UNITED STATES SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 14, 2005
Commission File Number 1-9929
Insteel Industries, Inc.
|(State or other jurisdiction of
incorporation or organization)
|1373 Boggs Drive, Mount Airy, North Carolina||27030|
|(Address of principal executive offices)||(Zip Code)|
Registrants telephone number, including area code: (336) 786-2141
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|Item 1.01. Entry into a Material Definitive Agreement|
|Item 8.01. Other Events|
|Item 9.01. Financial Statements and Exhibits|
|EX-10.1 AMENDMENT NO. 2 TO CREDIT AGREEMENT|
|EX-99.1 PRESS RELEASE DATED JUNE 15, 2005|
Item 1.01. Entry into a Material Definitive Agreement
On June 14, 2005, Insteel Industries, Inc. and certain of its affiliates entered into that certain Amendment No. 2 to Credit Agreement, dated June 14, 2005 (the Amendment), by and among Insteel Wire Products Company, as Borrower, Insteel Industries, Inc., as a Credit Party, Intercontinental Metals Corporation, as a Credit Party, and General Electric Capital Corporation, as Agent and Lender. The Credit Agreement was previously filed with the Securities and Exchange Commission as Exhibit 10.1 to the Companys Current Report on Form 8-K dated June 3, 2004 and is incorporated herein by reference.
The Amendment amends the Credit Agreement to increase the permitted amount of dividend payments to (i) $875,000 in the aggregate in fiscal 2005 and (ii) $3,500,000 in the aggregate in any fiscal year after fiscal 2005. A copy of the Amendment is being filed as Exhibit 10.1 to this Current Report on Form 8-K and by this reference made a part hereof.
Item 8.01. Other Events
On June 15, 2005, the Company issued a press release announcing that its board of directors had approved the reinstitution of a quarterly cash dividend of $0.06 per share payable on July 8, 2005 to shareholders of record as of June 24, 2005. A copy of this release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
While the Company intends to pay regular quarterly cash dividends for the foreseeable future, the declaration and payment of future dividends, if any, are discretionary and will be subject to determination by the board of directors each quarter after its review of the Companys financial performance and business conditions. In addition, the Companys ability to pay future dividends is subject to compliance with the dividend restrictions and financial covenant limitations in the Companys Credit Agreement, as amended.
Item 9.01. Financial Statements and Exhibits
|Amendment No. 2 to Credit Agreement, dated June 14, 2005, by and among Insteel Wire Products Company, as Borrower, Insteel Industries, Inc., as a Credit Party, Intercontinental Metals Corporation, as a Credit Party, and General Electric Capital Corporation, as Agent and Lender.|
|Press release dated June 15, 2005 announcing the reinstitution of a quarterly cash dividend of $0.06 per share.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|INSTEEL INDUSTRIES, INC.
|Date: June 15, 2005||By:||/s/ H.O. Woltz III|
|H.O. Woltz III|
|President and Chief Executive Officer|
|Date: June 15, 2005||By:||/s/ Michael C. Gazmarian|
|Michael C. Gazmarian|
|Chief Financial Officer and Treasurer|