Multi-Color Announces Record Revenue of $29.1 Million Q1
Press release from the issuing company
CINCINNATI, July 17 -- Multi-Color Corporation announced financial results for fiscal 2004 first quarter ending June 30, 2003. First quarter FY2004 highlights included:
- Net Sales increased to a record $29.1 million, up 39% from last year's record of $20.9 million.
- Net Income was $1.6 million, up 26% from the same period a year ago.
- Earnings per share also increased to $.38 per diluted share, up 27% from the previous year.
Revenues from the previous year's acquisitions account for approximately ninety percent of the sales increase with the remainder from internal growth.
"I am pleased with the growth we are experiencing with our existing customers, however, continued emphasis is needed to generate more new business from new customers. As we continue to serve our customers exceedingly well, we must also excel at winning new customers and new opportunities", said Frank Gerace, President and CEO of Multi-Color Corporation.
Operating margins were impacted by investments in associate training, upfront costs to initiate our Six Sigma program, and below standard operating performance at our Las Vegas manufacturing location.
"While swift action is being taken to improve short-term performance at our Las Vegas facility, our Six Sigma initiative, V2, will provide long-term benefits. V2 is designed to increase value by reducing costs and increase velocity by decreasing operating cycle time", said Gerace.
"We continue to receive positive customer feedback regarding the unique and distinct advantages of doing business with Multi-Color. We offer our customers the broadest spectrum of technologies available in the market place to meet their packaging needs. Yesterday's announcement of our acquisition of the heat transfer label business from IPC&L further supports our position and extends our reach into Central and South America", concluded Frank Gerace.
Multi-Color was recently rated Ohio's best long-term investment for its stock price increase over the last 5 years and one of Ohio's fastest growing companies by the Cleveland Plain Dealer.
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