Multi-Color Corporation Reports Record Fiscal Year 2005 Results
Press release from the issuing company
CINCINNATI, May 6 -- Multi-Color Corporation today announced fourth quarter and full year results for the year ended March 31, 2005.
The Company generated record revenue of $139.5 million during fiscal 2005, a 10% increase over the prior year.
Net income rose 23% to $8.0 million, or $1.21 per diluted share, from $6.5 million, or $.99 per diluted share in fiscal 2004. Net income for fiscal 2004 included a $1.1 million pre-tax charge for an asset impairment loss and other costs incurred for closing the Company's Las Vegas operations.
"Volume increases in our Decorating Solutions division following our January acquisition of NorthStar Print Group, coupled with productivity improvements during the second half of the year led to an outstanding finish in fiscal 2005," stated Frank Gerace, President and CEO of Multi-Color Corporation.
Fiscal 2005 Highlights
- The acquisition and successful integration of the NorthStar Print Group during the fourth quarter. The acquisition contributed $11.2 million in revenue and $1.1 million in pre-tax income for fiscal 2005.
- The integration of shrink sleeve label technology into our Scottsburg, Indiana facility.
- Strengthened management team with new talent in several key positions.
- The completion of two major capital investments to support future growth:
* Successful installation and start-up of a new state-of-the-art gravure printing press in our Scottsburg, Indiana facility.
* Implementation of a new enterprise-wide information system.
- The receipt of numerous industry awards for technical excellence and innovation:
* Miller Brewing Company Supplier of the Year.
* Unilever Vendor of the Year.
* DuPont Award for Innovation in Packaging and Food Processing.
* Tag & Label Manufacturers Institute (TLMI), Packaging & Label Gravure Association (PLGA) and Packaging Association of Canada (PAC).
"During fiscal 2005, we overcame significant challenges, completed several key initiatives, while at the same time regained our momentum. I am very pleased with how we finished the year," said Frank Gerace.
Fourth Quarter Results
Multi-Color reported record results for the fourth quarter of fiscal year 2005:
- Revenue increased 36% to $45.3 million from $33.3 million. Revenue generated from the acquired NorthStar Print Group operations was $11.2 million.
- Gross profit increased $2.8 million due to improved operating performance in the Decorating Solutions division and the NorthStar acquisition, offset by a $.8 million reduction in the Packaging Services division due to shifts in our service mix.
- Interest expense increased $.3 million principally due to increased debt associated with the NorthStar Print Group acquisition.
- Net income rose 80% to $2.9 million, or $.43 per diluted share, from $1.6 million, or $.24 per diluted share in the fourth quarter of fiscal 2004, which included a $.9 million pre-tax charge for an asset impairment loss and other costs for closing the Company's Las Vegas operations.
"In closing, I am proud of achieving our seventh consecutive year of increased earnings and our ability to reward our shareholders with a quarterly dividend," Gerace commented. "This could not have happened without the strong performance of our committed and dedicated associates during the second half of this fiscal year. I am confident we are positioned to achieve our goals of superior growth and profitability," concluded Gerace.
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