Material Sciences 10-Q 10 Oct 13 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Aug. 31, 2013	Oct. 01, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Aug-13
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	MASC
Entity Registrant Name	MATERIAL SCIENCES CORP
Entity Central Index Key	755003
Current Fiscal Year End Date	-26
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		10,322,055

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Net Sales	$27,553	$29,927	$56,273	$64,761
Cost of Sales	21,553	23,374	44,185	49,653
Gross Profit	6,000	6,553	12,088	15,108
Selling, General and Administrative Expenses	4,577	4,985	9,477	10,443
Gain on Sale of Assets		3,216		3,216
Income from Operations	1,423	4,784	2,611	7,881
Other Income, Net:
Interest Income, Net	14	12	23	6
Equity in Results of Joint Venture	78	67	116	115
Rental Income	64	348	93	629
Other, Net	11	-40	47	-34
Total Other Income, Net	167	387	279	716
Income from Operations Before Provision for Income Taxes	1,590	5,171	2,890	8,597
Provision for Income Taxes	576	1,918	507	3,126
Net Income	$1,014	$3,253	$2,383	$5,471
Basic Net Income Per Share	$0.10	$0.31	$0.23	$0.53
Diluted Net Income Per Share	$0.10	$0.31	$0.23	$0.52
Weighted Average Number of Common Shares Outstanding Used for Basic Net Income Per Share	10,271	10,332	10,244	10,393
Dilutive Shares	162	119	163	117
Weighted Average Number of Common Shares Outstanding Plus Dilutive Shares	10,433	10,451	10,407	10,510
Outstanding Common Stock Options Having No Dilutive Effect	304	407	280	412

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Net Income	$1,014	$3,253	$2,383	$5,471
Other Comprehensive Income:
Foreign Currency Translation Adjustments	-110	-92	-187	-1,036
Pension/Postretirement Adjustments, Net of Benefit for Income Taxes of $55, $82, $149 and $143, Respectively	152	133	241	232
Comprehensive Income	$1,056	$3,294	$2,437	$4,667

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Pension/Postretirement Adjustments, Income Taxes	$55	$82	$149	$143

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Aug. 31, 2013	Feb. 28, 2013
In Thousands, unless otherwise specified
Current Assets:
Cash and Cash Equivalents	$38,470	$37,508
Restricted Cash	1,123
Receivables, Less Reserves and Allowances of $523 and $489, Respectively	16,924	17,675
Income Taxes Receivable	55	1,392
Prepaid Expenses	1,054	554
Inventories	24,176	24,944
Short Term Deferred Tax Assets	3,925	4,191
Total Current Assets	85,727	86,264
Property, Plant and Equipment	123,449	120,586
Accumulated Depreciation	-93,427	-91,426
Net Property, Plant and Equipment	30,022	29,160
Other Assets:
Investment in Joint Venture	2,209	2,394
Long Term Deferred Tax Assets	8,697	9,147
Other	215	141
Total Other Assets	11,121	11,682
Total Assets	126,870	127,106
Current Liabilities:
Accounts Payable	11,960	11,061
Accrued Payroll Related Expenses	2,609	2,594
Accrued Expenses	4,352	5,799
Total Current Liabilities	18,921	19,454
Long-Term Liabilities:
Pension and Postretirement Liabilities	5,511	7,344
Long-Term incentives	1,594	2,652
Other	2,615	2,720
Total Long-Term Liabilities	9,720	12,716
Commitments and Contingencies
Shareowners' Equity:
Preferred Stock
Common Stock	383	381
Additional Paid-In Capital	81,943	81,089
Treasury Stock at Cost	-76,756	-76,756
Retained Earnings	95,429	93,046
Accumulated Other Loss	-2,770	-2,824
Total Shareowners' Equity	98,229	94,936
Total Liabilities and Equity	$126,870	$127,106

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Aug. 31, 2013	Feb. 28, 2013
In Thousands, unless otherwise specified
Receivables, Reserves and Allowances	$523	$489

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flow (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012
Cash Flows From: Operating Activities:
Net Income	$2,383	$5,471
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation, Amortization and Accretion	1,962	2,450
Equity in Results of Joint Venture	-116	-115
Deferred Income Taxes	567	2,884
Gain on Sales of Assets		-3,216
Compensatory Effect of Stock Plans	401	292
Changes in Assets and Liabilities:
Receivables	772	2,015
Income Taxes Receivable	1,367	-1,489
Prepaid Expenses	-500	-429
Inventories	792	-1,134
Accounts Payable	1,641	-1,152
Accrued Expenses	-1,466	-904
Pension and Postretirement Liabilities	-1,833	-692
Other, Net	-754	-93
Net Cash Provided by Operating Activities	5,216	3,888
Investing Activities:
Capital Expenditures	-3,536	-2,060
Restricted Cash	-1,123
Investment in Research Entity	-105
Proceeds from Sale of Assets		9,180
Net Cash Provided by (Used In) Investing Activities	-4,764	7,120
Financing Activities:
Purchases of Treasury Stock		-1,999
Issuance of Common Stock	455	3
Net Cash Provided by ( Used In) Financing Activities	455	-1,996
Effect of Exchange Rate Changes on Cash	55	-48
Net Increase in Cash and Cash Equivalents	962	8,964
Cash and Cash Equivalents at Beginning of Period	37,508	28,201
Cash and Cash Equivalents at End of Period	38,470	37,165
Non-Cash Transactions:
Capital Expenditures in Accounts Payable at End of Period	424	634
Treasury Stock Purchases in Accrued Liabilities at Period-End		14
Supplemental Cash Flow Disclosures:
Interest Paid	12	16
Income Taxes Paid (Refunded), Net	($1,415)	$1,827

Basis_of_Accounting

Basis of Accounting	6 Months Ended
	Aug. 31, 2013
Basis of Accounting	The financial information as of August 31, 2013, and for the three and six months ended August 31, 2013 and 2012, has not been audited by our independent registered public accounting firm. In the opinion of Material Sciences Corporation and Subsidiaries (the “Company,” “we,” “our,” “us” or “MSC”), the information reflects all adjustments (consisting of only normal, recurring adjustments) necessary for a fair presentation of the information at that date and for those periods. The financial information contained in this report should be read in conjunction with the Company’s Annual Report on Form 10-K (“Form 10-K”) filed with the Securities and Exchange Commission on May 6, 2013, for the fiscal year ended February 28, 2013. A reclassification has been made to the prior years’ consolidated financial statements to conform to the 2014 presentation—“Pension and Postretirement Liabilities” was reclassified from “Other, Net” in the Condensed Consolidated Statements of Cash Flows.

Joint_Venture

Joint Venture	6 Months Ended
	Aug. 31, 2013
Joint Venture	-1	Joint Venture. In November 2000, a subsidiary of MSC formed a joint venture with Tekno S.A. (“Tekno”) for the manufacture and sale of Quiet Steel® and disc brake noise damping material for the South American market. The Company includes its portion of the joint venture’s results in the Condensed Consolidated Statements of Operations under Equity in Results of Joint Venture. The Equity in Results of Joint Venture was income of $78,000 and $116,000 for the three and six months ended August 31, 2013, respectively, compared with $67,000 and $115,000 for the three and six months ended August 31, 2012.

Preferred_Stock

Preferred Stock	6 Months Ended
	Aug. 31, 2013
Preferred Stock	-2	Preferred Stock. Preferred Stock, $1.00 Par Value; 10,000,000 Shares Authorized; 1,000,000 Designated Series B Junior Participating Preferred; None Issued.

Common_Stock

Common Stock	6 Months Ended
	Aug. 31, 2013
Common Stock	-3	Common Stock. Common Stock, $0.02 Par Value; 40,000,000 Shares Authorized; 19,140,186 Shares Issued and 10,316,014 Shares Outstanding as of August 31, 2013, and 19,058,923 Shares Issued and 10,198,121 Shares Outstanding as of February 28, 2013.

Treasury_Stock

Treasury Stock	6 Months Ended
	Aug. 31, 2013
Treasury Stock	-4	Treasury Stock. The Company’s Board of Directors authorized the repurchase of 1,000,000 shares of the Company’s common stock on September 14, 2011, and again on September 27, 2012. The shares may be repurchased from time-to-time on the open market, subject to market conditions and other factors, and generally will be funded with internally generated cash. The Company did not repurchase any shares under the September 2011 or September 2012 authorizations during the six months ended August 31, 2013. At August 31, 2013, there were 364,476 shares available for purchase under the September 2011 authorization and 1,000,000 shares available for purchase under the September 2012 authorization.
			Shares		Cost of Shares		Average Price
					Purchased		per Share
					(in thousands)
	Treasury Stock as of February 28, 2013			8,824,172	$	76,756	$	8.7
	Repurchases During the Six Months Ended August 31, 2013			—		—
	Treasury Stock as of August 31, 2013			8,824,172	$	76,756	$	8.70
	On February 15, 2013, the Company entered into a written trading plan to purchase up to 364,476 shares under Rule 10b5-1 of the Exchange Act as part of the existing share repurchase program. The plan will expire on February 15, 2014, or when all the shares have been repurchased, whichever occurs first.

Commodity_Contracts

Commodity Contracts	6 Months Ended
	Aug. 31, 2013
Commodity Contracts	-5	Commodity Contracts. MSC is exposed to certain risks related to ongoing business operations. We use derivative instruments with the objective of managing our financial and operational exposure arising from these risks: primarily commodity price risk. From time-to-time in the ordinary course of business, the Company enters into purchase contracts for procuring nickel carbonate, zinc shot and natural gas, which are commodities used in our manufacturing processes. MSC maintains a commodity forward purchase policy. This policy seeks to ensure that, at any time, the majority of the expected consumption over the next 12 months is secured under a purchase contract at a pre-determined price. When MSC enters into these contracts, it applies the Normal Purchase/Normal Sale election, which excludes the contracts from being accounted for as derivative instruments at fair value for as long as they qualify for the election.
	At August 31, 2013, we did not have any commodity contracts that we accounted for at fair value.

Cash_Cash_Equivalents_and_Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Aug. 31, 2013
Cash, Cash Equivalents and Restricted Cash	-6	Cash, Cash Equivalents and Restricted Cash. The Company maintains its cash balances in interest-bearing bank accounts and highly liquid investments with maturities of three months or less. At August 31, 2013, MSC had $27.0 million of U.S. Treasury bills and $11.5 million of cash.
	We have issued two letters of credit in connection with our Midco environmental liability and a workers’ compensation insurance obligation. The Midco letter of credit is $1.0 million and the insurance letter of credit is $0.1 million. The letters of credit are secured by restricted cash deposited with JPMorgan Chase Bank. At August 31, 2013, we had restricted cash of $1.1 million.

Inventory

Inventory	6 Months Ended
	Aug. 31, 2013
Inventory	-7	Inventory. Inventories consist of the following:
	(in thousands)		August 31, 2013		February 28, 2013
	Raw Materials		$	9,230	$	8,802
	Finished Goods			14,946		16,142
	Total Inventories		$	24,176	$	24,944

LongTerm_Incentives

Long-Term Incentives	6 Months Ended
	Aug. 31, 2013
Long-Term Incentives	-8	Long-Term Incentives. The Long-Term Incentives balances of $1.6 million and $2.7 million at August 31, 2013, and February 28, 2013, respectively, consisted entirely of Phantom Stock Liability. Phantom Stock Liability represents the value of long-term phantom stock units held by members of the Board of Directors. The units were awarded each quarter from June 2004 through June 2012 and are redeemed in cash after five years at the average of the closing prices for the preceding 30 trading days. The liability is adjusted to the current market value each quarter.
	We also carry a current liability of $1.4 million (at the August 31, 2013 market value) for phantom stock units which will be redeemed within one year. This liability is included in Accrued Expenses within Current Liabilities.

Significant_Customers

Significant Customers	6 Months Ended
	Aug. 31, 2013
Significant Customers	-9	Significant Customers. Due to the concentration in the automotive industry, management believes that sales to individual automotive customers—both Tier 1 and Tier 2 (including US Steel)—are significant. The following table shows sales to the Company’s major customers as a percentage of consolidated net sales for the three and six months ended August 31, 2013 and 2012.
			% of Consolidated						% of Consolidated
			Net Sales for the						Net Sales for the
			Three Months Ended						Six Months Ended
			August 31,						August 31,
	Customer		2013			2012			2013			2012
	Chrysler			19	%		21	%		20	%		20	%
	US Steel			14	%		15	%		13	%		15	%
	The following table shows gross accounts receivable from these significant customers as a percentage of total consolidated gross accounts receivable as of August 31, 2013, and February 28, 2013.
			% of Consolidated Gross Accounts
			Receivable
	Customer		August 31, 2013			February 28, 2013
	Chrysler			18	%		18	%
	US Steel			7	%		12	%

Income_Taxes

Income Taxes	6 Months Ended
	Aug. 31, 2013
Income Taxes	-10	Income Taxes. The Company evaluates its deferred income taxes on a quarterly basis to determine if valuation allowances are required, in full or in part. This includes considering available positive and negative evidence, such as past operating results, the existence of cumulative losses in the most recent fiscal years and our forecast of future taxable income on a jurisdiction-by-jurisdiction basis. In determining future taxable income, we review the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. At August 31, 2013, MSC had valuation allowance relating to certain state net operating losses.
	The Company estimates that it is reasonably possible that the total amount of unrecognized tax benefits of $0.5 million at August 31, 2013, will significantly change during the next 12 months. The estimated range is a decrease of zero to $0.2 million.
	For the three and six months ended August 31, 2013, MSC’s effective income tax rate for continuing operations was 36.2% and 17.5%, respectively, compared with 37.1% and 36.4%, respectively in the same periods last year. The lower rate in the six-month period ended August 31, 2013, was primarily due to filing amended returns to claim foreign tax credits.

Retirement_and_Savings_Plans

Retirement and Savings Plans	6 Months Ended
	Aug. 31, 2013
Retirement and Savings Plans	-11	Retirement and Savings Plans. The Company has one defined contribution retirement plan qualifying under the Internal Revenue Code Section 401(k): The Material Sciences Savings & Investment Plan (the “SIP”). All MSC employees can elect to participate in the SIP.
	MSC also has non-contributory defined benefit pension plans, all of which are frozen, and other postretirement plans for certain of its employees. The following table provides the components of net periodic benefit cost for the Company’s defined benefit plans and other post-retirement plans.
			Pension Benefits						Other Benefits
	(in thousands)		Three Months Ended August 31,
			2013			2012			2013			2012
	Service Cost		$	—		$	—		$	6		$	6
	Interest Cost			137			146			19			19
	Amortization of Unrecognized Prior Service Cost			—			—			(69	)		(69	)
	Expected Return on Plan Assets			(163	)		(143	)		—			—
	Amortization of Net Loss			150			164			50			49
	Total Net Periodic Benefit Cost		$	124		$	167		$	6		$	5
			Pension Benefits						Other Benefits
	(in thousands)		Six Months Ended August 31,
			2013			2012			2013			2012
	Service Cost		$	—		$	—		$	11		$	11
	Interest Cost			273			291			38			39
	Amortization of Unrecognized Prior Service Cost			—			—			(138	)		(138	)
	Expected Return on Plan Assets			(326	)		(285	)		—			—
	Amortization of Net Loss			299			327			101			98
	Total Net Periodic Benefit Cost		$	246			333		$	12		$	10
	MSC previously disclosed in the notes to its financial statements for the year ended February 28, 2013, that it expected to contribute $3.1 million—including $1.1 million of required minimum contributions and $2.0 million of additional contributions—toward its qualified and nonqualified defined benefit pension plans and $0.1 million toward its other post-retirement benefit plans other than pension plans in fiscal 2014. As of August 31, 2013, $1.6 million of contributions/payments have been made toward the pension plans and less than $0.2 million of net contributions/payments have been made to the other post-retirement plans, which is higher than expected due to higher than normal health care claims for certain retirees.

Equity_and_Compensation_Plans

Equity and Compensation Plans	6 Months Ended
	Aug. 31, 2013
Equity and Compensation Plans	-12	Equity and Compensation Plans. The Company has one active equity award plan, the Material Sciences Corporation 2012 Incentive Compensation Plan (“2012 Plan”). There are 2,130,789 shares authorized under the 2012 Plan to provide stock options, restricted stock and other equity awards under various programs to both employees and non-employee directors. Non-qualified stock options generally vest over three years from the date of grant and expire between five and 10 years from the date of grant. Restricted stock awards generally vest over three to five years from the date of grant.
	The Company also has one inactive equity award plan, the Material Sciences Corporation 2001 Compensation Plan for Non-Employee Directors (“2001 Directors Plan”). The 2001 Directors Plan expired on February 29, 2004, and no additional grants will be made under the plan. There were 3,537 stock options outstanding and exercisable under this plan at August 31, 2013.
	Stock option activity during fiscal years 2012 and 2013 is listed below.
		•		In March 2012, 200,000 options with a Black-Scholes value of $4.24 were granted.
		•		In March 2013, 100,000 options with a Black-Scholes value of $4.70 were granted.
		•		In May 2013, 67,680 options were exercised.
	There were 720,458 stock options outstanding, of which 220,458 were exercisable, at August 31, 2013.
	In March 2013, the Company issued 2,100 shares of restricted stock in lieu of salary increases, which will vest over one year. In March 2012, MSC issued 5,900 shares of restricted stock in lieu of salary increases, of which 5,754 have vested and 146 were forfeited.
	In May 2012, MSC issued 10,000 shares of restricted stock, which will vest over three years, to our CEO for meeting performance objectives in fiscal 2012.
	In September 2012, MSC began making quarterly grants of restricted stock to the non-employee directors of the Company. Each grant to a director represents the number of shares of our common stock equal to the quotient of $8,500 divided by the closing sale price of our common stock on the day preceding the grant date. The shares will vest on the third anniversary of the grant date. Restricted shares granted are listed below:
	Grant Date		Fiscal 2014		Fiscal 2013
	March 1			5,028		—
	June 1			6,069		—
	September 1			—		5,754
	December 1			—		5,676

Segments

Segments	6 Months Ended
	Aug. 31, 2013
Segments	-13	Segments. MSC operates in one segment based on how the Chief Operating Decision Maker views its business for evaluating performance and making operating decisions. The Company provides material-based solutions for acoustical and coated applications. The acoustical material-based solutions include multilayer composites consisting of metals, polymers, rubber and other coated materials used to manage noise and vibration. The coated metal material-based solutions include painted, electrogalvanized (“EG”), rubber and film coatings that provide protective, decorative and functional performance. The coatings are applied to coiled metal of various widths and thicknesses. MSC’s material-based solutions are designed to meet specific customer requirements for the transportation, appliance, building products, lighting and electronics markets. Some customers purchase products from several different product categories.
	We use a significant level of shared assets, and share resources for sales, general and administrative expense, and management across each of our product categories. Capital projects—whether for cost savings or generating incremental revenue—are evaluated individually based on estimated economic returns (e.g., net present value, return on investment), not based on related product line or geographic location. We use a centralized functional management structure, and share administration and production resources, to deliver individual products that, together, provide solutions to our customers.
			Three Months Ended August 31,										Six Months Ended August 31,
			2013					2012					2013					2012
	($ in thousands)		$		%			$		%			$		%			$		%
	Acoustical			17,942		65			19,360		65			36,363		65			39,283		61
	Coated			9,611		35			10,567		35			19,910		35			25,478		39
	Total Net Sales		$	27,553		100	%	$	29,927		100	%	$	56,273		100	%	$	64,761		100	%
	Net sales of our domestic and foreign units are presented in the table below. No one foreign country comprised greater than 10% of consolidated net sales for any period presented.
	($ in thousands)		Three Months Ended					Six Months Ended
			August 31,					August 31,
			2013		2012			2013		2012
	Domestic Net Sales		$	23,073	$	26,228		$	47,107	$	56,752
	Foreign Net Sales			4,480		3,699			9,166		8,009
	Total Net Sales		$	27,553	$	29,927		$	56,273	$	64,761

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Aug. 31, 2013
Commitments and Contingencies	-14	Commitments and Contingencies. MSC is a party to various legal proceedings in connection with the remediation of certain environmental matters. The Company’s environmental accruals were approximately $1.1 million as of August 31, 2013, and $1.2 million as of February 28, 2013. Management does not believe that the outcome of its environmental legal proceedings will have a material adverse effect on its financial statements, given the accruals recorded as of August 31, 2013, and, where applicable, taking into account contributions from other potentially responsible parties. There are, however, a number of uncertainties. These include, without limitation, the eventual final cost of site cleanup, the discretionary authority of federal and state regulatory authorities in bringing enforcement actions and other factors that could affect the Company’s exposure.
	On October 4, 2013, the Company received a letter from the electric utility serving its Walbridge, Ohio facility alleging that the facility had exceeded power consumption limits during a declared Emergency Curtailment Event (i.e., a period of time in which the utility can require that certain customers reduce electricity demand to avoid over-stressing the utility’s distribution or transmission infrastructure) in September 2013 (the “Emergency Curtailment Event”). Pursuant to the terms of its agreement with the utility, the Company has agreed to reduce its use of energy provided by the utility during an Energy Curtailment Event, subject to specified procedures, terms and conditions included in such agreement, in exchange for the utility’s issuance of program credits to the Company, which credits reduce the facility’s monthly payments for usage to the utility. In connection with the alleged failure by the Company to meet its obligations regarding the Emergency Curtailment Event, in October 2013 the utility assessed a penalty to the Company of approximately $2.4 million, substantially all of which represents a forfeiture of program credits issued to the Company during the prior 12 months. The Company plans to administratively challenge (i.e. appeal) the penalty at the Public Utilities Commission of Ohio and seek the elimination of the amount of such penalty. While the Company believes it has reasonable grounds to challenge the penalty assessed by the utility, there can be no assurance that the penalty will be eliminated, or reduced in any material respect. If the Company does not prevail in having the payment of the penalty withdrawn or significantly reduced, this would have a material adverse effect on the Company’s results of operations, financial position and cash flows.
	MSC is also a party to various legal actions and customer disputes arising in the ordinary course of its business. These legal actions and customer disputes cover a broad variety of claims spanning MSC’s entire business. The Company believes that the resolution of these legal actions and customer disputes will not, individually or in the aggregate, have a material adverse effect on its results of operations, financial position or cash flows.

Restructuring

Restructuring	6 Months Ended
	Aug. 31, 2013
Restructuring	-15	Restructuring. During fiscal 2012, MSC recognized approximately $0.6 million in employee termination benefit and related expenses. All of the benefits were fully paid as of the end of the second quarter of fiscal 2013. There was no restructuring accrual as of August 31, 2013.

Sale_of_Elk_Grove_Village_Buil

Sale of Elk Grove Village Building	6 Months Ended
	Aug. 31, 2013
Sale of Elk Grove Village Building	-16	Sale of Elk Grove Village Building. In April 2011, after receiving authorization from the Board of Directors, management committed to a plan to sell the building located at 2200 East Pratt Boulevard in Elk Grove Village, Illinois (the “Facility”). This building houses our corporate offices and housed our coil coating assets before they were sold in April 2010.
	On July 23, 2012, MSC began leasing a portion of the Facility to Main Steel Polishing Company, Inc. The lease includes approximately 240,000 square feet of the 280,000 square foot Facility. MSC entered into this lease to enhance the attractiveness of the Facility to potential buyers.
	On August 31, 2012, MSC sold the Facility to Torburn Partners, Inc. (“Torburn”) for cash. The net proceeds from the sale were approximately $9.2 million, which reflects all selling costs and the executory costs related to the lease discussed above. The Company recognized a gain of approximately $3.2 million on the sale. MSC entered into a four-year lease with Torburn under which MSC continues to occupy approximately 35,000 square feet of office space in the Facility to house its corporate and domestic operations.

Treasury_Stock_Tables

Treasury Stock (Tables)	6 Months Ended
	Aug. 31, 2013
Treasury Stock
		Shares		Cost of Shares		Average Price
				Purchased		per Share
				(in thousands)
	Treasury Stock as of February 28, 2013		8,824,172	$	76,756	$	8.7
	Repurchases During the Six Months Ended August 31, 2013		—		—
	Treasury Stock as of August 31, 2013		8,824,172	$	76,756	$	8.70

Inventory_Tables

Inventory (Tables)	6 Months Ended
	Aug. 31, 2013
Inventories		Inventories consist of the following:
	(in thousands)		August 31, 2013		February 28, 2013
	Raw Materials		$	9,230	$	8,802
	Finished Goods			14,946		16,142
	Total Inventories		$	24,176	$	24,944

Significant_Customers_Tables

Significant Customers (Tables)	6 Months Ended
	Aug. 31, 2013
Sales Revenue, Goods, Net
Concentration Risk, Percentage for Significant Customers		The following table shows sales to the Company’s major customers as a percentage of consolidated net sales for the three and six months ended August 31, 2013 and 2012.
			% of Consolidated						% of Consolidated
			Net Sales for the						Net Sales for the
			Three Months Ended						Six Months Ended
			August 31,						August 31,
	Customer		2013			2012			2013			2012
	Chrysler			19	%		21	%		20	%		20	%
	US Steel			14	%		15	%		13	%		15	%
Accounts Receivable
Concentration Risk, Percentage for Significant Customers	The following table shows gross accounts receivable from these significant customers as a percentage of total consolidated gross accounts receivable as of August 31, 2013, and February 28, 2013.
			% of Consolidated Gross Accounts
			Receivable
	Customer		August 31, 2013			February 28, 2013
	Chrysler			18	%		18	%
	US Steel			7	%		12	%

Retirement_and_Savings_Plans_T

Retirement and Savings Plans (Tables)	6 Months Ended
	Aug. 31, 2013
Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Post Retirement Plan	The following table provides the components of net periodic benefit cost for the Company’s defined benefit plans and other post-retirement plans.
		Pension Benefits						Other Benefits
	(in thousands)	Three Months Ended August 31,
		2013			2012			2013			2012
	Service Cost	$	—		$	—		$	6		$	6
	Interest Cost		137			146			19			19
	Amortization of Unrecognized Prior Service Cost		—			—			(69	)		(69	)
	Expected Return on Plan Assets		(163	)		(143	)		—			—
	Amortization of Net Loss		150			164			50			49
	Total Net Periodic Benefit Cost	$	124		$	167		$	6		$	5
		Pension Benefits						Other Benefits
	(in thousands)	Six Months Ended August 31,
		2013			2012			2013			2012
	Service Cost	$	—		$	—		$	11		$	11
	Interest Cost		273			291			38			39
	Amortization of Unrecognized Prior Service Cost		—			—			(138	)		(138	)
	Expected Return on Plan Assets		(326	)		(285	)		—			—
	Amortization of Net Loss		299			327			101			98
	Total Net Periodic Benefit Cost	$	246			333		$	12		$	10

Equity_and_Compensation_Plans_

Equity and Compensation Plans (Tables)	6 Months Ended
	Aug. 31, 2013
Restricted Shares Granted	Restricted shares granted are listed below:
	Grant Date	Fiscal 2014		Fiscal 2013
	March 1		5,028		—
	June 1		6,069		—
	September 1		—		5,754
	December 1		—		5,676

Segments_Tables

Segments (Tables)	6 Months Ended
	Aug. 31, 2013
Segments
		Three Months Ended August 31,										Six Months Ended August 31,
		2013					2012					2013					2012
	($ in thousands)	$		%			$		%			$		%			$		%
	Acoustical		17,942		65			19,360		65			36,363		65			39,283		61
	Coated		9,611		35			10,567		35			19,910		35			25,478		39
	Total Net Sales	$	27,553		100	%	$	29,927		100	%	$	56,273		100	%	$	64,761		100	%
Net Sales of Domestic and Foreign Units	Net sales of our domestic and foreign units are presented in the table below. No one foreign country comprised greater than 10% of consolidated net sales for any period presented.
	($ in thousands)	Three Months Ended					Six Months Ended
		August 31,					August 31,
		2013		2012			2013		2012
	Domestic Net Sales	$	23,073	$	26,228		$	47,107	$	56,752
	Foreign Net Sales		4,480		3,699			9,166		8,009
	Total Net Sales	$	27,553	$	29,927		$	56,273	$	64,761

Joint_Venture_Additional_Infor

Joint Venture - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Schedule of Equity Method Investments [Line Items]
Net income under equity method investments	$78	$67	$116	$115

Preferred_Stock_Additional_Inf

Preferred Stock - Additional Information (Detail) (USD $)	Aug. 31, 2013
Preferred Stock [Line Items]
Preferred stock, par value	$1
Preferred stock, shares authorized	10,000,000
Preferred stock, designated	1,000,000
Preferred stock, issued

Common_Stock_Additional_Inform

Common Stock - Additional Information (Detail) (USD $)	Aug. 31, 2013	Feb. 28, 2013
Common Shares [Line Items]
Common stock, par value	$0.02	$0.02
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	19,140,186	19,058,923
Common stock, shares outstanding	10,316,014	10,198,121

Treasury_Stock_Additional_Info

Treasury Stock - Additional Information (Detail)	Feb. 15, 2013	Feb. 15, 2013	Aug. 31, 2013	Sep. 14, 2011	Aug. 31, 2013
		Maximum	September 2011 authorization	September 2011 authorization	September 2012 authorization
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased		364,476		1,000,000
Common stock available for repurchase			364,476		1,000,000
Stock repurchase program, expiration date	15-Feb-14

Treasury_Stock_Detail

Treasury Stock (Detail) (USD $)	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Aug. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Treasury Stock as of February 28, 2013	8,824,172
Repurchases During the Six Months Ended August 31, 2013
Treasury Stock as of August 31, 2013	8,824,172
Treasury Stock as of February 28, 2013	$76,756
Repurchases During the Six Months Ended August 31, 2013
Treasury Stock as of August 31, 2013	$76,756
Treasury Stock as of February 28, 2013	$8.70
Repurchases During the Six Months Ended August 31, 2013
Treasury Stock as of August 31, 2013	$8.70

Cash_Cash_Equivalents_and_Rest1

Cash, Cash Equivalents and Restricted Cash - Additional Information (Detail) (USD $)	6 Months Ended
	Aug. 31, 2013
	CreditFacility
Restricted Cash and Cash Equivalents Items [Line Items]
U.S. Treasury bills	$27,000,000
Cash Available	11,500,000
Number of letters of credit	2
Restricted Cash	1,123,000
Midco environmental liability
Restricted Cash and Cash Equivalents Items [Line Items]
Letter of credit	1,000,000
workers compensation insurance obligation
Restricted Cash and Cash Equivalents Items [Line Items]
Letter of credit	$100,000

Inventories_Detail

Inventories (Detail) (USD $)	Aug. 31, 2013	Feb. 28, 2013
In Thousands, unless otherwise specified
Inventory [Line Items]
Raw Materials	$9,230	$8,802
Finished Goods	14,946	16,142
Total Inventories	$24,176	$24,944

LongTerm_Incentives_Additional

Long-Term Incentives - Additional Information (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Feb. 28, 2013
Schedule Of Other Liabilities Noncurrent [Line Items]
Long-Term incentives	$1,594	$2,652
Accrued Expenses	4,352	5,799
Phantom Stock Liability
Schedule Of Other Liabilities Noncurrent [Line Items]
Long-Term incentives	1,600	2,700
Redemption period	5 years
Number of preceding trading days used in calculation of redemption amount	30 days
Accrued Expenses	$1,400
Redemption period current	1 year

Sales_to_Major_Customer_As_Per

Sales to Major Customer As Percentage of Consolidated Net Sales (Detail)	3 Months Ended		6 Months Ended
	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Sales Revenue, Goods, Net | Customer Concentration Risk | Chrysler
Concentration Risk [Line Items]
Concentration risk, percentage	19.00%	21.00%	20.00%	20.00%
Sales Revenue, Goods, Net | Customer Concentration Risk | U.S. Steel
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	15.00%	13.00%	15.00%

Gross_Accounts_Receivable_from

Gross Accounts Receivable from Significant Customers as Percentage of Total Consolidated Gross Accounts Receivable (Detail) (Accounts Receivable, Customer Concentration Risk)	Aug. 31, 2013	Feb. 28, 2013
Chrysler
Concentration Risk [Line Items]
Percentage of Consolidated Gross Accounts Receivable	18.00%	18.00%
U.S. Steel
Concentration Risk [Line Items]
Percentage of Consolidated Gross Accounts Receivable	7.00%	12.00%

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Income Tax [Line Items]
Unrecognized tax benefits	$0.50		$0.50
Estimated change in tax rate lower bound	0		0
Estimated change in tax rate Upper bound	$0.20		$0.20
Income tax rate	36.20%	37.10%	17.50%	36.40%

Retirement_and_Savings_Plans_A

Retirement and Savings Plans - Additional Information (Detail) (USD $)	6 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Aug. 31, 2013	Feb. 28, 2013
Employee Benefit And Retirement Plans [Line Items]
Number of defined contribution retirement plans	1
Pension Plans, Defined Benefit
Employee Benefit And Retirement Plans [Line Items]
Employer expected contribution to defined benefit plans		$3.10
Employer contribution made to defined benefit plan	1.6
Employer expected contribution to defined benefit plans		2
Pension Plans, Defined Benefit | Minimum
Employee Benefit And Retirement Plans [Line Items]
Employer expected contribution to defined benefit plans		1.1
Other Postretirement Benefit Plans, Defined Benefit
Employee Benefit And Retirement Plans [Line Items]
Employer expected contribution to defined benefit plans		0.1
Other Postretirement Benefit Plans, Defined Benefit | Maximum
Employee Benefit And Retirement Plans [Line Items]
Employer contribution made to defined benefit plan	$0.20

Components_of_Net_Periodic_Ben

Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Post Retirement Plan (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Interest Cost	$137	$146	$273	$291
Expected Return on Plan Assets	-163	-143	-326	-285
Amortization of Net Loss	150	164	299	327
Total Net Periodic Benefit Cost	124	167	246	333
Other Postretirement Benefit Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Service Cost	6	6	11	11
Interest Cost	19	19	38	39
Amortization of Unrecognized Prior Service Cost	-69	-69	-138	-138
Amortization of Net Loss	50	49	101	98
Total Net Periodic Benefit Cost	$6	$5	$12	$10

Equity_and_Compensation_Plans_1

Equity and Compensation Plans - Additional Information (Detail) (USD $)

1 Months Ended

1 Months Ended

6 Months Ended

31-May-13

Mar. 31, 2013

Mar. 31, 2012

Aug. 31, 2013

Mar. 31, 2013

31-May-12

Mar. 31, 2012

Aug. 31, 2013

Aug. 31, 2013

Aug. 31, 2013

Aug. 31, 2013

Aug. 31, 2013

Aug. 31, 2013

Aug. 31, 2013

Sep. 30, 2012

Restricted Stock

Restricted Stock

Restricted Stock

2012 Plan

2012 Plan

2012 Plan

2012 Plan

2012 Plan

2012 Plan

2001 Directors Plan

Non-employee directors

CompensationPlan

Minimum

Maximum

Stock Options

Restricted Stock

Restricted Stock

CompensationPlan

Restricted Stock

Minimum

Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of active equity award plan

1

Shares authorized under compensation plans

2,130,789

Share based payment award, award vesting period

1 year

3 years

1 year

3 years

3 years

5 years

Non-qualified stock options, expiration period from date of grant

5 years

10 years

Number of inactive equity award plans

1

Stock options outstanding and exercisable

3,537

Share based payment award, stock option granted

100,000

200,000

Share based payment award, value of each option granted

$4.70

$4.24

Options exercised

67,680

Share based payment award, stock options outstanding

720,458

Share based payment award, stock options exercisable

220,458

Share based payment award, restricted stock issued

2,100

10,000

5,900

Vested shares

5,754

Forfeited shares

146

Share based payment award, stock option granted

$8,500

Restricted_shares_granted_Deta

Restricted shares granted (Detail)	1 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Dec. 01, 2012	Sep. 01, 2012
Stock Based Compensation [Line Items]
Restricted Shares Granted	6,069	5,028	5,676	5,754

Net_Sales_by_Product_Category_

Net Sales by Product Category Net of Intercompany Activity (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Segment Reporting Information [Line Items]
Net Sales	$27,553	$29,927	$56,273	$64,761
Percentage of net sales	100.00%	100.00%	100.00%	100.00%
Acoustical
Segment Reporting Information [Line Items]
Net Sales	17,942	19,360	36,363	39,283
Percentage of net sales	65.00%	65.00%	65.00%	61.00%
Coated
Segment Reporting Information [Line Items]
Net Sales	$9,611	$10,567	$19,910	$25,478
Percentage of net sales	35.00%	35.00%	35.00%	39.00%

Net_Sales_of_Domestic_and_Fore

Net Sales of Domestic and Foreign Units (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012
Segment Reporting Information [Line Items]
Net Sales	$27,553	$29,927	$56,273	$64,761
Domestic Net Sales
Segment Reporting Information [Line Items]
Net Sales	23,073	26,228	47,107	56,752
Foreign Net Sales
Segment Reporting Information [Line Items]
Net Sales	$4,480	$3,699	$9,166	$8,009

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	Aug. 31, 2013	Feb. 28, 2013	Oct. 31, 2013
In Millions, unless otherwise specified			Subsequent Event
			Unfavorable Regulatory Action
Commitments and Contingencies [Line Items]
Reserve for environmental legal proceedings	$1.10	$1.20
Possible penalty for allegedly exceeding power consumption limits during a declared Emergency Curtailment Event			$2.40

Restructuring_Additional_Infor

Restructuring - Additional Information (Detail) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2013
Restructuring Cost and Reserve [Line Items]
Employee termination benefit and related expenses	$0.60

Sale_of_Elk_Grove_Village_Buil1

Sale of Elk Grove Village Building - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2012	Aug. 31, 2012	Jul. 23, 2012
	sqft	sqft	sqft
Discontinued Operations [Line Items]
Facility leased to Main Steel Polishing Company, Inc.			240,000
Leasable area of facility			280,000
Proceeds from Sale of Assets		$9,180
Gain on sales of assets	$3,216	$3,216
Lease agreement with Torburn	35,000	35,000
Lease term		4 years