---
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"
generated_at: "2026-06-06T22:15:17.392508+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Insteel Q1 net sales down 27% to $121.7M; EPS $0.06 vs $0.57 a year ago

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-001578
- JSON: https://secwatch.observer/filing/0001437749-24-001578.json
- Plain text: https://secwatch.observer/filing/0001437749-24-001578.txt

## Key facts
- Earnings Releases
  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.
  - Period: first quarter of fiscal 2024 ended December 30, 2023
  - Revenue: $121.7 million
  - Net income: $1.1 million
  - EPS: $0.06 per share
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/764401/000143774924001578/0001437749-24-001578-index.htm
- Earnings Releases
  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.
  - Period: first quarter of fiscal 2024 ended December 30, 2023
  - Revenue: $121.7 million
  - Net income: $1.1 million
  - EPS: $0.06 per share
  - Result: reported results
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/764401/000143774924001578/0001437749-24-001578-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.