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Multi-Color Corporation Announces Revenue Jump of 62% for the Quarter

Friday, January 17, 2003

Press release from the issuing company

CINCINNATI, Jan. 15 -- Multi-Color Corporation announced its fiscal year 2003 third quarter results for the period ending December 31, 2002. Third quarter FY 2003 highlights include: * Sales Revenue jumped 62% from last year's 3rd quarter to $26 million. * Net Income rose by 55% to $1.5 million. * Earnings per share advanced to $.35 per share, up 52% from last year. "Clearly our business strategy is working," said Multi-Color President and Chief Executive Officer, Frank Gerace. "Our results-oriented employees continue to execute well and our customers continue to respond positively to our value proposition." Approximately 60% of the revenue growth for the quarter was due to the strong holiday sales at Quick Pak, the Company's most recent acquisition, with the remaining revenue increase a result of organic growth in the core label business. The core label business was not as severely affected by normal year- end inventory adjustments by its consumer products customers as was experienced in the prior year. Operating margins were down slightly due to continued investment in sales and marketing programs and as a result of changes in business mix. For the nine-month period ending December 31, 2002, Multi-Color reported the following results: * Sales Revenue increased to $71 million, up 29% from the same period last year. * Net Income increased to $4.4 million, up 23%. * Earnings Per Share rose to $1.03/share, up 20%. * EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew to $10.8 million, up 19%. "We are a business resource for our customers," added Gerace. "In addition to offering a complete line of label solutions, we provide a variety of packaging, assemblying, technical and graphic services; all designed to assist our customers with their own cost reduction programs by helping them lower their overall packaging costs." On Friday, January 17, 2003, the Company expects completing the purchase of Avery Dennison's Decorating Technologies division under the recently announced agreement.




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