-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SxQoVwY1o1irt3DlSztn9YIW1mEcFFcvMbbWiI/npUVw/nf/TxQTSIKAXRdrvXMG BOTp2o25kH17l0bdBu3ltQ== 0000950131-96-005010.txt : 19961015 0000950131-96-005010.hdr.sgml : 19961015 ACCESSION NUMBER: 0000950131-96-005010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960831 FILED AS OF DATE: 19961011 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MATERIAL SCIENCES CORP CENTRAL INDEX KEY: 0000755003 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 952673173 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08803 FILM NUMBER: 96642238 BUSINESS ADDRESS: STREET 1: 2300 E PRATT BLVD CITY: ELK GROVE VILLAGE STATE: IL ZIP: 60007 BUSINESS PHONE: 7084398270 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED AUGUST 31, 1996 COMMISSION FILE NUMBER 1-8803 MATERIAL SCIENCES CORPORATION (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Delaware 95-2673173 (State or other jurisdiction (IRS employer identification of incorporation or organization) number) 2300 East Pratt Boulevard Elk Grove Village, Illinois 60007 (Address of principal (Zip code) executive offices) Registrant's telephone number, including area code: (847) 439-8270 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --------------- ----------------- As of October 9, 1996, there were outstanding 15,466,239 shares of common stock, $.02 par value. MATERIAL SCIENCES CORPORATION FORM 10-Q FOR THE QUARTER ENDED AUGUST 31, 1996 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS - ----------------------------- (a) Financial statements of Material Sciences Corporation and Subsidiaries (b) Summarized income statement information for Walbridge Coatings, An Illinois Partnership 2 Consolidated Statements of Income (Unaudited) Material Sciences Corporation and Subsidiaries
Three Months Ended Six Months Ended August 31, August 31, (In thousands, except per share data) 1996 1995 1996 1995 - ---------------------------------------- ----------- ----------- ------------- ---------- Net Sales (1) $ 70,420 $ 58,650 $ 139,304 $ 119,056 Cost of Sales 50,676 43,067 100,991 86,936 ----------- ----------- ------------- ---------- Gross Profit $ 19,744 $ 15,583 $ 38,313 $ 32,120 Selling, General and Administrative Expenses 11,934 9,112 23,398 18,046 ----------- ----------- ------------- ---------- Income from Operations $ 7,810 $ 6,471 $ 14,915 $ 14,074 ----------- ----------- ------------- ---------- Other (Income) and Expense: Interest Income $ (69) $ (100) $ (135) $ (193) Interest Expense 142 13 142 59 Equity in Results of Partnership 595 116 481 16 Other, Net (227) (173) (456) (333) ----------- ----------- ------------- ---------- Total Other (Income) and Expense, Net $ 441 $ (144) $ 32 $ (451) ----------- ----------- ------------- ---------- Income Before Income Taxes $ 7,369 $ 6,615 $ 14,883 $ 14,525 Income Taxes 2,837 2,549 5,730 5,593 ----------- ----------- ------------- ---------- Net Income $ 4,532 $ 4,066 $ 9,153 $ 8,932 =========== =========== ============= ========== Net Income Per Common and Common Equivalent Share $ 0.29 $ 0.26 $ 0.59 $ 0.58 =========== =========== ============= ========== Weighted Average Number of Common and Common Equivalent Shares Outstanding 15,620 15,599 15,586 15,479 =========== =========== ============= ==========
The accompanying notes are an integral part of these statements. 3
Consolidated Balance Sheets Material Sciences Corporation and Subsidiaries August 31, February 29, 1996 1996 (In thousands) Unaudited Audited - --------------------------------------------------------------- ---------- ------------ Assets: Current Assets: Cash and Cash Equivalents $ 2,957 $ 3,379 Receivables: Trade, Less Reserves of $4,792 and $4,407, Respectively (2) 33,189 25,836 Current Portion of Partnership Note 774 781 Prepaid Expenses 3,163 3,069 Inventories 35,101 32,647 Prepaid Taxes 3,074 3,074 -------- -------- Total Current Assets $ 78,258 $ 68,786 -------- -------- Gross Property, Plant and Equipment $212,145 $185,453 Accumulated Depreciation and Amortization (81,617) (74,571) -------- -------- Net Property, Plant and Equipment $130,528 $110,882 -------- -------- Other Assets: Investment in Partnership $ 11,123 $ 10,727 Partnership Note Receivable, Less Current Portion 748 1,123 Intangible Assets, Net 12,296 9,556 Other 752 1,041 -------- -------- Total Other Assets $ 24,919 $ 22,447 -------- -------- Total Assets $233,705 $202,115 ======== ======== Liabilities: Current Liabilities: Current Portion of Long-Term Debt $ 15,857 $ 3,014 Accounts Payable 21,443 23,950 Accrued Payroll Related Expenses 7,084 8,036 Accrued Expenses 7,208 6,588 -------- -------- Total Current Liabilities $ 51,592 $ 41,588 -------- -------- Long-Term Liabilities: Deferred Income Taxes $ 11,303 $ 11,451 Long-Term Debt, Less Current Portion 28,328 16,815 Accrued Superfund Liability 4,177 4,177 Other 6,488 6,376 -------- -------- Total Long-Term Liabilities $ 50,296 $ 38,819 -------- -------- Shareowners' Equity: Preferred Stock (3) $ - $ - Common Stock (4) 323 321 Additional Paid-In Capital 48,051 47,097 Treasury Stock at Cost (5) (3,380) (3,380) Retained Earnings 86,823 77,670 -------- -------- Total Shareowners' Equity $131,817 $121,708 -------- -------- Total Liabilities and Shareowners' Equity $233,705 $202,115 ======== ======== The accompanying notes are an integral part of these statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Material Sciences Corporation and Subsidiaries
Three Months Ended Six Months Ended August 31, August 31, (In thousands) 1996 1995 1996 1995 - ------------------------------------------------------------------- ---- ---- ---- ---- CASH FLOWS FROM: OPERATING ACTIVITIES: Net Income $ 4,532 $ 4,066 $ 9,153 $ 8,932 Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: Depreciation and Amortization 3,801 2,659 7,464 5,663 Benefit for Deferred Income Taxes (74) (467) (148) (546) Compensatory Effect of Stock Plans 130 819 280 981 Other, Net 595 116 481 16 --------- -------- -------- -------- Operating Cash Flow Prior to Changes in Assets and Liabilities $ 8,984 $ 7,193 $ 17,230 $ 15,046 --------- -------- -------- -------- Changes in Assets and Liabilities: Receivables $ (2,312) $ (1,482) $ (6,046) $ (4,069) Income Taxes Receivable - - - 2,319 Prepaid Expenses 245 87 (94) (1,348) Inventories (386) 2,345 (2,454) 36 Accounts Payable (278) (814) (2,507) (5,658) Accrued Expenses 645 1,897 (825) (785) Other, Net 180 32 (64) 103 --------- -------- -------- -------- Cash Flow from Changes in Assets and Liabilities $ (1,906) $ 2,065 $(11,990) $ (9,402) --------- -------- -------- -------- NET CASH PROVIDED BY OPERATING ACTIVITIES $ 7,078 $ 9,258 $ 5,240 $ 5,644 --------- -------- -------- -------- INVESTING ACTIVITIES: Capital Expenditures, Net $ (14,051) $ (6,075) $(26,492) $(10,855) Acquisitions, Net of Cash Acquired - - (2,489) - Investment in Partnership (672) (208) (877) (466) Distribution from Partnership 375 374 375 374 Other Long-Term Assets 119 243 289 258 --------- -------- -------- -------- NET CASH USED IN INVESTING ACTIVITIES $ (14,229) $ (5,666) $(29,194) $(10,689) --------- -------- -------- -------- FINANCING ACTIVITIES: Net Proceeds (Payments) Under Lines of Credit $ 6,500 $ (5,000) $ 23,700 $ 1,200 Payments to Settle Debt (404) (361) (844) (731) Sale of Common Stock 100 943 676 1,850 --------- -------- -------- -------- NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ 6,196 $ (4,418) $ 23,532 $ 2,319 --------- -------- -------- -------- NET DECREASE IN CASH $ (955) $ (826) $ (422) $ (2,726) Cash and Cash Equivalents at Beginning of Period 3,912 3,916 3,379 5,816 --------- -------- -------- -------- Cash and Cash Equivalents at End of Period $ 2,957 $ 3,090 $ 2,957 $ 3,090 ========= ======== ======== ======== Supplemental Cash Flow Disclosures: Subordinated Convertible Notes Issued for Acquisition $ - $ - $ 1,500 $ - Cash Portion of Acquisition and Related Costs - - 2,489 - --------- -------- -------- -------- Total Consideration Paid for Acquisition $ - $ - $ 3,989 $ - ========= ======== ======== ========
The Changes in Assets and Liabilities above for the three months and six months ended August 31, 1996, are net of assets and liabilities acquired. The accompanying notes are an integral part of these statements. 5 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS MATERIAL SCIENCES CORPORATION The data for the three and six months ended August 31, 1996 and 1995 have not been audited by independent public accountants but, in the opinion of the Company, reflect all adjustments (consisting of only normal, recurring adjustments) necessary for a fair presentation of the information at those dates and for those periods. The financial information contained in this report should be read in conjunction with the Company's 1996 Annual Report to Shareowners and Annual Report on Form 10-K. Certain prior year amounts have been reclassified to conform with the fiscal 1997 presentation. (1) During the six month periods ending August 31, 1996 and 1995, the Company derived approximately 20.9% and 23.1%, respectively, of its sales from fees billed to the Partnership by a subsidiary of the Company for operating the Walbridge, Ohio facility. (2) Includes trade receivables due from the Partnership of $1,016 at August 31, 1996 and $1,752 at February 29, 1996. (3) Preferred Stock, $1.00 Par Value; 10,000,000 Shares Authorized; 1,000,000 Designated Series B Junior Participating Preferred; None Issued. (4) Common Stock, $.02 Par Value; 20,000,000 Shares Authorized; 16,110,931 Shares Issued and 15,422,283 Shares Outstanding at August 31, 1996 and 16,046,398 Shares Issued and 15,357,750 Shares Outstanding at February 29, 1996. (5) Treasury Stock at Cost; 688,648 Shares at August 31, 1996 and February 29, 1996. 6 Summarized Income Statement Information (Unaudited) Walbridge Coatings, An Illinois Partnership
Three Months Ended Six Months Ended August 31, August 31, (In thousands) 1996 1995 1996 1995 - ------------------------------- ----------- ------------ ----------- ------------ Net Revenues $ 16,317 $ 15,898 $ 34,383 $ 33,154 Gross Profit $ 342 $ 668 $ 1,159 $ 1,637 Income (Loss) from Operations $ (279) $ 68 $ (92) $ 431 Net Loss $ (552) $ (377) $ (721) $ (504)
NOTE: The Net Loss shown above does not directly correlate to the Equity in Results of Partnership shown in the Company's Statement of Income due to certain contractual allocation requirements of the Partnership. The Company's primary financial benefit from participation in the Partnership is in the form of revenues from operating the Walbridge, Ohio facility. These revenues are included in the Company's net sales. 7 MATERIAL SCIENCES CORPORATION FORM 10-Q For the Quarter Ended August 31, 1996 PART I. FINANCIAL INFORMATION Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Material Sciences Corporation ("MSC" or "Company") operates in one business segment comprised of the following four product groups: laminates and composites, specialty films, coil coating and electrogalvanizing. The following table provides a summary of net sales and the percent of net sales of MSC's product groups.
Net Sales Summary Quarter Ended August 31, - --------------------- ---------------------------------------------------------------- 1996 1995 ----------------------- -------------------------- Product Group: Dollars Percent Dollars Percent -------- ------- -------- ------- Laminates and Composites $ 17,021 24.2% $ 13,421 22.9% Specialty Films 11,178 15.9% 7,911 13.5% Coil Coating 28,332 40.2% 24,131 41.1% Electrogalvanizing 13,889 19.7% 13,187 22.5% -------- ------- -------- ------- $ 70,420 100.0% $ 58,650 100.0% ======== ======= ======== =======
Six Months Ended August 31, ---------------------------------------------------------------- 1996 1995 ----------------------- -------------------------- Product Group: Dollars Percent Dollars Percent -------- ------- -------- ------- Laminates and Composites $ 32,479 23.3% $ 27,351 23.0% Specialty Films 21,327 15.3% 13,671 11.5% Coil Coating 56,446 40.5% 50,525 42.4% Electrogalvanizing 29,052 20.9% 27,509 23.1% -------- ------- -------- ------- $139,304 100.0% $119,056 100.0% ======== ======= ======== =======
8 RESULTS OF OPERATIONS - --------------------- NET SALES Net sales in the second quarter of fiscal 1997 increased 20.1% over the same period last year. Sales of laminates and composites increased by 26.8%; specialty films 41.3%; coil coating 17.4%; and electrogalvanizing 5.3%. For the six-month period ended August 31, 1996, sales were 17.0% higher than the first six months of last year. Sales of laminates and composites increased by 18.7%; specialty films 56.0%; coil coating 11.7%; and electrogalvanizing 5.6%. LAMINATES AND COMPOSITES Sales of laminates and composites during the second quarter of fiscal 1997 grew 26.8% over the same quarter last year. The increase was mainly due to an increase in sales of disc brake noise damper material for the replacement market and a higher demand for Polycore Composites(R) in both the computer and automotive markets. On a six-month basis, sales in this product group increased 18.7% over the same period in fiscal 1996. Again, the major contributor to this increase was higher sales of disc brake noise damper materials and Polycore Composites. SPECIALTY FILMS Specialty films sales for the three month period ended August 31, 1996, increased 41.3% over the same period last year. On a year-to-date basis, sales of specialty films products increased 56.0% as compared to the first half of last year. For both periods, the increase was attributable to the acquisition of Solar Gard International, Inc. ("SGI") during the third quarter last year, the acquisition of a West Coast distributor during the first quarter this year, and gains in all major product areas. COIL COATING Coil coating sales for the second quarter of fiscal 1997 grew 17.4% over the same quarter last year. Significant increases in products for the building, appliance and transportation markets contributed to the higher sales. For the six months ended August 31, 1996, sales were 11.7% higher than the same period last year. Similarly, the increase in sales for the six-month period was due to an increase in the same markets. ELECTROGALVANIZING MSC participates in the electrogalvanizing market through Walbridge Coatings (the "Partnership"), a partnership among subsidiaries of MSC, Bethlehem Steel Corporation ("Bethlehem") and Inland Steel Industries, Inc. ("Inland"). MSC's net sales for electrogalvanizing consists of various fees charged to the Partnership for operating the facility. Bethlehem and Inland are primarily responsible for the sales and marketing activities of the Partnership. The Company's primary financial benefits from the Partnership are the revenues billed to Walbridge Coatings for operating the facility. These revenues represent 20.9% and 23.1% of the Company's net sales in the first six months of fiscal 1997 and 1996, respectively. 9 The profitability for operating the facility was comparable to the Company's overall operating results. Under the equity method of accounting, the Company includes its portion of the Partnership shown in the Consolidated Statements of Income. The amounts do not directly correlate to the Company's 50% ownership interest due to contractual allocation requirements of the Partnership agreement. MSC's electrogalvanizing sales in the second quarter of fiscal 1997 increased 5.3% over the second quarter last year. Electrogalvanizing volume grew 3.6% to 109,230 tons in the three months ended August 31, 1996, from the 105,459 tons reported in the prior fiscal year period. Affecting the second quarter performance was the annual maintenance shutdown taking a total of seven days, compared with 11 days in the second quarter last year. For the first six months of fiscal 1997, sales increased 5.6% and volume increased 4.1% to 235,416 tons from 226,082 tons over the same period in the prior fiscal year. The increase in sales and volume over the first six months last year resulted from the shortened annual maintenance shutdown, improved yields and higher line utilization. The sales and marketing responsibilities of the Partnership are split between Bethlehem and Inland at 77% and 23%, respectively. During the first six months of fiscal 1997, Inland utilized only 8.5% of available production line time rather than its full 23% share. Bethlehem and other customers utilized this additional available line time. Inland is reviewing its future involvement in the Partnership, and therefore, there is no assurance that Inland will utilize its full 23% of available line time on a long-term basis. The Company believes that any short-term disruption in volume that might be caused by a reduction in Inland's line time requirements could eventually be replaced by additional volume from Bethlehem and other customers. GROSS PROFIT The Company's gross profit margin was 28.0% in the second quarter of fiscal 1997 as compared to 26.6% in the same period last year. For the first six months of the year, MSC's gross profit margin was 27.5% versus 27.0% last year. On a year- to-date basis, the increase in gross profit margin was primarily due to incremental gross profit margin related to the SGI acquisition. This increase was offset, in part, by changes in the product mix, a more competitive pricing environment and lower productivity at our Middletown, Ohio operation, due to scheduled shutdowns and a large number of new business qualification trials. During the second quarter of fiscal 1996, the Company reached agreement with its insurers regarding a casualty and business interruption loss incurred in the fourth quarter of fiscal 1995. MSC recognized approximately $.7 million in operating income during the second quarter of fiscal 1996 for this matter. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative ("SG&A") expenses increased to 16.9% of sales in the second quarter of fiscal 1997 from 15.5% of sales for the same period last fiscal year. For the six months ended August 31 ,1996, SG&A expenses increased to 16.8% of sales from 15.2% of sales for the same period in fiscal 1996. The increase in SG&A was largely due to additional ongoing expenses related to the SGI and West Coast distributor acquisitions. SG&A was also 10 affected by the Company's continued strategic plan for growth utilizing effective product marketing, research and development and international marketing efforts. TOTAL OTHER (INCOME) AND EXPENSE, NET AND INCOME TAXES Total other (income) and expense, net was expense of $441 and $32 during the second quarter and first six months of fiscal 1997, respectively, versus income of $144 and $451 for the second quarter and first six months of fiscal 1996, respectively. The increase in expense was attributable to equity in results of partnership. MSC's effective income tax rate was approximately 38.5% during the second quarter and first six months of fiscal 1997 and fiscal 1996. LIQUIDITY AND CAPITAL RESOURCES - ------------------------------- During the second quarter of fiscal 1997, MSC generated $7.1 million of cash from operating activities compared to $9.3 million in the second quarter last year. For the six months of fiscal 1997, operating activities generated $5.2 million of cash versus $5.6 million last year. The decrease in cash generation was due mainly to higher receivables and higher inventory levels required due to the increase in sales. MSC's capital expenditures during the second quarter and first six months of fiscal 1997 were $14.1 million and $26.5 million, respectively, versus $6.1 million and $10.9 million, respectively, last fiscal year. The increase in capital expenditures is primarily due to the construction in process of a new coil coating facility in Elk Grove Village, Illinois. In addition, the Company purchased certain assets of a West Coast distributor of solar control and safety window film for approximately $4.0 million payable in cash and convertible notes in the first quarter of this year. The Company's capital expenditures for fiscal 1997 are estimated to be approximately $50.0 million. MSC's total debt increased at August 31, 1996, to $44.2 million from $19.8 million at fiscal year end due mainly to increased capital expenditures and the acquisition of the West Coast distributor of solar control and safety window film. On August 30, 1996, MSC entered into an additional financing arrangement with a current banking source for an additional $25.0 million unsecured line of credit. As of August 31, 1996, the Company maintains three unsecured lines of credit totaling $75.0 million. There was $28.5 million outstanding under these lines of credit as of August 31, 1996, versus $4.8 million as of February 29, 1996. At August 31, 1996, $12.5 million of the amount outstanding under these lines of credit was borrowed under an uncommitted line of credit, and is properly classified as a Current Liability. The Company has executed letters of credit totaling $5.1 million against these lines leaving available lines of credit of $41.4 million at August 31, 1996. The Company believes that its cash flow from operations, together with available financing (including an increase in a line of credit if required), and cash on hand will be sufficient to fund its working capital needs, capital expenditure program and debt amortization. The Company has a capital lease obligation, which was $6.1 million as of August 31, 1996, relating to a facility which the Company subleases to the Partnership. In addition, throughout 11 the term of the Partnership, the Company is contingently responsible for 50% of the Partnership's financing requirements, including the Company's share (approximately $2.5 million) of $5.0 million in Partnership financing loans from third parties at August 31, 1996. MSC continues to participate in the implementation of settlements with the government for the clean-up of various Superfund sites. For additional information, refer to MSC's Form 10-K for the fiscal year ended February 29, 1996. 12 MATERIAL SCIENCES CORPORATION FORM 10-Q FOR THE QUARTER ENDED AUGUST 31, 1996 PART II. OTHER INFORMATION ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - ------------------------------------------------------------- On June 20, 1996, the Company held its Annual Meeting of Shareowners. Jerome B. Cohen, Roxanne J. Decyk, Eugene W. Emmerich, G. Robert Evans, E. F. Heizer, Jr., J. Frank Leach, Gerald G. Nadig, and Irwin P. Pochter, being eight nominees named in the Company's Proxy Statement, dated May 15, 1996, were elected at the Annual Meeting to serve as the Board of Directors by a majority vote of shareowners. No votes were cast by any other person. The details of the vote were as follows:
Name For Against - -------------------- ---------- ------- Jerome B. Cohen 12,997,928 629,229 Roxanne J. Decyk 12,995,456 631,701 Eugene W. Emmerich 12,998,007 629,150 G. Robert Evans 13,554,020 73,137 E. F. Heizer, Jr. 12,994,842 632,315 J. Frank Leach 13,550,859 76,298 Gerald G. Nadig 13,554,889 72,268 Irwin P. Pochter 12,995,637 631,520
Approved by a majority vote of shareowners was the proposed 1996 Stock Option Plan for Non-Employee Directors which provides incentives to board members who are not officers or employees of the Company through compensation and rewards paid in or based upon the ownership and performance of the Company's common stock. The details of the vote were as follows: For Against Abstain No Vote - ---------- --------- ------- ------- 10,895,704 2,642,234 63,909 25,310 13 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - ------------------------------------------ (a)(27) Financial Data Schedule (b) Reports on Form 8-K ------------------- No reports on Form 8-K were filed during the quarter for which this report is filed. 14 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the under- signed, thereunto duly authorized, in Elk Grove Village, State of Illinois, on the 9th day of October, 1996. MATERIAL SCIENCES CORPORATION By: /s/ G. Robert Evans ------------------- G. Robert Evans Chairman and Chief Executive Officer By: /s/ James J. Waclawik, Sr. -------------------------- James J. Waclawik, Sr. Vice President, Chief Financial Officer, and Secretary 15 MATERIAL SCIENCES CORPORATION QUARTERLY REPORT ON FORM 10-Q INDEX TO EXHIBITS Sequentially Exhibit Number Description of Exhibit Numbered Page - -------------- ---------------------- ------------- (27) Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
5 This schedule contains summary financial information extracted from THE CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED BALANCE SHEETS and is qualified in its entirety by reference to such financial statements. 1,000 6-MOS FEB-28-1997 MAR-01-1996 AUG-31-1996 2,957 0 37,981 4,792 35,101 78,258 212,145 81,617 233,705 51,592 28,328 323 0 0 131,494 233,705 139,304 139,304 100,991 100,991 0 0 142 14,883 5,730 9,153 0 0 0 9,153 0.59 0.59
-----END PRIVACY-ENHANCED MESSAGE-----