MOUNT AIRY, N.C., Nov. 17, 2020 /PRNewswire/ -- Insteel Industries,
Inc. (NasdaqGS: IIIN) today announced that its board of directors
declared a regular quarterly cash dividend of $0.03 per share and a one-time special cash
dividend of $1.50 per share of common
stock payable on December 18, 2020 to
shareholders of record as of December 1,
2020.
"We welcome the opportunity to return capital to our
shareholders through the payment of a special dividend while fully
funding our aggressive capital investment program and maintaining
ample financial flexibility to pursue acquisition opportunities
that may arise," commented H.O. Woltz III, Insteel's President and
CEO.
About Insteel
Insteel is the nation's largest manufacturer of steel wire
reinforcing products for concrete construction applications.
Insteel manufactures and markets prestressed concrete strand and
welded wire reinforcement, including engineered structural mesh,
concrete pipe reinforcement and standard welded wire reinforcement.
Insteel's products are sold primarily to manufacturers of concrete
products that are used in nonresidential construction.
Headquartered in Mount Airy, North
Carolina, Insteel operates ten manufacturing facilities
located in the United States.
Forward-Looking Statements and Risk Factors
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not descriptions of historical facts are
forward-looking statements that are based on our current
expectations and may include commentary on our plans, financial
position, liquidity, and other business developments.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Future results could differ materially from those described, and we
do not undertake and specifically decline any obligation to correct
or update any forward-looking statements. For further information
regarding risk factors that could affect our operations and future
results, refer to our reports filed with the U.S. Securities and
Exchange Commission, including our annual report on Form 10-K for
the year ended October 3,
2020.
IIIN - D
View original content to download
multimedia:http://www.prnewswire.com/news-releases/insteel-industries-declares-regular-quarterly-and-special-cash-dividends-301175234.html
SOURCE Insteel Industries, Inc.