Insteel Industries Declares Quarterly Cash Dividend

Rhea-AI Summary

Insteel Industries Inc. (NYSE: IIIN) has declared a quarterly cash dividend of $0.03 per share, payable on March 31, 2023, to shareholders of record as of March 17, 2023. As the largest manufacturer of steel wire reinforcing products in the U.S., Insteel serves primarily the nonresidential construction sector through its products including prestressed concrete strand and welded wire reinforcement. The company operates ten manufacturing facilities across the United States, ensuring a robust supply chain for its concrete products.

Positive

• Quarterly cash dividend of $0.03 per share declared
• Established presence as the largest U.S. manufacturer in its industry
• Solid operational support with ten manufacturing facilities

Negative

• Risks and uncertainties remain inherent, as indicated in forward-looking statements
• Potential market fluctuations affecting the nonresidential construction sector

MOUNT AIRY, N.C.--(BUSINESS WIRE)-- Insteel Industries Inc. (NYSE: IIIN) today announced that its board of directors declared a regular quarterly cash dividend of $0.03 per share of common stock payable on March 31, 2023, to shareholders of record as of March 17, 2023.

About Insteel

Insteel is the nation’s largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets prestressed concrete strand and welded wire reinforcement, including engineered structural mesh, concrete pipe reinforcement and standard welded wire reinforcement. Insteel’s products are sold primarily to manufacturers of concrete products that are used primarily in nonresidential construction. Headquartered in Mount Airy, North Carolina, Insteel operates ten manufacturing facilities located in the United States.

Forward-Looking Statements and Risk Factors

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not descriptions of historical facts are forward-looking statements that are based on our current expectations and may include commentary on our plans, financial position, liquidity, and other business developments. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future results could differ materially from those described, and we do not undertake and specifically decline any obligation to correct or update any forward-looking statements. For further information regarding risk factors that could affect our operations and future results, refer to our reports filed with the U.S. Securities and Exchange Commission, including our annual report on Form 10-K for the year ended October 1, 2022.

IIIN - D

View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005797/en/

Scot Jafroodi

Vice President,

Chief Financial Officer and Treasurer

Insteel Industries Inc.

(336) 786-2141

Source: Insteel Industries Inc.

FAQ

When is the cash dividend for IIIN payable?

The cash dividend for Insteel Industries (IIIN) is payable on March 31, 2023.

What is the amount of the dividend declared by IIIN?

Insteel Industries declared a quarterly cash dividend of $0.03 per share.

Who are the shareholders of record for the upcoming dividend?

The shareholders of record for the dividend are those recorded by March 17, 2023.

What does Insteel Industries manufacture?

Insteel Industries manufactures steel wire reinforcing products used in concrete construction applications.