Insteel Industries Declares Regular Quarterly and Special Cash Dividends
November 14 2023 - 3:15PM
Business Wire
Insteel Industries Inc. (NYSE: IIIN) today announced that its
board of directors declared a regular quarterly cash dividend of
$0.03 per share and a special cash dividend of $2.50 per share of
common stock payable on December 22, 2023, to shareholders of
record as of December 8, 2023.
“We are pleased to again return capital to our shareholders
through a special dividend. While the 2023 amount of $2.50 per
share is the highest special dividend the Company has paid, we
expect to remain debt free and well positioned to fully fund our
capital investment program, purchase our common shares and retain
sufficient financial flexibility to execute on other 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 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 September 30, 2023.
IIIN - D
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version on businesswire.com: https://www.businesswire.com/news/home/20231114350790/en/
Scot Jafroodi Vice President, Chief Financial Officer and
Treasurer Insteel Industries Inc. (336) 786-2141
Insteel Industries (NYSE:IIIN)
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