Multi-Color shares jump on 1Q revenue gains
Multi-Color 1st-quarter revenue up on acquisition, shares soar in trading
CINCINNATI (AP) -- Multi-Color Corp.'s shares jumped Tuesday after the Cincinnati-based label manufacturer reported major revenue gains for its fiscal first quarter.
The company earned $7.9 million, or 49 cents per share, for the quarter that ended June 30. That is down from $8.9 million, or 66 cents per share, in the same quarter of the prior year. After adjusting for acquisition expenses and other special items, it earned 55 cents per share versus 66 cents per share.
Multi-Color's total revenue jumped nearly 64 percent to $165 million from $100.6 million last year.
The company said that revenue increased due to its April acquisition of Scottish wine and spirits label maker Labelgraphics Holdings for $24.6 million. It also benefited from higher pricing and the mix of items sold during the period.
Shares were up $1.68, nearly 9 percent, to $20.68 by late afternoon.
