Note 1 - Basis of Presentation

6 Months Ended

Mar. 28, 2020

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, 2019 (

“2019

Form

10

-K”) filed by us with the Securities and Exchange Commission (the “SEC”). 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, 2019

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

2019

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

March 16, 2020,

we, through our wholly-owned subsidiary, Insteel Wire Products Company (“IWP”), purchased substantially all of the assets of Strand-Tech Manufacturing, Inc. (“STM”) (see Note

3

to the consolidated financial statements).