I would look at the 'publish' capabilities. At the top of matlab, if you switch from 'Editor' to 'Publish' you can output your code and results. It does not sound like you would want code so by clicking the down arrow in the 'publish' button you can go to edit publish options. Here you can choose your output file format among other options. If you turn the 'Include' code setting to false then it will output your comments and figures.
For other details I would put instances of the disp function into the script. For example:
x = 1; y = 2; z = x*y;
disp(sprintf('The output is %d.',z));
