$IIIN
INSTEEL INDUSTRIES INC

2017 Q4 Form 10-Q Financial Statement

#000143774918000774 Filed on January 18, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $97.74M $93.89M
YoY Change 4.1% -20.5%
Cost Of Revenue $86.08M $80.88M
YoY Change 6.43% -15.93%
Gross Profit $11.66M $13.01M
YoY Change -10.37% -40.59%
Gross Profit Margin 11.93% 13.86%
Selling, General & Admin $5.763M $6.264M
YoY Change -8.0% -18.65%
% of Gross Profit 49.42% 48.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.176M $3.018M
YoY Change 5.24% -6.56%
% of Gross Profit 27.24% 23.2%
Operating Expenses $5.763M $6.264M
YoY Change -8.0% -18.65%
Operating Profit $5.898M $6.746M
YoY Change -12.57% -52.49%
Interest Expense $28.00K $34.00K
YoY Change -17.65%
% of Operating Profit 0.47% 0.5%
Other Income/Expense, Net -$19.00K $10.00K
YoY Change -290.0% -90.0%
Pretax Income $5.927M $6.726M
YoY Change -11.88% -53.61%
Income Tax -$2.184M $2.266M
% Of Pretax Income -36.85% 33.69%
Net Earnings $8.111M $4.460M
YoY Change 81.86% -53.54%
Net Earnings / Revenue 8.3% 4.75%
Basic Earnings Per Share $0.43 $0.23
Diluted Earnings Per Share $0.42 $0.23
COMMON SHARES
Basic Shares Outstanding 19.04M 18.98M
Diluted Shares Outstanding 19.22M 19.21M

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.30M $58.90M
YoY Change -36.67% 76.88%
Cash & Equivalents $37.34M $58.87M
Short-Term Investments
Other Short-Term Assets $5.101M $3.039M
YoY Change 67.85% -42.76%
Inventory $70.92M $71.19M
Prepaid Expenses $1.805M
Receivables $39.77M $47.39M
Other Receivables $1.000M $0.00
Total Short-Term Assets $153.1M $180.5M
YoY Change -15.16% 19.25%
LONG-TERM ASSETS
Property, Plant & Equipment $102.9M $88.19M
YoY Change 16.67% 4.77%
Goodwill $8.293M $6.965M
YoY Change 19.07% 0.0%
Intangibles $10.63M $9.063M
YoY Change 17.33% -11.32%
Long-Term Investments
YoY Change
Other Assets $9.698M $8.184M
YoY Change 18.5% 8.86%
Total Long-Term Assets $131.5M $112.1M
YoY Change 17.29% 3.29%
TOTAL ASSETS
Total Short-Term Assets $153.1M $180.5M
Total Long-Term Assets $131.5M $112.1M
Total Assets $284.6M $292.9M
YoY Change -2.82% 12.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.99M $42.76M
YoY Change -27.52% 32.87%
Accrued Expenses $5.411M $11.02M
YoY Change -50.92% -19.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $56.02M $53.78M
YoY Change 4.15% 17.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.52M $14.54M
YoY Change 13.56% 2.43%
Total Long-Term Liabilities $16.52M $14.54M
YoY Change 13.56% 2.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.02M $53.78M
Total Long-Term Liabilities $16.52M $14.54M
Total Liabilities $72.53M $68.33M
YoY Change 6.15% 13.83%
SHAREHOLDERS EQUITY
Retained Earnings $124.4M $139.3M
YoY Change -10.74% 13.33%
Common Stock $89.09M $86.79M
YoY Change 2.65% 9.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $212.1M $224.6M
YoY Change
Total Liabilities & Shareholders Equity $284.6M $292.9M
YoY Change -2.82% 12.55%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $8.111M $4.460M
YoY Change 81.86% -53.54%
Depreciation, Depletion And Amortization $3.176M $3.018M
YoY Change 5.24% -6.56%
Cash From Operating Activities $14.76M $3.894M
YoY Change 279.15% -79.97%
INVESTING ACTIVITIES
Capital Expenditures -$6.080M -$3.900M
YoY Change 55.9% 926.32%
Acquisitions
YoY Change
Other Investing Activities -$3.450M -$40.00K
YoY Change 8525.0% -101.14%
Cash From Investing Activities -$9.533M -$5.638M
YoY Change 69.08% -280.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $90.00K $97.00K
YoY Change -7.22%
Cash From Financing Activities -109.0K
YoY Change -85.66%
NET CHANGE
Cash From Operating Activities 14.76M 3.894M
Cash From Investing Activities -9.533M -5.638M
Cash From Financing Activities -109.0K
Net Change In Cash 5.231M -1.853M
YoY Change -382.3% -108.5%
FREE CASH FLOW
Cash From Operating Activities $14.76M $3.894M
Capital Expenditures -$6.080M -$3.900M
Free Cash Flow $20.84M $7.794M
YoY Change 167.44% -60.68%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q4 iiin Proceeds From Surrender Of Life Insurance Policies
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CY2016Q4 iiin Proceeds From Surrender Of Life Insurance Policies
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
144000
CY2017Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
6080000
CY2016Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
5417000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5101000
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5949000
CY2017Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2707000
CY2017Q3 us-gaap Prepaid Insurance
PrepaidInsurance
3796000
CY2017Q4 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
90000
CY2016Q4 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
97000
CY2017Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
CY2016Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
35000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
228404000
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
221675000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
102891000
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
98670000
CY2017Q4 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
90000
CY2016Q4 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
97000
CY2016Q4 us-gaap Restructuring Charges
RestructuringCharges
48000
CY2017Q4 us-gaap Restructuring Charges
RestructuringCharges
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
270000
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
165000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
124350000
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
135851000
CY2017Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
97741000
CY2016Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
93888000
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1889000
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5763000
CY2016Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6264000
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
235000
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
257000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
194000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.05
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2505000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
392000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
392000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.40
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.40
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2492000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
388000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
23.36
CY2017Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
9.16
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
37.06
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y58D
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y142D
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y138D
CY2017Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2008Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000
CY2017Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
24800000
CY2017Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2016Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
212110000
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
223376000
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19224000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19209000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19041000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18980000
CY2017Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
115000
CY2017Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
116000

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