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Multi-Color Corporation Announces Record Results for Second Quarter of Fiscal 2007

Thursday, October 26, 2006

Press release from the issuing company

CINCINNATI, Oct. 25 -- Multi-Color Corporation today announced financial results for the second quarter ended September 30, 2006, compared with the same period a year ago. Second quarter highlights included: - Net Sales increased 13% to $56.2 million from $49.7 million. - Net Income increased 53% to $3.1 million from $2.1 million. - Earnings Per Share (EPS) were up 53% to 46 cents per diluted share, from 30 cents. - The Company incurred $191,000 ($117,000 after-tax) in non-casstock compensation expenses resulting from the adoption of SFAS No. 123R, "Accounting for Stock Based Compensation." This impacted EPS by 2 cents compared to the prior year. Frank Gerace, President and CEO of Multi-Color Corporation, attributed the Company's second quarter earnings performance to increased sales in the Decorating Solutions segment and improved productivity and favorable service mix in the Packaging Services segment. "Our Decorating Solutions segment generated a 14% organic sales growth rate as we gained new customers and increased sales with existing customers. The Packaging Services segment experienced improved profitability primarily due to productivity efficiencies compared to the prior year," Gerace noted. Net income of $3.1 million increased 53% compared to the prior year. The improvements in net income resulted from the organic sales growth driven by new product activity with key customers, improved throughput and the productivity improvements in our Packaging Services segment. In addition, net income was favorably impacted by lower interest expense due to a 34% debt reduction and a lower effective tax rate. For the six month period ended September 30, 2006, Multi-Color's net sales of $107.9 million were 12% higher than the prior year. Net income and diluted EPS increased 42% and 41% respectively, to $5.6 million and 83 cents per diluted share for the six months ended September 30, 2006. "We are very pleased with our organic sales growth rate in the Decorating Solutions segment and our overall performance through the first half of fiscal year 2007," Gerace concluded.




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