$IIIN
INSTEEL INDUSTRIES INC

2018 Q1 Form 10-Q Financial Statement

#000143774918007414 Filed on April 23, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q2
Revenue $107.4M $101.2M
YoY Change -5.82%
Cost Of Revenue $92.00M $82.87M
YoY Change -6.68%
Gross Profit $15.42M $18.29M
YoY Change -1.72%
Gross Profit Margin 14.35% 18.08%
Selling, General & Admin $7.475M $7.055M
YoY Change -7.61%
% of Gross Profit 48.49% 38.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.230M $2.710M
YoY Change -5.9%
% of Gross Profit 20.95% 14.81%
Operating Expenses $7.475M $7.055M
YoY Change -7.61%
Operating Profit $7.941M $11.24M
YoY Change 2.37%
Interest Expense $23.00K $35.00K
YoY Change -12.5%
% of Operating Profit 0.29% 0.31%
Other Income/Expense, Net -$166.0K -$10.00K
YoY Change -65.52%
Pretax Income $7.805M $11.22M
YoY Change 3.46%
Income Tax $1.926M $3.797M
% Of Pretax Income 24.68% 33.85%
Net Earnings $5.879M $7.420M
YoY Change 3.75%
Net Earnings / Revenue 5.47% 7.33%
Basic Earnings Per Share $0.31 $0.39
Diluted Earnings Per Share $0.31 $0.39
COMMON SHARES
Basic Shares Outstanding 19.05M 19.00M
Diluted Shares Outstanding 19.26M 19.22M

Balance Sheet

Concept 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.50M $40.20M
YoY Change 10.44%
Cash & Equivalents $23.46M $40.19M
Short-Term Investments
Other Short-Term Assets $4.071M $3.264M
YoY Change 27.35%
Inventory $63.16M $59.23M
Prepaid Expenses $2.414M
Receivables $50.46M $49.58M
Other Receivables $0.00 $0.00
Total Short-Term Assets $141.1M $152.3M
YoY Change 5.65%
LONG-TERM ASSETS
Property, Plant & Equipment $103.3M $94.81M
YoY Change 13.15%
Goodwill $8.293M $6.965M
YoY Change 0.0%
Intangibles $10.28M $8.484M
YoY Change -12.0%
Long-Term Investments
YoY Change
Other Assets $9.649M $8.712M
YoY Change 11.51%
Total Long-Term Assets $131.5M $119.0M
YoY Change 9.94%
TOTAL ASSETS
Total Short-Term Assets $141.1M $152.3M
Total Long-Term Assets $131.5M $119.0M
Total Assets $272.6M $271.2M
YoY Change 7.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.56M $35.61M
YoY Change 16.15%
Accrued Expenses $5.497M $7.222M
YoY Change -20.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.06M $42.83M
YoY Change 7.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.54M $15.74M
YoY Change 16.58%
Total Long-Term Liabilities $16.54M $15.74M
YoY Change 16.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.06M $42.83M
Total Long-Term Liabilities $16.54M $15.74M
Total Liabilities $54.60M $58.56M
YoY Change 9.98%
SHAREHOLDERS EQUITY
Retained Earnings $129.7M $126.3M
YoY Change 7.91%
Common Stock $89.72M $87.88M
YoY Change 4.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $218.0M $212.7M
YoY Change
Total Liabilities & Shareholders Equity $272.6M $271.2M
YoY Change 7.49%

Cashflow Statement

Concept 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $5.879M $7.420M
YoY Change 3.75%
Depreciation, Depletion And Amortization $3.230M $2.710M
YoY Change -5.9%
Cash From Operating Activities $9.730M $13.20M
YoY Change 16.2%
INVESTING ACTIVITIES
Capital Expenditures -$3.240M -$5.240M
YoY Change 54.57%
Acquisitions
YoY Change
Other Investing Activities $30.00K $20.00K
YoY Change -140.0%
Cash From Investing Activities -$3.210M -$5.220M
YoY Change 51.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.39M -24.81M
YoY Change 44.83%
NET CHANGE
Cash From Operating Activities 9.730M 13.20M
Cash From Investing Activities -3.210M -5.220M
Cash From Financing Activities -20.39M -24.81M
Net Change In Cash -13.87M -16.83M
YoY Change 82.54%
FREE CASH FLOW
Cash From Operating Activities $9.730M $13.20M
Capital Expenditures -$3.240M -$5.240M
Free Cash Flow $12.97M $18.44M
YoY Change 25.02%

Facts In Submission

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OtherAssetsNoncurrent
9649000
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
16537000
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
17379000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-166000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-10000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-185000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
20184000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
24869000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
210000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
646000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
3300000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
9316000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
10656000
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4071000
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5949000
CY2018Q1 us-gaap Prepaid Insurance
PrepaidInsurance
2957000
CY2017Q3 us-gaap Prepaid Insurance
PrepaidInsurance
3796000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
169000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
176000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
107000
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
231159000
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
221675000
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
103277000
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
98670000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
169000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
176000
CY2016Q4 us-gaap Restructuring Charges
RestructuringCharges
48000
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
25000
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
us-gaap Restructuring Charges
RestructuringCharges
us-gaap Restructuring Charges
RestructuringCharges
73000
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
270000
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
165000
CY2017Q2 us-gaap Restructuring Reserve
RestructuringReserve
97000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
129657000
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
135851000
CY2018Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
107417000
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
101159000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
205158000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
195047000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19047000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18992000
CY2018Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
115000
CY2017Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
116000
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7055000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13238000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13319000
us-gaap Share Based Compensation
ShareBasedCompensation
1073000
us-gaap Share Based Compensation
ShareBasedCompensation
1133000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.004
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0033
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3774
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3879
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0272
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0203
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
236000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
20.46
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
9000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
44000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.46
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.66
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2229000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
392000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
420000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.40
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.97
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2223000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
418000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
23.94
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
21
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
29.88
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
29.69
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y324D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y43D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1894000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y80D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y142D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y138D
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
7000
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
CY2008Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
25000000
CY2018Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
24800000
CY2018Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
218045000
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
223376000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19258000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19224000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19241000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19217000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19052000
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19004000

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