{"schema_version":"secwatch.filing_event.v1","accession":"0001437749-24-001578","form_type":"8-K","ticker":"IIIN","cik":"0000764401","company_name":"INSTEEL INDUSTRIES INC","filed_at":"2024-01-18T23:59:59+00:00","discovered_at":"2026-05-14T18:03:26.881802+00:00","generated_at":"2026-06-06T22:15:17.392508+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Insteel Q1 net sales down 27% to $121.7M; EPS $0.06 vs $0.57 a year ago","bullets":["Net sales fell 27.1% YoY to $121.7M; net income was $1.1M ($0.06/sh) vs $11.1M ($0.57/sh).","Gross margin compressed to 5.2% from 10.7% on lower spreads and higher manufacturing costs.","Paid $2.50/sh special dividend ($48.6M) on Dec 22; ended quarter with $85.6M cash, no debt.","CEO states pricing is turning upward and inventory liquidations are complete; expects stronger H2."],"urls":{"canonical":"https://secwatch.observer/filing/0001437749-24-001578","json":"https://secwatch.observer/filing/0001437749-24-001578.json","markdown":"https://secwatch.observer/filing/0001437749-24-001578.md","text":"https://secwatch.observer/filing/0001437749-24-001578.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/764401/000143774924001578/0001437749-24-001578-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/764401/000143774924001578/iiin20240115_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-06T22:15:17.392508+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"ba0460d4c09ce8e9f528ef4794ce56db1e459f5d","claim":"INSTEEL INDUSTRIES INC reported first quarter of fiscal 2024 ended December 30, 2023 results: revenue $121.7 million, net income $1.1 million, EPS $0.06 per share.","evidence_excerpt":"First Quarter 2024 Highlights ● Net sales of $121.7 million ● Gross profit of $6.3 million, or 5.2% of net sales ● Net income of $1.1 million, or $0.06 per share ● Operating cash flow of $21.8 million ● Payment of special cash dividend totaling $48.6 million, or $2.50 per share ● Net cash balance of $85.6 million and no debt outstanding as of December 30, 2023 ● Favorable demand profile with improving market fundamentals and macroeconomics outlook First Quarter 2024 Results Net earnings for the first quarter of fiscal 2024 decreased to $1.1 million, or $0.06 per share, from earnings of $11.1 million, or $0.57 per share, in the same period a year ago.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/764401/000143774924001578/0001437749-24-001578-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"first quarter of fiscal 2024 ended December 30, 2023"},{"label":"Revenue","value":"$121.7 million"},{"label":"Net income","value":"$1.1 million"},{"label":"EPS","value":"$0.06 per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"},{"claim_id":"ba0460d4c09ce8e9f528ef4794ce56db1e459f5d","claim":"INSTEEL INDUSTRIES INC reported first quarter of fiscal 2024 ended December 30, 2023 results: revenue $121.7 million, net income $1.1 million, EPS $0.06 per share.","evidence_excerpt":"applications in the United States, today announced financial results for its first quarter of fiscal 2024 ended December 30, 2023. First Quarter 2024 Highlights ● Net sales of $121.7 million ● Gross profit of $6.3 million, or 5.2% of net sales ● Net income of $1.1 million, or $0.06 per share ● Operating cash flow of $21.8 million ● Payment of special cash dividend","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/764401/000143774924001578/0001437749-24-001578-index.htm","confidence":1.0,"family_label":"Earnings Releases","details":[{"label":"Period","value":"first quarter of fiscal 2024 ended December 30, 2023"},{"label":"Revenue","value":"$121.7 million"},{"label":"Net income","value":"$1.1 million"},{"label":"EPS","value":"$0.06 per share"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}