Insteel Industries (IIIN) 10-Q 17 Jan 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 29, 2018	Jan. 16, 2019
Document Information [Line Items]
Entity Registrant Name	INSTEEL INDUSTRIES INC
Entity Central Index Key	764,401
Trading Symbol	iiin
Current Fiscal Year End Date	--09-28
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		19,223,017
Document Type	10-Q
Document Period End Date	Dec. 29, 2018
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017
Net sales	$ 104,110	$ 97,741
Cost of sales	93,134	86,080
Gross profit	10,976	11,661
Selling, general and administrative expense	6,534	5,763
Other expense (income), net	(829)	19
Interest expense	30	28
Interest income	(155)	(76)
Earnings before income taxes	5,396	5,927
Income taxes	1,270	(2,184)
Net earnings	$ 4,126	$ 8,111
Net earnings per share:
Basic (in dollars per share)	$ 0.21	$ 0.43
Diluted (in dollars per share)	$ 0.21	$ 0.42
Weighted average shares outstanding:
Basic (in shares)	19,223	19,041
Diluted (in shares)	19,336	19,224
Cash dividends declared per share (in dollars per share)	$ 0.03	$ 1.03
Comprehensive income	$ 4,126	$ 8,111

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 29, 2018	Sep. 29, 2018
Assets
Cash and cash equivalents	$ 15,503	$ 43,941
Accounts receivable, net	36,524	51,484
Inventories	115,306	94,157
Other current assets	5,841	5,895
Total current assets	173,174	195,477
Property, plant and equipment, net	111,171	106,148
Intangibles, net	9,429	9,703
Goodwill	8,293	8,293
Other assets	9,367	9,913
Total assets	311,434	329,534
Liabilities and shareholders' equity
Accounts payable	40,456	60,059
Accrued expenses	7,453	11,929
Total current liabilities	47,909	71,988
Other liabilities	18,143	15,881
Commitments and contingencies
Shareholders' equity:
Common stock	19,223	19,223
Additional paid-in capital	73,019	72,852
Retained earnings	154,634	151,084
Accumulated other comprehensive loss	(1,494)	(1,494)
Total shareholders' equity	245,382	241,665
Total liabilities and shareholders' equity	$ 311,434	$ 329,534

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017
Cash Flows From Operating Activities:
Net earnings	$ 4,126,000	$ 8,111,000
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities:
Depreciation and amortization	3,242,000	3,176,000
Amortization of capitalized financing costs	16,000	16,000
Stock-based compensation expense	174,000	235,000
Deferred income taxes	2,131,000	(2,069,000)
Loss (gain) on sale and disposition of property, plant and equipment	(709,000)	17,000
Increase in cash surrender value of life insurance policies over premiums paid		(256,000)
Net changes in assets and liabilities (net of assets and liabilities acquired):
Accounts receivable, net	14,960,000	515,000
Inventories	(21,149,000)	10,935,000
Accounts payable and accrued expenses	(25,145,000)	(6,793,000)
Other changes	(414,000)	877,000
Total adjustments	(26,894,000)	6,653,000
Net cash provided by (used for) operating activities	(22,768,000)	14,764,000
Cash Flows From Investing Activities:
Capital expenditures	(6,194,000)	(6,080,000)
Acquisition of business		(3,300,000)
Proceeds from surrender of life insurance policies	13,000	41,000
Decrease (increase) in cash surrender value of life insurance policies	518,000	(194,000)
Net cash used for investing activities	(5,663,000)	(9,533,000)
Cash Flows From Financing Activities:
Proceeds from long-term debt	90,000	90,000
Principal payments on long-term debt	(90,000)	(90,000)
Payment of employee tax withholdings related to net share transactions	(7,000)
Net cash used for financing activities	(7,000)
Net increase (decrease) in cash and cash equivalents	(28,438,000)	5,231,000
Cash and cash equivalents at beginning of period	43,941,000	32,105,000
Cash and cash equivalents at end of period	15,503,000	37,336,000
Supplemental Disclosures of Cash Flow Information:
Income taxes, net	36,000	(7,000)
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	1,090,000	1,005,000
Declaration of cash dividends to be paid	576,000	19,612,000
Restricted stock units and stock options surrendered for withholding taxes payable	$ 7,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Sep. 30, 2017	19,041
Balance at Sep. 30, 2017	$ 19,041	$ 69,817	$ 135,851	$ (1,333)	$ 223,376
Net earnings			8,111		8,111
Compensation expense associated with stock-based plans		235			235
Restricted stock units and stock options surrendered for withholding taxes payable
Cash dividends declared			(19,612)		(19,612)
Balance (in shares) at Dec. 30, 2017	19,041
Balance at Dec. 30, 2017	$ 19,041	70,052	124,350	(1,333)	212,110
Balance (in shares) at Sep. 29, 2018	19,223
Balance at Sep. 29, 2018	$ 19,223	72,852	151,084	(1,494)	241,665
Net earnings			4,126		4,126
Compensation expense associated with stock-based plans		174			174
Restricted stock units and stock options surrendered for withholding taxes payable		(7)			(7)
Cash dividends declared			(576)		(576)
Balance (in shares) at Dec. 29, 2018	19,223
Balance at Dec. 29, 2018	$ 19,223	$ 73,019	$ 154,634	$ (1,494)	$ 245,382

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	( 1 The accompanying unaudited interim consolidated financial statements of Insteel Industries, Inc. (“we,” “us,” “our,” “the Company” or “Insteel”) have been prepared pursuant to the rules and regulations of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10 not September 29, 2018 not September 29, 2018 10 October 26, 2018. The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that we consider necessary for a fair presentation of results for these interim periods. The results of operations for the three December 29, 2018 not may September 28, 2019 We have 10 no .

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	( 2 Current Adoptions In August 2016, No. 2016 15 230: No. 2016 15 No. 2016 15 not In May 2014, No. 2014 09 No. 2014 09 2014 09 not 3 Future Adoptions In May 2017, No. 2017 09 718 No. 2017 09 No. 2017 09 first 2020. In January 2017, No. 2017 04 350 2 No. 2017 04 first 2021 In February 2016, No. 2016 02 840. No. 2016 02 12 No. 2016 02 first 2020. July 2018, No. 2018 11, 842 No. 2016 02.

Note 3 - Revenue Recognition

Note 3 - Revenue Recognition	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	( 3 We recognize revenues when obligations under the terms of a contract with our customers are satisfied, which generally occurs when products are shipped and control is transferred. We enter into contracts that pertain to products, which are accounted for as separate performance obligations and typically one not No. 2014 09 not one Variable consideration that may not The following table disaggregates our net sales by product line: Three Months Ended December 29, December 30, (In thousands) 2018 2017 Welded wire reinforcement $ 66,278 $ 56,891 Prestressed concrete strand 37,832 40,850 Total $ 104,110 $ 97,741 The following table disaggregates our net sales by geography based on the shipping addresses of our customers: Three Months Ended December 29, December 30, (In thousands) 2018 2017 United States $ 103,621 $ 97,283 Foreign 489 458 Total $ 104,110 $ 97,741 Contract assets primarily relate to our rights to consideration for products that are delivered but not not not December 29, 2018. Accounts receivable includes amounts billed and currently due from customers stated at their net estimated realizable value. Customer payment terms are generally 30 not

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 4 Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three three Level 1 Level 2 1, Level 3 no As of December 29, 2018 September 29, 2018, (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of December 29, 2018: Current assets: Cash equivalents $ 16,565 $ 16,565 $ - Other assets: Cash surrender value of life insurance policies 9,238 - 9,238 Total $ 25,803 $ 16,565 $ 9,238 As of September 29, 2018: Current assets: Cash equivalents $ 44,257 $ 44,257 $ - Other assets: Cash surrender value of life insurance policies 9,769 - 9,769 Total $ 54,026 $ 44,257 $ 9,769 Cash equivalents, which include all highly liquid investments with original maturities of three 1 2. As of December 29, 2018 September 29, 2018, no

Note 5 - Intangible Assets

Note 5 - Intangible Assets	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	( 5 The primary components of our intangible assets and the related accumulated amortization are as follows: (In thousands) Gross Amount Accumulated Amortization Net Book Value As of December 29, 2018: Customer relationships $ 9,070 $ (1,750 ) $ 7,320 Developed technology and know-how 1,800 (394 ) 1,406 Non-competition agreements 1,800 (1,197 ) 603 Trade name 140 (40 ) 100 $ 12,810 $ (3,381 ) $ 9,429 As of September 29, 2018: Customer relationships $ 9,070 $ (1,598 ) $ 7,472 Developed technology and know-how 1,800 (371 ) 1,429 Non-competition agreements 3,687 (2,994 ) 693 Trade name 140 (31 ) 109 $ 14,697 $ (4,994 ) $ 9,703 Amortization expense for intangibles was $273,000 $329,000 three December 29, 2018 December 30, 2017, three December 30, 2017, not

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	( 6 Under our equity incentive plan, employees and directors may February 17, 2015, 2015 “2015 900,000 2015 February 17, 2025, 2005 February 15, 2015. December 29, 2018, 334,000 2015 Stock option awards . may three ten $55,000 $90,000 three December 29, 2018 December 30, 2017, December 29, 2018, $207,000 1.55 The following table summarizes stock option activity: Contractual Aggregate Options Exercise Price Per Share Term - Weighted Intrinsic Outstanding Weighted Average Value (in thousands) Range Average (in years) (in thousands) Outstanding at September 29, 2018 264 $10.23 - $41.85 $ 29.25 Exercised (5 ) 18.05 - 26.75 23.95 Outstanding at December 29, 2018 259 10.23 - 41.85 29.36 7.61 $ 362 Vested and anticipated to vest in the future at December 29, 2018 257 29.33 7.60 362 Exercisable at December 29, 2018 103 24.77 6.04 361 Stock option exercises include “net exercises” for which the optionee received shares of common stock equal to the intrinsic value of the options (fair market value of common stock on the date of exercise less exercise price) reduced by any applicable withholding taxes. Restricted stock uni t s. one three not $119,000 $145,000 three December 29, 2018 December 30, 2017, As of December 29, 2018, $333,000 1.77 The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 29, 2018 103 $ 30.40 Released - - Balance, December 29, 2018 103 30.40

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 7 Effective income tax rate . 23.5% three December 29, 2018 36.8 three December 30, 2017. December 22, 2017, 35% 21% January 1, 2018. first $3.7 September 30 21% 2019 24.5% 2018. Deferred income taxes. December 29, 2018, $7.5 $2.1 2022, 2022 2031. $16,000 2019, 2019 2020. The realization of our deferred tax assets is entirely dependent upon our ability to generate future taxable income in applicable jurisdictions. GAAP requires that we periodically assess the need to establish a reserve against our deferred tax assets to the extent we no not December 29, 2018 September 29, 2018, $266,000 $233,000, not not. Uncertainty in income taxes . December 29, 2018, no We file U.S. federal, state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2013

Note 8 - Employee Benefit Plans

Note 8 - Employee Benefit Plans	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	( 8 Supplemental employee retirement plan 30 15 50% five 10 65 30 10 1/360th 30 Net periodic pension cost for the SERPs includes the following components: Three Months Ended December 29, December 30, (In thousands) 2018 2017 Interest cost $ 96 $ 86 Service cost 74 77 Recognized net actuarial loss 35 38 Net periodic pension cost $ 205 $ 201

Note 9 - Long-term Debt

Note 9 - Long-term Debt	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Long-term Debt [Text Block]	( 9 Revolving Credit Facility . $100.0 May 13, 2020 $100.0 December 29, 2018, no $98.2 $1.8 Interest rates on the Credit Facility are based upon ( 1 0.50% 2 0.25% 0.75% 1.25% 1.75% 2.00% December 29, 2018, 0.25% 1.25% Our ability to borrow available amounts under the Credit Facility will be restricted or eliminated in the event of certain covenant breaches, events of default or if we are unable to make certain representations and warranties provided for under the terms of the Credit Facility. We are required to maintain a fixed charge coverage ratio of not 1.10 twelve $12.5 third not December 29, 2018, not Amortization of capitalized financing costs associated with the Credit Facility was $16,000 three December 29, 2018 December 30, 2017.

Note 10 - Earnings Per Share

Note 10 - Earnings Per Share	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	( 1 0 ) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Three Months Ended December 29, December 30, (In thousands, except per share amounts) 2018 2017 Net earnings $ 4,126 $ 8,111 Basic weighted average shares outstanding 19,223 19,041 Dilutive effect of stock-based compensation 113 183 Diluted weighted average shares outstanding 19,336 19,224 Net earnings per share: Basic $ 0.21 $ 0.43 Diluted $ 0.21 $ 0.42 Options and RSUs that were antidilutive and not 158,000 100,000 three December 29, 2018 December 30, 2017,

Note 11 - Share Repurchases

Note 11 - Share Repurchases	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	( 1 1 ) S hare Repurchase s On November 18, 2008, $25.0 may not may December 29, 2018, $24.8 no three December 29, 2018 December 30, 2017.

Note 12 - Other Financial Data

Note 12 - Other Financial Data	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Other Financial Data [Text Block]	( 1 2 ) Other Financial Data Balance sheet information: December 29, September 29, (In thousands) 2018 2018 Accounts receivable, net: Accounts receivable $ 36,755 $ 51,779 Less allowance for doubtful accounts (231 ) (295 ) Total $ 36,524 $ 51,484 Inventories: Raw materials $ 65,946 $ 61,008 Work in process 5,318 4,779 Finished goods 44,042 28,370 Total $ 115,306 $ 94,157 Other current assets: Prepaid insurance $ 3,827 $ 3,845 Income tax receivable 428 - Other 1,586 2,050 Total $ 5,841 $ 5,895 Other assets: Cash surrender value of life insurance policies $ 9,238 $ 9,769 Capitalized financing costs, net 24 40 Other 105 104 Total $ 9,367 $ 9,913 Property, plant and equipment, net: Land and land improvements $ 14,491 $ 14,438 Buildings 55,891 54,684 Machinery and equipment 167,680 160,068 Construction in progress 6,694 9,672 244,756 238,862 Less accumulated depreciation (133,585 ) (132,714 ) Total $ 111,171 $ 106,148 Accrued expenses: Salaries, wages and related expenses $ 1,914 $ 6,775 Customer rebates 1,764 1,531 Property taxes 1,493 1,585 Sales allowance reserves 992 804 Dividends 576 - Workers' compensation 113 113 Income taxes - 469 Other 601 652 Total $ 7,453 $ 11,929 Other liabilities: Deferred compensation $ 10,672 $ 10,541 Deferred income taxes 7,471 5,340 Total $ 18,143 $ 15,881

Note 13 - Business Segment Info

Note 13 - Business Segment Information	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 13 Our operations are entirely focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Our concrete reinforcing products consist of two 280, Segment Reporting one

Note 14 - Contingencies

Note 14 - Contingencies	3 Months Ended
	Dec. 29, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 14 Insurance recoveries. In August 2018, three December 29, 2018, $391,000 September 29, 2018 $462,000. December 29, 2018 $263,000 $187,000 $5,000 In August 2017, three December 29, 2018, $150,000 $98,000 Legal proceedings . not

Note 3 - Revenue Recognition (T

Note 3 - Revenue Recognition (Tables)	3 Months Ended
	Dec. 29, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended December 29, December 30, (In thousands) 2018 2017 Welded wire reinforcement $ 66,278 $ 56,891 Prestressed concrete strand 37,832 40,850 Total $ 104,110 $ 97,741 Three Months Ended December 29, December 30, (In thousands) 2018 2017 United States $ 103,621 $ 97,283 Foreign 489 458 Total $ 104,110 $ 97,741

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	3 Months Ended
	Dec. 29, 2018
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	(In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of December 29, 2018: Current assets: Cash equivalents $ 16,565 $ 16,565 $ - Other assets: Cash surrender value of life insurance policies 9,238 - 9,238 Total $ 25,803 $ 16,565 $ 9,238 As of September 29, 2018: Current assets: Cash equivalents $ 44,257 $ 44,257 $ - Other assets: Cash surrender value of life insurance policies 9,769 - 9,769 Total $ 54,026 $ 44,257 $ 9,769

Note 5 - Intangible Assets (Tab

Note 5 - Intangible Assets (Tables)	3 Months Ended
	Dec. 29, 2018
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(In thousands) Gross Amount Accumulated Amortization Net Book Value As of December 29, 2018: Customer relationships $ 9,070 $ (1,750 ) $ 7,320 Developed technology and know-how 1,800 (394 ) 1,406 Non-competition agreements 1,800 (1,197 ) 603 Trade name 140 (40 ) 100 $ 12,810 $ (3,381 ) $ 9,429 As of September 29, 2018: Customer relationships $ 9,070 $ (1,598 ) $ 7,472 Developed technology and know-how 1,800 (371 ) 1,429 Non-competition agreements 3,687 (2,994 ) 693 Trade name 140 (31 ) 109 $ 14,697 $ (4,994 ) $ 9,703

Note 6 - Stock-based Compensa_2

Note 6 - Stock-based Compensation (Tables)	3 Months Ended
	Dec. 29, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Contractual Aggregate Options Exercise Price Per Share Term - Weighted Intrinsic Outstanding Weighted Average Value (in thousands) Range Average (in years) (in thousands) Outstanding at September 29, 2018 264 $10.23 - $41.85 $ 29.25 Exercised (5 ) 18.05 - 26.75 23.95 Outstanding at December 29, 2018 259 10.23 - 41.85 29.36 7.61 $ 362 Vested and anticipated to vest in the future at December 29, 2018 257 29.33 7.60 362 Exercisable at December 29, 2018 103 24.77 6.04 361
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, September 29, 2018 103 $ 30.40 Released - - Balance, December 29, 2018 103 30.40

Note 8 - Employee Benefit Pla_2

Note 8 - Employee Benefit Plans (Tables)	3 Months Ended
	Dec. 29, 2018
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended December 29, December 30, (In thousands) 2018 2017 Interest cost $ 96 $ 86 Service cost 74 77 Recognized net actuarial loss 35 38 Net periodic pension cost $ 205 $ 201

Note 10 - Earnings Per Share (T

Note 10 - Earnings Per Share (Tables)	3 Months Ended
	Dec. 29, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 29, December 30, (In thousands, except per share amounts) 2018 2017 Net earnings $ 4,126 $ 8,111 Basic weighted average shares outstanding 19,223 19,041 Dilutive effect of stock-based compensation 113 183 Diluted weighted average shares outstanding 19,336 19,224 Net earnings per share: Basic $ 0.21 $ 0.43 Diluted $ 0.21 $ 0.42

Note 12 - Other Financial Data

Note 12 - Other Financial Data (Tables)	3 Months Ended
	Dec. 29, 2018
Notes Tables
Condensed Balance Sheet [Table Text Block]	December 29, September 29, (In thousands) 2018 2018 Accounts receivable, net: Accounts receivable $ 36,755 $ 51,779 Less allowance for doubtful accounts (231 ) (295 ) Total $ 36,524 $ 51,484 Inventories: Raw materials $ 65,946 $ 61,008 Work in process 5,318 4,779 Finished goods 44,042 28,370 Total $ 115,306 $ 94,157 Other current assets: Prepaid insurance $ 3,827 $ 3,845 Income tax receivable 428 - Other 1,586 2,050 Total $ 5,841 $ 5,895 Other assets: Cash surrender value of life insurance policies $ 9,238 $ 9,769 Capitalized financing costs, net 24 40 Other 105 104 Total $ 9,367 $ 9,913 Property, plant and equipment, net: Land and land improvements $ 14,491 $ 14,438 Buildings 55,891 54,684 Machinery and equipment 167,680 160,068 Construction in progress 6,694 9,672 244,756 238,862 Less accumulated depreciation (133,585 ) (132,714 ) Total $ 111,171 $ 106,148 Accrued expenses: Salaries, wages and related expenses $ 1,914 $ 6,775 Customer rebates 1,764 1,531 Property taxes 1,493 1,585 Sales allowance reserves 992 804 Dividends 576 - Workers' compensation 113 113 Income taxes - 469 Other 601 652 Total $ 7,453 $ 11,929 Other liabilities: Deferred compensation $ 10,672 $ 10,541 Deferred income taxes 7,471 5,340 Total $ 18,143 $ 15,881

Note 3 - Revenue Recognition -

Note 3 - Revenue Recognition - Disaggregation of Net Sales by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017
Revenue	$ 104,110	$ 97,741
UNITED STATES
Revenue	103,621	97,283
Non-US [Member]
Revenue	489	458
Welded Wire Reinforcement [Member]
Revenue	66,278	56,891
Prestressed Concrete Strand [Member]
Revenue	$ 37,832	$ 40,850

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Dec. 29, 2018	Sep. 29, 2018
Non Financial [Member] | Fair Value, Measurements, Nonrecurring [Member]
Assets, Fair Value Disclosure	$ 0	$ 0

Note 4 - Fair Value Measureme_4

Note 4 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 29, 2018	Sep. 29, 2018
Cash equivalents	$ 16,565	$ 44,257
Cash surrender value of life insurance policies	9,238	9,769
Total	25,803	54,026
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	16,565	44,257
Total	16,565	44,257
Fair Value, Inputs, Level 2 [Member]
Cash surrender value of life insurance policies	9,238	9,769
Total	$ 9,238	$ 9,769

Note 5 - Intangible Assets (Det

Note 5 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017
Amortization of Intangible Assets, Total	$ 273,000	$ 329,000

Note 5 - Intangible Assets - Su

Note 5 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 29, 2018	Sep. 29, 2018
Gross	$ 12,810	$ 14,697
Accumulated Amortization	(3,381)	(4,994)
Net Book Value	(9,429)	(9,703)
Customer Relationships [Member]
Gross	9,070	9,070
Accumulated Amortization	(1,750)	(1,598)
Net Book Value	(7,320)	(7,472)
Technology-Based Intangible Assets [Member]
Gross	1,800	1,800
Accumulated Amortization	(394)	(371)
Net Book Value	(1,406)	(1,429)
Noncompete Agreements [Member]
Gross	1,800	3,687
Accumulated Amortization	(1,197)	(2,994)
Net Book Value	(603)	(693)
Trade Names [Member]
Gross	140	140
Accumulated Amortization	(40)	(31)
Net Book Value	$ (100)	$ (109)

Note 6 - Stock-based Compensa_3

Note 6 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017	Feb. 17, 2015
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 207,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 200 days
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Allocated Share-based Compensation Expense, Total	$ 55,000	$ 90,000
Restricted Stock Units (RSUs) [Member]
Allocated Share-based Compensation Expense, Total	$ 119,000	$ 145,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 281 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 333,000
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
The 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			900,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	334,000

Note 6 - Stock-based Compensa_4

Note 6 - Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 29, 2018	Sep. 29, 2018
Options outstanding, balance (in shares)	264
Weighted average exercise price per share, beginning balance (in dollars per share)	$ 29.25
Options outstanding, exercised (in shares)	(5)
Weighted average exercise price per share, exercised (in dollars per share)	$ 23.95
Options outstanding, balance (in shares)	259	264
Weighted average exercise price per share, ending balance (in dollars per share)	$ 29.36	$ 29.25
Contractual term - weighted average, balance (Year)	7 years 222 days
Aggregate intrinsic value, balance	$ 362
Options outstanding, vested and anticipated to vest in future (in shares)	257
Weighted average exercise price per share, vested and anticipated to vest in future (in dollars per share)	$ 29.33
Contractual term - weighted average, vested and anticipated to vest in future (Year)	7 years 219 days
Aggregate intrinsic value, vested and anticipated to vest in future	$ 362
Options outstanding, exercisable (in shares)	103
Weighted average exercise price per share, exercisable (in dollars per share)	$ 24.77
Contractual term - weighted average, exercisable (Year)	6 years 14 days
Aggregate intrinsic value, exercisable	$ 361
Minimum [Member]
Exercise price per share, balance, lower (in dollars per share)	$ 10.23	10.23
Exercise price per share, exercised, lower (in dollars per share)	18.05
Maximum [Member]
Exercise price per share, balance, upper (in dollars per share)	41.85	$ 41.85
Exercise price per share, exercised, upper (in dollars per share)	$ 26.75

Note 6 - Stock-based Compensa_5

Note 6 - Stock-based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands	3 Months Ended
	Dec. 29, 2018	Sep. 29, 2018
Restricted stock units outstanding, balance (in shares)	103
Weighted average grant date fair value, balance (in dollars per share)	$ 30.40	$ 30.40
Restricted stock units outstanding, released (in shares)
Weighted average grant date fair value, released (in dollars per share)
Restricted stock units outstanding, balance (in shares)	103

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 29, 2018	Dec. 30, 2017	Sep. 28, 2019	Sep. 29, 2018
Effective Income Tax Rate Reconciliation, Percent, Total	23.50%	(36.80%)
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 3,700,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				24.50%
Deferred Tax Liabilities, Net, Noncurrent	7,471,000			$ 5,340,000
Deferred Tax Assets, Tax Credit Carryforwards, Total	16,000
Deferred Tax Assets, Valuation Allowance, Total	266,000			$ 233,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 2,100,000
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Operating Loss Carryforwards Expiration Date 1	2,022
Tax Credit Carryforward, Expiration Date 1	2,019
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Operating Loss Carryforwards Expiration Date 1	2,031
Tax Credit Carryforward, Expiration Date 1	2,020
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%

Note 8 - Employee Benefit Pla_3

Note 8 - Employee Benefit Plans (Details Textual)	3 Months Ended
	Dec. 29, 2018
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan Employment Term	30 years
Supplemental Retirement Benefit Period	15 years
Defined Benefit Plan Percent of Highest Average Salary Base	50.00%
Defined Benefit Plan Number of Years in Average Annual Base Salary	5 years
Defined Benefit Plan Number of Years Preceding Retirement for Average Annual Base Salary Calculation	10 years
Reduced SERP [Member]
Defined Benefit Plan Retirement Age	65
Defined Benefit Plan, Reduction for Each Month	0.0028%
Reduced SERP [Member] | Minimum [Member]
Defined Benefit Plan Employment Term	10 years

Note 8 - Employee Benefit Pla_4

Note 8 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - Pension Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017
Interest cost	$ 96	$ 86
Service cost	74	77
Recognized net actuarial loss	35	38
Net periodic pension cost	$ 205	$ 201

Note 9 - Long-term Debt (Detail

Note 9 - Long-term Debt (Details Textual)	3 Months Ended
	Dec. 29, 2018USD ($)	Dec. 30, 2017USD ($)
Amortization of Debt Issuance Costs	$ 16,000	$ 16,000
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	100,000,000
Line of Credit Facility, Remaining Borrowing Capacity	98,200,000
Long-term Line of Credit, Total	0
Letters of Credit Outstanding, Amount	$ 1,800,000
Debt Instrument, Interest Rate, Increase (Decrease)	2.00%
Fixed Charge Coverage Ratio	1.1
Credit Facility, Liquidity Amount	$ 12,500,000
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | Base Rate [Member]
Line of Credit Facility, Interest Rate at Period End	0.25%
Revolving Credit Facility [Member] | Base Rate [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Revolving Credit Facility [Member] | Base Rate [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility, Interest Rate at Period End	1.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%

Note 10 - Earnings Per Share (D

Note 10 - Earnings Per Share (Details Textual) - shares	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	158,000	100,000

Note 10 - Earnings Per Share -

Note 10 - Earnings Per Share - Basic and Diluted Earnings Per Share Attributable to Common Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017
Net earnings	$ 4,126	$ 8,111
Basic weighted average shares outstanding (in shares)	19,223	19,041
Dilutive effect of stock-based compensation (in shares)	113	183
Diluted weighted average shares outstanding (in shares)	19,336	19,224
Net earnings per share:
Basic (in dollars per share)	$ 0.21	$ 0.43
Diluted (in dollars per share)	$ 0.21	$ 0.42

Note 11 - Share Repurchases (De

Note 11 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Dec. 29, 2018	Dec. 30, 2017	Nov. 18, 2008
Stock Repurchase Program, Authorized Amount			$ 25
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 24.8
Stock Repurchased During Period, Shares	0	0

Note 12 - Other Financial Dat_2

Note 12 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 29, 2018	Sep. 29, 2018
Accounts receivable, net:
Accounts receivable	$ 36,755	$ 51,779
Less allowance for doubtful accounts	(231)	(295)
Total	36,524	51,484
Inventories:
Raw materials	65,946	61,008
Work in process	5,318	4,779
Finished goods	44,042	28,370
Total	115,306	94,157
Other current assets:
Prepaid insurance	3,827	3,845
Income tax receivable	428
Other	1,586	2,050
Total	5,841	5,895
Other assets:
Cash surrender value of life insurance policies	9,238	9,769
Capitalized financing costs, net	24	40
Other	105	104
Total	9,367	9,913
Property, plant and equipment, net:
Land and land improvements	14,491	14,438
Buildings	55,891	54,684
Machinery and equipment	167,680	160,068
Construction in progress	6,694	9,672
Property, plant and equipment, gross	244,756	238,862
Less accumulated depreciation	(133,585)	(132,714)
Total	111,171	106,148
Accrued expenses:
Salaries, wages and related expenses	1,914	6,775
Customer rebates	1,764	1,531
Property taxes	1,493	1,585
Sales allowance reserves	992	804
Dividends	576
Workers' compensation	113	113
Income taxes		469
Other	601	652
Total	7,453	11,929
Other liabilities:
Deferred compensation	10,672	10,541
Deferred Tax Liabilities, Net, Noncurrent	7,471	5,340
Total	$ 18,143	$ 15,881

Note 13 - Business Segment In_2

Note 13 - Business Segment Information (Details Textual)	3 Months Ended
	Dec. 29, 2018
Number of Reportable Segments	1

Note 14 - Contingencies (Detail

Note 14 - Contingencies (Details Textual) - USD ($)	3 Months Ended
	Dec. 29, 2018	Sep. 29, 2018
Fire [Member]
Insurance Recoveries	$ 391,000
Insurance Settlements Receivable	263,000	$ 462,000
Fire [Member] | Cost of Sales [Member]
Insurance Recoveries	187,000
Fire [Member] | Selling, General and Administrative Expenses [Member]
Insurance Recoveries	5,000
Storm [Member]
Insurance Recoveries	150,000
Storm [Member] | Other Income [Member]
Insurance Recoveries	$ 98,000