Insteel Industries Inc. reported Thursday a sharply lower loss for its first quarter of fiscal 2012.
The Mount Airy company had a loss of $200,000 for the quarter ending Dec. 31, compared with a loss of $7.6 million in the first quarter of fiscal 2011.
The company had an earnings loss of 1 cent, compared with a loss of 44 cents a year ago. The average forecast was earnings of 2 cents by analysts surveyed by Zacks Investment Research.
Insteel said it had a $400,000 gain in the first quarter related to early retirement of debt and that it took $600,000 in restructuring charges related to the November 2010 purchase of certain assets of Ivy Steel & Wire Inc.
Revenue from the Ivy Steel business sent revenue up 62.1 percent to $84.8 million. It also benefited from a bigger spread between its selling prices and raw-material costs.
However, the company said demand for its products remained "at depressed levels" because of continued weakness in construction, compounded by the seasonal downturn.
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