Insteel Industries Reports Q1 EPS of $(0.18) vs. $(0.05)

Insteel Industries, Inc. IIIN today reported a net loss of $7.6 million ($0.44 per share) for the first quarter of fiscal 2011 compared with a net loss of $1.1 million ($0.07 per share) in the first quarter of fiscal 2010. The net loss for the current year quarter includes $2.8 million of acquisition-related costs ($0.10 per share after-tax) and $4.4 million of restructuring charges ($0.16 per share after-tax) related to the acquisition of certain of the assets of Ivy Steel & Wire, Inc. ("Ivy"). The net loss for the prior year quarter includes $1.9 million of inventory write-downs ($0.07 per share after-tax) to reduce the carrying value of inventory to the lower of cost or market.