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Multi-Color Corporation Announces Results for Fiscal Year 2009
Friday, May 15, 2009 11:09 AM


(Source: PRNewswire)trackingSHARONVILLE, Ohio, May 15 /PRNewswire-FirstCall/ -- Multi-Color Corporation (Nasdaq: LABL) today announced financial results for the fourth quarter and full year ended March 31, 2009, compared with the same periods a year ago.

The Company generated its eleventh consecutive year of record Revenues from Continuing Operations during fiscal 2009 of $289.8 million, an increase of 38% compared to the prior year. In addition, the Company generated record Adjusted Income from Continuing Operations of $13.7 million as outlined below.

Financial results for fiscal 2009 and 2008 included the following special

items:

Year__ Year

Ended__ Ended

__ 2009__ 2008

(in__ (in

thousands)__ EPS__ thousands)__ EPS

Income from Continuing Operations

and EPS, as reported__ $11,435__ $0.93__ $16,007__ $1.52

Plant Closure Costs__ 1,634__ 0.13__ -__ -

Gain on Forward Currency

Contracts__ -__ -__ (5,001)__ (0.48)

Other Special Charges__ 602__ 0.05__ 683__ 0.06

Adjusted Income from Continuing

Operations and Adjusted EPS__ $13,671__ $1.11__ $11,689__ $1.10__

Fiscal 2009 highlights included:

-- Net revenues increased 38% to $289.8 million from $210.3 million. The

increase was due to the Collotype acquisition completed in February

2008, which generated $106.4 million in revenues for the year, partially

offset by a $17.6 million or 9% reduction in North American organic

revenues due to the recessionary impact on consumer spending.

-- Gross profit increased 36% to $52.8 million due to the Collotype

acquisition, partially offset by the impact of the decrease in North

American organic revenues and plant start-up costs incurred during the

first half of the year for the new Batavia, Ohio manufacturing

facility.

-- Selling, general and administrative (SG&A) expenses increased $6

million due to comparable expenses from the Collotype acquisition. As a

percent of sales, SG&A expenses were reduced by 75 basis points due

to cost reduction actions.

-- Operating income increased 31% to $22.9 million. Excluding the impact

of the special items from both periods, adjusted operating income

increased 42% to $26.4 million from $18.5 million.

-- Interest expense increased to $6.8 million from $1 million due to the

debt incurred to finance the Collotype acquisition. During fiscal year

2009, the Company repaid $25 million or 19% of long term debt.__

-- The Company's effective tax rate was 30% in 2009 compared to 36% in

2008 due to income in lower tax jurisdictions and the finalization of

the acquisition tax structure related to the Company's

international operations.



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