Insteel Industries (IIIN) 10-Q 21 Jan 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jan. 02, 2021	Jan. 20, 2021
Document Information [Line Items]
Entity Central Index Key	0000764401
Entity Registrant Name	INSTEEL INDUSTRIES INC
Amendment Flag	false
Current Fiscal Year End Date	--10-02
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 2, 2021
Document Transition Report	false
Entity File Number	1-9929
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-0674867
Entity Address, Address Line One	1373 Boggs Drive
Entity Address, City or Town	Mount Airy
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27030
City Area Code	336
Local Phone Number	786-2141
Title of 12(b) Security	Common Stock (No Par Value)
Trading Symbol	IIIN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		19,313,967

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Net sales	$ 119,605	$ 97,569
Cost of sales	99,754	91,332
Gross profit	19,851	6,237
Selling, general and administrative expense	8,553	5,744
Restructuring charges	657	0
Other expense (income), net	13	(25)
Interest expense	25	26
Interest income	(5)	(226)
Earnings before income taxes	10,608	718
Income taxes	2,465	163
Net earnings	$ 8,143	$ 555
Net earnings per share:
Basic (in dollars per share)	$ 0.42	$ 0.03
Diluted (in dollars per share)	$ 0.42	$ 0.03
Weighted average shares outstanding:
Basic (in shares)	19,309	19,261
Diluted (in shares)	19,434	19,370
Cash dividends declared per share (in dollars per share)	$ 1.53	$ 0.03
Comprehensive income	$ 8,143	$ 555

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jan. 02, 2021	Oct. 03, 2020
Assets
Cash and cash equivalents	$ 50,182	$ 68,688
Accounts receivable, net	49,224	53,817
Inventories	64,276	68,963
Other current assets	5,201	5,570
Total current assets	168,883	197,038
Property, plant and equipment, net	101,351	101,392
Intangibles, net	8,331	8,567
Goodwill	9,745	9,745
Other assets	21,641	21,160
Total assets	309,951	337,902
Liabilities and shareholders' equity
Accounts payable	31,761	38,961
Accrued expenses	15,012	14,717
Total current liabilities	46,773	53,678
Other liabilities	19,444	19,421
Shareholders' equity:
Common stock	19,314	19,304
Additional paid-in capital	76,716	76,387
Retained earnings	149,660	171,068
Accumulated other comprehensive loss	(1,956)	(1,956)
Total shareholders' equity	243,734	264,803
Total liabilities and shareholders' equity	$ 309,951	$ 337,902

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Cash Flows From Operating Activities:
Net earnings	$ 8,143,000	$ 555,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	3,610,000	3,478,000
Amortization of capitalized financing costs	16,000	16,000
Stock-based compensation expense	224,000	186,000
Deferred income taxes	(64,000)	186,000
Loss on sale and disposition of property, plant and equipment	32,000	0
Increase in cash surrender value of life insurance policies over premiums paid	(364,000)	(339,000)
Net changes in assets and liabilities (net of assets and liabilities acquired):
Accounts receivable, net	4,593,000	8,777,000
Inventories	4,687,000	5,599,000
Accounts payable and accrued expenses	(9,753,000)	10,225,000
Other changes	2,826,000	892,000
Total adjustments	5,807,000	29,020,000
Net cash provided by operating activities	13,950,000	29,575,000
Cash Flows From Investing Activities:
Capital expenditures	(2,860,000)	(600,000)
Increase in cash surrender value of life insurance policies	(197,000)	(42,000)
Proceeds from sale of assets held for sale	19,000	0
Proceeds from surrender of life insurance policies	18,000	0
Net cash used for investing activities	(3,020,000)	(642,000)
Cash Flows From Financing Activities:
Proceeds from long-term debt	45,000	67,000
Principal payments on long-term debt	(45,000)	(67,000)
Cash dividends paid	(29,551,000)	0
Payment of employee tax withholdings related to net share transactions	(13,000)	0
Cash received from exercise of stock options	128,000	0
Net cash used for financing activities	(29,436,000)	0
Net increase (decrease) in cash and cash equivalents	(18,506,000)	28,933,000
Cash and cash equivalents at beginning of period	68,688,000	38,181,000
Cash and cash equivalents at end of period	50,182,000	67,114,000
Supplemental Disclosures of Cash Flow Information:
Income taxes, net	95,000	14,000
Non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable	500,000	310,000
Declaration of cash dividends to be paid	0	578,000
Restricted stock units and stock options surrendered for withholding taxes payable	$ 13,000	$ 0

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. 28, 2019	19,261
Balance at Sep. 28, 2019	$ 19,261	$ 74,632	$ 154,372	$ (2,248)	$ 246,017
Net earnings			555		555
Compensation expense associated with stock-based plans		186			186
Cash dividends declared			(578)		(578)
Balance (in shares) at Dec. 28, 2019	19,261
Balance at Dec. 28, 2019	$ 19,261	74,818	154,349	(2,248)	246,180
Balance (in shares) at Oct. 03, 2020	19,304
Balance at Oct. 03, 2020	$ 19,304	76,387	171,068	(1,956)	264,803
Net earnings			8,143		$ 8,143
Stock options exercised, net (in shares)	10				22
Stock options exercised, net	$ 10	118			$ 128
Compensation expense associated with stock-based plans		224			224
Restricted stock units and stock options surrendered for withholding taxes payable		(13)			(13)
Cash dividends declared			(29,551)		(29,551)
Balance (in shares) at Jan. 02, 2021	19,314
Balance at Jan. 02, 2021	$ 19,314	$ 76,716	$ 149,660	$ (1,956)	$ 243,734

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	( 1 The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) on a basis consistent with that used in the Annual Report on Form 10 October 3, 2020 ( “2020 10 October 3, 2020 not 2020 10 not may On March 16, 2020, 3

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	( 2 Current Adoptions In June 2016, No. 2016 13 No. 2016 13 No. 2016 13 not not In January 2017, No. 2017 04 350 2 No. 2017 04 not Future Adoptions In December 2019, 2019 12 740 No. 2019 12 740 2019 12 first 2022. not

Note 3 - Business Combination

Note 3 - Business Combination	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Business Combination Disclosure [Text Block]	( 3 On March 16, 2020, one STM was a leading manufacturer of prestressed concrete strand (“PC strand”) for concrete construction applications. We acquired, among other assets, STM’s accounts receivable, inventories, production equipment and facility located in Summerville, South Carolina, and assumed certain of its accounts payable and accrued liabilities. The STM Acquisition serves to strengthen our competitive position as we contend with increased low-priced import competition. Following is a summary of our final allocation of the adjusted purchase price to the fair values of the assets acquired and liabilities assumed as of the acquisition date: (In thousands) Assets acquired: Accounts receivable $ 3,829 Inventories 3,172 Other current assets 178 Property, plant and equipment 10,919 Intangibles 970 Total assets acquired $ 19,068 Liabilities assumed: Accounts payable $ 852 Accrued expenses 312 Total liabilities assumed 1,164 Net assets acquired 17,904 Adjusted purchase price 19,356 Goodwill $ 1,452 In connection with the STM Acquisition, we acquired certain intangible assets including customer relationships, a trade name and non-competition agreement. Goodwill associated with the STM Acquisition, which is deductible for tax purposes, consists largely of the synergies we expect to realize through the integration of the acquired assets with our operations. The STM Acquisition was accounted for as a business purchase pursuant to ASC Topic 805, Business Combinations 805” 805, The following unaudited supplemental pro forma financial information reflects our combined results of operations had the STM Acquisition occurred at the beginning of fiscal 2019. not may not 2019, three December 28, 2019 December 28, (In thousands) 2019 Net sales $ 103,641 Earnings before income taxes 212 Net earnings 183 Restructuring charges. three third 2020. three January 2, 2021: Employee Separation Costs Equipment Relocation Costs Facility Closure Costs Asset Impairments Total (In thousands) Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ 171 Restructuring charges 13 88 552 4 657 Cash payments (13 ) (95 ) (669 ) - (777 ) Non-cash charges - - - (4 ) (4 ) Liability as of January 2, 2021 $ - $ 13 $ 34 $ - $ 47 As of January 2, 2021 October 3, 2020,

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	( 4 We recognize revenues when performance 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 Our net sales by product line are as follows: Three Months Ended January 2, December 28, (In thousands) 2021 2019 Welded wire reinforcement $ 74,026 $ 61,827 Prestressed concrete strand 45,579 35,742 Total $ 119,605 $ 97,569 Our net sales by geographic region are as follows: Three Months Ended January 2, December 28, (In thousands) 2021 2019 United States $ 118,337 $ 97,257 Foreign 1,268 312 Total $ 119,605 $ 97,569 Contract assets primarily relate to our rights to consideration for products that are delivered but not not not January 2, 2021 October 3, 2020. 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 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 5 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 January 2, 2021 October 3, 2020, (In thousands) Total Quoted Prices in Active Markets (Level 1) Observable Inputs (Level 2) As of January 2, 2021: Current assets: Cash equivalents $ 52,725 $ 52,725 $ - Other assets: Cash surrender value of life insurance policies 11,127 - 11,127 Total $ 63,852 $ 52,725 $ 11,127 As of October 3, 2020: Current assets: Cash equivalents $ 72,234 $ 72,234 $ - Other assets: Cash surrender value of life insurance policies 10,584 - 10,584 Total $ 82,818 $ 72,234 $ 10,584 Cash equivalents, which include all highly liquid investments with original maturities of three 1 2. As of January 2, 2021 October 3, 2020, October 3, 2020 ( 3

Note 6 - Intangible Assets

Note 6 - Intangible Assets	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	( 6 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 January 2, 2021: Customer relationships $ 9,870 $ (2,996 ) $ 6,874 Developed technology and know-how 1,800 (572 ) 1,228 Non-competition agreements 400 (224 ) 176 Trade name 250 (197 ) 53 $ 12,320 $ (3,989 ) $ 8,331 As of October 3, 2020: Customer relationships $ 9,870 $ (2,837 ) $ 7,033 Developed technology and know-how 1,800 (551 ) 1,249 Non-competition agreements 1,860 (1,663 ) 197 Trade name 250 (162 ) 88 $ 13,780 $ (5,213 ) $ 8,567 Amortization expense for intangibles was $236,000 and $273,000 for the three January 2, 2021 December 28, 2019,

Note 7 - Stock-based Compensati

Note 7 - Stock-based Compensation	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	( 7 Under our equity incentive plan, employees and directors may February 28, 2020, 2015 “2015 February 17, 2025. January 2, 2021, 2015 Stock o ption awards . may three ten three January 2, 2021 December 28, 2019, January 2, 2021, 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 October 3, 2020 482 $10.23 - $41.85 $ 24.90 Exercised (22 ) 13.06 - 18.25 17.11 Outstanding at January 2, 2021 460 10.23 - 41.85 25.28 6.53 $ 589 Vested and anticipated to vest in the future at January 2, 2021 454 25.33 6.50 578 Exercisable at January 2, 2021 261 27.84 4.77 274 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 three January 2, 2021 December 28, 2019, As of January 2, 2021, The following table summarizes RSU activity: Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, October 3, 2020 122 $ 23.07 Released - - Balance, January 2, 2021 122 23.07

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 8 Effective income tax rate . three January 2, 2021 three December 28, 2019. Deferred income taxes. January 2, 2021 October 3, 2020, 2031, 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 January 2, 2021 October 3, 2020, not not. Uncertainty in income taxes . January 2, 2021, no We file U.S. federal, state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2015

Note 9 - Employee Benefit Plans

Note 9 - Employee Benefit Plans	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Retirement Benefits [Text Block]	( 9 Supplemental retirement benefit plan . five 30 1/360th 30 Net periodic pension cost for the SRBAs includes the following components: Three Months Ended January 2, December 28, (In thousands) 2021 2019 Interest cost $ 79 $ 82 Service cost 78 83 Recognized net actuarial loss 54 72 Net periodic pension cost $ 211 $ 237

Note 10 - Long-term Debt

Note 10 - Long-term Debt	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Long-term Debt [Text Block]	( 10 Revolving Credit Facility . May 2019, June 2010. May 13, 2020 May 15, 2024 may $100.0 January 2, 2021, Interest rates on the Credit Facility are based upon ( 1 2 January 2, 2021, 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 twelve third not January 2, 2021, not Amortization of capitalized financing costs associated with the Credit Facility was $16,000 for each of the three January 2, 2021 December 28, 2019.

Note 11 - Earnings Per Share

Note 11 - Earnings Per Share	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	( 1 1 ) Earnings Per Share The computation of basic and diluted earnings per share attributable to common shareholders is as follows: Three Months Ended January 2, December 28, (In thousands, except per share amounts) 2021 2019 Net earnings $ 8,143 $ 555 Basic weighted average shares outstanding 19,309 19,261 Dilutive effect of stock-based compensation 125 109 Diluted weighted average shares outstanding 19,434 19,370 Net earnings per share: Basic $ 0.42 $ 0.03 Diluted $ 0.42 $ 0.03 Options and RSUs that were antidilutive and not three January 2, 2021 December 28, 2019,

Note 12 - Share Repurchases

Note 12 - Share Repurchases	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	( 1 2 ) S hare Repurchase s On November 18, 2008, may not may January 2, 2021, three January 2, 2021 December 28, 2019.

Note 13 - Other Financial Data

Note 13 - Other Financial Data	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Other Financial Data [Text Block]	( 1 3 ) Other Financial Data Balance sheet information January 2, October 3, (In thousands) 2021 2020 Accounts receivable, net: Accounts receivable $ 49,489 $ 54,108 Less allowance for doubtful accounts (265 ) (291 ) Total $ 49,224 $ 53,817 Inventories: Raw materials $ 27,015 $ 31,553 Work in process 3,637 3,813 Finished goods 33,624 33,597 Total $ 64,276 $ 68,963 Other current assets: Prepaid insurance $ 3,582 $ 4,096 Other 1,619 1,474 Total $ 5,201 $ 5,570 Other assets: Cash surrender value of life insurance policies $ 11,127 $ 10,584 Assets held for sale 7,754 7,778 Right-of-use asset 2,494 2,522 Capitalized financing costs, net 155 170 Other 111 106 Total $ 21,641 $ 21,160 Property, plant and equipment, net: Land and land improvements $ 14,540 $ 14,520 Buildings 52,501 52,462 Machinery and equipment 172,268 172,617 Construction in progress 5,717 3,978 245,026 243,577 Less accumulated depreciation (143,675 ) (142,185 ) Total $ 101,351 $ 101,392 Accrued expenses: Salaries, wages and related expenses $ 4,555 $ 4,971 Income taxes 3,636 1,201 Customer rebates 2,304 1,581 Property taxes 1,445 1,726 Operating lease liability 1,284 1,230 Holdback for business acquired 1,000 1,000 State sales and use taxes 315 544 Other 473 2,464 Total $ 15,012 $ 14,717 Other liabilities: Deferred compensation $ 11,722 $ 11,553 Deferred income taxes 6,504 6,568 Operating lease liability 1,218 1,300 Total $ 19,444 $ 19,421

Note 14 - Business Segment Info

Note 14 - Business Segment Information	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	( 14 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 15 - Leases

Note 15 - Leases	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	( 15 We have operating leases for certain equipment, office space and vehicles. We determine whether an arrangement is a lease at its inception if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Leases with an initial term of twelve not twelve three January 2, 2021 December 28, 2019, Most of our leases include options to extend or terminate the leases which are exercised at our sole discretion. As most of our leases do not Supplemental cash flow and non-cash information related to leases is as follows: Three Months Ended (In thousands) January 2, 2021 December 28, 2019 Cash paid for operating leases included in operating cash flows $ 361 $ 335 Right-of-use assets obtained in exchange for new lease obligations 303 358 Supplemental balance sheet information related to leases is as follows: (In thousands) January 2, 2021 October 3, 2020 Right-of-use assets: Other assets $ 2,494 $ 2,522 Lease liabilities: Accrued expenses 1,284 1,230 Other liabilities 1,218 1,300 Total operating lease liabilities $ 2,502 $ 2,530 As of January 2, 2021, January 2, 2021 (In thousands) 2021 $ 1,283 2022 889 2023 436 2024 54 Total future operating lease payments 2,662 Less: imputed interest (160 ) Present value of lease liabilities $ 2,502

Note 16 - Contingencies

Note 16 - Contingencies	3 Months Ended
	Jan. 02, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 16 Insurance recoveries. Legal proceedings . not

Note 3 - Business Combination (

Note 3 - Business Combination (Tables)	3 Months Ended
	Jan. 02, 2021
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	(In thousands) Assets acquired: Accounts receivable $ 3,829 Inventories 3,172 Other current assets 178 Property, plant and equipment 10,919 Intangibles 970 Total assets acquired $ 19,068 Liabilities assumed: Accounts payable $ 852 Accrued expenses 312 Total liabilities assumed 1,164 Net assets acquired 17,904 Adjusted purchase price 19,356 Goodwill $ 1,452
Business Acquisition, Pro Forma Information [Table Text Block]	December 28, (In thousands) 2019 Net sales $ 103,641 Earnings before income taxes 212 Net earnings 183
Restructuring and Related Costs [Table Text Block]	Employee Separation Costs Equipment Relocation Costs Facility Closure Costs Asset Impairments Total (In thousands) Liability as of October 3, 2020 $ - $ 20 $ 151 $ - $ 171 Restructuring charges 13 88 552 4 657 Cash payments (13 ) (95 ) (669 ) - (777 ) Non-cash charges - - - (4 ) (4 ) Liability as of January 2, 2021 $ - $ 13 $ 34 $ - $ 47

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	3 Months Ended
	Jan. 02, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended January 2, December 28, (In thousands) 2021 2019 Welded wire reinforcement $ 74,026 $ 61,827 Prestressed concrete strand 45,579 35,742 Total $ 119,605 $ 97,569 Three Months Ended January 2, December 28, (In thousands) 2021 2019 United States $ 118,337 $ 97,257 Foreign 1,268 312 Total $ 119,605 $ 97,569

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurements (Tables)	3 Months Ended
	Jan. 02, 2021
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 January 2, 2021: Current assets: Cash equivalents $ 52,725 $ 52,725 $ - Other assets: Cash surrender value of life insurance policies 11,127 - 11,127 Total $ 63,852 $ 52,725 $ 11,127 As of October 3, 2020: Current assets: Cash equivalents $ 72,234 $ 72,234 $ - Other assets: Cash surrender value of life insurance policies 10,584 - 10,584 Total $ 82,818 $ 72,234 $ 10,584

Note 6 - Intangible Assets (Tab

Note 6 - Intangible Assets (Tables)	3 Months Ended
	Jan. 02, 2021
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	(In thousands) Gross Amount Accumulated Amortization Net Book Value As of January 2, 2021: Customer relationships $ 9,870 $ (2,996 ) $ 6,874 Developed technology and know-how 1,800 (572 ) 1,228 Non-competition agreements 400 (224 ) 176 Trade name 250 (197 ) 53 $ 12,320 $ (3,989 ) $ 8,331 As of October 3, 2020: Customer relationships $ 9,870 $ (2,837 ) $ 7,033 Developed technology and know-how 1,800 (551 ) 1,249 Non-competition agreements 1,860 (1,663 ) 197 Trade name 250 (162 ) 88 $ 13,780 $ (5,213 ) $ 8,567

Note 7 - Stock-based Compensa_2

Note 7 - Stock-based Compensation (Tables)	3 Months Ended
	Jan. 02, 2021
Notes Tables
Share-based Payment Arrangement, Option, 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 October 3, 2020 482 $10.23 - $41.85 $ 24.90 Exercised (22 ) 13.06 - 18.25 17.11 Outstanding at January 2, 2021 460 10.23 - 41.85 25.28 6.53 $ 589 Vested and anticipated to vest in the future at January 2, 2021 454 25.33 6.50 578 Exercisable at January 2, 2021 261 27.84 4.77 274
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Weighted Restricted Average Stock Units Grant Date (Unit amounts in thousands) Outstanding Fair Value Balance, October 3, 2020 122 $ 23.07 Released - - Balance, January 2, 2021 122 23.07

Note 9 - Employee Benefit Pla_2

Note 9 - Employee Benefit Plans (Tables)	3 Months Ended
	Jan. 02, 2021
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended January 2, December 28, (In thousands) 2021 2019 Interest cost $ 79 $ 82 Service cost 78 83 Recognized net actuarial loss 54 72 Net periodic pension cost $ 211 $ 237

Note 11 - Earnings Per Share (T

Note 11 - Earnings Per Share (Tables)	3 Months Ended
	Jan. 02, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended January 2, December 28, (In thousands, except per share amounts) 2021 2019 Net earnings $ 8,143 $ 555 Basic weighted average shares outstanding 19,309 19,261 Dilutive effect of stock-based compensation 125 109 Diluted weighted average shares outstanding 19,434 19,370 Net earnings per share: Basic $ 0.42 $ 0.03 Diluted $ 0.42 $ 0.03

Note 13 - Other Financial Data

Note 13 - Other Financial Data (Tables)	3 Months Ended
	Jan. 02, 2021
Notes Tables
Other Financial Information, Balance Sheet [Table Text Block]	January 2, October 3, (In thousands) 2021 2020 Accounts receivable, net: Accounts receivable $ 49,489 $ 54,108 Less allowance for doubtful accounts (265 ) (291 ) Total $ 49,224 $ 53,817 Inventories: Raw materials $ 27,015 $ 31,553 Work in process 3,637 3,813 Finished goods 33,624 33,597 Total $ 64,276 $ 68,963 Other current assets: Prepaid insurance $ 3,582 $ 4,096 Other 1,619 1,474 Total $ 5,201 $ 5,570 Other assets: Cash surrender value of life insurance policies $ 11,127 $ 10,584 Assets held for sale 7,754 7,778 Right-of-use asset 2,494 2,522 Capitalized financing costs, net 155 170 Other 111 106 Total $ 21,641 $ 21,160 Property, plant and equipment, net: Land and land improvements $ 14,540 $ 14,520 Buildings 52,501 52,462 Machinery and equipment 172,268 172,617 Construction in progress 5,717 3,978 245,026 243,577 Less accumulated depreciation (143,675 ) (142,185 ) Total $ 101,351 $ 101,392 Accrued expenses: Salaries, wages and related expenses $ 4,555 $ 4,971 Income taxes 3,636 1,201 Customer rebates 2,304 1,581 Property taxes 1,445 1,726 Operating lease liability 1,284 1,230 Holdback for business acquired 1,000 1,000 State sales and use taxes 315 544 Other 473 2,464 Total $ 15,012 $ 14,717 Other liabilities: Deferred compensation $ 11,722 $ 11,553 Deferred income taxes 6,504 6,568 Operating lease liability 1,218 1,300 Total $ 19,444 $ 19,421

Note 15 - Leases (Tables)

Note 15 - Leases (Tables)	3 Months Ended
	Jan. 02, 2021
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended (In thousands) January 2, 2021 December 28, 2019 Cash paid for operating leases included in operating cash flows $ 361 $ 335 Right-of-use assets obtained in exchange for new lease obligations 303 358
Lessee, Operating Lease, Assets and Liabilities [Table Text Block]	(In thousands) January 2, 2021 October 3, 2020 Right-of-use assets: Other assets $ 2,494 $ 2,522 Lease liabilities: Accrued expenses 1,284 1,230 Other liabilities 1,218 1,300 Total operating lease liabilities $ 2,502 $ 2,530
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	(In thousands) 2021 $ 1,283 2022 889 2023 436 2024 54 Total future operating lease payments 2,662 Less: imputed interest (160 ) Present value of lease liabilities $ 2,502

Note 3 - Business Combination_2

Note 3 - Business Combination (Details Textual) - USD ($)	Mar. 16, 2020	Jan. 02, 2021	Oct. 03, 2020
Restructuring Reserve, Ending Balance		$ 47,000	$ 171,000
Restructuring and Related Cost, Expected Cost Remaining		800,000,000,000
Accrued Expenses [Member]
Restructuring Reserve, Ending Balance		$ 47,000	$ 171,000
STM [Member]
Business Combination, Consideration Transferred, Total	$ 19,400,000
Business Combination, Consideration Transferred, Liabilities Incurred	$ 1,000,000

Note 3 - Business Combination -

Note 3 - Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Oct. 03, 2020	Mar. 16, 2020
Goodwill	$ 9,745	$ 9,745
STM [Member]
Accounts receivable			$ 3,829
Inventories			3,172
Other current assets			178
Property, plant and equipment			10,919
Intangibles			970
Total assets acquired			19,068
Accounts payable			852
Accrued expenses			312
Total liabilities assumed			1,164
Net assets acquired			17,904
Adjusted purchase price			19,356
Goodwill			$ 1,452

Note 3 - Business Combination_3

Note 3 - Business Combination - Pro Forma Results (Details) - STM [Member] $ in Thousands	3 Months Ended
	Dec. 28, 2019USD ($)
Net sales	$ 103,641
Earnings before income taxes	212
Net earnings	$ 183

Note 3 - Business Combination_4

Note 3 - Business Combination - Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Liability balance	$ 171
Restructuring charges	657	$ 0
Cash payments	(777)
Non-cash charges	(4)
Liability balance	47
Employee Severance [Member]
Liability balance	0
Restructuring charges	13
Cash payments	(13)
Non-cash charges	0
Liability balance	0
Equipment Relocation [Member]
Liability balance	20
Restructuring charges	88
Cash payments	(95)
Non-cash charges	0
Liability balance	13
Facility Closing [Member]
Liability balance	151
Restructuring charges	552
Cash payments	(669)
Non-cash charges	0
Liability balance	34
Asset Impairments [Member]
Liability balance	0
Restructuring charges	4
Cash payments	0
Non-cash charges	(4)
Liability balance	$ 0

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Disaggregation of Net Sales by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Revenue	$ 119,605	$ 97,569
UNITED STATES
Revenue	118,337	97,257
Non-US [Member]
Revenue	1,268	312
Welded Wire Reinforcement [Member]
Revenue	74,026	61,827
Prestressed Concrete Strand [Member]
Revenue	$ 45,579	$ 35,742

Note 5 - Fair Value Measureme_3

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Jan. 02, 2021	Oct. 03, 2020
Non Financial [Member] | Fair Value, Nonrecurring [Member]
Assets, Fair Value Disclosure	$ 0	$ 0

Note 5 - Fair Value Measureme_4

Note 5 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jan. 02, 2021	Oct. 03, 2020
Cash equivalents	$ 52,725	$ 72,234
Cash surrender value of life insurance policies	11,127	10,584
Total	63,852	82,818
Fair Value, Inputs, Level 1 [Member]
Cash equivalents	52,725	72,234
Cash surrender value of life insurance policies	0	0
Total	52,725	72,234
Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Cash surrender value of life insurance policies	11,127	10,584
Total	$ 11,127	$ 10,584

Note 6 - Intangible Assets (Det

Note 6 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Amortization of Intangible Assets, Total	$ 236,000	$ 273,000

Note 6 - Intangible Assets - Su

Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Oct. 03, 2020
Gross	$ 12,320	$ 13,780
Accumulated Amortization	(3,989)	(5,213)
Net Book Value	8,331	8,567
Customer Relationships [Member]
Gross	9,870	9,870
Accumulated Amortization	(2,996)	(2,837)
Net Book Value	6,874	7,033
Technology-Based Intangible Assets [Member]
Gross	1,800	1,800
Accumulated Amortization	(572)	(551)
Net Book Value	1,228	1,249
Noncompete Agreements [Member]
Gross	400	1,860
Accumulated Amortization	(224)	(1,663)
Net Book Value	176	197
Trade Names [Member]
Gross	250	250
Accumulated Amortization	(197)	(162)
Net Book Value	$ 53	$ 88

Note 7 - Stock-based Compensa_3

Note 7 - Stock-based Compensation (Details Textual) - USD ($)	Feb. 28, 2020	Jan. 02, 2021	Dec. 28, 2019
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)		10 years
Share-based Payment Arrangement, Expense		$ 76,000	$ 60,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount		$ 292,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 6 months 25 days
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Expense		$ 148,000	$ 126,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		1 year 10 months 24 days
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount		$ 441,000
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		1 year
Restricted Stock Units (RSUs) [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)		3 years
The 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		738,000

Note 7 - Stock-based Compensa_4

Note 7 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 02, 2021USD ($)$ / sharesshares
Options outstanding, balance (in shares) | shares	482
Weighted average exercise price per share (in dollars per share)	$ 24.90
Options outstanding, exercised (in shares) | shares	(22)
Weighted average exercise price per share, exercised (in dollars per share)	$ 17.11
Options outstanding, balance (in shares) | shares	460
Weighted average exercise price per share (in dollars per share)	$ 25.28
Contractual term - weighted average, balance (Year)	6 years 6 months 10 days
Aggregate intrinsic value, balance | $	$ 589
Options outstanding, vested and anticipated to vest in future (in shares) | shares	454
Weighted average exercise price per share, vested and anticipated to vest in futur (in dollars per share)	$ 25.33
Contractual term - weighted average, vested and anticipated to vest in future (Year)	6 years 6 months
Aggregate intrinsic value, vested and anticipated to vest in future | $	$ 578
Options outstanding, exercisable (in shares) | shares	261
Weighted average exercise price per share, exercisable (in dollars per share)	$ 27.84
Contractual term - weighted average, exercisable (Year)	4 years 9 months 7 days
Aggregate intrinsic value, exercisable | $	$ 274
Minimum [Member]
Exercise price per share, balance, lower (in dollars per share)	$ 10.23
Exercise price per share, exercised, lower (in dollars per share)	13.06
Maximum [Member]
Exercise price per share, balance, upper (in dollars per share)	41.85
Exercise price per share, exercised, upper (in dollars per share)	$ 18.25

Note 7 - Stock-based Compensa_5

Note 7 - Stock-based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Jan. 02, 2021$ / sharesshares
Restricted stock units outstanding, beginning balance (in shares) | shares	122
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 23.07
Restricted stock units outstanding, released (in shares) | shares	0
Weighted average grant date fair value, released (in dollars per share) | $ / shares	$ 0
Restricted stock units outstanding, ending balance (in shares) | shares	122
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 23.07

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended
	Jan. 02, 2021USD ($)item	Dec. 28, 2019	Oct. 03, 2020USD ($)
Effective Income Tax Rate Reconciliation, Percent, Total	23.20%	22.70%
Deferred Tax Liabilities, Net, Total	$ 6,504,000		$ 6,568,000
Deferred Tax Assets, Valuation Allowance, Total	162,000		$ 207,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	$ 2,900,000
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Operating Loss Carryforwards Expiration Date 1 | item	2,031
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Operating Loss Carryforwards Expiration Date 1 | item	2,036

Note 9 - Employee Benefit Pla_3

Note 9 - Employee Benefit Plans (Details Textual)	3 Months Ended
	Jan. 02, 2021
Supplemental Employee Retirement Plan [Member]
Supplemental Retirement Benefit Period (Year)	15 years
Defined Benefit Plan Percent of Highest Average Salary Base	50.00%
Defined Benefit Plan Number of Years in Average Annual Base Salary (Year)	5 years
Defined Benefit Plan Number of Years Preceding Retirement for Average Annual Base Salary Calculation (Year)	10 years
Supplemental Employee Retirement Plan [Member] | Minimum [Member]
Defined Benefit Plan Employment Term (Year)	30 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 (Year)	10 years

Note 9 - Employee Benefit Pla_4

Note 9 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Interest cost	$ 79	$ 82
Service cost	78	83
Recognized net actuarial loss	54	72
Net periodic pension cost	$ 211	$ 237

Note 10 - Long-term Debt (Detai

Note 10 - Long-term Debt (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2019	Jan. 02, 2021	Dec. 28, 2019
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, Additional Borrowing Capacity	$ 50,000,000
Long-term Line of Credit, Total		0
Line of Credit Facility, Remaining Borrowing Capacity		81,800,000
Letters of Credit Outstanding, Amount		$ 1,500,000
Debt Instrument, Interest Rate, Increase (Decrease)		2.00%
Fixed Charge Coverage Ratio		1
Credit Facility, Liquidity Amount		$ 10,000,000
Revolving Credit Facility [Member] | Federal Funds 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		0.50%
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		1.50%

Note 11 - Earnings Per Share (D

Note 11 - Earnings Per Share (Details Textual) - shares	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	254,000	293,000

Note 11 - Earnings Per Share -

Note 11 - 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
	Jan. 02, 2021	Dec. 28, 2019
Net earnings	$ 8,143	$ 555
Basic weighted average shares outstanding (in shares)	19,309	19,261
Dilutive effect of stock-based compensation (in shares)	125	109
Diluted weighted average shares outstanding (in shares)	19,434	19,370
Basic (in dollars per share)	$ 0.42	$ 0.03
Diluted (in dollars per share)	$ 0.42	$ 0.03

Note 12 - Share Repurchases (De

Note 12 - Share Repurchases (Details Textual) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Jan. 02, 2021	Nov. 18, 2008
Stock Repurchase Program, Authorized Amount		$ 25
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 24.8
Stock Repurchased During Period, Shares (in shares)	0

Note 13 - Other Financial Dat_2

Note 13 - Other Financial Data - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Oct. 03, 2020
Accounts receivable	$ 49,489	$ 54,108
Less allowance for doubtful accounts	(265)	(291)
Total	49,224	53,817
Raw materials	27,015	31,553
Work in process	3,637	3,813
Finished goods	33,624	33,597
Total	64,276	68,963
Prepaid insurance	3,582	4,096
Other	1,619	1,474
Total	5,201	5,570
Cash surrender value of life insurance policies	11,127	10,584
Assets held for sale	7,754	7,778
Other assets	2,494	2,522
Capitalized financing costs, net	155	170
Other	111	106
Total	21,641	21,160
Land and land improvements	14,540	14,520
Buildings	52,501	52,462
Machinery and equipment	172,268	172,617
Construction in progress	5,717	3,978
Property, plant and equipment, gross	245,026	243,577
Less accumulated depreciation	(143,675)	(142,185)
Total	101,351	101,392
Salaries, wages and related expenses	4,555	4,971
Income taxes	3,636	1,201
Customer rebates	2,304	1,581
Property taxes	1,445	1,726
Operating lease liability	1,284	1,230
Holdback for business acquired	1,000	1,000
State sales and use taxes	315	544
Other	473	2,464
Total	15,012	14,717
Deferred compensation	11,722	11,553
Deferred Tax Liabilities, Net, Total	6,504	6,568
Operating lease liability	1,218	1,300
Total	$ 19,444	$ 19,421

Note 14 - Business Segment In_2

Note 14 - Business Segment Information (Details Textual)	3 Months Ended
	Jan. 02, 2021
Number of Reportable Segments	1

Note 15 - Leases (Details Textu

Note 15 - Leases (Details Textual) - USD ($)	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Operating Lease, Expense	$ 360,000	$ 327,000
Operating Lease, Weighted Average Remaining Lease Term (Year)	2 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	4.30%

Note 15 - Leases - Supplement C

Note 15 - Leases - Supplement Cash Flow and Non-cash Information, Weighted Average Remaining Lease Term and Discount Rate Related to Lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 02, 2021	Dec. 28, 2019
Cash paid for operating leases included in operating cash flows	$ 361	$ 335
Right-of-use assets obtained in exchange for new lease obligations	$ 303	$ 358

Note 15 - Leases - Supplemental

Note 15 - Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Jan. 02, 2021	Oct. 03, 2020
Other assets	$ 2,494	$ 2,522
Accrued expenses	1,284	1,230
Other liabilities	1,218	1,300
Other Noncurrent Assets [Member]
Other assets	2,494	2,522
Accrued Expenses, Current [Member]
Accrued expenses	1,284	1,230
Other Noncurrent Liabilities [Member]
Other liabilities	1,218	1,300
Accrued Expenses Current and Other Noncurrent Liabilities [Member]
Total operating lease liabilities	$ 2,502	$ 2,530

Note 15 - Leases - Aggregate Fu

Note 15 - Leases - Aggregate Future Operating Lease Payments (Details) $ in Thousands	Jan. 02, 2021USD ($)
2021	$ 1,283
2022	889
2023	436
2024	54
Total future operating lease payments	2,662
Less: imputed interest	(160)
Other Liabilities [Member]
Present value of lease liabilities	$ 2,502