Multi-Color Announces Record Revenue of $20.9 Million for Q1
Press release from the issuing company
CINCINNATI, July 18 -- Multi-Color Corporation announced financial results for fiscal 2003 first quarter ending June 30, 2002. First quarter FY2003 highlights included:
* Net Sales increased to a record $20.9 million, up 19% from the prior
quarter and up 2% from last year's previous record first quarter.
* Net Income was $1.3 million, up 13% from the previous quarter and down
6% from a year ago.
* Earnings per share also increased to $.30 per diluted share, up 11%
from last quarter and down 12% from last year.
"I am pleased that first quarter sales exceeded last year's record results and have continued to improve over the last two quarters," said President and Chief Executive Officer, Frank Gerace. "Although net income is up over the last quarter, it was down from the previous year due to significant investments in the sales and marketing efforts of the Company."
"We have yet to realize the full impact of the changes we made to the sales organization late last year. In addition, we continue to invest in marketing, advertising and promotional activities to generate new business awards. These activities will continue to generate positive results over the balance of the year," said Gerace.
To support the Company's long-term strategy of broadening the products and services it offers to the consumer products industry, the Company announced in June the acquisition of Quick Pak, Inc., a leading provider of promotional packaging, assembling and fulfillment services. "Our new Packaging Services Division, Quick Pak, will boost revenue by more than 10% this year," stated Gerace. The purchase of Quick Pak added $1 million in revenue and $.01 to diluted EPS for the quarter.
The Company continues to generate strong cash flow. For the quarter ended June 30, 2002 EBITDA was $3.3 million or 16% of Net Sales.
Last week, the Company entered into a new $38 million credit facility that will provide greater financial flexibility, long-term financing and the ability to continue to fund its aggressive acquisition strategy.
Multi-Color was also named to Fortune Small Business magazine's list of "Top 100 Fastest Growing Small Companies in America" last month. In addition, Multi-Color's three-year shareholder return of 326% earned it the Number 1 ranking among Ohio's Publicly traded companies by the Cleveland Plain Dealer.
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