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]