Acquisitions Help Multi-Color Corp. Post Record Second Quarter Results
Press release from the issuing company
CINCINNATI, Oct. 17 - Multi-Color Corporation announced record financial results for its fiscal 2003 second quarter ending September 30, 2002. Second quarter FY2003 highlights included:
* Sales Revenue rose to $24.1 million, up 30% from last year's second quarter.
* Net Income increased to $1.6 million, up 30% from a year ago.
* Earnings per share increased to $.38 per diluted share, up 31% from fiscal 2002 second quarter results.
"Strong second quarter results reflect the success of recent acquisitions. The addition of our Troy label manufacturing plant and strong holiday-related sales at our Quick Pak Packaging Services division augmented steady sales in our core label business," said President and Chief Executive Officer, Frank Gerace.
Operating margins remained firm as costs associated with the Company's continuing investment in its sales and marketing efforts offset the impact of increased sales revenues.
In addition, Gerace also announced the formation of a new food and beverage sales group to expand the Company's sales efforts in this market segment.
The Company hired John P. Antonucci as Vice-President of Sales, Food and Beverage. He is charged with directing the Company's sales effort targeted to the food and beverage industry. Tom Vogt, Vice-President of Sales, Consumer Products will concentrate his efforts on the consumer products industry including the home care, laundry, and health and beauty market segments. Mr. Antonucci and Mr. Vogt will report to Frank Gerace.
"I am confident that these changes will result in our sales organization's ability to more effectively deliver our value proposition to the marketplace," said Gerace.
For the six-month period ending September 30, 2002, Multi-Color reported the following results:
* Sales Revenue increased to $45 million, up 15% from last year's six-month results.
* Net Income increased to $2.9 million, up 11% from the same period last year.
* Earnings Per Share rose to $.68 per diluted share, up 8%.
* Operating Income grew to $5.5 million, up 11%.
* EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew to $7.2 million, up 11%.
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