08.10.15
Multi-Color Corporation announced first quarter core earnings per share increased 12% to $0.91 per diluted share from $0.81 in the prior year quarter.
Net revenues increased 7% to $217.9 million compared to $203.1 million in the prior year quarter. Acquisitions occurring after the beginning of fiscal 2015 account for 8% of the increase or $17.3 million. Organic revenues increased 4%. Foreign exchange rates, primarily driven by depreciation of the Euro and the Australian dollar, led to a 5% decrease in revenues quarter over quarter.
“Stronger performance in Wine & Spirit markets and lower tax jurisdictions was partially offset by poor performance in Mexico and higher corporate expenses year over year. We are encouraged by our opportunities for improvement in the remainder of FY16,” said Nigel Vinecombe, president and CEO of Multi-Color Corporation.
Gross profit increased $4.0 million or 9% compared to the prior year quarter. Acquisitions occurring after the beginning of fiscal 2015 contributed $3.8 million to the increase. Organic gross profit improvement of $2.0 million was largely offset by foreign exchange movements. Core gross margins increased to 21.5% of sales revenues for the current year quarter compared to 21.1% in the prior year quarter primarily due to improved operating efficiencies in the United States, South America and Asia Pacific.
Operating income was $26.1 million for both the current and prior year quarters. Net income was $13.3 million in both the current and prior year quarters.
Net revenues increased 7% to $217.9 million compared to $203.1 million in the prior year quarter. Acquisitions occurring after the beginning of fiscal 2015 account for 8% of the increase or $17.3 million. Organic revenues increased 4%. Foreign exchange rates, primarily driven by depreciation of the Euro and the Australian dollar, led to a 5% decrease in revenues quarter over quarter.
“Stronger performance in Wine & Spirit markets and lower tax jurisdictions was partially offset by poor performance in Mexico and higher corporate expenses year over year. We are encouraged by our opportunities for improvement in the remainder of FY16,” said Nigel Vinecombe, president and CEO of Multi-Color Corporation.
Gross profit increased $4.0 million or 9% compared to the prior year quarter. Acquisitions occurring after the beginning of fiscal 2015 contributed $3.8 million to the increase. Organic gross profit improvement of $2.0 million was largely offset by foreign exchange movements. Core gross margins increased to 21.5% of sales revenues for the current year quarter compared to 21.1% in the prior year quarter primarily due to improved operating efficiencies in the United States, South America and Asia Pacific.
Operating income was $26.1 million for both the current and prior year quarters. Net income was $13.3 million in both the current and prior year quarters.
