# INSTEEL INDUSTRIES INC (IIIN) Informational only - not investment advice. CIK: 0000764401 SIC: 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 33](/major-group/33/) > [SIC 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills](/industry/3310/) Latest 10-K filed: 2025-10-23 SEC page: https://www.sec.gov/edgar/browse/?CIK=764401 Filing source: https://www.sec.gov/Archives/edgar/data/764401/000143774925031597/iiin20250927_10k.htm ## At a glance FY2025 · period end 2025-09-27 · filed 2025-10-23 · accession 0001437749-25-031597 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000764401.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 647,706,000 USD | 2025 | verified | | Net income | 41,020,000 USD | 2025 | verified | | Assets | 462,650,000 USD | 2025 | verified | | Free cash flow | 18,950,000 USD | 2025 | computed | | Net margin | 6.33% | 2025 | computed | | Revenue YoY | +22.39% | 2025 | computed | | ROE | 11.04% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | IIIN | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 6.3% | 3.3% | 60 | 26 | | Revenue growth | 22.4% | 9.5% | 92 | 26 | | FCF margin | 2.9% | 3.7% | 44 | 26 | | ROE | 11.0% | 9.0% | 54 | 27 | | ROA | 8.9% | 5.0% | 85 | 27 | | Liabilities / equity | 0.25 | 0.85 | 8 | 27 | | Current ratio | 3.97 | 2.30 | 88 | 27 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 33 SIC Major Group 33, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 647706000 | USD | 2025 | 2025-10-23 | | Net income | 41020000 | USD | 2025 | 2025-10-23 | | Assets | 462650000 | USD | 2025 | 2025-10-23 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-10-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000764401.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 418,547,000 | 388,871,000 | 453,217,000 | 455,713,000 | 472,618,000 | 590,601,000 | 826,832,000 | 649,188,000 | 529,198,000 | 647,706,000 | | Net income | 37,245,000 | 22,548,000 | 36,266,000 | 5,598,000 | 19,009,000 | 66,610,000 | 125,011,000 | 32,415,000 | 19,305,000 | 41,020,000 | | Gross profit | 85,188,000 | 59,781,000 | 70,807,000 | 30,061,000 | 55,787,000 | 121,548,000 | 197,310,000 | 65,398,000 | 49,632,000 | 93,438,000 | | Diluted EPS | 1.95 | 1.17 | 1.88 | 0.29 | 0.98 | 3.41 | 6.37 | 1.66 | 0.99 | 2.10 | | Operating cash flow | 56,253,000 | 20,840,000 | 53,969,000 | 6,608,000 | 56,224,000 | 69,878,000 | 5,670,000 | 142,200,000 | 58,207,000 | 27,163,000 | | Capital expenditures | 12,977,000 | 20,575,000 | 18,449,000 | 10,512,000 | 7,114,000 | 17,500,000 | 15,900,000 | 30,702,000 | 19,149,000 | 8,213,000 | | Dividends paid | 20,859,000 | 26,011,000 | 21,333,000 | 2,310,000 | 2,313,000 | 31,294,000 | 41,162,000 | 41,252,000 | 50,942,000 | 21,761,000 | | Share buybacks | | | | | 0.00 | 0.00 | 1,204,000 | 2,328,000 | 1,836,000 | 2,273,000 | | Assets | 292,892,000 | 283,073,000 | 329,534,000 | 293,009,000 | 337,902,000 | 390,710,000 | 471,745,000 | 447,513,000 | 422,552,000 | 462,650,000 | | Stockholders' equity | 224,566,000 | 223,376,000 | 241,665,000 | 246,017,000 | 264,803,000 | 302,038,000 | 389,744,000 | 381,505,000 | 350,855,000 | 371,532,000 | | Cash and cash equivalents | 58,873,000 | 32,105,000 | 43,941,000 | 38,181,000 | 68,688,000 | 89,884,000 | 48,316,000 | 125,670,000 | 111,538,000 | 38,630,000 | | Free cash flow | 43,276,000 | 265,000 | 35,520,000 | -3,904,000 | 49,110,000 | 52,378,000 | -10,230,000 | 111,498,000 | 39,058,000 | 18,950,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 8.90% | 5.80% | 8.00% | 1.23% | 4.02% | 11.28% | 15.12% | 4.99% | 3.65% | 6.33% | | Return on equity | 16.59% | 10.09% | 15.01% | 2.28% | 7.18% | 22.05% | 32.08% | 8.50% | 5.50% | 11.04% | | Return on assets | 12.72% | 7.97% | 11.01% | 1.91% | 5.63% | 17.05% | 26.50% | 7.24% | 4.57% | 8.87% | | Liabilities / equity | 0.30 | 0.27 | 0.36 | 0.19 | 0.28 | 0.29 | 0.21 | 0.17 | 0.20 | 0.25 | | Current ratio | 3.36 | 3.79 | 2.72 | 5.65 | 3.67 | 3.59 | 5.36 | 6.47 | 5.68 | 3.97 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/IIIN/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-16. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000764401.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-07-02 | | | 1.96 | reported discrete quarter | | 2023-Q2 | 2023-04-01 | | | 0.26 | reported discrete quarter | | 2023-Q3 | 2023-07-01 | | | 0.54 | reported discrete quarter | | 2023-Q4 | 2023-09-30 | 157,524,000 | 5,626,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-12-30 | 121,725,000 | 1,132,000 | 0.06 | reported discrete quarter | | 2024-Q2 | 2023-12-30 | | 1,132,000 | | reported discrete quarter | | 2024-Q2 | 2024-03-30 | 127,394,000 | | 0.35 | reported discrete quarter | | 2024-Q3 | 2024-03-30 | | 6,939,000 | | reported discrete quarter | | 2024-Q3 | 2024-06-29 | 145,775,000 | | 0.34 | reported discrete quarter | | 2024-Q4 | 2024-09-28 | 134,304,000 | 4,669,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-12-28 | 129,720,000 | 1,081,000 | 0.06 | reported discrete quarter | | 2025-Q2 | 2024-12-28 | | 1,081,000 | | reported discrete quarter | | 2025-Q2 | 2025-03-29 | 160,656,000 | | 0.52 | reported discrete quarter | | 2025-Q3 | 2025-03-29 | | 10,230,000 | | reported discrete quarter | | 2025-Q3 | 2025-06-28 | 179,886,000 | | 0.78 | reported discrete quarter | | 2025-Q4 | 2025-09-27 | 177,444,000 | 14,550,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-12-27 | 159,924,000 | 7,593,000 | 0.39 | reported discrete quarter | | 2026-Q2 | 2025-12-27 | | 7,593,000 | | reported discrete quarter | | 2026-Q2 | 2026-03-28 | 172,653,000 | | 0.27 | reported discrete quarter | | 2026-Q3 | 2026-03-28 | | 5,217,000 | | reported discrete quarter | | 2026-Q3 | 2026-06-27 | 197,659,000 | | 0.46 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from IIIN's latest 10-K: [/company/IIIN/business/](/company/IIIN/business/). ## Risk Factors Verbatim Item 1A Risk Factors from IIIN's latest 10-K: [/company/IIIN/risk-factors/](/company/IIIN/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/764401/000143774926023682/iiin20260627_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-07-16 Report date: 2026-06-27 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Cautionary Note Regarding Forward-Looking Statements This report contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, particularly under the caption “Outlook” below. When used in this report, the words “believes,” “anticipates,” “expects,” “estimates,” “appears,” “plans,” “intends,” “may,” “should,” “could,” “outlook,” “continues,” “remains” and similar expressions are intended to identify forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, they are subject to numerous risks and uncertainties and involve certain assumptions. Actual results may differ materially from those expressed in forward-looking statements, and we can provide no assurances that such plans, intentions or expectations will be implemented or achieved. Many of these risks and uncertainties are discussed in detail and, where appropriate, updated in our filings with the U.S. Securities and Exchange Commission (“SEC”), in particular in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025 (our “2025 Annual Report”). You should carefully review these risks and uncertainties. 18 All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All forward-looking statements speak only to the respective dates on which such statements are made, and we do not undertake any obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law. It is not possible to anticipate and list all risks and uncertainties that may affect our business, future operations or financial performance; however, they include, but are not limited to, the following: [[GREPCENT_TABLE]] [["","\u25cf","general economic and competitive conditions in the markets in which we operate, including uncertainty over global trade policies and the financial impact of related tariffs and retaliatory tariffs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in the spending levels for nonresidential and residential construction and the impact on demand for our products;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in the amount and duration of transportation funding provided by federal, state and local governments and the impact on spending for infrastructure construction and demand for our products;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the cyclical nature of the steel and building material industries;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","credit market conditions and the relative availability of financing for us, our customers and the construction industry as a whole;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of rising interest rates on the cost of financing for our customers;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","fluctuations in the cost and availability of our primary raw material, hot-rolled carbon steel wire rod, from domestic and foreign suppliers;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","competitive pricing pressures and our ability to raise selling prices in order to recover increases in raw material or operating costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","changes in U.S. or foreign trade policy affecting imports or exports of steel wire rod or our products;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","unanticipated changes in customer demand, order patterns and inventory levels;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of fluctuations in demand and capacity utilization levels on our unit manufacturing costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","our ability to further develop the market for engineered structural mesh (\u201cESM\u201d) and expand our shipments of ESM;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","legal, environmental, economic or regulatory developments that significantly impact our business or operating costs;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","unanticipated plant outages, equipment failures or labor difficulties;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the impact of cybersecurity breaches and data leaks; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","the risks and uncertainties discussed under \u201cItem 1A. Risk Factors\u201d in our 2025 Annual Report and in other filings made by us with the SEC."]] [[/GREPCENT_TABLE]] Overview Insteel Industries Inc. (“we,” “us,” “our,” “the Company” or “Insteel”) is the nation’s largest manufacturer of steel wire reinforcing products for concrete construction applications. We manufacture and market prestressed concrete strand (“PC strand”) and welded wire reinforcement (“WWR”), including ESM, concrete pipe reinforcement and standard welded wire reinforcement. Our products are sold primarily to manufacturers of concrete products and concrete contractors for use, primarily, in nonresidential construction applications. We market our products through sales representatives who are our employees. We sell our products nationwide across the U.S. and, to a much lesser extent, into Canada, Mexico and Central and South America, shipping them primarily by truck, using common or contract carriers. Our business strategy is focused on: (1) achieving leadership positions in our markets; (2) operating as the lowest cost producer in our industry; and (3) pursuing growth opportunities within our core businesses that further our penetration of the markets we currently serve or expand our footprint. 19 On October 21, 2024, we, through our wholly-owned subsidiary, Insteel Wire Products Company (“IWP”), purchased substantially all of the assets, other than cash and accounts receivable, of Engineered Wire Products, Inc. (“EWP”) and certain related assets of Liberty Steel Georgetown, Inc. (“LSG”) for an adjusted purchase price of $67.0 million (the “EWP Acquisition”). EWP was a leading manufacturer of WWR products for use in nonresidential and residential construction. We acquired EWP’s inventories, production equipment, production facilities located in Upper Sandusky, Ohio and Warren, Ohio and certain equipment from LSG located in Georgetown, South Carolina. Subsequent to the acquisition, we elected to consolidate our WWR operations with the closure of the Warren facility and relocation of certain equipment to our existing WWR facilities. On November 26, 2024, we, through our wholly-owned subsidiary, IWP, purchased certain assets of O’Brien Wire Products of Texas, Inc. (“OWP”) for a purchase price of $5.1 million (the “OWP Acquisition”). OWP was a manufacturer of WWR products for use in nonresidential and residential construction. We acquired certain of OWP’s inventories and all of the production equipment. Subsequent to the acquisition, we elected to consolidate our WWR operations with the relocation of certain acquired equipment from OWP to our existing WWR facilities. Results of Operations Statements of Operations – Selected Data (Dollars in thousands) [[GREPCENT_TABLE]] [["","","Three Months Ended","","","Nine Months Ended"],["","","June 27,","","","","","","","June 28,","","","June 27,","","","","","","","June 28,"],["","","2026","","","Change","","","2025","","","2026","","","Change","","","2025"],["Net sales","","$","197,659","","","","9.9","%","","$","179,886","","","$","530,236","","","","12.8","%","","$","470,262"],["Gross profit","","","20,104","","","","(34.7","%)","","","30,772","","","","54,657","","","","(15.7","%)","","","64,830"],["Percentage of net sales","","","10.2","%","","","","","","","17.1","%","","","10.3","%","","","","","","","13.8","%"],["Selling, general and administrative expense","","$","8,516","","","","(19.7","%)","","$","10,607","","","$","26,988","","","","(7.9","%)","","$","29,294"],["Percentage of net sales","","","4.3","%","","","","","","","5.9","%","","","5.1","%","","","","","","","6.2","%"],["Restructuring charges, net","","$","-","","","N/M","","","$","843","","","$","51","","","N/M","","","$","2,201"],["Acquisition costs","","","-","","","N/M","","","","27","","","","-","","","N/M","","","","325"],["Interest income","","","(188",")","","","(60.2","%)","","","(472",")","","","(619",")","","","(60.7","%)","","","(1,574",")"],["Effective income tax rate","","","22.8","%","","","","","","","23.3","%","","","22.3","%","","","","","","","23.4","%"],["Net earnings","","$","9,019","","","","(40.5","%)","","$","15,159","","","$","21,829","","","","(17.5","%)","","$","26,470"]] [[/GREPCENT_TABLE]] "N/M" = not meaningful Third Quarter of Fiscal 2026 Compared to Third Quarter of Fiscal 2025 Net Sales Net sales for the third quarter of 2026 increased 9.9% to $197.7 million from $179.9 million in the prior year quarter, reflecting an 8.1% increase in average selling prices and a 1.7% increase in shipments. The increase in average selling prices was driven by price increases implemented to recover higher raw material, freight expense and operating costs. The increase in shipments was primarily attributable to improved demand in our infrastructure and commercial construction end markets. Gross Profit Gross profit for the third quarter of 2026 decreased 34.7% to $20.1 million, or 10.2% of net sales, from $30.8 million, or 17.1% of net sales, in the prior year quarter due to lower spreads between average selling prices and raw material costs ($8.5 million), other material costs and adjustments ($2.1 million) and higher manufacturing costs ($630,000) partially offset by an increase in shipments ($518,000). The decrease in spreads was driven by higher raw material costs ($20.5 million) and an increase in freight expense ($2.7 million) partially offset by higher average selling prices ($14.7 million). 20 Selling, General and Administrative Expense Selling, general and administrative expense (“SG&A expense”) for the third quarter of 2026 decreased 19.7% to $8.5 million, or 4.3% of net sales, from $10.6 million, or 5.9% of net sales, in the prior year quarter primarily due to lower compensation expense ($2.2 million) and the relative year-over-year change in the cash surrender value of life insurance policies ($303,000) partially offset by higher employee benefits ($294,000) and legal ($288,000) expenses. The decrease in compensation expense was primarily driven by lower incentive plan expense due to a decline in financial results. The cash surrender value of life insurance policies increased $761,000 in the current year quarter compared to $458,000 in the prior year quarter due to the corresponding changes in the value of the underlying investments. The increase in employee benefits expense was primarily related to higher employee medical expenses in the current quarter. Legal expenses increased due to costs associated with various legal matters. Restructuring Charges, Net Net restructuring charges of $843,000 were incurred in the prior year quarter related to the closure of the Warren, Ohio facility, which had been acquired through the EWP Acquisition, and expenses related to the consolidation of our WWR operations. Net restructuring charges for the prior year quarter included asset impairment charges ($408,000), equipment relocation costs ($267,000) and facility closure costs ($168,000). Interest Income Interest income decreased $284,000 from the prior year quarter due to lower average cash balances and interest rates. Income Taxes Our effectiv [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/764401/000143774925031597/iiin20250927_10k.htm Complete FY 2025 MD&A: /company/IIIN/mda/fy2025/ Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high Filing date: 2025-10-23 Report date: 2025-09-27 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The matters discussed in this section include forward-looking statements that are subject to numerous risks. You should carefully read the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in this Form 10-K. Overview Our operations are entirely focused on the manufacture and marketing of concrete reinforcing products for the concrete construction industry. Our business strategy is focused on: (1) achieving leadership positions in our markets; (2) operating as the lowest cost producer in our industry; and (3) pursuing growth opportunities within our core businesses that further our penetration of the markets we currently serve or expand our footprint. On October 21, 2024, we, through our wholly-owned subsidiary, IWP, purchased substantially all of the assets, other than cash and accounts receivable, of EWP and certain related assets of LSG for an adjusted purchase price of $67.0 million. EWP was a leading manufacturer of WWR products for use in nonresidential and residential construction. We acquired EWP’s inventories, production equipment, production facilities located in Upper Sandusky, Ohio and Warren, Ohio and certain equipment from LSG. Subsequent to the acquisition, we elected to consolidate our WWR operations with the closure of the Warren facility and relocation of certain equipment to our existing WWR facilities. On November 26, 2024, we, through our wholly-owned subsidiary, IWP, purchased certain assets of OWP for a purchase price of $5.1 million. OWP was a manufacturer of WWR products for use in nonresidential and residential construction. We acquired certain of OWP’s inventories and all of OWP’s production equipment. Subsequent to the acquisition, we elected to consolidate our WWR operations with the relocation of certain acquired equipment from OWP to our existing WWR facilities. Critical Accounting Estimates Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. Our discussion and analysis of our financial condition and results of operations are based on these consolidated financial statements. The preparation of our consolidated financial statements requires the application of these accounting principles in addition to certain estimates and judgments based on currently available information, actuarial estimates, historical results and other assumptions believed to be reasonable. These estimates, assumptions and judgments are affected by our application of accounting policies, which are discussed in Note 2, "Summary of Significant Accounting Policies", and elsewhere in the accompanying consolidated financial statements. Estimates are used for, but not limited to, determining the net carrying value of trade accounts receivable, inventories, recording self-insurance liabilities and other accrued liabilities. Estimates are also used in establishing opening balances in relation to purchase accounting. Actual results could differ from these estimates. Accounting estimates are considered critical if both of the following conditions are met: (1) the nature of the estimates or assumptions is material because of the levels of subjectivity and judgment needed to account for matters that are highly uncertain and susceptible to change and (2) the effect of the estimates and assumptions is material to the financial statements. We have reviewed our accounting estimates, and none were deemed to be considered critical for the accounting periods presented. Recent Accounting Pronouncements. The nature and impact of recent accounting pronouncements is discussed in Note 3 to our consolidated financial statements and incorporated herein by reference. 16 Results of Operations The following discussion and analysis of our financial condition and results of operations is for the year ended September 27, 2025 compared with the year ended September 28, 2024. Discussions of our financial condition and results of operations for the year ended September 28, 2024 compared to September 30, 2023 that have been omitted under this item can be found in Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended September 28, 2024, which was filed with the SEC on October 24, 2024. The table below presents a summary of our results of operations for fiscal 2025 and fiscal 2024. Statements of Operations – Selected Data (Dollars in thousands) [[GREPCENT_TABLE]] [["","","Year Ended"],["","","September 27,","","","","","","","September 28,"],["","","2025","","","Change","","","2024"],["Net sales","","$","647,706","","","","22.4","%","","$","529,198"],["Gross profit","","","93,438","","","","88.3","%","","","49,632"],["Percentage of net sales","","","14.4","%","","","","","","","9.4","%"],["Selling, general and administrative expense","","$","39,002","","","","31.8","%","","$","29,591"],["Percentage of net sales","","","6.0","%","","","","","","","5.6","%"],["Restructuring charges, net","","$","2,304","","","N/M","","","$","-"],["Acquisition costs","","","325","","","N/M","","","","61"],["Interest income","","","(2,067",")","","","(62.0%",")","","","(5,433",")"],["Effective income tax rate","","","23.8","%","","","","","","","23.7","%"],["Net earnings","","$","41,020","","","","112.5","%","","$","19,305"],["\"N/M\" = not meaningful"]] [[/GREPCENT_TABLE]] 2025 Compared with 2024 Net Sales Net sales increased 22.4% to $647.7 million in 2025 from $529.2 million in 2024 reflecting a 14.8% increase in shipments and a 6.7% rise in average selling prices. The increase in shipments was primarily due to incremental volume generated from our acquisitions completed earlier in the year and improved demand in our construction end markets. The increase in average selling prices was driven by pricing actions implemented across all product lines to recover higher raw material costs. Gross Profit Gross profit increased 88.3% to $93.4 million, or 14.4% of net sales, in 2025 from $49.6 million, or 9.4% of net sales, in 2024. The year-over-year increase was primarily due to higher spreads between average selling prices and raw material costs ($36.1 million), higher shipments ($7.8 million) and other material costs and adjustments ($2.8 million), partially offset by higher manufacturing costs ($2.9 million). The increase in spreads was driven by higher average selling prices ($36.3 million) and lower raw material costs ($1.3 million) partially offset by an increase in freight expense ($1.5 million). Selling, General and Administrative Expense Selling, general and administrative expense (“SG&A expense”) increased 31.8% to $39.0 million, or 6.0% of net sales, in 2025 from $29.6 million, or 5.6% of net sales, in 2024 primarily due to higher compensation expense ($6.4 million), an increase in amortization expense associated with intangible assets ($1.1 million), the relative year-over-year changes in the cash surrender value of life insurance policies ($1.0 million) and an increase in employee benefit expense ($511,000). The increase in compensation expense was largely driven by higher incentive plan expense due to our improved financial results in the current year. The cash surrender value of life insurance policies increased $452,000 in the current year compared with $1.5 million in the prior year due to the corresponding changes in the value of the underlying investments. The increase in amortization expense was primarily attributed to the intangible assets that were acquired in connection with our first quarter acquisitions. The increase in employee benefit expense was primarily related to higher employee health insurance expense in the current year. 17 Restructuring Charges, Net Restructuring charges of $2.3 million were incurred in 2025 related to the closure of the Warren, Ohio facility, which had been acquired through the EWP Acquisition, and expenses related to the consolidation of our WWR operations. Restructuring charges included $1.0 million for asset impairment charges, $681,000 for facility closure costs, $371,000 for equipment relocation costs and $251,000 for employee separation costs. Acquisition Costs Acquisition costs of $325,000 were incurred in 2025 for legal, accounting and other professional fees related to the EWP Acquisition and the OWP Acquisition. Interest Income Interest income decreased $3.4 million due to lower average cash balances and interest rates. Income Taxes Our effective income tax rate for 2025 increased to 23.8% from 23.7% in 2024 due to changes in book versus tax differences. Net Earnings Net earnings increased to $41.0 million ($2.10 per diluted share) in 2025 from $19.3 million ($0.99 per share) in 2024 primarily due to the increase in gross profit partially offset by higher SG&A expense, lower interest income, restructuring charges and acquisitions costs. Liquidity and Capital Resources Overview Our sources of liquidity include cash and cash equivalents, cash generated by operating activities and borrowing availability provided under our $100.0 million revolving credit facility (the “Credit Facility”). Our principal capital requirements include funding working capital, capital expenditures, dividends and any share repurchases. As of September 27, 2025, our cash and cash equivalents totaled $38.6 million compared with $111.5 million as of September 28, 2024. We believe that, in the absence of significant unanticipated cash demands, cash and cash equivalents, cash generated by operating activities and the borrowing availability provided under the Credit Facility will be sufficient to satisfy our expected requirements for working capital, capital expenditures, dividends and share repurchases, if any, in both the short- and long-term. We also expect to have access to the amounts available under our Credit Facility as required. However, should we experience future reductions in our operating cash flows due to weakening conditions in our construction end-markets and reduced demand from our customers, we may need to curtail capital and operating expenditures, delay or restrict share repurchases, cease dividend payments and/or realign our working capital requirements. Should we determine, at any time, that we require additional short-term liquidity, we would evaluate the alternative sources of financing that were potentially available to provide such funding. There can be no assurance that any such financing, if pursued, would be obtained, or if obtained, would be adequate or on terms acceptable to us. However, we believe that our strong balance sheet, flexible capital structure and borrowing capacity available to us under our Credit Facility position us to meet our anticipated liquidity requirements for the foreseeable future. 18 Selected Liquidity and Capital Resources Data (Dollars in thousands) [[GREPCENT_TABLE]] [["","","Year Ended"],["","","September 27,","","","September 28,"],["","","2025","","","2024"],["Net cash provided by operating activities","","$","27,163","","","$","58,207"],["Net cash used for investing activities","","","(75,674",")","","","(19,637",")"],["Net cash used for financing activities","","","(24,397",")","","","(52,702",")"],["Cash and cash equivalents","","","38,630","","","","111,538"],["Net working capital","","","195,938","","","","220,260"],["Total debt","","","-","","","","-"],["Percentage of total capital","","","-","","","","-"],["Shareholders' equity","","$","371,532","","","$","350,855"],["Percentage of total capital","","","100","%","","","100","%"],["Total capital (total debt + shareholders' equity)","","$","371,532","","","$","350,855"]] [[/GREPCENT_TABLE]] Operating Activities Operating activities provided $27.2 million of cash in 2025 primarily from net earnings adjusted for non-cash items [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/IIIN/mda/fy2025/ All MD&A years: /company/IIIN/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/IIIN/mda/fy2024/): filed 2024-10-24; accession 0001437749-24-031988 (https://www.sec.gov/Archives/edgar/data/764401/000143774924031988/iiin20240928d_10k.htm) - [FY 2023 MD&A](/company/IIIN/mda/fy2023/): filed 2023-10-26; accession 0001437749-23-029056 (https://www.sec.gov/Archives/edgar/data/764401/000143774923029056/iiin20230930_10k.htm) - [FY 2022 MD&A](/company/IIIN/mda/fy2022/): filed 2022-10-27; accession 0001437749-22-024897 (https://www.sec.gov/Archives/edgar/data/764401/000143774922024897/iiin20221001_10k.htm) - [FY 2021 MD&A](/company/IIIN/mda/fy2021/): filed 2021-10-28; accession 0001437749-21-024481 (https://www.sec.gov/Archives/edgar/data/764401/000143774921024481/iiin20211002_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3310 Steel Works, Blast Furnaces & Rolling & Finishing Mills) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/IIIN.md · JSON record: /company/IIIN.json · verified financials: /company/IIIN/financials.json / /company/IIIN/financials.csv · machine TOC for the whole site: /llms.txt