Material Sciences Corporation announced it has expanded the Board of Directors to eight and Ryan J. Levenson has been appointed to the Board. Mr. Levenson was recently nominated for election as a Director by Privet Fund Management, LLC (Privet), which currently owns approximately 9.3% of the Company's common stock outstanding. Levenson, 37, is currently Principal and Managing Member of Privet, an investment firm, since its founding in February 2007. Mr. Levenson served as a member of the Board of Directors and Compensation and Audit Committees of The Middleby Corporation from May 2006 until November 2012. Prior to founding Privet in February, 2007, Mr. Levenson served as Vice President of Business Development at MSI, a privately held building products distributor and construction services company since 2003.

Material Sciences Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2013. For the quarter, the company reported net sales of $25,859,000 against $32,272,000 a year ago. Income from operations was $1,536,000 against $1,723,000 a year ago. Income before provision for income taxes was $1,616,000 against $1,962,000 a year ago. Net income was $1,352,000 or $0.13 per diluted share against $17,563,000 or $1.65 per diluted share a year ago. Adjusted income before provision for income taxes was $1,616,000 against $2,200,000 a year ago. Adjusted net income was $1,050,000 or $0.10 per diluted share against $1,430,000 or $0.13 per diluted share a year ago. EBITDA was $2,918,000 against $3,350,000 a year ago. Adjusted EBITDA was $2,918,000 against $3,588,000 a year ago. For the full year, the company reported net sales of $121,007,000 against $136,734,000 a year ago. Income from operations was $11,706,000 against $11,968,000 a year ago. Income before provision for income taxes was $12,609,000 against $13,551,000 a year ago. Net income was $8,994,000 or $0.86 per diluted share against $28,467,000 or $2.49 per diluted share a year ago. Adjusted income before provision for income taxes was $9,393,000 against $14,134,000 a year ago. Adjusted net income was $6,105,000 or $0.59 per diluted share against $9,187,000 or $0.80 per diluted share a year ago. EBITDA was $17,907,000 against $18,804,000 a year ago. Adjusted EBITDA was $14,691,000 against $19,387,000 a year ago. Net cash provided by continuing operations was $7,359,000 against $19,329,000 a year ago. Capital expenditures were $4,897,000 against $9,194,000 a year ago. For the year 2013, the company has no outstanding debt compared to a cash balance of $28.2 million at the end of fiscal 2012. The company expected its fiscal 2014 capital investment to be approximately $6.1 million. The company will fund an additional $2 million into its defined benefit pension plans, which are currently underfunded by approximately $3.8 million. This will allow the company to recognize a tax deduction, earn a higher return on its cash funding in the pension fund assets and move the company closer to termination of these frozen plans. Fiscal 2014 effective tax rate will be in the 35% range.

Material Sciences Corporation announced that they will report fiscal year 2013 results at 9:00 AM, Eastern Standard Time on May 06, 2013