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Multi-Color Announces Record Results for 2003, Thanks to Acquisitions

Press release from the issuing company

CINCINNATI, May 9 -- On Tuesday, Multi-Color Corporation announced its fiscal year 2003 fourth quarter and full year results for the period ending March 31, 2003. Fourth quarter FY 2003 highlights include: * Sales Revenue jumped 63% from last year's 4th quarter to $29 million. * Net Income rose by 73% to $2.0 million. * Diluted Earnings per share grew to $.46 per share, up 70% from last year. Approximately 75% of the revenue growth for the quarter was due to the Company's recent acquisitions of Dec Tech and Quick Pak, with the remaining revenue increase a result of organic growth in its core label business. "We have become very proficient at effectively selecting and integrating acquisitions that provide profitable growth and satisfy the technical, promotional and packaging needs of our customers," said Multi-Color President and Chief Executive Officer, Frank Gerace. "Dec Tech, the heat transfer label business recently purchased from Avery Dennison, has been our largest acquisition and our fastest and most effective integration to date," added Gerace. "In addition, Quick Pak, our packaging services acquisition purchased last June, has exceeded all of our objectives." For the full fiscal year ending March 31, 2003, Multi-Color reported the following results: * Sales Revenue increased to $100 million, up 37% from last year. * Net Income grew to $6.3 million, up 35%. * Diluted Earnings per share rose to $1.48 per share, up 30%. * EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew to $15.3 million, up 28%. * Shareholder Equity increased 43%. * Return on Invested Capital (ROIC) stood at 14%. "Without a doubt, we have become an important business resource for our customers," Gerace explained. "Not only do we offer a complete line of label solutions, packaging, bundling, technical and graphic services, but our customers know they can count on us to help them lower their overall packaging costs. "I'm very proud of our Multi-Color associates," continued Gerace. "They continue to lead our industry, demonstrate superior performance, put our customers' needs ahead of their own, and develop and grow as our business grows." "As we look forward to 2004, our primary objective is to build our brand, and aggressively increase our market share in the consumer products, food and beverage and packaging services markets," Gerace stated.