<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1999
----------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________to__________
Commission File #0-16148
------------------------
Multi-Color Corporation
(Exact name of Registrant as specified in its charter)
OHIO
(State or other jurisdiction of 31-1125853
incorporation or organization) (IRS Employer
Identification No.)
205 W. Fourth Street, Suite 1140, Cincinnati, Ohio 45202
--------------------------------------------------------
(Address of principal executive offices)
Registrant's telephone number - 513/381-1480
________________________________
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
Indicate the number of shares outstanding of each of the Registrant's classes of
common stock, as of the latest practicable date.
Common shares, no par value - 2,447,640 (as of February 7, 2000)
----------------------------------------------------------------
-1-
<PAGE> 2
FORM 10-Q
CONTENTS
PART I - FINANCIAL INFORMATION (Unaudited)
Page
Condensed Consolidated Balance Sheets at December 31, 1999 and
March 28, 1999...............................................................3
Condensed Consolidated Statements of Income for the Three Months Ended
December 31, 1999 and the Thirteen Weeks Ended December 27, 1998.............4
Condensed Consolidated Statements of Income for the Nine Months Ended
December 31, 1999 and the Thirty-Nine Weeks Ended December 27, 1998..........5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended
December 31, 1999 and Thirty-Nine Weeks Ended December 27, 1998..............6
Notes to Condensed Consolidated Financial Statements...........................7
Management's Discussion and Analysis of Financial Condition and
Results of Operations........................................................8
PART II - OTHER INFORMATION
Item 1: Legal Proceedings....................................................12
Item 2: Changes in Securities................................................12
Item 3: Defaults upon Senior Securities......................................12
Item 4: Submission of Matters to a Vote of Security Holders..................12
Item 5: Other Information....................................................12
Item 6: Exhibits and Reports on Form 8-K.....................................12
Signature.....................................................................13
-2-
<PAGE> 3
Item 1. Financial Statements (Continued)
- ----------------------------------------
<TABLE>
<CAPTION>
MULTI-COLOR CORPORATION
Consolidated Balance Sheets
(Thousands)
ASSETS
------
December 31, 1999 March 28, 1999
------------------ --------------
(Derived from
(Prepared Audited Financial
Without Audit) Statements)
<S> <C> <C>
CURRENT ASSETS
Cash and Cash Equivalents $ 3 $ 10
Accounts Receivable 3,856 4,515
Notes Receivable -- 53
Inventories 4,096 4,444
Deferred Tax Benefit 407 407
Prepaid Expenses 97 163
-------- --------
Total Current Assets 8,459 9,592
-------- --------
SINKING FUND DEPOSITS 224 2,284
-------- --------
PROPERTY, PLANT, AND EQUIPMENT 37,391 29,809
-------- --------
ACCUMULATED DEPRECIATION (12,840) (12,095)
-------- --------
NET PROPERTY, PLANT AND EQUIPMENT 24,551 17,714
-------- --------
DEFERRED CHARGES, net 63 91
-------- --------
GOODWILL 73 --
-------- --------
NOTES RECEIVABLE FROM OFFICERS/SHAREHOLDERS -- 100
-------- --------
TOTAL ASSETS $ 33,370 $ 29,781
======== ========
LIABILITIES AND SHAREHOLDERS' INVESTMENT
----------------------------------------
CURRENT LIABILITIES
Revolving Bank Loan $ 1,562 $ 3,254
Current Portion of Long-Term Debt 2,054 1,000
Current Portion of Capital Lease Obligation and Other Long-Term Debt 190 115
Accounts Payable 3,383 4,589
Accrued Expenses 1,881 2,503
-------- --------
Total Current Liabilities 9,070 11,461
-------- --------
LONG-TERM DEBT 13,210 11,000
-------- --------
CAPITAL LEASE OBLIGATION AND OTHER LONG-TERM DEBT 4,325 86
-------- --------
DEFERRED TAXES 408 408
-------- --------
DEFERRED COMPENSATION 375 447
-------- --------
Total Liabilities 27,388 23,402
-------- --------
MINORITY INTEREST -- 369
-------- --------
SHAREHOLDERS' INVESTMENT
Preferred Stock Series B, no par value -- 477
Preferred Stock Series A, no par value -- 2,418
Common Stock, no par value 238 221
Paid-in Capital 9,688 9,379
Accumulated Deficit (3,944) (6,485)
-------- --------
Total Shareholders' Investment 5,982 6,010
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT $ 33,370 $ 29,781
======== ========
</TABLE>
The accompanying notes are an integral part of this financial information.
-3-
<PAGE> 4
PART 1. FINANCIAL INFORMATION
-----------------------------
Item 1. Financial Statements
- ----------------------------
MULTI-COLOR CORPORATION
-----------------------
Consolidated Statements of Income
(Prepared Without Audit)
(Thousands except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Thirteen Weeks Ended
December 31, 1999 December 27, 1998
---------------------- --------------------
<S> <C> <C>
NET SALES $ 12,795 $ 12,897
COST OF GOODS SOLD 10,598 10,925
-------- --------
Gross Profit 2,197 1,972
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 839 1,030
-------- --------
Operating Income $ 1,358 $ 942
OTHER EXPENSE (INCOME) (46) (111)
INTEREST EXPENSE 362 295
-------- --------
Income Before Taxes $ 1,042 $ 758
Provision for Taxes 22 --
-------- --------
NET INCOME $ 1,020 $ 758
======== ========
PREFERRED STOCK DIVIDENDS $ 40 $ 68
======== ========
NET INCOME APPLICABLE TO COMMON SHARES $ 980 $ 690
======== ========
Basic earnings per share $ 0.42 $ 0.30
======== ========
Diluted earnings per share $ 0.37 $ 0.25
======== ========
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic 2,360 2,303
======== ========
Diluted 2,762 2,995
======== ========
</TABLE>
The accompanying notes are an integral part of this financial information.
-4-
<PAGE> 5
PART 1. FINANCIAL INFORMATION
-----------------------------
Item 1. Financial Statements
- ----------------------------
MULTI-COLOR CORPORATION
-----------------------
Consolidated Statements of Income
(Prepared Without Audit)
(Thousands except per share amounts)
<TABLE>
<CAPTION>
Nine Months Ended Thirty-Nine Weeks Ended
December 31, 1999 December 27, 1998
------------------- -----------------------
<S> <C> <C>
NET SALES $ 39,372 $ 36,640
COST OF GOODS SOLD 33,092 31,526
-------- --------
Gross Profit 6,280 5,114
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 2,690 3,727
-------- --------
Operating Income 3,590 1,387
OTHER EXPENSE (INCOME) (82) (144)
INTEREST EXPENSE 891 858
-------- --------
Income Before Taxes and Cumulative Effect of a 2,781 673
Change in Accounting Principle
Provision for Taxes 64 --
-------- --------
Income Before Cumulative Effect of a Change in Accounting Principle 2,717 673
Cumulative Effect of Change in Accounting for Inventories, Net of Tax -- 224
-------- --------
NET INCOME $ 2,717 $ 897
======== ========
PREFERRED STOCK DIVIDENDS $ 177 $ 207
======== ========
NET INCOME APPLICABLE TO COMMON SHARES $ 2,540 $ 690
======== ========
Basic earnings per share:
Income before Cumulative Effect $ 1.09 $ 0.21
Cumulative Effect of Change in Accounting for Inventories $ -- $ 0.10
-------- --------
Net Income $ 1.09 $ 0.31
Diluted earnings per common share
Income before Cumulative Effect $ 0.94 $ 0.21
Cumulative Effect of Change in Accounting for Inventories $ -- $ 0.09
-------- --------
Net Income $ 0.94 $ 0.30
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic 2,324 2,256
======== ========
Diluted 2,904 2,411
======== ========
</TABLE>
The accompanying notes are an integral part of this financial information.
-5-
<PAGE> 6
Item 1. Financial Statements (Continued)
- ----------------------------------------
MULTI-COLOR CORPORATION
Consolidated Statements of Cash Flows
(Prepared Without Audit)
(Thousands)
<TABLE>
<CAPTION>
Nine Months Ended Thirty-Nine Weeks Ended
December 31, 1999 December 27, 1998
-------------------- ------------------------
<S> <C> <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 3,537 $ 2,919
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures, net (1,587) (475)
Acquisitions 2,078 --
Restricted cash (IRB Proceeds) -- 23
Proceeds from sale of property, plant and equipment 1,875 939
------- -------
Net cash provided by investing activities 2,366 487
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in Revolving Bank Loan (1,692) (1,669)
Payment of Preferred Stock Dividends (521) (207)
Sinking fund payments 2,060 (1,372)
Proceeds from issuance of common stock 23 40
Redemption of Preferred A stock (2,835) --
Additions to long-term debt 3,477 --
Repayment of long-term debt, including current portion, net (6,267) (19)
Repayment of Capital Lease Obligations (155) (69)
Capitalized Bank Fees -- (109)
------- -------
Net cash used in financing activities (5,910) (3,405)
------- -------
Net increase (decrease) in cash and cash
equivalents (7) 1
CASH AND CASH EQUIVALENTS, beginning of period 10 12
------- -------
CASH AND CASH EQUIVALENTS, end of period $ 3 $ 13
======= =======
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid $ 891 $ 858
Income taxes paid 64 4
SUPPLEMENTAL DISCLOSURE OF NON CASH ACTIVITIES:
Increase in fixed assets and capital lease obligation due to a sale/
leaseback transaction for the Scottsburg facility 4,250 --
Increase in common stock and paid in capital due to the conversion
of Preferred A stock to common 477 --
Acquisitions accountanted for as a purchase:
Fair value of assets acquired 4,407 --
Less: Liabilities assumed 6,485 --
------- -------
Net Cash Received $ 2,078 --
======= =======
</TABLE>
-6-
<PAGE> 7
MULTI-COLOR CORPORATION
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Item 1. Financial Statements (continued)
--------------------------------
1. Basis of Presentation:
The condensed financial statements included herein have been prepared
by the Company, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission. Although certain information
and footnote disclosures, normally included in financial statements
prepared in accordance with generally accepted accounting principles,
have been condensed or omitted pursuant to such rules and regulations,
the Company believes that the disclosures are adequate to make the
information presented not misleading. These condensed financial
statements should be read in conjunction with the financial statements
and the notes thereto included in the Company's latest Annual Report on
Form 10-K.
The information furnished in these financial statements reflects all
estimates and adjustments which are, in the opinion of management,
necessary to present fairly the results for the interim periods
reported, and all adjustments and estimates are of a normal recurring
nature.
Effective March 30, 1998, the Company elected to change its method of
inventory valuation to encompass a more complete absorption of overhead
costs in inventory. The Company believes the new method is preferable
for matching the full cost of the inventory with the revenues
generated. The cumulative effect of this accounting change as of March
30, 1998 was to increase income $224,000 ($.09 per diluted common
share) and has been separately identified on the Statement of
Operations for the thirty-nine weeks ended December 27, 1998.
2. Net Income Per Share Data:
The following is a reconciliation of the number of shares used in the
basic Earnings Per Share ("EPS") and diluted EPS computations (shares
in thousands):
<TABLE>
<CAPTION>
Three Thirteen Nine Thirty-Nine
Months Ended Weeks Ended Months Ended Weeks Ended
December 31 December 27 December 31 December 27
1999 1998 1999 1998
------------------------------- ---------------------------------
<S> <C> <C> <C> <C>
Basic EPS before cumulative effect 2,360 2,303 2,324 2,256
Cumulative effect of change in
accounting for inventories -- -- -- 2,256
Effect of dilutive stock options 30 48 27 36
Convertible shares 372 644 553 119
Diluted EPS 2,762 2,995 2,904 2,411
</TABLE>
Preferred stock dividends of $39,686 and $68,445 for the quarters ended
December 31, 1999 and December 31, 1998, respectively have been
deducted from the net income generated to arrive at the income
available to common stockholders for the calculation of basic EPS.
-7-
<PAGE> 8
3. Preferred Stock Conversion:
On October 19, 1999 the Board of Directors approved the redemption of
the Series A and Series B Preferred Shares outstanding. The Series A
Preferred Shares were redeemed as of November 22, 1999. Each Series A
Preferred Share was redeemable at $54.00 per share plus accrued
dividends. Each Series B Preferred Share was redeemable at $43.20 per
share plus accrued dividends or was convertible into ten shares of the
Company's Common Stock. The holders of the Series B Preferred Shares
elected to convert to common shares.
4. Inventories:
Inventories are stated at the lower of cost (First-In-First-Out) or
market and are comprised of the following:
<TABLE>
<CAPTION>
December 31, 1999 March 31, 1999
------------------ --------------
<S> <C> <C>
Finished Goods $1,040,000 $2,391,000
Work in Process 480,000 1,098,000
Raw Materials 2,576,000 955,000
---------- ----------
$4,096,000 $4,444,000
========== ==========
</TABLE>
5. Acquisition:
On December 16, 1999, the Company acquired the assets of Buriot
International, Inc. ("Buriot") a Batavia, Ohio label printing company.
The Company, through its wholly-owned subsidiary MCC-Batavia, LLC, paid
a net purchase price of $4,095,000 which represents the assumption of
$6,250,000 of industrial revenue bond debt and the release of cash
collateral and related payments by Buriot's secured creditor of
$2,155,000. In connection with the transaction PNC Bank National
Association issued a stand-by letter of credit securing the industrial
revenue bonds for the account of MCC-Batavia, LLC.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
-----------------------------------------------------------------------
Results of Operations
Three Months Ended December 31, 1999 Compared to the Thirteen Weeks Ended
December 27, 1998
Net sales decreased $102,000, in the third quarter as compared to the
same quarter of the previous year. Increased sales of labels for
household products were offset by decreases in beverage label sales.
Gross profit increased $225,000 compared to the prior year quarter due
to improved manufacturing efficiencies, reductions in waste and
favorable product mix.
Selling, general, and administrative ("SG&A") expenses decreased
$191,000 as compared to the same prior year period due to lower
personnel and related costs.
Other income decreased $65,000 compared to the prior year which
included non-recurring items such as a refund of worker's compensation
premiums.
Interest expense increased $67,000 as compared to the same period in
the prior year due to increased debt borrowings as a result of debt
assumed in the acquisition and the term loan entered into in order to
redeem the Preferred A Shares.
Net income for the period was $1,020,000 ($0.37 per diluted share) as
compared to net income of $758,000 ($0.25 per diluted share) for the
same period in the prior year as a result of higher profit margins and
lower SG&A expenses.
-8-
<PAGE> 9
Nine Months Ended December 31, 1999 Compared to the Thirty-Nine Weeks Ended
December 27, 1998
Net sales increased $2.7 million or 7% in the first nine months of
fiscal 2000 compared to the same period of the prior year. Volume
increases accounted for a $2.3 million of the increase while new
products, product mix changes and price increases accounted for the
remaining $.4 million.
Gross profit increased $1,166,000 or 23% over the comparable period in
the prior year. The increase in gross profit was attributable to the
sales increase, discussed above, as well as improved manufacturing
efficiencies and reductions in waste.
Selling, general, and administrative expenses decreased $1,037,000 from
the same period of the prior year. The prior year included a $726,000
charge for environmental and related charges. The remaining decrease is
due to lower personnel and related costs.
Other income decreased $62,000 compared to the prior year which
included non-recurring items such as a refund of worker's compensation
premiums.
Interest expense increased $33,000 as compared to the same period in
the prior year as a result of debt assumed in the acquisition and the
term loan entered into in order to redeem the Preferred A Shares.
Net income for the period was $2,717,000 ($0.94 per diluted share) as
compared to net income of $897,000 ($0.30 per diluted share) in the
same period of the prior year for the reasons discussed above.
Liquidity and Capital Resources
The Company is dependent on availability under its Revolving Credit
Agreement, approximately $1.6 million at December 31, 1999, and its
operations to provide for cash needs. The Company has a credit
agreement with PNC Bank, Ohio, National Association and Comerica Bank
which expires July 31, 2000. The credit agreement provides for
available borrowings under a revolving line of credit up to a maximum
of $5,000,000, subject to certain borrowing base limitations. The
credit agreement also allows $3,500,000 of capital expenditures,
including the expansion of the new facility in Scottsburg, Indiana
which was completed in September, 1999. Under the terms of the credit
agreement, the Company is subject to financial covenants including
cash flow coverage, leverage ratios and current ratios. Additionally,
the Company is prohibited from paying dividends on its outstanding
preferred stock if a specific leverage ratio is exceeded. The Company
was not prohibited from paying dividends on the preferred shares
during the quarter since its leverage ratio falls below the maximum.
Preferred stock dividends of $522,000 were paid during the nine months
ended December 31, 1999 including deferred dividends of $328,000.
Earnings before Interest, Taxes, Depreciation and Amortization
("EBITDA") was $5.2 million for the nine months ended December 31,
1999, compared to $3.3 million for the same period in the prior year.
This substantial increase in EBITDA was due to the significant
earnings increase for the period.
Through the first nine months of fiscal 2000 ended December 31, 1999,
net cash provided by operating activities was $3,623,000 compared to
net cash provided by operating activities of $2,920,000 through the
same period in the prior year. The increase was due to the increase in
-9-
<PAGE> 10
earnings offset by a reduction in accounts payable caused by
accelerating payments to vendors to take advantage of discount terms.
The Company had a working capital deficit of $611,000 at December 31,
1999, compared to a working capital deficit of $1,869,000 at March 31,
1999. At December 31, 1999, the Company was in compliance with its
loan covenants and current in its principal and interest payments on
all debt.
The Company completed the sale/leaseback of its facilities in
Scottsburg, Indiana on September 13, 1999. The sales price was $1.9
million and resulted in no gain or loss. In connection with the
transaction the Company recorded a $4.25 million capital lease asset
and a corresponding capital lease obligation. The $1.9 million proceeds
were deposited in the Sinking Fund to be used to pay down the
Industrial Revenue Bonds in November, 1999.
On December 1, 1999 the Company entered into a term loan to redeem its
Series A Preferred Stock. The principal amount was $2.8 million. During
December, 1999 the Company paid down $2.2 million of the principal
amount of the term loan from cash proceeds received in the acquisition
discussed in Footnote 5. During fiscal 2000, the Company has no
scheduled material principal payments under any of its debt
obligations. Debt service requirements, representing sinking fund
deposits for repayment of the IRB as required by the Company's loan
agreement, for fiscal 2000 are expected to be approximately $850,000.
The Company intends to make capital expenditures other than those in
connection with the expansion of its Scottsburg facility of
approximately $2,000,000 during fiscal 2000. The Company believes that
cash flow from operations and availability under the revolving line of
credit are sufficient to meet its capital requirements and debt service
requirements for the next twelve months. From time to time the Company
has reviewed potential acquisitions of businesses. While the Company
has no present commitments to acquire any businesses, such an
acquisition may require the Company to issue additional equity or incur
additional debt.
Year 2000 Compliance
The Company experienced no technology-related problems upon arrival of
January 1, 2000, nor was there any disruption to the business. During
the two-year period leading up to January 1, 2000, the Company
implemented a Year 2000 compliance program designed to ensure that the
Company's computer systems and applications would function properly
beyond 1999. The program was successfully completed during 1999. The
total cost of the program was approximately $300,000 and consisted of
the installation of a new computer system. The company will continue to
monitor all critical systems for the appearance of delayed
complications or disruptions, problems relating to the leap year, and
problems encountered through suppliers, customers and other third
parties with whom the Company deals. Although these and other
unanticipated Year 2000 issues could have an adverse effect on the
results of operations or financial condition of the Company, it is not
possible to anticipate the extent of impact at this time.
-10-
<PAGE> 11
Forward Looking Statements
Certain statements contained in this report that are not historical
facts constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, and are intended to
be covered by the safe harbors created by that Act. Reliance should
not be placed on forward-looking statements because they involve known
and unknown risks, uncertainties and other factors which may cause
actual results, performance or achievements to differ materially from
those expressed or implied. Any forward-looking statement speaks only
as of the date made. The Company undertakes no obligation to update
any forward-looking statements to reflect events or circumstances
after the date on which they are made.
Statements concerning expected financial performance, on-going
business strategies, and possible future action which the Company
intends to pursue in order to achieve strategic objectives constitute
forward-looking information. Implementation of these strategies and
the achievement of such financial performance are each subject to
numerous conditions, uncertainties and risk factors. Factors which
could cause actual performance to differ materially from these forward
looking statements include, without limitation, factors discussed in
conjunction with a forward-looking statement; changes in general
economic conditions; the success of its significant customers;
acceptance of new product offerings; changes in business strategy or
plans; vendor and customer Year 2000 compliance; availability, terms
and development of capital; availability of raw materials; business
abilities and judgment of personnel; changes in, or the failure to
comply with, government regulations; competition; the ability to
achieve cost reductions; and increases in general interest rate levels
affecting the Company's interest costs. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
-11-
<PAGE> 12
Part II. Other Information
--------------------------
Item 1 Legal Proceedings - None
Item 2 Changes in Securities - None
Item 3 Defaults Upon Senior Securities - None
Item 4 Submission of Matters to a Vote of Security Holders - The
annual meeting of shareholders was held on August 19, 1999. At
such meeting, the shareholders voted on the following items:
1. Election of the following directors:
Gordon B. Bonfield, 2,164,985 votes for and 28,093 withheld.
Charles B. Connolly, 2,153,935 votes for and 39,143 withheld.
Francis D. Gerace, 2,166,785 votes for and 26,293 withheld.
Lorrence T. Kellar, 2,166,785 votes for and 26,293 withheld.
Burton D. Morgan, 2,150,810 votes for and 42,268 withheld.
Louis M. Perlman, 2,012,085 votes for and 180,993 withheld.
2. Approval of an amendment to the terms of the Series A
Convertible Preferred Stock and Series B Convertible
Preferred Stock (1,408,373 votes for; 397,153 votes against;
4,395 abstentions)
3. Approval of the Company's 1999 Long-Term Incentive Plan
(1,159,077 votes for; 651,894 votes against; 5,700
abstentions)
4. Ratification of the appointment of Grant Thornton LLP as the
Company's independent public accountants for fiscal 2000.
(2,189,128 votes for; 1,250 votes against; 2,700 abstentions)
5. The shareholders did not approve the proposals to: (a) amend
the Company's Articles of Incorporation, (563,366 votes for;
1,245,060 votes against; 8,245 abstentions) or (b) amend the
Company's Regulations (584,666 votes for; 1,217,210 votes
against; and 8,045 abstentions)
Item 5 Other Information- None
Item 6 Exhibits and Reports on Form 8-K
(a) List of Exhibits
Exhibit Number 27 - Financial Data Schedule
(b) Reports on Form 8-K - A Form 8-K was filed on December 30,
1999 which reported the acquisition of Assets of Buriot
International, Inc.
-12-
<PAGE> 13
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Multi-Color Corporation
(Registrant)
Date: February 14, 2000 By: /s/ Dawn H. Bertsche
---------------------
Dawn H. Bertsche
Vice President-Finance,
Chief Financial Officer
-13-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> DEC-31-1999
<CASH> 3,000
<SECURITIES> 0
<RECEIVABLES> 3,856,000
<ALLOWANCES> 0
<INVENTORY> 4,096,000
<CURRENT-ASSETS> 8,459,000
<PP&E> 37,391,000
<DEPRECIATION> 12,840,000
<TOTAL-ASSETS> 33,370,000
<CURRENT-LIABILITIES> 9,071,000
<BONDS> 13,210,000
0
0
<COMMON> 9,926,000
<OTHER-SE> (3,944,000)
<TOTAL-LIABILITY-AND-EQUITY> 33,370,000
<SALES> 39,372,000
<TOTAL-REVENUES> 39,372,000
<CGS> 33,092,000
<TOTAL-COSTS> 35,782,000
<OTHER-EXPENSES> (82,000)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 891,000
<INCOME-PRETAX> 2,781,000
<INCOME-TAX> 64,000
<INCOME-CONTINUING> 2,717,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,717,000
<EPS-BASIC> 1.09
<EPS-DILUTED> 0.94
</TABLE>
