We've announced additional price increases that have or will be going into effect to recover this higher cost. Gross profit for the second quarter was $6.2 million or 11.9% of net sales compared with the gross loss of $21 million in the prior year. Gross profit for the prior year quarter includes the $16.1 million charge for inventory write-downs diluted to earlier.Excluding these write-downs to prior year growth loss would have been $4.9 million. The year-over-year improvement in gross profit was driven by the lack of inventory write-downs in the current year period. The increase in shipments, wire spread between average selling prices and raw material costs and lower unit conversion costs.
Insteel Industries, Inc. F2Q10 (Qtr End 04/03/10) Earnings Call Transcript
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