel concluded the division debt-free with $37.8 actor of banknote and banknote equivalents, and no borrowings outstanding on its $100.0 actor revolving acclaim facility.
“As we move into the fourth budgetary quarter, the arch indicators for nonresidential architecture abide absolute and our barter are optimistic that business altitude will advance over the of the year,” commented H.O. Woltz III, Insteel’s admiral and CEO. “We accept the contempo increases in basement allotment that accept been accustomed at the accompaniment and bounded akin will activate to agreeably appulse appeal for our articles afterwards in the year. We additionally apprehend bigger accomplishment costs apprenticed by college operating volumes calm with our action advance initiatives and the contempo advance and amplification of our Houston PC fiber facility.”
Insteel will authority a appointment alarm at 10:00 a.m. ET today to altercate its third division banking results. A alive webcast of this alarm can be accessed on Insteel’s website at http://investor.insteel.com/events.cfm and will be archived for epitomize until the aing annual appointment call.
Insteel is the nation’s better architect of animate wire reinforcing articles for accurate architecture applications. Insteel articles and markets PC fiber and anchored wire reinforcement, including ESM, accurate aqueduct accretion and accepted anchored wire reinforcement. Insteel’s articles are awash primarily to manufacturers of accurate articles that are acclimated in nonresidential construction. Headquartered in Mount Airy, North Carolina, Insteel operates ten accomplishment accessories amid in the United States.
Cautionary Note Regarding Forward-Looking Statements
This account absolution contains advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995. When acclimated in this account release, the words “believes,” “anticipates,” “expects,” “estimates,” “appears,” “plans,” “intends,” “may,” “should,” “could” and agnate expressions are advised to analyze advanced statements. Although we accept that our plans, intentions and expectations reflected in or appropriate by such advanced statements are reasonable, they are accountable to a cardinal of risks and uncertainties, and we can accommodate no assurances that such plans, intentions or expectations will be implemented or achieved. Abounding of these risks and uncertainties are discussed in detail, and are adapted from time to time in our filings with the U.S. Securities and Exchange Commission (the “SEC”), in accurate in our Annual Report on Form 10-K for the year concluded October 1, 2016.
All advanced statements attributable to us or bodies acting on our account are especially able in their absoluteness by these cautionary statements. All advanced statements allege alone to the corresponding dates on which such statements are fabricated and we do not undertake any obligation to about absolution the after-effects of any revisions to these advanced statements that may be fabricated to reflect any approaching contest or affairs afterwards the date of such statements or to reflect the accident of advancing or hasty events, except as may be appropriate by law.
It is not accessible to ahead and account all risks and uncertainties that may affect our approaching operations or banking performance; however, they include, but are not bound to, the following: accepted bread-and-er and aggressive altitude in the markets in which we operate; changes in the spending levels for nonresidential and residential architecture and the appulse on appeal for our products; changes in the bulk and continuance of busline allotment provided by federal, accompaniment and bounded governments and the appulse on spending for basement architecture and appeal for our products; the alternate attributes of the animate and architecture actual industries; acclaim bazaar altitude and the about availability of costs for us, our barter and the architecture industry as a whole; fluctuations in the amount and availability of our primary raw material, hot-rolled animate wire rod, from calm and adopted suppliers; aggressive appraisement pressures and our adeptness to accession affairs prices in adjustment to balance increases in raw actual or operating costs; changes in United States or adopted barter action affecting imports or exports of animate wire rod or our products; hasty changes in chump demand, adjustment patterns and account levels; the appulse of fluctuations in appeal and accommodation appliance levels on our assemblage accomplishment costs; our adeptness to added advance the bazaar for ESM and aggrandize our shipments of ESM; legal, environmental, bread-and-er or authoritative developments that decidedly appulse our operating costs; hasty bulb outages, accessories failures or activity difficulties; and the “Risk Factors” discussed in our Annual Report on Form 10-K for the year concluded October 1, 2016 and in added filings fabricated by us with the SEC.
IIIN – E
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SOURCE Insteel Industries, Inc.
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