Business Overview - The company is the nation's largest manufacturer of steel wire reinforcing products[8] - The company operates 11 facilities[9] - PC Strand accounts for 66% of sales, while Welded Wire Reinforcement accounts for 34%[13] - Distributors account for 70% of sales, while Rebar Fabricators, Contractors, and Concrete Product Manufacturers account for 30%[17] - Residential Construction accounts for 15% of sales, while Nonresidential Construction accounts for 85%[17] Growth Strategy - The company focuses on converting rebar users to ESM, which requires fewer tons of steel due to its higher yield strength (80,000 PSI for ESM versus 60,000 PSI for rebar)[47] - The company has made several acquisitions, including Engineered Wire Products for $67 million in Oct 2024 and O'Brien Wire Products for $5.1 million in Nov 2024[49] Financials - As of September 27, 2025, the company was debt-free with $38.6 million of cash and no borrowings outstanding on its $100 million revolving credit facility[94] - Capital expenditures are expected to total approximately $20 million in fiscal 2026[90] - The company is currently paying a regular quarterly cash dividend of $0.03 per share[96] - The company's current share repurchase program has $17.1 million remaining available, with $2.3 million repurchased in FY 2025 and $1.8 million in FY 2024[100] Market Outlook - In September, the Dodge Momentum Index (DMI) rose by 3.4% for the month and is up 33% year-to-date, driven by commercial construction planning activity[104]

Business Overview - Insteel Industries is the largest U S manufacturer of steel wire reinforcing products for concrete construction applications[5] - Nonresidential construction accounts for 85% of sales, while residential construction accounts for 15%[7] - Concrete product manufacturers represent 70% of sales, with distributors, rebar fabricators, and contractors making up the remaining 30%[8] Financial Performance - Year-to-date net sales reached $6188 million in 2022[28] - In fiscal year 2022 (39 weeks), net earnings were $100705 thousand and EBITDA was $142169 thousand[37] - As of July 2, 2022, the company had $630 million in cash and no borrowings on its $1000 million revolving credit facility[47] Growth Strategy - Continued conversion of rebar users to Engineered Structural Mesh (ESM) represents a substantial growth opportunity[23] - Capital expenditures are expected to total up to $200 million in fiscal year 2022[45] Market Outlook - Architecture Billings Index (ABI) and Dodge Momentum Index (DMI) are leading indicators for nonresidential building construction activity[53] - Customer sentiment remains positive, and leading indicators for nonresidential construction end markets remain at expansionary levels[54]