Multi-Color Corporation (Nasdaq: LABL) has marked its 10th consecutive year of record revenue. This week the company announced that revenue from continuing operations during fiscal 2008 (ending March 31) was $210.3 million, an increase of 9 percent compared with the prior year. Income from continuing operations of $16 million increased 86 percent over the prior year, while diluted earnings per share (EPS) from continuing operations of $1.52 increased 81 percent compared with the prior year.
The label converting company, based in Sharonville, OH, USA, has had a busy year. It expanded beyond US borders with the purchase of Collotype International Holdings in Adelaide, South Australia, in 2007, an acquisition which contributed $9.3 million to fiscal 2008’s revenue. It divested itself of Quick Pak, a packaging services business, for $19.2 million, which resulted in an after-tax gain of $6.9 million or 67 cents per diluted share.
Multi-Color also invested about $16 million in expansion of its North American manufacturing operations, including the acquisition of a new manufacturing plant and three new presses. The company invested more than $3 million in new information technology systems. Forbes magazine listed Multi-Color 86th among the 200 Best Small Companies in America. It completed a 3-for-2 common stock split during the second quarter of fiscal 2008, and its common stock listing was transferred to the NASDAQ Global Select Market.
“As demonstrated by our fiscal 2008 highlights, this was a transformational year for our company,” says Frank Gerace, president and CEO of Multi-Color. “We have redeployed and refocused our resources in our core North American business, expanded into new markets and geographic regions with our acquisition of Collotype International, while continuing to generate double digit earnings growth. I am pleased with how we are positioned entering fiscal 2009.”
Established in 1916, Multi- Color manufactures packaging products for global brand owners in such markets as health and beauty, food and beverage, automotive, and household brands. Multi-Color is the world’s largest producer of in-mold labels and one of the largest producers of pressure sensitive and heat transfer labels, and a major manufacturer of wet glue labels and shrink sleeves. The company has 14 manufacturing locations worldwide; 8 in the US, 5 in Australia and 1 in South Africa.