Insteel Industries Declares Regular Quarterly and Special Cash Dividends

Rhea-AI Summary

On November 16, 2021, Insteel Industries Inc. (NYSE: IIIN) announced a regular quarterly cash dividend of $0.03 and a special cash dividend of $2.00 per share, payable on December 17, 2021. This marks the fifth special dividend of at least $1 per share since 2016. The company reported a record financial performance in 2021, allowing for capital returns to shareholders while still maintaining financial flexibility for future investments and acquisitions.

Positive

• Declared a special cash dividend of $2.00 per share
• Reported record financial performance in 2021
• Maintains financial flexibility for acquisition opportunities

Negative

• None.

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 and a special cash dividend of $2.00 per share of common stock payable on December 17, 2021, to shareholders of record as of December 2, 2021.

“Following a record 2021 financial performance, we are pleased to return capital to our shareholders through the payment of a special dividend. This represents our fifth special dividend of at least a $1 per share since 2016. As we look ahead to our fiscal year 2022, Insteel remains well positioned to fully fund our aggressive capital investment program while maintaining ample financial flexibility to pursue acquisition opportunities that may arise,” commented H.O. Woltz III, Insteel’s President and CEO.

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 2, 2021.

IIIN - D

View source version on businesswire.com: https://www.businesswire.com/news/home/20211116006271/en/

Mark A. Carano

Senior Vice President,

Chief Financial Officer and Treasurer

Insteel Industries Inc.

(336) 786-2141, Ext. 3038

Source: Insteel Industries Inc.

FAQ

What is the dividend amount announced by Insteel Industries?

Insteel Industries announced a quarterly cash dividend of $0.03 per share and a special cash dividend of $2.00 per share.

When will the dividends be paid by Insteel Industries?

The dividends will be paid on December 17, 2021.

Who is eligible for the dividends from Insteel Industries?

Shareholders of record as of December 2, 2021, are eligible for the dividends.

Is the $2.00 special dividend a recurring payment?

The $2.00 special dividend is the fifth special dividend of at least $1 per share since 2016, but it is not guaranteed to recur annually.