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Material Sciences Corp., a supplier of material solutions for acoustical and coated metal applications, reported strong operating performance for the three and six months ended Aug. 31, 2011.
MSC reported second quarter sales were up 3.9% to $34.4 million, up from $33.1 million in the second quarter of the previous year, led by stronger sales of coated metal products. MSC said the increase equates to an 8.1% improvement after adjusting revenue for coil coating assets sold in April 2010.
Net income, at $3.0 million was down from last year's second quarter performance of $3.9 million on a non-adjusted basis. The prior-year quarter included a $1.9 million gain on sale of the Middletown facility and $0.4 million of shutdown costs related to the coil coating asset sale.
Gross margin increased 16.1% to 22.2% of sales, making it the best second quarter gross margin performance in 15 years.
"Our focus over the past few years on right-sizing Material Sciences, operational excellence, and introducing new innovative products is continuing to pay dividends as we experienced our sixth consecutive quarter of strong operating performance," said Clifford D. Nastas, CEO. "During this period, Material Sciences enjoyed accelerating revenue from new products, and posted its best second quarter gross margin performance since fiscal 1997 while maintaining our targets for SG&A spending. In addition, the sale of non-strategic assets and strong cash generation from our operations has allowed us to both invest in growth strategies and reward shareholders through an active stock repurchase program."
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