M&A - INSTEEL INDUSTRIES INC

Form Type: 10-Q

Filing Date: 2025-04-17

Corporate Action: Acquisition

Type: New

Accession Number: 000143774925012245

Filing Summary: Insteel Industries Inc. reported its quarterly results for the period ending March 29, 2025. The company achieved net sales of $160,656,000, compared to $127,394,000 for the same quarter in 2024. Cost of sales increased to $136,127,000, leading to a gross profit of $24,529,000. Selling, general, and administrative expenses rose to $10,800,000, with restructuring charges amounting to $662,000 and acquisition costs totalling $27,000. The net earnings stood at $10,230,000, reflecting a significant increase from $6,939,000 in the previous year. The company declared dividends of $0.03 per share and reported a comprehensive income of $10,230,000. Key balance sheet figures included total assets of $421,860,000 and shareholders' equity of $341,413,000. Additionally, the company finalized acquisitions of Engineered Wire Products, Inc. and O’Brien Wire Products of Texas, contributing to the asset growth seen in the latest financial results.

Form Type: 10-Q

Filing Date: 2025-01-16

Corporate Action: Acquisition

Type: Update

Accession Number: 000143774925001254

Filing Summary: Insteel Industries Inc. filed its Q1 2025 10-Q report detailing significant corporate developments including the acquisition of Engineered Wire Products, Inc. (EWP) on October 21, 2024, for $67 million. This acquisition, funded by cash on hand, is expected to enhance Insteel's geographic footprint and competitive positioning within the Midwest market. The company reports a net sales increase of approximately $7.6 million from EWP's operations for the three-month period ending December 28, 2024. In addition, the report showcases a decrease in cash and cash equivalents, alongside ongoing operational developments. The company outlined substantial restructuring charges related to the integration of EWP and the closure of the Warren facility.