secwatch.observer — SEC 8-K summary
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Issuer:     INSTEEL INDUSTRIES INC (IIIN)
CIK:        0000764401
Form:       8-K
Filed at:   2023-01-20T23:59:59+00:00
Accession:  0001437749-23-001397
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Insteel Industries Q1 earnings drop to $0.57/share from $1.18; sales down 6.5%
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- Net earnings $11.1M ($0.57 per share) vs $23.1M ($1.18) in prior year Q1.
- Net sales $166.9M, down 6.5% YoY; shipments fell 10.0%, partially offset by 3.9% higher average selling prices.
- Gross margin narrowed to 10.7% from 23.7% due to spread compression and consumption of higher cost inventory.
- Paid special cash dividend of $2.00/share on Dec 23, 2022; ended quarter with $42.6M cash and no revolver borrowings.
- Expect continued headwinds from higher cost inventories in Q2, but positive on nonresidential demand and IIJA benefits in H2.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764401/000143774923001397/0001437749-23-001397-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764401/000143774923001397/iiin20230116_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-001397

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