Material Sciences Corp. (Elk Grove Village, IL, U.S.), an appliance industry supplier of material-based solutions for acoustical and coated applications, reported its strongest first quarter earnings performance in 10 years for its fiscal year 2012. Net sales for the three months ended May 31, 2011, were $36.0 million versus $42.5 million for the previous year's first quarter. This 15.1% decline largely reflected the April 2010 sale of some coil coating assets and associated revenue of $6.1 million in the prior-year period. Net income improved 3.7% to $4.2 million, or 33 cents per share, from $4.0 million, or 31 cents per share, during last year's quarter.
"Despite lower revenues, our restructuring efforts and focus on operational excellence over the last several years helped improve our bottom line along with a number of other performance measures," said CEO Clifford D. Nastas. "In addition to more efficient operations, we are seeing a higher margin product mix as a result of exiting the commodity coil coating market and a strong cash position is allowing us to invest in our growth strategy. We also were able to return value to shareholders through a stock repurchase program that was very active in the first quarter."
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