Published:
Multi-Color Corporation Announces Results for Fiscal Year 2008
SHARONVILLE, Ohio, May 16 /PRNewswire-FirstCall/ -- Multi-Color
Corporation (Nasdaq: LABL) today announced financial results for the fourth
quarter and full year ended March 31, 2008, compared with the same period a
year ago.
The Company generated its tenth consecutive year of record Revenue from
Continuing Operations during fiscal 2008 of $210.3 million, an increase of 9%
compared to the prior year. Income from Continuing Operations of $16 million
increased 86% over the prior year while Diluted Earnings Per Share (EPS) from
Continuing Operations of $1.52 increased 81% compared to the prior year.
Financial results for fiscal 2008 and 2007 included the following special
items:
Year Year
Ended Ended
2008 EPS 2007 EPS
(in thousands) (in thousands)
Income from Continuing Operations,
as reported $16,007 $1.52 $8,612 $0.84
Gain on Forward Currency Contracts (5,001) (0.48) - -
Purchase Accounting Charge 367 0.03 - -
Manufacturing Expansion Costs 316 0.03 - -
Acquisition Expenses - - 1,908 0.19
Adjusted Income from Continuing
Operations and Adjusted EPS $11,689 $1.10 $10,520 $1.03
Fiscal 2008 highlights included:
-- Divested the Company's non-core Packaging Services Division, Quick Pak,
in the first quarter of 2008 for $19.2 million in cash. The
transaction resulted in an after-tax gain of $6.9 million or 67 cents
per diluted share.
-- Invested approximately $16 million in North American manufacturing
expansion to provide platform for future growth, including the
acquisition of a new state of the art manufacturing facility and three
new presses.
-- Completed the Company's largest acquisition of Collotype International
Holdings Pty. Ltd. on February 29, 2008. The acquisition contributed
$9.3 million in revenue in fiscal 2008.
-- Executed a new five-year $200 million credit agreement.
-- The Company was added to the small cap Russell 2000 Index and ranked
86th on the Forbes listing of the 200 Best Small Companies in America,
while its common stock listing was transferred to the NASDAQ Global
Select Market.
-- Invested over $3 million in new information technology systems to
support growth.
-- Completed a 3-for-2 common stock split during the second quarter of
fiscal 2008.
Frank Gerace, President and CEO of Multi-Color Corporation stated, "As
demonstrated by our fiscal 2008 highlights, this was a transformational year
for our Company. We have redeployed and refocused our resources in our core
North American business, expanded into new markets and geographic regions with
our acquisition of Collotype International, while continuing to generate
double digit earnings growth. I am pleased with how we are positioned
entering fiscal 2009," Gerace concluded.
Fourth Quarter Results
Financial results for the fourth quarter of fiscal year 2008 and 2007
included the following special items:
Three Months Ended
3/31/08 EPS 3/31/07 EPS
(in thousands) (in thousands)
Income from Continuing Operations,
as reported $8,224 $0.74 $3,235 $0.31
Gain on Forward Currency Contracts (5,643) (0.51) - -
Manufacturing Expansion Costs 113 0.01 - -
Purchase Accounting Charge 367 0.03 - -
Adjusted Income from Continuing
Operations and Adjusted EPS $3,061 $0.27 $3,235 $0.31
-- Revenues from Continuing Operations increased 14% to $57.7 million from
$50.4 million in the prior year. The acquisition of Collotype
generated $9.3 million in revenue while organic sales decreased 4% over
the prior year due to a reduction in orders from two major customers in
the home care market.
-- Gross profit increased 9% or $0.9 million. The increase in gross
profit from Collotype was offset by the organic sales reduction and
inefficiencies incurred in transitioning business to our new Batavia,
Ohio facility during the quarter.
-- Selling, general and administrative expenses increased $1 million
primarily due to the additional expenses from Collotype.
-- Interest expense increased by $0.7 million compared to the prior year
quarter due to increased debt incurred to finance the Collotype
acquisition.
-- Income from Continuing Operations increased by $5 million compared to
the prior year due to a gain of $8.6 million ($5.6 million, after-tax)
from foreign currency forward contracts associated with the acquisition
of Collotype.
Fourth Quarter and Fiscal Year 2008 Results Conference Call and Webcast
The Company will hold a conference call on May 16, 2008 at 11:00 a.m. (ET)
to discuss the news release. For access to the conference call, please dial
1-888-713-4214 (code 87861791) by 10:45 a.m. (ET). A replay of the conference
call will be available at 1:00 p.m. (ET) on May 16, 2008 until midnight (ET)
on May 23, 2008, by calling 1-888-286-8010 (code 62476610).
Participants may pre-register for the call at
https://www.theconferencingservice.com/prereg/key.process?key=P8VW6AYQB
(Due to its length, this URL may need to be copied/pasted into your Internet
browser's address field. Remove the extra space if one exists.)
Pre-registrants will be issued a pin number to use when dialing into the live
call which will provide quick access to the conference by bypassing the
operator upon connection.
In addition, the call will be broadcast over the Internet and can be
accessed from a link on the Company's home page at www.multicolorcorp.com.
Listeners should go to the web site prior to the call to register and to
download any necessary audio software.
Safe Harbor Statement
The Company believes certain statements contained in this report that are
not historical facts constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, and are intended to
be covered by the safe harbors created by that Act. Reliance should not be
placed on forward-looking statements because they involve known and unknown
risks, uncertainties and other factors which may cause actual results,
performance or achievements to differ materially from those expressed or
implied. Any forward-looking statement speaks only as of the date made. The
Company undertakes no obligation to update any forward-looking statements to
reflect events or circumstances after the date on which they are made.
Statements concerning expected financial performance, on-going business
strategies, and possible future actions which the Company intends to pursue in
order to achieve strategic objectives constitute forward-looking information.
Implementation of these strategies and the achievement of such financial
performance are each subject to numerous conditions, uncertainties and risk
factors. Factors which could cause actual performance by the Company to
differ materially from these forward-looking statements include, without
limitation, factors discussed in conjunction with a forward-looking statement;
changes in general economic and business conditions; the ability to consummate
and successfully integrate acquisitions; ability to manage foreign operations;
the success and financial condition of the Company's significant customers;
competition; acceptance of new product offerings; changes in business strategy
or plans; quality of management; the Company's ability to maintain an
effective system of internal control; availability, terms and development of
capital; cost and price changes; availability of raw materials; business
abilities and judgment of personnel; changes in, or the failure to comply
with, government regulations, legal proceedings and developments; risk
associated with significant leverage; increases in general interest rate
levels affecting the Company's interest costs; and terrorism and political
unrest. The Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
About Multi-Color (http://www.multicolorcorp.com)
Sharonville, Ohio based Multi-Color Corporation provides leadership in
Global Label Solutions through its two business units: North American
Business Unit and International Business Unit. Established in 1916, Multi-
Color has grown to support the world's most prominent brands including leading
producers of Health & Beauty, Food & Beverage, Personal Care, Automotive and
Household Brands. Multi-Color acquired Collotype Labels on February 29, 2008.
Collotype was established in 1903 inAdelaide,South Australia and has grown
to become the world's largest and most awarded pressure sensitive Wine &
Spirits label printer. Multi-Color is now the world's largest producer of in-
mold labels and one of the largest producers of pressure sensitive and heat
transfer labels and a major manufacturer of high-quality wet glue labels and
shrink sleeves. Multi-Color has 14 manufacturing locations worldwide; 8 in
the US, 5 inAustralia and 1 inSouth Africa.
Forbes magazine has chosen Multi-Color as one of the Forbes 200 Best Small
Companies for 2007. Multi-Color is ranked 86th in this prestigious group.
For additional information on Multi-Color, please visit
http://www.multicolorcorp.com.
Multi-Color Corporation
Condensed Consolidated Statements of Income
(in 000's except per share data) Unaudited
Three Months Ended Twelve Months Ended
March 31, March 31, March 31, March 31,
2008 2007 2008 2007
Revenues $57,702 $50,416 $210,307 $192,551
Cost of Goods Sold 46,651 40,257 171,381 155,402
Gross Profit 11,051 10,159 38,926 37,149
Gross Margin 19% 20% 19% 19%
Selling, General & Administrative 6,387 5,433 21,427 20,255
Acquisition Expenses - - - 3,048
Operating Income 4,664 4,726 17,499 13,846
Other (Income) Expense (8,682) (74) (8,290) (427)
Interest Expense 785 135 962 1,036
Income from Continuing Operations
before Taxes 12,561 4,665 24,827 13,237
Provision for Taxes 4,337 1,430 8,820 4,625
Income from Continuing Operations 8,224 3,235 16,007 8,612
Income/(Loss) from Discontinued
Operations, Net of Taxes (44) 648 6,977 2,414
Net Income $ 8,180 $ 3,883 $ 22,984 $ 11,026
Basic Earnings Per Share:
Income from Continuing
Operations $0.76 $0.32 $1.57 $0.87
Income from Discontinued
Operations $- $0.07 $0.68 $0.24
Basic Earnings Per Share $0.76 $0.39 $2.25 $1.11
Diluted Earnings Per Share:
Income from Continuing
Operations $0.74 $0.31 $1.52 $0.84
Income from Discontinued
Operations $- $0.06 $0.66 $0.24
Diluted Earnings Per Share $0.74 $0.37 $2.18 $1.08
Basic Shares Outstanding 10,779 9,961 10,212 9,904
Diluted Shares Outstanding 11,039 10,289 10,520 10,221
All share and per share amounts have been adjusted to reflect the 3-for-2
stock split effective September 17, 2007.
Selected Balance Sheet Information
(in 000's) Unaudited
March 31, 2008 March 31, 2007
Current Assets-Continuing Operations $72,228 $43,010
Current Assets-Discontinued Operations $- $4,796
Total Assets-Continuing Operations $314,080 $95,581
Total Assets-Discontinued Operations $- $11,500
Current Liabilities-Continuing Operations $53,711 $28,295
Current Liabilities-Discontinued Operations $- $3,679
Total Liabilities-Continuing Operations $194,142 $38,656
Total Liabilities-Discontinued Operations $- $4,002
Stockholders' Equity $119,938 $64,423
Total Debt $131,751 $5,150
The operating results of Quick Pak are presented as discontinued
operations in the Company's consolidated financial results for all periods
presented.
Certain prior year amounts have been reclassified to conform to current
year reporting.
SOURCE Multi-Color Corporation
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: Banking and Finance, ohio
_ _Is your favorite bookmark site missing?
Ask for it.
Search News
Daily News
