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Joint Venture
12 Months Ended
Feb. 28, 2013
Joint Venture

Note 2: Joint Venture

In November 2000, a subsidiary of MSC formed a joint venture partnership with Tekno to manufacture and sell Quiet Steel® and disc brake noise damper material for the South American market. The joint venture’s sales were $3.1 million, $4.6 million and $4.5 million in fiscal 2013, 2012 and 2011, respectively. The joint venture’s income was $0.5 million, $1.0 million and $1.0 million in fiscal 2013, 2012 and 2011, respectively. MSC owns 51% of the equity interest and holds 50% of the voting interest in the joint venture.

Under the equity method, MSC includes its portion of the joint venture’s results of operations in the Consolidated Statements of Operations under equity in results of joint venture. The equity in results of joint venture was net income of $0.3 million, $0.5 million and $0.5 million in fiscal 2013, 2012 and 2011, respectively. The Company received cash dividends of $0.5 million, $0.6 million and $0.8 million in fiscal 2013, fiscal 2012 and fiscal 2011, respectively.