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 - Net sales reached $5906 million in 2021[27] - EBITDA for 2021 was $1057 million, with an EBITDA margin of 179%[33, 35] - As of October 2, 2021, Insteel had $899 million in cash and no outstanding borrowings on its $1000 million revolving credit facility[48] Growth Strategy - Continued conversion of rebar users to Engineered Structural Mesh (ESM) represents a substantial growth opportunity[23] - The company has made strategic acquisitions, including Ivy Steel & Wire for $503 million and American Spring Wire for $335 million[25] - Capital expenditures are expected to total up to $250 million in fiscal year 2022[45] Market Outlook - Public construction spending for August YTD 2021 was down 40% from the prior year but up 65% from the four-year prior average[55] - Private nonresidential construction for May YTD was down 91% from the prior year and down 36% from the four-year prior average[55] - Private residential construction for May YTD was up 238% from the prior year and up 247% from the four-year prior average[55]

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]

Business Overview - The company is the nation's largest manufacturer of steel wire reinforcing products, headquartered in Mount Airy, NC, and operates 11 facilities[8, 9, 15] - The company's operations are focused on manufacturing and marketing steel wire reinforcing products for concrete construction applications, consisting of Welded Wire Reinforcement (WWR) which accounts for 42% of sales, and Prestressed Concrete Strand (PC Strand) which accounts for 58% of sales[13, 15] - The company's sales are primarily to distributors (70%) and rebar fabricators, contractors, and concrete product manufacturers (30%)[17] - The company's sales are mainly for nonresidential construction (85%) with the remaining for residential construction (15%)[17] Growth Strategy - The company aims to achieve leadership positions in its markets[21] - The company focuses on operating as the lowest cost producer in the industry[23] - The company pursues growth opportunities in its core businesses to further penetrate existing markets or expand its footprint[25] - The company focuses on converting rebar users to Engineered Structural Mesh (ESM) for cast-in-place applications, leveraging manufacturing and engineering capabilities[47] Financials - As of March 29, 2025, the company was debt-free with $28.4 million of cash and no borrowings outstanding on its $100.0 million revolving credit facility[95] - Capital expenditures are expected to total approximately $17.0 million in fiscal year 2025[91] - The company is currently paying a regular quarterly cash dividend of $0.03 per share[97] - The company's current share repurchase program has $17.6 million remaining available out of the $25.0 million authorized in November 2008[101]