764401--11/30/2010--INSTEEL_INDUSTRIES

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{condition, economic, financial}

{operation, natural, condition}

{regulation, government, change}

{cost, regulation, environmental}

{acquisition, growth, future}

{customer, product, revenue}

{competitive, industry, competition}

{operation, international, foreign}

Our business is cyclical and can be negatively impacted by prolonged economic downturns or tightening in the credit markets that reduce the level of construction activity and demand for our products. Our operations are subject to seasonal fluctuations that may impact our cash flow. Demand for our products is highly variable and difficult to forecast due to our minimal backlog and the unanticipated changes that can occur in customer order patterns or inventory levels. Our customers may be adversely affected by the continued negative macroeconomic conditions and tightening in the credit markets. Demand for our products could be significantly impacted by the timing in resolving a new federal transportation funding authorization and the magnitude of the infrastructure-related funding that is provided for requiring the use of our products. Our financial results can be negatively impacted by the volatility in the cost and availability of our primary raw material, hot-rolled carbon steel wire rod. We may not be successful in integrating the business acquired in the Ivy Transaction, which could have a negative impact on our financial results. Foreign competition could adversely impact our financial results. Our manufacturing facilities are subject to unexpected equipment failures, operational interruptions and casualty losses.

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764401--11/30/2010--INSTEEL_INDUSTRIES_INC