Material Sciences Corp. (MASC) reported net income for the second quarter of $3.3 million or $0.31 per share, compared to $3.0 million or $0.26 per share for the year-ago quarter.
On August 31, Material Sciences sold the Elk Grove Village Plant #7 non-operating facility to Torburn Partners, Inc. for cash. The net proceeds from the asset sale were $9.2 million, generating a gain on sale of $3.2 million.
Excluding items, adjusted net income for the second quarter was $1.3 million or $0.12 per share, compared to $2.2 million or $0.19 per share in the prior year quarter.
Net sales for the second quarter fell 13% to $29.9 million versus $34.4 million for the same quarter last year.
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