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Multi-Color Announces 2Q 2014 Results



Published November 5, 2013
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Multi-Color announced its second quarter 2014 results.

"Core EPS was up 24% from 49 cents to 61 cents for the second fiscal quarter ending September 2013 compared to the same quarter last year. Core EPS improved despite weak organic growth in the quarter, primarily due to softness in Europe and Latin America in July and August, which recovered in September. We expect organic growth, operational performance in key plants and new acquisition benefits to contribute to further year over year core EPS improvement in the December quarter," said Nigel Vinecombe, president and CEO of Multi-Color Corporation.

Second quarter highlights included net revenues increasing 4% to $176.6 million from $169.9 million compared to the prior year quarter. Net revenues increased 4% or $7.5 million due to acquisitions occurring during fiscal 2014 and 2% due to higher North American sales volumes, offset by a 1% decrease due to pricing sales/mix and a 1% decrease due to the unfavorable impact of foreign exchange rates primarily driven by depreciation in the Australian dollar.

Gross profit increased $3.1 million or 10% compared to the prior year quarter. The increase was due primarily to productivity gains in North America for the current quarter compared to the prior year quarter. Gross margins increased to 19% of net revenues compared to 18% of net revenues in the prior year quarter.

Operating income increased $3.1 million or 18% compared to the prior year quarter. Core operating income increased 14% to $20.5 million from $17.9 million. Interest expense decreased by $0.2 million compared to the prior year quarter. The company had $428.7 million of debt at Sept. 30, 2013 compared to $427.1 million at September 30, 2012.

Year-to-date highlights included net revenues increasing 3% to $343.5 million from $334.9 million compared to the six months ended Sept. 30, 2012. Net revenues increased 3% or $8.5 million due to acquisitions occurring during fiscal 2014 and 3% due to higher North American sales volumes, offset by a 2% decrease due to pricing/sales mix and a 1% decrease due to the unfavorable impact of foreign exchange rates primarily driven by depreciation in the Australian dollar.

Gross profit increased $2.6 million or 4% compared to the six months ended Sept. 30, 2012. Core gross profit increased $2.1 million or 3% compared to the prior year. The increase was primarily due to productivity gains in North America. Operating income increased $1.9 million or 6% compared to the six months ended Sept. 30, 2012.



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