Insteel Industries Declares Regular Quarterly and Special Cash Dividends

Rhea-AI Summary

Insteel Industries Inc. (NYSE: IIIN) announces regular quarterly cash dividend of $0.03 per share and a special cash dividend of $2.50 per share, the highest in the company's history. The dividends are payable on December 22, 2023, to shareholders of record as of December 8, 2023. President and CEO H.O. Woltz III emphasizes the company's commitment to returning capital to shareholders while maintaining financial flexibility for future opportunities.

Positive

• The company's commitment to returning capital to shareholders through a special dividend demonstrates a strong financial position and a positive outlook for future growth and 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 $2.50 per share of common stock payable on December 22, 2023, to shareholders of record as of December 8, 2023.

“We are pleased to again return capital to our shareholders through a special dividend. While the 2023 amount of $2.50 per share is the highest special dividend the Company has paid, we expect to remain debt free and well positioned to fully fund our capital investment program, purchase our common shares and retain sufficient financial flexibility to execute on other 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 to manufacturers of concrete products that are used 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 September 30, 2023.

IIIN - D

View source version on businesswire.com: https://www.businesswire.com/news/home/20231114350790/en/

Scot Jafroodi

Vice President,

Chief Financial Officer and Treasurer

Insteel Industries Inc.

(336) 786-2141

Source: Insteel Industries

FAQ

What is the regular quarterly cash dividend declared by Insteel Industries Inc. (NYSE: IIIN)?

Insteel Industries Inc. (NYSE: IIIN) declared a regular quarterly cash dividend of $0.03 per share.

What is the special cash dividend declared by Insteel Industries Inc. (NYSE: IIIN)?

Insteel Industries Inc. (NYSE: IIIN) declared a special cash dividend of $2.50 per share, the highest in the company's history.

When will the dividends be payable to shareholders?

The dividends are payable on December 22, 2023, to shareholders of record as of December 8, 2023.

What is the CEO's comment on the special dividend?

H.O. Woltz III, Insteel’s President and CEO, emphasized the company's commitment to returning capital to shareholders while maintaining financial flexibility for future opportunities.