INSTEEL INDUSTRIES INC, 10-Q filed on 4/17/2025
Quarterly Report
v3.25.1
Document And Entity Information - shares
 6 Months Ended
Mar. 29, 2025
Apr. 16, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 29, 2025  
Document Transition Report false  
Entity File Number 1-09929  
Entity Registrant Name Insteel Industries Inc.  
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 NYSE  
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 (in shares)   19,411,611
Entity Central Index Key 0000764401  
Current Fiscal Year End Date --09-28  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.1
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Net sales $ 160,656 $ 127,394 $ 290,376 $ 249,119
Cost of sales 136,127 111,679 256,318 227,134
Gross profit 24,529 15,715 34,058 21,985
Selling, general and administrative expense 10,800 7,875 18,687 14,242
Restructuring charges, net 662 0 1,358 0
Acquisition costs 27 0 298 0
Other expense (income), net 18 9 4 (13)
Interest expense 13 28 26 57
Interest income (316) (1,147) (1,102) (2,806)
Earnings before income taxes 13,325 8,950 14,787 10,505
Income taxes 3,095 2,011 3,476 2,434
Net earnings $ 10,230 $ 6,939 $ 11,311 $ 8,071
Net earnings per share:        
Basic (in dollars per share) $ 0.53 $ 0.36 $ 0.58 $ 0.41
Diluted (in dollars per share) $ 0.52 $ 0.35 $ 0.58 $ 0.41
Weighted average shares outstanding:        
Basic (in shares) 19,482 19,508 19,490 19,503
Diluted (in shares) 19,529 19,594 19,539 19,584
Cash dividends declared per share (in dollars per share) $ 0.03 $ 0.03 $ 1.06 $ 2.56
Comprehensive income $ 10,230 $ 6,939 $ 11,311 $ 8,071
v3.25.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 29, 2025
Sep. 28, 2024
Assets    
Cash and cash equivalents $ 28,424 $ 111,538
Accounts receivable, net 79,792 58,308
Inventories 96,033 88,840
Other current assets 6,536 8,608
Total current assets 210,785 267,294
Property, plant and equipment, net 133,944 125,540
Intangibles, net 17,514 5,341
Goodwill 37,755 9,745
Other assets 21,862 14,632
Total assets 421,860 422,552
Liabilities and shareholders' equity    
Accounts payable 42,998 37,487
Accrued expenses 11,427 9,547
Total current liabilities 54,425 47,034
Other liabilities 26,022 24,663
Commitments and Contingencies  
Shareholders' equity:    
Common stock 19,412 19,452
Additional paid-in capital 87,959 86,671
Retained earnings 234,650 245,340
Accumulated other comprehensive loss (608) (608)
Total shareholders' equity 341,413 350,855
Total liabilities and shareholders' equity $ 421,860 $ 422,552
v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Cash Flows From Operating Activities:    
Net earnings $ 11,311 $ 8,071
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 9,032 7,575
Amortization of capitalized financing costs 26 26
Stock-based compensation expense 1,688 1,395
Deferred income taxes 7 2,769
Asset impairment charges 593 0
Loss on sale and disposition of property, plant and equipment 34 24
Increase in cash surrender value of life insurance policies over premiums paid 0 (1,058)
Net changes in assets and liabilities (net of assets and liabilities acquired):    
Accounts receivable, net (21,484) 7,875
Inventories 5,277 10,776
Accounts payable and accrued expenses 6,577 (12,859)
Other changes 2,604 (1,383)
Total adjustments 4,354 15,140
Net cash provided by operating activities 15,665 23,211
Cash Flows From Investing Activities:    
Acquisition of businesses (71,456) 0
Capital expenditures (4,893) (14,225)
Increase in cash surrender value of life insurance policies (56) (369)
Proceeds from sale of property, plant and equipment 37 3
Proceeds from surrender of life insurance policies 30 5
Net cash used for investing activities (76,338) (14,586)
Cash Flows From Financing Activities:    
Proceeds from long-term debt 135 134
Principal payments on long-term debt (135) (134)
Cash dividends paid (20,596) (49,775)
Payment of employee tax withholdings related to net share transactions (103) (161)
Cash received from exercise of stock options 0 428
Repurchases of common stock (1,742) (842)
Net cash used for financing activities (22,441) (50,350)
Net decrease in cash and cash equivalents (83,114) (41,725)
Cash and cash equivalents at beginning of period 111,538 125,670
Cash and cash equivalents at end of period 28,424 83,945
Supplemental Disclosures of Cash Flow Information:    
Income taxes, net 277 724
Non-cash investing and financing activities:    
Purchases of property, plant and equipment in accounts payable 1,618 1,824
Restricted stock units and stock options surrendered for withholding taxes payable 103 161
Accrued liability related to holdback for business acquired $ 657 $ 0
v3.25.1
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, 2023 19,454        
Balance at Sep. 30, 2023 $ 19,454 $ 83,832 $ 278,502 $ (283) $ 381,505
Net earnings     1,132   1,132
Compensation expense associated with stock-based plans   398     398
Repurchases of common stock (in shares) (19)        
Repurchases of common stock $ (19) (82) (438)   (539)
Cash dividends declared     (49,191)   (49,191)
Restricted stock units and stock options surrendered for withholding taxes payable   (20)     (20)
Stock options exercised, net (in shares) 13        
Stock options exercised, net $ 13 297     310
Balance (in shares) at Dec. 30, 2023 19,448        
Balance at Dec. 30, 2023 $ 19,448 84,425 230,005 (283) 333,595
Balance (in shares) at Sep. 30, 2023 19,454        
Balance at Sep. 30, 2023 $ 19,454 83,832 278,502 (283) 381,505
Net earnings         8,071
Balance (in shares) at Mar. 30, 2024 19,467        
Balance at Mar. 30, 2024 $ 19,467 85,332 236,105 (283) 340,621
Balance (in shares) at Dec. 30, 2023 19,448        
Balance at Dec. 30, 2023 $ 19,448 84,425 230,005 (283) 333,595
Net earnings     6,939   6,939
Compensation expense associated with stock-based plans   997     997
Repurchases of common stock (in shares) (9)        
Repurchases of common stock $ (9) (39) (255)   (303)
Cash dividends declared     (584)   (584)
Vested and released restricted stock units (in shares) 24        
Vested and released restricted stock units $ 24 (24)     0
Restricted stock units and stock options surrendered for withholding taxes payable   (141)     (141)
Stock options exercised, net (in shares) 4        
Stock options exercised, net $ 4 114     118
Balance (in shares) at Mar. 30, 2024 19,467        
Balance at Mar. 30, 2024 $ 19,467 85,332 236,105 (283) 340,621
Balance (in shares) at Sep. 28, 2024 19,452        
Balance at Sep. 28, 2024 $ 19,452 86,671 245,340 (608) 350,855
Net earnings     1,081   1,081
Compensation expense associated with stock-based plans   345     345
Repurchases of common stock (in shares) (21)        
Repurchases of common stock $ (21) (97) (499)   (617)
Cash dividends declared     (20,014)   (20,014)
Balance (in shares) at Dec. 28, 2024 19,431        
Balance at Dec. 28, 2024 $ 19,431 86,919 225,908 (608) 331,650
Balance (in shares) at Sep. 28, 2024 19,452        
Balance at Sep. 28, 2024 $ 19,452 86,671 245,340 (608) 350,855
Net earnings         11,311
Balance (in shares) at Mar. 29, 2025 19,412        
Balance at Mar. 29, 2025 $ 19,412 87,959 234,650 (608) 341,413
Balance (in shares) at Dec. 28, 2024 19,431        
Balance at Dec. 28, 2024 $ 19,431 86,919 225,908 (608) 331,650
Net earnings     10,230   10,230
Compensation expense associated with stock-based plans   1,343     1,343
Repurchases of common stock (in shares) (40)        
Repurchases of common stock $ (40) (179) (906)   (1,125)
Cash dividends declared     (582)   (582)
Vested and released restricted stock units (in shares) 21        
Vested and released restricted stock units $ 21 (21)     0
Restricted stock units and stock options surrendered for withholding taxes payable   (103)     (103)
Balance (in shares) at Mar. 29, 2025 19,412        
Balance at Mar. 29, 2025 $ 19,412 $ 87,959 $ 234,650 $ (608) $ 341,413
v3.25.1
Note 1 - Basis of Presentation
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]

(1) Basis of Presentation

 

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-K for the year ended September 28, 2024 (“2024 Form 10-K”) filed by us with the Securities and Exchange Commission. These statements include all normal recurring adjustments necessary to present fairly the consolidated balance sheets and the statements of operations and comprehensive income, cash flows and shareholders’ equity for the periods indicated. The September 28, 2024 consolidated balance sheet was derived from audited consolidated financial statements but does not include all the disclosures required by GAAP. These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2024 Form 10-K. The results of operations for the periods indicated are not necessarily indicative of the results that may be expected for the full fiscal year or any future periods.

 

On October 21, 2024, we, through our wholly-owned subsidiary, Insteel Wire Products Company (“IWP”), purchased substantially all of the assets, other than cash and accounts receivable, of Engineered Wire Products, Inc. (“EWP”) and certain related assets of Liberty Steel Georgetown, Inc. (“LSG”). See Note 3 to the consolidated financial statements for additional information.

 

On November 26, 2024, we, through our wholly-owned subsidiary IWP, purchased certain assets of O’Brien Wire Products of Texas, Inc. (“OWP”). See Note 3 to the consolidated financial statements for additional information.
v3.25.1
Note 2 - Recent Accounting Pronouncements
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

(2) Recent Accounting Pronouncements

 

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”. ASU No. 2023-07 requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), a description of other segment items by reportable segment and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU requires all annual disclosures currently required by Topic 280 to be included in interim periods and is applicable to entities with a single reportable segment. ASU No. 2023-07 will be effective for us in fiscal 2025 for annual reporting and in the first quarter of fiscal 2026 for interim reporting. Retrospective application is required for all prior periods presented in the financial statements. The adoption of this update will not have a material impact on our consolidated financial statements.

 

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. ASU No. 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income tax paid. ASU No. 2023-09 will become effective for us in fiscal 2026. We are currently evaluating the impact of the ASU on our income tax disclosures within the consolidated financial statements.

 

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”. ASU No. 2024-03 does not change or remove existing expense disclosure requirements but requires disaggregated disclosures about certain expense categories and captions, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. ASU No. 2024-03 will become effective for us in fiscal 2028 and in the first quarter of fiscal 2029 for interim reporting. Retrospective application is permitted. We are currently evaluating the impact of the ASU on our disclosures within the consolidated financial statements.
v3.25.1
Note 3 - Business Combination
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Business Combination Disclosure [Text Block]

(3) Business Combination

 

Acquisitions have been accounted for as business purchases pursuant to FASB Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”).

 

 

Engineered Wire Products, Inc.

 

On October 21, 2024, we purchased substantially all of the assets, other than cash and accounts receivable, of EWP and certain related assets of LSG (the “EWP Acquisition”) for an adjusted purchase price of $67.0 million, which included a $1.5 million holdback payable by us one year from the acquisition date. Subsequent to the acquisition date, certain of the adjustments to the purchase price totaling $0.8 million were applied to the holdback amount, reducing the holdback to $0.7 million.

 

EWP was a leading manufacturer of welded wire reinforcement (“WWR”) products for use in nonresidential and residential construction. Under the terms of the EWP Acquisition, Insteel acquired EWP’s inventories, production equipment and production facilities located in Upper Sandusky, Ohio and Warren, Ohio. Insteel also acquired certain equipment from LSG located in Georgetown, South Carolina, but the Georgetown facility was excluded from the acquisition. EWP retained its accounts receivable and accounts payable. The EWP Acquisition was funded with cash on hand. The EWP Acquisition will expand our geographic footprint and is expected to strengthen our competitive position within the Midwest market.

 

Following is a summary of our preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed as of the acquisition date:

 

(In thousands)

        

Assets acquired:

        

Inventories

   $ 12,066  

Other current assets

     171  

Property, plant and equipment

     16,708  

Intangible assets:

        

Customer relationships

     10,800  

Non-competition agreement

     900  

Trade name

     350  

Patent

     200  

Right-of-use assets

     459  

Total assets acquired

   $ 41,654  
         

Liabilities assumed:

        

Accrued expenses

   $ 89  

Current operating lease liabilities

     128  

Non-current operating lease liabilities

     331  

Total liabilities assumed

     548  

Net assets acquired

     41,106  

Adjusted purchase price

     67,030  

Goodwill

   $ 25,924  

 

In connection with the EWP Acquisition, we acquired certain intangible assets that will be amortized based on their estimated useful lives of 20.0 years for customer relationships, 4.0 years for a non-competition agreement, 1.0 year for a trade name and 7.0 years for a patent. As we are in the process of finalizing internal and third-party valuations, the provisional estimates of inventories, other current assets, intangible assets, fixed assets, goodwill and certain accrued liabilities are subject to adjustment. Certain measurement period adjustments were recorded in the three-month period ended March 29, 2025, due to the receipt of additional information, regarding the facts and circumstances that existed as of the acquisition date, reducing the purchase price allocation to property, plant, and equipment and increasing goodwill by $1.3 million. This adjustment did not have a material impact on net earnings. We expect to finalize these amounts as soon as practical and no later than one year from the acquisition date. Goodwill associated with the EWP 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.

 

 

Following the EWP Acquisition, net sales of the former EWP facilities for the three- and six-month periods ended March 29, 2025 were approximately $14.4 million and $22.0 million, respectively. The actual net sales specifically attributable to the EWP Acquisition, however, cannot be quantified due to our integration efforts which involved the reassignment of business between the former EWP facilities and our existing WWR facilities. As a result, we have determined that the presentation of EWP’s earnings for the three- and six-month periods ended March 29, 2025 is impracticable due to the integration of EWP’s operations following the EWP Acquisition.

 

The following unaudited supplemental pro forma financial information reflects our combined results of operations had the EWP Acquisition occurred at the beginning of fiscal 2024. The pro forma information reflects certain adjustments related to the EWP Acquisition, including adjusted amortization and depreciation expense based on the fair values of the assets acquired and adjustments to interest income. The pro forma information does not reflect any potential operating efficiencies or cost savings that may result from the EWP Acquisition. Accordingly, this pro forma information is for illustrative purposes and is not intended to represent the actual results of operations of the combined company that would have been achieved had the EWP Acquisition occurred at the beginning of fiscal 2024, nor is it intended to indicate future results of operations. The pro forma combined results of operations for the three- and six-month periods ending March 29, 2025, and March 30, 2024 are as follows:

 

   

Three Months Ended

    

Six Months Ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  

Net sales

   $ 160,656     $ 149,493     $ 295,582     $ 291,245  

Earnings before income taxes

     13,325       8,810       14,867       7,593  

Net earnings

     10,230       6,831       11,370       5,945  

 

Restructuring charges. In connection with the EWP acquisition, we elected to consolidate our WWR operations through the closure of the Warren facility and through the redeployment of equipment to our other WWR production facilities. Production at the Warren facility ceased in November 2024, and its orders were distributed to our remaining WWR facilities. We plan to sell the acquired Warren facility, including certain machinery and equipment, totaling $5.5 million within one year. These items have been classified as assets held for sale within other assets on our consolidated balance sheet. Following is a summary of the restructuring activity during the three- and six-month periods ended March 29, 2025:

 

   

Employee

    

Equipment

    

Facility

    

Asset

         
   

Separation Costs

    

Relocation Costs

    

Closure Costs

    

Impairments

    

Total

  

(In thousands)

                                        

Restructuring charges, net

   $ 192     $ -     $ 212     $ 270     $ 674  

Cash payments

     (138 )     -       (137 )     -       (275 )

Non-cash charges

     -       -       -       (270 )     (270 )

Liability as of December 28, 2024

     54       -       75       -       129  

Restructuring charges, net

     59       45       123       217       444  

Cash payments

     (103 )     (17 )     (143 )     -       (263 )

Non-cash charges

     -       -       -       (217 )     (217 )

Liability as of March 29, 2025

   $ 10     $ 28     $ 55     $ -     $ 93  

 

As of March 29, 2025, we recorded a liability of $93,000 for restructuring liabilities in accrued expenses on our consolidated balance sheet. We currently expect to incur approximately $0.7 million of additional restructuring charges for equipment relocation and facility closure costs through fiscal 2025.

 

Acquisition costs. Under the provisions of ASC 805, acquisition and integration costs are recorded as expenses in the period in which such costs are incurred rather than included as components of consideration transferred. During the three- and six-month periods ended March 29, 2025, we recorded $26,000 and $252,000, respectively, of acquisition-related costs associated with the EWP Acquisition for accounting, legal and other professional fees.

 

O’Brien Wire Products of Texas, Inc.

 

On November 26, 2024, we purchased certain assets of OWP for a purchase price of $5.1 million (the “OWP Acquisition”). OWP was a manufacturer of WWR products for use in nonresidential and residential construction. Under the terms of the OWP Acquisition, Insteel acquired certain of OWP’s inventories and all of the production equipment. The OWP Acquisition was funded with cash on hand. The OWP Acquisition serves to strengthen our competitive position within the Texas market.

 

 

Following is a summary of our preliminary allocation of the purchase price to the fair values of the assets acquired and liabilities assumed as of the acquisition date:

 

(In thousands)

        

Assets acquired:

        

Inventories

   $ 404  

Property, plant and equipment

     1,812  

Intangible assets:

        

Customer relationships

     785  

Non-competition agreement

     30  

Total assets acquired

   $ 3,031  
         

Liabilities assumed:

        

Total liabilities assumed

   $ -  

Net assets acquired

     3,031  

Purchase price

     5,116  

Goodwill

   $ 2,085  

 

In connection with the OWP Acquisition, we acquired certain intangible assets that will be amortized based on their estimated useful lives of 20.0 years for customer relationships and 5.0 years for a non-competition agreement. As we are in the process of finalizing internal and third-party valuations, the provisional estimates of inventories, intangible assets, fixed assets and goodwill are subject to adjustment. Certain measurement period adjustments were recorded in the three-month period ended March 29, 2025, due to the receipt of additional information, regarding the facts and circumstances that existed as of the acquisition date, reducing the purchase price allocation to property, plant, and equipment and increasing goodwill by $0.9 million. This adjustment did not have a material impact on net earnings. We expect to finalize these amounts as soon as practical and no later than one year from the acquisition date. Goodwill, 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.

 

Following the OWP acquisition, the net sales resulting from this acquisition were managed through our existing WWR facilities and cannot be quantified separately because of our ongoing integration efforts. Additionally, we are unable to prepare pro forma financial information due to the unavailability of certain historical financial data. Disclosing this information is considered impractical, and it would not significantly differ from the results presented in our consolidated financial statements for the three- and six-month periods ending March 29, 2025, and March 30, 2024.

 

Restructuring charges. In connection with the OWP Acquisition, we elected to consolidate our WWR operations through the redeployment of OWPs equipment and inventory to our other facilities. Following is a summary of the restructuring activity during the three- and six-month periods ended March 29, 2025:

 

   

Equipment

    

Facility

    

Asset

         
   

Relocation Costs

    

Closure Costs

    

Impairments

    

Total

  

(In thousands)

                                

Restructuring charges, net

   $ -     $ 19     $ 3     $ 22  

Cash payments

     -       (8 )     -       (8 )

Non-cash charges

     -       -       (3 )     (3 )

Liability as of December 28, 2024

     -       11       -       11  

Restructuring charges, net

     33       82       103       218  

Cash payments

     (11 )     (80 )     -       (91 )

Non-cash charges

     -       -       (103 )     (103 )

Liability as of March 29, 2025

   $ 22     $ 13     $ -     $ 35  

 

As of March 29, 2025, we recorded a liability of $35,000 for restructuring liabilities in accrued expenses on our consolidated balance sheet. We currently expect to incur approximately $0.2 million of additional restructuring charges for equipment relocation and facility closure costs through fiscal 2025.

 

Acquisition costs. During the three- and six-month periods ended March 29, 2025, we recorded $1,000 and $46,000, respectively, of acquisition-related costs associated with the OWP Acquisition for accounting, legal and other professional fees.

 

 
v3.25.1
Note 4 - Revenue Recognition
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]

(4) Revenue Recognition

 

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 year or less in duration. We do not exercise significant judgment in determining the timing for the satisfaction of performance obligations or the transaction price. Revenue is measured as the amount of consideration expected to be received in exchange for our products. We present revenue net of amounts collected from customers for sales tax.

 

Variable consideration that may affect the total transaction price, including contractual discounts, rebates, returns and credits, are included in net sales. Estimates for variable consideration are based on historical experience, anticipated performance and management's judgment and are updated as of each reporting date. Shipping and related expenses associated with outbound freight are accounted for as fulfillment costs and included in cost of sales. We do not have significant financing components. Contract costs are not significant and are recognized as incurred.

 

Our net sales by product line are as follows:

 

   

Three Months Ended

    

Six Months Ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  

Welded wire reinforcement

   $ 100,019     $ 69,750     $ 182,473     $ 138,552  

Prestressed concrete strand

     60,637       57,644       107,903       110,567  

Total

   $ 160,656     $ 127,394     $ 290,376     $ 249,119  

 

Contract assets primarily relate to our rights to consideration for products that are delivered but not billed as of the reporting date and are reclassified to receivables when the customer is invoiced. Contract liabilities primarily relate to performance obligations that are to be satisfied in the future and arise when we collect from the customer in advance of shipments. Contract assets and liabilities were not material as of March 29, 2025, and September 28, 2024.

 

Accounts receivable includes amounts billed and currently due from customers stated at their net estimated realizable value. Customer payment terms are generally 30 days. We maintain an allowance for credit losses to provide for the estimated receivables that will not be collected, which is based upon our assessment of customer creditworthiness, historical payment experience and the age of outstanding receivables. Past-due trade receivable balances are written off when our collection efforts have been unsuccessful.
v3.25.1
Note 5 - Fair Value Measurements
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

(5) Fair Value Measurements

 

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-level fair value hierarchy that encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows:

 

Level 1 - Quoted prices in active markets for identical assets or liabilities.

 

Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets.

 

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

 

 

As of March 29, 2025, and September 28, 2024, we held financial assets that are required to be measured at fair value on a recurring basis, which are summarized below:

 

 

(In thousands)

  

Total

    

Quoted Prices

in Active

Markets

(Level 1)

    

Observable

Inputs

(Level 2)

  

As of March 29, 2025:

                        

Current assets:

                        

Cash equivalents

   $ 28,522     $ 28,522     $ -  

Other assets:

                        

Cash surrender value of life insurance policies

     12,636       -       12,636  

Total

   $ 41,158     $ 28,522     $ 12,636  
                         

As of September 28, 2024:

                        

Current assets:

                        

Cash equivalents

   $ 111,146     $ 111,146     $ -  

Other assets:

                        

Cash surrender value of life insurance policies

     12,610       -       12,610  

Total

   $ 123,756     $ 111,146     $ 12,610  

 

Cash equivalents, which include all highly liquid investments with original maturities of three months or less, are classified as Level 1 of the fair value hierarchy. The carrying amount of our cash equivalents, which consist of investments in money market funds, approximates fair value due to their short maturities. Cash surrender value of life insurance policies are classified as Level 2. The fair value of the life insurance policies was determined by the underwriting insurance company’s valuation models and represents the guaranteed value we would receive upon surrender of these policies as of the reporting date.

 

As of March 29, 2025, and September 28, 2024, we had no nonfinancial assets that were required to be measured at fair value on a nonrecurring basis other than the assets that were acquired from EWP, OWP and assets classified as held for sale during the three- and six-month periods ended March 29, 2025 (see Note 3 to the consolidated financial statements). The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturities of these financial instruments.
v3.25.1
Note 6 - Intangible Assets
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

(6) Intangible Assets

 

The primary components of our intangible assets and the related accumulated amortization are as follows:

 

(In thousands)

  

Weighted-

Average Useful

Life (Years)

    

Gross

    

Accumulated Amortization

    

Net Book Value

  

As of March 29, 2025:

                                

Customer relationships

     18.7     $ 21,455     $ (6,001 )   $ 15,454  

Developed technology and know-how

     20.0       1,800       (953 )     847  

Non-competition agreements

     4.1       990       (161 )     829  

Trade Name

     1.0       350       (154 )     196  

Patents

     7.0       200       (12 )     188  
            $ 24,795     $ (7,281 )   $ 17,514  
                                 

As of September 28, 2024:

                                

Customer relationships

     17.1     $ 9,870     $ (5,427 )   $ 4,443  

Developed technology and know-how

     20.0       1,800       (908 )     892  

Non-competition agreements

     5.0       60       (54 )     6  
            $ 11,730     $ (6,389 )   $ 5,341  

 

 

Amortization expense for intangibles was $484,000 and $187,000 for the three-month periods ended March 29, 2025, and March 30, 2024, respectively, and $892,000 and $374,000 for the six-month periods ended March 29, 2025, and March 30, 2024, respectively. Amortization expense for the next five years is $962,000 in 2025, $1.6 million in 2026, $1.3 million in 2027, $1.3 million in 2028, $1.1 million in 2029 and $11.3 million thereafter.
v3.25.1
Note 7 - Stock-based Compensation
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

(7) Stock-Based Compensation

 

Under our equity incentive plan, employees and directors may be granted stock options, restricted stock, restricted stock units and performance awards. Effective February 11, 2025, the shareholders of the Company approved the 2025 Equity Incentive Plan of Insteel Industries Inc. (the “2025 Plan”), which authorizes the issuance of up to 800,000 shares of our common stock, plus any shares remaining available for grant under the 2015 Equity Incentive Plan of Insteel Industries Inc. (as amended, the “2015 Plan”) as of the effective date of the 2025 Plan and any shares subject to an award granted under the 2015 Plan which are forfeited, cancelled, terminated, lapsed or expired without the issuance of shares. The 2025 Plan, which expires on February 10, 2035, replaces the 2015 Plan, which expired on February 17, 2025. As of March 29, 2025, there were 978,000 shares of our common stock available for future grants under the 2025 Plan, which is our only active equity incentive plan.

 

Stock option awards. Under our equity incentive plan, employees and directors may be granted options to purchase shares of common stock at the fair market value on the date of the grant. Options granted under these plans generally vest over three years and expire ten years from the date of the grant. Compensation expense associated with stock options was $569,000 and $440,000 for the three-month periods ended March 29, 2025, and March 30, 2024, respectively, and $696,000 and $593,000 for the six-month periods ended March 29, 2025, and March 30, 2024, respectively. As of March 29, 2025, there was $709,000 of unrecognized compensation cost related to unvested options which is expected to be recognized over a weighted average period of 2.20 years.

 

The following table summarizes stock option activity:

 

   

Options

    

Weighted

    

Term - Weighted

    

Intrinsic

  
   

Outstanding

    

Average

    

Average

    

Value

  
   

(in thousands)

    

Exercise Price

    

(in years)

    

(in thousands)

  

Outstanding at September 28, 2024

     466     $ 31.03                  

Granted

     58       31.45                  

Outstanding at March 29, 2025

     524       31.07       6.89     $ 567  
                                 

Vested and anticipated to vest in the future at March 29, 2025

     510       31.05       6.82       567  
                                 

Exercisable at March 29, 2025

     322       30.49       5.52       567  

 

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 units. Restricted stock units (“RSUs”) granted under our equity incentive plan are valued based upon the fair market value on the date of the grant and provide for a dividend equivalent payment which is included in compensation expense. The vesting period for RSUs is generally one year from the date of the grant for RSUs granted to directors and three years from the date of the grant for RSUs granted to employees. RSUs do not have voting rights. Compensation expense associated with RSUs was $774,000 and $557,000 for the three-month periods ended March 29, 2025, and March 30, 2024, respectively, and $992,000 and $802,000 for the six-month periods ended March 29, 2025, and March 30, 2024, respectively.

 

As of March 29, 2025, there was $1.6 million of unrecognized compensation cost related to unvested RSUs which is expected to be recognized over a weighted average period of 1.53 years.

 

 

The following table summarizes RSU activity:

 

           

Weighted

  
   

Restricted

    

Average

  
   

Stock Units

    

Grant Date

  

(Unit amounts in thousands)

  

Outstanding

    

Fair Value

  

Balance, September 28, 2024

     119     $ 32.96  

Granted

     48       31.45  

Vested

     (24 )     36.51  

Balance, March 29, 2025

     143       31.85  

 
v3.25.1
Note 8 - Income Taxes
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

(8) Income Taxes

 

Effective income tax rate. Our effective income tax rate was 23.5% for the six-month period ended March 29, 2025, compared with 23.2% for the six-month period ended March 30, 2024. The effective income tax rates for both periods were based upon the estimated rate applicable for the entire fiscal year adjusted to reflect any significant or discrete items related specifically to interim periods.

 

Deferred income taxes. As of March 29, 2025, and September 28, 2024, we recorded a deferred tax liability (net of valuation allowance) of $11.6 million in other liabilities on our consolidated balance sheets. We have $2.2 million of state net operating loss carryforwards (“NOLs”) that expire between 2031 and 2040.

 

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 longer believe it is more likely than not that they will be fully realized. As of March 29, 2025, and September 28, 2024, we recorded a valuation allowance of $149,000 pertaining to deferred tax assets that were not expected to be utilized. The valuation allowance is subject to periodic review and adjustment based on changes in facts and circumstances.

 

Uncertainty in income taxes. We establish contingency reserves for material, known tax exposures based on our assessment of the estimated liability that would be incurred in connection with the settlement of such matters. As of March 29, 2025, we had no material, known tax exposures that required the establishment of contingency reserves for uncertain tax positions.

 

We file U.S. federal, state and local income tax returns in various jurisdictions. Federal and various state tax returns filed subsequent to 2019 remain subject to examination.
v3.25.1
Note 9 - Employee Benefit Plans
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Retirement Benefits [Text Block]

(9) Employee Benefit Plans

 

Supplemental retirement benefit plan. We have Supplemental Retirement Benefit Agreements (each, a “SRBA”) with certain of our employees (each, a “Participant”). Under the SRBAs, if the Participant remains in continuous service with us for a period of at least 30 years, we will pay the Participant a supplemental retirement benefit for the 15-year period following the Participant’s retirement equal to 50% of the Participant’s highest average annual base salary for five consecutive years in the 10-year period preceding the Participant’s retirement. If the Participant retires prior to the completion of 30 years of continuous service with us but has attained age 55 and completed at least 10 years of continuous service, the amount of the Participant’s supplemental retirement benefit will be reduced by 1/360th for each month short of 30 years that the Participant was employed by us.

 

 

Net periodic pension cost for the SRBAs consists of the following components included in selling, general and administrative expense:

 

   

Three Months Ended

    

Six Months Ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  

Interest cost

   $ 151     $ 147     $ 302     $ 294  

Service cost

     69       63       138       126  

Net periodic pension cost

   $ 220     $ 210     $ 440     $ 420  

 
v3.25.1
Note 10 - Long-term Debt
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Long-Term Debt [Text Block]

(10) Long-Term Debt

 

Revolving Credit Facility. We have a $100.0 million revolving credit facility (the “Credit Facility”) that is used to supplement our operating cash flow and fund our working capital, capital expenditure, general corporate and growth requirements. In March 2023, we amended our credit agreement to extend the maturity date of the Credit Facility from May 15, 2024, to March 15, 2028, and replaced the London Inter-Bank Offered Rate with the Secured Overnight Financing Rate (“SOFR”). The Credit Facility provides for an accordion feature whereby its size may be increased by up to $50.0 million, subject to our lender’s approval. Advances under the Credit Facility are limited to the lesser of the revolving loan commitment amount (currently $100.0 million) or a borrowing base amount that is calculated based upon a percentage of eligible receivables and inventories. As of March 29, 2025, no borrowings were outstanding on the Credit Facility, $98.5 million of borrowing capacity was available and outstanding letters of credit totaled $1.5 million.

 

Interest rates on the Credit Facility are based upon (1) an index rate that is established at the highest of the prime rate, 0.50% plus the federal funds rate or the SOFR rate plus 1.00% or (2) at our election, a SOFR rate including a credit adjustment of 0.10% plus, in either case, an applicable interest rate margin. The applicable interest rate margins are adjusted on a quarterly basis based upon the amount of excess availability on the Credit Facility within the range of 0.25% to 0.50% for index rate loans and 1.25% to 1.50% for SOFR-based loans. In addition, the applicable interest rate margins would be increased by 2.00% upon the occurrence of certain events of default provided for under the terms of the Credit Facility. Based on our excess availability as of March 29, 2025, the applicable interest rate margins on the Credit Facility were 0.25% for index rate loans and 1.25% for SOFR-based loans.

 

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 less than 1.0 at the end of each fiscal quarter for the twelve-month period then ended when the amount of liquidity on the Credit Facility is less than $10.0 million. In addition, the terms of the Credit Facility restrict our ability to, among other things: engage in certain business combinations or divestitures; make investments in or loans to third parties, unless certain conditions are met with respect to such investments or loans; pay cash dividends or repurchase shares of our stock subject to certain minimum borrowing availability requirements; incur or assume indebtedness; issue securities; enter into certain transactions with our affiliates; or permit liens to encumber our property and assets. The terms of the Credit Facility also provide that an event of default will occur upon the occurrence of, among other things: defaults or breaches under the loan documents, subject in certain cases to cure periods; defaults or breaches by us or any of our subsidiaries under any agreement resulting in the acceleration of amounts above certain thresholds or payment defaults above certain thresholds; certain events of bankruptcy or insolvency; certain entries of judgment against us or any of our subsidiaries, which are not covered by insurance; or a change of control. As of March 29, 2025, we were in compliance with all of the financial and negative covenants under the Credit Facility, and there have not been any events of default.

 

Amortization of capitalized financing costs associated with the Credit Facility was $13,000 for each of the three-month periods ended March 29, 2025, and March 30, 2024, and $26,000 for each of the six-month periods ended March 29, 2025, and March 30, 2024.

 

 
v3.25.1
Note 11 - Earnings Per Share
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

(11) Earnings Per Share

 

The computation of basic and diluted earnings per share attributable to common shareholders is as follows:

 

   

Three Months Ended

    

Six Months Ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  

(In thousands, except per share amounts)

  

2025

    

2024

    

2025

    

2024

  

Net earnings

   $ 10,230     $ 6,939     $ 11,311     $ 8,071  
                                 

Basic weighted average shares outstanding

     19,482       19,508       19,490       19,503  

Dilutive effect of stock-based compensation

     47       86       49       81  

Diluted weighted average shares outstanding

     19,529       19,594       19,539       19,584  
                                 

Net earnings per share:

                                

Basic

   $ 0.53     $ 0.36     $ 0.58     $ 0.41  

Diluted

   $ 0.52     $ 0.35     $ 0.58     $ 0.41  

 

Options and RSUs that were antidilutive and not included in the dilutive earnings per share calculation amounted to 111,000 and 22,000 shares for the three-month periods ended March 29, 2025, and March 30, 2024, respectively, and 97,000 and 31,000 shares for the six-month periods ended March 29, 2025, and March 30, 2024, respectively.
v3.25.1
Note 12 - Share Repurchases
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Equity [Text Block]

(12) Share Repurchases

 

On November 18, 2008, our Board of Directors approved a share repurchase authorization to buy back up to $25.0 million of our outstanding common stock (the “Authorization”). Under the Authorization, repurchases may be made from time to time in the open market or in privately negotiated transactions subject to market conditions, applicable legal requirements and other factors. We are not obligated to acquire any common stock, and the program may be commenced or suspended at any time at our discretion without prior notice. The Authorization continues in effect until terminated by the Board of Directors. The Company repurchased $1.1 million or 39,850 shares and $303,000 or 8,859 shares of its common stock during the three-month periods ended March 29, 2025, and March 30, 2024, respectively, and $1.7 million or 61,391 shares and $842,000 or 27,935 shares of its common stock during the six-month periods ended March 29, 2025, and March 30, 2024, respectively. As of March 29, 2025, there was $17.6 million remaining available for future share repurchases under this Authorization.

 

 
v3.25.1
Note 13 - Other Financial Data
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Other Financial Data [Text Block]

(13) Other Financial Data

 

Balance sheet information:

 

   

March 29,

    

September 28,

  

(In thousands)

  

2025

    

2024

  

Accounts receivable, net:

                

Accounts receivable

   $ 80,370     $ 58,689  

Less allowance for credit losses

     (578 )     (381 )

Total

   $ 79,792     $ 58,308  
                 

Inventories:

                

Raw materials

   $ 37,366     $ 36,782  

Work in process

     8,726       6,139  

Finished goods

     49,941       45,919  

Total

   $ 96,033     $ 88,840  
                 

Other current assets:

                

Prepaid insurance

   $ 3,653     $ 4,503  

Income taxes receivable

     122       1,357  

Other

     2,761       2,748  

Total

   $ 6,536     $ 8,608  
                 

Other assets:

                

Cash surrender value of life insurance policies

   $ 12,636     $ 12,610  

Assets held for sale

     5,451       -  

Right-of-use asset

     3,515       1,703  

Capitalized financing costs, net

     99       125  

Other

     161       194  

Total

   $ 21,862     $ 14,632  
                 

Property, plant and equipment, net:

                

Land and land improvements

   $ 17,543     $ 15,333  

Buildings

     63,951       60,014  

Machinery and equipment

     236,110       227,232  

Construction in progress

     5,276       4,279  
      322,880       306,858  

Less accumulated depreciation

     (188,936 )     (181,318 )

Total

   $ 133,944     $ 125,540  
                 

Accrued expenses:

                

Salaries, wages and related expenses

   $ 4,574     $ 3,448  

Income taxes

     1,957       -  

Operating lease liability

     1,591       877  

Customer rebates

     828       1,895  

Property taxes

     771       1,987  

Holdback for business acquired

     657       -  

Deferred compensation

     390       433  

Sales allowance reserves

     169       521  

State sales and use taxes

     156       227  

Other

     334       159  

Total

   $ 11,427     $ 9,547  
                 

Other liabilities:

                

Deferred compensation

   $ 12,479     $ 12,217  

Deferred income taxes

     11,642       11,635  

Operating lease liability

     1,901       811  

Total

   $ 26,022     $ 24,663  

 

 
v3.25.1
Note 14 - Business Segment Information
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

(14) Business Segment Information

 

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 product lines: prestressed concrete strand and welded wire reinforcement. Based on the criteria specified in ASC Topic 280, Segment Reporting, we have one reportable segment.
v3.25.1
Note 15 - Contingencies
 6 Months Ended
Mar. 29, 2025
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]

(15) Contingencies

 

We are involved in lawsuits, claims, investigations and proceedings, including commercial, environmental and employment matters, which arise in the ordinary course of business. We do not expect the ultimate outcome or cost to resolve these matters will have a material adverse effect on our financial position, results of operations or cash flows.
v3.25.1
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 29, 2025
Trading Arrangements, by Individual [Table]    
Material Terms of Trading Arrangement [Text Block]  

Item 5. Other Information

 

Insider Adoption or Termination of Trading Arrangements

 

During the fiscal quarter ended March 29, 2025, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.
Rule 10b5-1 Arrangement Adopted [Flag] false  
Rule 10b5-1 Arrangement Terminated [Flag] false  
Non-Rule 10b5-1 Arrangement Adopted [Flag] false  
Non-Rule 10b5-1 Arrangement Terminated [Flag] false  
v3.25.1
Note 3 - Business Combination (Tables)
 6 Months Ended
Mar. 29, 2025
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

(In thousands)

        

Assets acquired:

        

Inventories

   $ 12,066  

Other current assets

     171  

Property, plant and equipment

     16,708  

Intangible assets:

        

Customer relationships

     10,800  

Non-competition agreement

     900  

Trade name

     350  

Patent

     200  

Right-of-use assets

     459  

Total assets acquired

   $ 41,654  
         

Liabilities assumed:

        

Accrued expenses

   $ 89  

Current operating lease liabilities

     128  

Non-current operating lease liabilities

     331  

Total liabilities assumed

     548  

Net assets acquired

     41,106  

Adjusted purchase price

     67,030  

Goodwill

   $ 25,924  

(In thousands)

        

Assets acquired:

        

Inventories

   $ 404  

Property, plant and equipment

     1,812  

Intangible assets:

        

Customer relationships

     785  

Non-competition agreement

     30  

Total assets acquired

   $ 3,031  
         

Liabilities assumed:

        

Total liabilities assumed

   $ -  

Net assets acquired

     3,031  

Purchase price

     5,116  

Goodwill

   $ 2,085  
Business Acquisition, Pro Forma Information [Table Text Block]
   

Three Months Ended

    

Six Months Ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  

Net sales

   $ 160,656     $ 149,493     $ 295,582     $ 291,245  

Earnings before income taxes

     13,325       8,810       14,867       7,593  

Net earnings

     10,230       6,831       11,370       5,945  
Restructuring and Related Costs [Table Text Block]
   

Employee

    

Equipment

    

Facility

    

Asset

         
   

Separation Costs

    

Relocation Costs

    

Closure Costs

    

Impairments

    

Total

  

(In thousands)

                                        

Restructuring charges, net

   $ 192     $ -     $ 212     $ 270     $ 674  

Cash payments

     (138 )     -       (137 )     -       (275 )

Non-cash charges

     -       -       -       (270 )     (270 )

Liability as of December 28, 2024

     54       -       75       -       129  

Restructuring charges, net

     59       45       123       217       444  

Cash payments

     (103 )     (17 )     (143 )     -       (263 )

Non-cash charges

     -       -       -       (217 )     (217 )

Liability as of March 29, 2025

   $ 10     $ 28     $ 55     $ -     $ 93  
   

Equipment

    

Facility

    

Asset

         
   

Relocation Costs

    

Closure Costs

    

Impairments

    

Total

  

(In thousands)

                                

Restructuring charges, net

   $ -     $ 19     $ 3     $ 22  

Cash payments

     -       (8 )     -       (8 )

Non-cash charges

     -       -       (3 )     (3 )

Liability as of December 28, 2024

     -       11       -       11  

Restructuring charges, net

     33       82       103       218  

Cash payments

     (11 )     (80 )     -       (91 )

Non-cash charges

     -       -       (103 )     (103 )

Liability as of March 29, 2025

   $ 22     $ 13     $ -     $ 35  
v3.25.1
Note 4 - Revenue Recognition (Tables)
 6 Months Ended
Mar. 29, 2025
Notes Tables  
Disaggregation of Revenue [Table Text Block]
   

Three Months Ended

    

Six Months Ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  

Welded wire reinforcement

   $ 100,019     $ 69,750     $ 182,473     $ 138,552  

Prestressed concrete strand

     60,637       57,644       107,903       110,567  

Total

   $ 160,656     $ 127,394     $ 290,376     $ 249,119  
v3.25.1
Note 5 - Fair Value Measurements (Tables)
 6 Months Ended
Mar. 29, 2025
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 March 29, 2025:

                        

Current assets:

                        

Cash equivalents

   $ 28,522     $ 28,522     $ -  

Other assets:

                        

Cash surrender value of life insurance policies

     12,636       -       12,636  

Total

   $ 41,158     $ 28,522     $ 12,636  
                         

As of September 28, 2024:

                        

Current assets:

                        

Cash equivalents

   $ 111,146     $ 111,146     $ -  

Other assets:

                        

Cash surrender value of life insurance policies

     12,610       -       12,610  

Total

   $ 123,756     $ 111,146     $ 12,610  
v3.25.1
Note 6 - Intangible Assets (Tables)
 6 Months Ended
Mar. 29, 2025
Notes Tables  
Schedule of Finite-Lived Intangible Assets [Table Text Block]

(In thousands)

  

Weighted-

Average Useful

Life (Years)

    

Gross

    

Accumulated Amortization

    

Net Book Value

  

As of March 29, 2025:

                                

Customer relationships

     18.7     $ 21,455     $ (6,001 )   $ 15,454  

Developed technology and know-how

     20.0       1,800       (953 )     847  

Non-competition agreements

     4.1       990       (161 )     829  

Trade Name

     1.0       350       (154 )     196  

Patents

     7.0       200       (12 )     188  
            $ 24,795     $ (7,281 )   $ 17,514  
                                 

As of September 28, 2024:

                                

Customer relationships

     17.1     $ 9,870     $ (5,427 )   $ 4,443  

Developed technology and know-how

     20.0       1,800       (908 )     892  

Non-competition agreements

     5.0       60       (54 )     6  
            $ 11,730     $ (6,389 )   $ 5,341  
v3.25.1
Note 7 - Stock-based Compensation (Tables)
 6 Months Ended
Mar. 29, 2025
Notes Tables  
Share-Based Payment Arrangement, Option, Activity [Table Text Block]
   

Options

    

Weighted

    

Term - Weighted

    

Intrinsic

  
   

Outstanding

    

Average

    

Average

    

Value

  
   

(in thousands)

    

Exercise Price

    

(in years)

    

(in thousands)

  

Outstanding at September 28, 2024

     466     $ 31.03                  

Granted

     58       31.45                  

Outstanding at March 29, 2025

     524       31.07       6.89     $ 567  
                                 

Vested and anticipated to vest in the future at March 29, 2025

     510       31.05       6.82       567  
                                 

Exercisable at March 29, 2025

     322       30.49       5.52       567  
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, September 28, 2024

     119     $ 32.96  

Granted

     48       31.45  

Vested

     (24 )     36.51  

Balance, March 29, 2025

     143       31.85  
v3.25.1
Note 9 - Employee Benefit Plans (Tables)
 6 Months Ended
Mar. 29, 2025
Supplemental Employee Retirement Plan [Member]  
Notes Tables  
Schedule of Net Benefit Costs [Table Text Block]
   

Three Months Ended

    

Six Months Ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  

(In thousands)

  

2025

    

2024

    

2025

    

2024

  

Interest cost

   $ 151     $ 147     $ 302     $ 294  

Service cost

     69       63       138       126  

Net periodic pension cost

   $ 220     $ 210     $ 440     $ 420  
v3.25.1
Note 11 - Earnings Per Share (Tables)
 6 Months Ended
Mar. 29, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   

Three Months Ended

    

Six Months Ended

  
   

March 29,

    

March 30,

    

March 29,

    

March 30,

  

(In thousands, except per share amounts)

  

2025

    

2024

    

2025

    

2024

  

Net earnings

   $ 10,230     $ 6,939     $ 11,311     $ 8,071  
                                 

Basic weighted average shares outstanding

     19,482       19,508       19,490       19,503  

Dilutive effect of stock-based compensation

     47       86       49       81  

Diluted weighted average shares outstanding

     19,529       19,594       19,539       19,584  
                                 

Net earnings per share:

                                

Basic

   $ 0.53     $ 0.36     $ 0.58     $ 0.41  

Diluted

   $ 0.52     $ 0.35     $ 0.58     $ 0.41  
v3.25.1
Note 13 - Other Financial Data (Tables)
 6 Months Ended
Mar. 29, 2025
Notes Tables  
Other Financial Information, Balance Sheet [Table Text Block]
   

March 29,

    

September 28,

  

(In thousands)

  

2025

    

2024

  

Accounts receivable, net:

                

Accounts receivable

   $ 80,370     $ 58,689  

Less allowance for credit losses

     (578 )     (381 )

Total

   $ 79,792     $ 58,308  
                 

Inventories:

                

Raw materials

   $ 37,366     $ 36,782  

Work in process

     8,726       6,139  

Finished goods

     49,941       45,919  

Total

   $ 96,033     $ 88,840  
                 

Other current assets:

                

Prepaid insurance

   $ 3,653     $ 4,503  

Income taxes receivable

     122       1,357  

Other

     2,761       2,748  

Total

   $ 6,536     $ 8,608  
                 

Other assets:

                

Cash surrender value of life insurance policies

   $ 12,636     $ 12,610  

Assets held for sale

     5,451       -  

Right-of-use asset

     3,515       1,703  

Capitalized financing costs, net

     99       125  

Other

     161       194  

Total

   $ 21,862     $ 14,632  
                 

Property, plant and equipment, net:

                

Land and land improvements

   $ 17,543     $ 15,333  

Buildings

     63,951       60,014  

Machinery and equipment

     236,110       227,232  

Construction in progress

     5,276       4,279  
      322,880       306,858  

Less accumulated depreciation

     (188,936 )     (181,318 )

Total

   $ 133,944     $ 125,540  
                 

Accrued expenses:

                

Salaries, wages and related expenses

   $ 4,574     $ 3,448  

Income taxes

     1,957       -  

Operating lease liability

     1,591       877  

Customer rebates

     828       1,895  

Property taxes

     771       1,987  

Holdback for business acquired

     657       -  

Deferred compensation

     390       433  

Sales allowance reserves

     169       521  

State sales and use taxes

     156       227  

Other

     334       159  

Total

   $ 11,427     $ 9,547  
                 

Other liabilities:

                

Deferred compensation

   $ 12,479     $ 12,217  

Deferred income taxes

     11,642       11,635  

Operating lease liability

     1,901       811  

Total

   $ 26,022     $ 24,663  
v3.25.1
Note 3 - Business Combination (Details Textual) - USD ($)
 3 Months Ended 5 Months Ended 6 Months Ended
Nov. 26, 2024
Oct. 21, 2024
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 29, 2025
Mar. 30, 2024
Dec. 28, 2024
Sep. 28, 2024
Business Combination, Holdback Liability, Current     $ 657,000   $ 657,000 $ 657,000     $ 0
Asset, Held-for-Sale, Not Part of Disposal Group, Current     5,451,000   5,451,000 5,451,000     $ 0
Business Combination, Acquisition Related Costs     27,000 $ 0   298,000 $ 0    
Warren Facility [Member] | Discontinued Operations, Held-for-Sale [Member]                  
Asset, Held-for-Sale, Not Part of Disposal Group, Current     5,500,000   5,500,000 5,500,000      
Engineered Wire Products, Inc. [Member]                  
Business Combination, Consideration Transferred   $ 67,030,000              
Business Combination, Holdback Liability, Current   $ 1,500,000 700,000   700,000 700,000      
Business Combination, Holdback Adjustment         (800,000)        
Goodwill, Measurement Period Adjustment     1,300,000            
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment     (1,300,000)            
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual     14,400,000     22,000,000      
Restructuring Reserve, Current     93,000   93,000 93,000   $ 129,000  
Restructuring and Related Cost, Expected Cost Remaining     700,000   700,000 700,000      
Business Combination, Acquisition Related Costs     26,000     252,000      
Engineered Wire Products, Inc. [Member] | Customer Relationships [Member]                  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   20 years              
Engineered Wire Products, Inc. [Member] | Noncompete Agreements [Member]                  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   4 years              
Engineered Wire Products, Inc. [Member] | Trade Names [Member]                  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   1 year              
Engineered Wire Products, Inc. [Member] | Patents [Member]                  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life   7 years              
O'Brien Wire Products of Texas [Member]                  
Business Combination, Consideration Transferred $ 5,116,000                
Goodwill, Measurement Period Adjustment     900,000            
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment     (900,000)            
Restructuring Reserve, Current     35,000   35,000 35,000   $ 11,000  
Restructuring and Related Cost, Expected Cost Remaining     200,000   $ 200,000 200,000      
Business Combination, Acquisition Related Costs     $ 1,000     $ 46,000      
O'Brien Wire Products of Texas [Member] | Customer Relationships [Member]                  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 20 years                
O'Brien Wire Products of Texas [Member] | Noncompete Agreements [Member]                  
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 5 years                
v3.25.1
Note 3 - Business Combination - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Nov. 26, 2024
Oct. 21, 2024
Mar. 29, 2025
Sep. 28, 2024
Goodwill     $ 37,755 $ 9,745
Engineered Wire Products, Inc. [Member]        
Inventories   $ 12,066    
Other current assets   171    
Property, plant and equipment   16,708    
Total assets acquired   41,654    
Total liabilities assumed   548    
Net assets acquired   41,106    
Right-of-use assets   459    
Adjusted purchase price   67,030    
Goodwill   25,924    
Accrued expenses   89    
Current operating lease liabilities   128    
Non-current operating lease liabilities   331    
Engineered Wire Products, Inc. [Member] | Customer Relationships [Member]        
Intangible assets   10,800    
Engineered Wire Products, Inc. [Member] | Noncompete Agreements [Member]        
Intangible assets   900    
Engineered Wire Products, Inc. [Member] | Trade Names [Member]        
Intangible assets   350    
Engineered Wire Products, Inc. [Member] | Patents [Member]        
Intangible assets   $ 200    
O'Brien Wire Products of Texas [Member]        
Inventories $ 404      
Property, plant and equipment 1,812      
Total assets acquired 3,031      
Total liabilities assumed 0      
Net assets acquired 3,031      
Adjusted purchase price 5,116      
Goodwill 2,085      
O'Brien Wire Products of Texas [Member] | Customer Relationships [Member]        
Intangible assets 785      
O'Brien Wire Products of Texas [Member] | Noncompete Agreements [Member]        
Intangible assets $ 30      
v3.25.1
Note 3 - Business Combination - Pro Forma Information (Details) - Engineered Wire Products, Inc. [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Net sales $ 160,656 $ 149,493 $ 295,582 $ 291,245
Earnings before income taxes 13,325 8,810 14,867 7,593
Net earnings $ 10,230 $ 6,831 $ 11,370 $ 5,945
v3.25.1
Note 3 - Business Combination - Restructuring Activity (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Dec. 28, 2024
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Restructuring charges, net $ 662,000   $ 0 $ 1,358,000 $ 0
Engineered Wire Products, Inc. [Member]          
Restructuring charges, net 444,000 $ 674,000      
Cash payments (263,000) (275,000)      
Non-cash charges (217,000) (270,000)      
Liability 93,000 129,000   93,000  
Engineered Wire Products, Inc. [Member] | Employee Severance [Member]          
Restructuring charges, net 59,000 192,000      
Cash payments (103,000) (138,000)      
Non-cash charges 0 0      
Liability 10,000 54,000   10,000  
Engineered Wire Products, Inc. [Member] | Equipment Relocation [Member]          
Restructuring charges, net 45,000 0      
Cash payments (17,000) 0      
Non-cash charges 0 0      
Liability 28,000 0   28,000  
Engineered Wire Products, Inc. [Member] | Facility Closing [Member]          
Restructuring charges, net 123,000 212,000      
Cash payments (143,000) (137,000)      
Non-cash charges 0 0      
Liability 55,000 75,000   55,000  
Engineered Wire Products, Inc. [Member] | Asset Impairments [Member]          
Restructuring charges, net 217,000 270,000      
Cash payments 0 0      
Non-cash charges (217,000) (270,000)      
Liability 0 0   0  
O'Brien Wire Products of Texas [Member]          
Restructuring charges, net 218,000 22,000      
Cash payments (91,000) (8,000)      
Non-cash charges (103,000) (3,000)      
Liability 35,000 11,000   35,000  
O'Brien Wire Products of Texas [Member] | Equipment Relocation [Member]          
Restructuring charges, net 33,000 0      
Cash payments (11,000) 0      
Non-cash charges 0 0      
Liability 22,000 0   22,000  
O'Brien Wire Products of Texas [Member] | Facility Closing [Member]          
Restructuring charges, net 82,000 19,000      
Cash payments (80,000) (8,000)      
Non-cash charges 0 0      
Liability 13,000 11,000   13,000  
O'Brien Wire Products of Texas [Member] | Asset Impairments [Member]          
Restructuring charges, net 103,000 3,000      
Cash payments 0 0      
Non-cash charges (103,000) (3,000)      
Liability $ 0 $ 0   $ 0  
v3.25.1
Note 4 - Revenue Recognition - Disaggregation of Net Sales by Product Line (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Revenue $ 160,656 $ 127,394 $ 290,376 $ 249,119
Welded Wire Reinforcement [Member]        
Revenue 100,019 69,750 182,473 138,552
Prestressed Concrete Strand [Member]        
Revenue $ 60,637 $ 57,644 $ 107,903 $ 110,567
v3.25.1
Note 5 - Fair Value Measurements (Details Textual) - USD ($)
$ in Thousands
Mar. 29, 2025
Sep. 28, 2024
Non Financial [Member] | Fair Value, Nonrecurring [Member]    
Assets, Fair Value Disclosure $ 0 $ 0
v3.25.1
Note 5 - Fair Value Measurements - Fair Value of Financial Assets (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Thousands
Mar. 29, 2025
Sep. 28, 2024
Cash equivalents $ 28,522 $ 111,146
Cash surrender value of life insurance policies 12,636 12,610
Total 41,158 123,756
Fair Value, Inputs, Level 1 [Member]    
Cash equivalents 28,522 111,146
Cash surrender value of life insurance policies 0 0
Total 28,522 111,146
Fair Value, Inputs, Level 2 [Member]    
Cash equivalents 0 0
Cash surrender value of life insurance policies 12,636 12,610
Total $ 12,636 $ 12,610
v3.25.1
Note 6 - Intangible Assets (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Amortization of Intangible Assets $ 484,000 $ 187,000 $ 892,000 $ 374,000
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year 962,000   962,000  
Finite-Lived Intangible Asset, Expected Amortization, Year One 1,600,000   1,600,000  
Finite-Lived Intangible Asset, Expected Amortization, Year Two 1,300,000   1,300,000  
Finite-Lived Intangible Asset, Expected Amortization, Year Three 1,300,000   1,300,000  
Finite-Lived Intangible Asset, Expected Amortization, Year Four 1,100,000   1,100,000  
Finite-Lived Intangible Asset, Expected Amortization, After Year Four $ 11,300,000   $ 11,300,000  
v3.25.1
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($)
$ in Thousands
Mar. 29, 2025
Sep. 28, 2024
Finite-lived intangible assets, gross $ 24,795 $ 11,730
Finite-lived intangible assets, Accumulated Amortization (7,281) (6,389)
Finite-lived intangible assets, Net Book Value $ 17,514 $ 5,341
Customer Relationships [Member]    
Finite-lived intangible assets, Weighted-Average Useful Life (Year) 18 years 8 months 12 days 17 years 1 month 6 days
Finite-lived intangible assets, gross $ 21,455 $ 9,870
Finite-lived intangible assets, Accumulated Amortization (6,001) (5,427)
Finite-lived intangible assets, Net Book Value $ 15,454 $ 4,443
Technology-Based Intangible Assets [Member]    
Finite-lived intangible assets, Weighted-Average Useful Life (Year) 20 years 20 years
Finite-lived intangible assets, gross $ 1,800 $ 1,800
Finite-lived intangible assets, Accumulated Amortization (953) (908)
Finite-lived intangible assets, Net Book Value $ 847 $ 892
Noncompete Agreements [Member]    
Finite-lived intangible assets, Weighted-Average Useful Life (Year) 4 years 1 month 6 days 5 years
Finite-lived intangible assets, gross $ 990 $ 60
Finite-lived intangible assets, Accumulated Amortization (161) (54)
Finite-lived intangible assets, Net Book Value $ 829 $ 6
Trade Names [Member]    
Finite-lived intangible assets, Weighted-Average Useful Life (Year) 1 year  
Finite-lived intangible assets, gross $ 350  
Finite-lived intangible assets, Accumulated Amortization (154)  
Finite-lived intangible assets, Net Book Value $ 196  
Patents [Member]    
Finite-lived intangible assets, Weighted-Average Useful Life (Year) 7 years  
Finite-lived intangible assets, gross $ 200  
Finite-lived intangible assets, Accumulated Amortization (12)  
Finite-lived intangible assets, Net Book Value $ 188  
v3.25.1
Note 7 - Stock-based Compensation (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Feb. 11, 2025
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
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   $ 569,000 $ 440,000 $ 696,000 $ 593,000
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount   $ 709,000   709,000  
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)   2 years 2 months 12 days      
Restricted Stock Units (RSUs) [Member]          
Share-Based Payment Arrangement, Expense   $ 774,000 $ 557,000 992,000 $ 802,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)   1 year 6 months 10 days      
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount   $ 1,600,000   $ 1,600,000  
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)   3 years      
Restricted Stock Units (RSUs) [Member] | Director [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)   1 year      
The 2015 Equity Incentive Plan [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized 800,000        
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant   978,000   978,000  
v3.25.1
Note 7 - Stock-based Compensation - Stock Option Activity (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended
Mar. 29, 2025
USD ($)
$ / shares
shares
Options outstanding, balance (in shares) | shares 466
Weighted average exercise price per share (in dollars per share) | $ / shares $ 31.03
Granted, balance (in shares) | shares 58
Granted, Weighted average exercise price per share (in dollars per share) | $ / shares $ 31.45
Options outstanding, balance (in shares) | shares 524
Weighted average exercise price per share, Outstanding (in dollars per share) | $ / shares $ 31.07
Contractual term - weighted average, Outstanding (Year) 6 years 10 months 20 days
Aggregate intrinsic value, Outstanding | $ $ 567
Options outstanding, vested and expected to vest (in shares) | shares 510
Weighted average exercise price per share, vested and expected to vest (in dollars per share) | $ / shares $ 31.05
Contractual term - weighted average, vested and expected to vest (Year) 6 years 9 months 25 days
Aggregate intrinsic value, vested and expected to vest | $ $ 567
Aggregate intrinsic value, Exercisable (in shares) | shares 322
Weighted average exercise price per share, Exercisable (in dollars per share) | $ / shares $ 30.49
Contractual term - weighted average, Exercisable (Year) 5 years 6 months 7 days
Aggregate intrinsic value, Exercisable | $ $ 567
v3.25.1
Note 7 - Stock-based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) (Details) - Restricted Stock Units (RSUs) [Member]
shares in Thousands
 6 Months Ended
Mar. 29, 2025
$ / shares
shares
Restricted stock units outstanding, beginning balance (in shares) | shares 119
Weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares $ 32.96
Granted, units (in shares) | shares 48
Granted, weighted average grant date fair value (in dollars per share) | $ / shares $ 31.45
Vested, units (in shares) | shares (24)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares $ 36.51
Restricted stock units outstanding, ending balance (in shares) | shares 143
Weighted average grant date fair value, ending balance (in dollars per share) | $ / shares $ 31.85
v3.25.1
Note 8 - Income Taxes (Details Textual) - USD ($)
 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Sep. 28, 2024
Effective Income Tax Rate Reconciliation, Percent 23.50% 23.20%  
Deferred Tax Liabilities, Net $ 11,642,000   $ 11,635,000
Deferred Tax Assets, Valuation Allowance $ 149,000    
Open Tax Year 2020 2021 2023 2024 2025    
State and Local Jurisdiction [Member]      
Operating Loss Carryforwards $ 2,200,000    
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]      
Operating Loss Carryforwards, Expiration Date Sep. 27, 2031    
State and Local Jurisdiction [Member] | Latest Tax Year [Member]      
Operating Loss Carryforwards, Expiration Date Sep. 29, 2040    
v3.25.1
Note 9 - Employee Benefit Plans (Details Textual)
 6 Months Ended
Mar. 29, 2025
Supplemental Employee Retirement Plan [Member]  
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 (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 55
Defined Benefit Plan, Reduction for Each Month 0.28%
Reduced SERP [Member] | Minimum [Member]  
Defined Benefit Plan, Employment Term (Year) 10 years
v3.25.1
Note 9 - Employee Benefit Plans - Net Periodic Pension Costs and Related Components (Details) - Supplemental Employee Retirement Plan [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Interest cost $ 151 $ 147 $ 302 $ 294
Service cost 69 63 138 126
Net periodic pension cost $ 220 $ 210 $ 440 $ 420
v3.25.1
Note 10 - Long-term Debt (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Amortization of Debt Issuance Costs     $ 26,000 $ 26,000
Revolving Credit Facility [Member]        
Line of Credit Facility, Maximum Borrowing Capacity $ 100,000,000   100,000,000  
Line Of Credit Facility, Additional Borrowing Capacity     50,000,000  
Long-Term Line of Credit, Total 0   0  
Line of Credit Facility, Remaining Borrowing Capacity 98,500,000   98,500,000  
Letters of Credit Outstanding, Amount 1,500,000   $ 1,500,000  
Debt Instrument, Default, Interest Rate Increase     2.00%  
Fixed Charge Coverage Ratio     1  
Credit Facility, Liquidity Amount     $ 10,000,000  
Amortization of Debt Issuance Costs $ 13,000 $ 13,000 $ 26,000 $ 26,000
Revolving Credit Facility [Member] | Federal Funds Rate [Member]        
Debt Instrument, Basis Spread on Variable Rate     0.50%  
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member]        
Debt Instrument, Basis Spread on Variable Rate     1.00%  
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Minimum [Member]        
Debt Instrument, Basis Spread on Variable Rate     1.25%  
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Maximum [Member]        
Debt Instrument, Basis Spread on Variable Rate     1.50%  
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | SOFR Based Loans [Member]        
Debt Instrument, Basis Spread on Variable Rate     1.25%  
Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Credit Adjustment [Member] | SOFR Based Loans [Member]        
Debt Instrument, Basis Spread on Variable Rate     0.10%  
Revolving Credit Facility [Member] | Base Rate [Member]        
Debt Instrument, Basis Spread on Variable Rate     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%  
v3.25.1
Note 11 - Earnings Per Share (Details Textual) - shares
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) 111,000 22,000 97,000 31,000
v3.25.1
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 6 Months Ended
Mar. 29, 2025
Dec. 28, 2024
Mar. 30, 2024
Dec. 30, 2023
Mar. 29, 2025
Mar. 30, 2024
Net earnings $ 10,230 $ 1,081 $ 6,939 $ 1,132 $ 11,311 $ 8,071
Basic weighted average shares outstanding (in shares) 19,482   19,508   19,490 19,503
Dilutive effect of stock-based compensation (in shares) 47   86   49 81
Diluted weighted average shares outstanding (in shares) 19,529   19,594   19,539 19,584
Basic (in dollars per share) $ 0.53   $ 0.36   $ 0.58 $ 0.41
Diluted (in dollars per share) $ 0.52   $ 0.35   $ 0.58 $ 0.41
v3.25.1
Note 12 - Share Repurchases (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 29, 2025
Mar. 30, 2024
Mar. 29, 2025
Mar. 30, 2024
Nov. 18, 2008
Share Repurchase Program, Authorized, Amount         $ 25,000,000
Stock Repurchased During Period, Value $ 1,100,000 $ 303,000 $ 1,700,000 $ 842,000  
Stock Repurchased During Period, Shares 39,850 8,859 61,391 27,935  
Share Repurchase Program, Remaining Authorized, Amount $ 17,600,000   $ 17,600,000    
v3.25.1
Note 13 - Other Financial Data - Balance Sheet Information (Details) - USD ($)
$ in Thousands
Mar. 29, 2025
Sep. 28, 2024
Accounts receivable $ 80,370 $ 58,689
Less allowance for credit losses (578) (381)
Accounts receivable, net 79,792 58,308
Raw materials 37,366 36,782
Work in process 8,726 6,139
Finished goods 49,941 45,919
Inventories 96,033 88,840
Prepaid insurance 3,653 4,503
Income taxes receivable 122 1,357
Other 2,761 2,748
Other current assets 6,536 8,608
Cash surrender value of life insurance policies 12,636 12,610
Assets held for sale $ 5,451 $ 0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Right-of-use asset $ 3,515 $ 1,703
Capitalized financing costs, net 99 125
Other 161 194
Other assets 21,862 14,632
Land and land improvements 17,543 15,333
Buildings 63,951 60,014
Machinery and equipment 236,110 227,232
Construction in progress 5,276 4,279
Property, Plant and Equipment, Gross 322,880 306,858
Less accumulated depreciation (188,936) (181,318)
Property, plant and equipment, net 133,944 125,540
Salaries, wages and related expenses 4,574 3,448
Income taxes $ 1,957 $ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses Accrued expenses
Operating lease liability $ 1,591 $ 877
Customer rebates 828 1,895
Property taxes 771 1,987
Holdback for business acquired 657 0
Deferred compensation 390 433
Sales allowance reserves 169 521
State sales and use taxes 156 227
Other 334 159
Accrued expenses 11,427 9,547
Deferred compensation 12,479 12,217
Deferred Tax Liabilities, Net $ 11,642 $ 11,635
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
Operating lease liability $ 1,901 $ 811
Other liabilities $ 26,022 $ 24,663
v3.25.1
Note 14 - Business Segment Information (Details Textual)
 6 Months Ended
Mar. 29, 2025
Number of Reportable Segments 1