Material Sciences Q4 Profit Surges On Tax Benefit

5/4/2012 11:59 AM ET

Material Sciences Corp. (MASC: Quote) Friday said its profit for the fourth quarter increased, due mainly to a huge income tax benefit.

The Elk Grove Village, Illinois-based company reported a fourth-quarter net profit of $17.56 million or $1.65 per share, compared to $2.39 million or $0.18 per share last year. Profit included an income tax benefit of $15.60 million.

Adjusted net income for the quarter dropped to $2.04 million from $2.33 million last year.

Total revenues for the quarter grew 1.1 percent to $32.27 million from $31.92 million in the prior-year quarter.

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by RTT Staff Writer

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