Multi-Color Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2016; Provides Effective Tax Rate Guidance for the Full Year of 2017
For the year, the company reported net revenues of $870,825,000 compared to $810,772,000 a year ago. Operating income was $94,428,000 compared to $96,912,000 a year ago. Income before income taxes was $66,810,000 compared to $70,872,000 a year ago. Net income was $47,829,000 compared to $45,716,000 a year ago. Net income attributable to the company was $47,739,000 or $2.82 per diluted share compared to $45,716,000 or $2.71 per diluted share a year ago. Core operating income, (non-GAAP) was $103,943,000 compared to $107,127,000 a year ago. Core EBITDA, (non-GAAP) was $148,416,000 compared to $148,496,000 a year ago. Core income before income taxes, (non-GAAP) was $76,325,000 compared to $83,088,000 a year ago. As at March 31, 2016, the shareholder's total debt was $514,279,000 compared to $458,530,000 a year ago. Free cash flow for fiscal 2016 was $64.5 million compared to $77.8 million in the prior year quarter, primarily driven by higher capital expenditures, facility closure expenses and the timing of tax payments. Free cash flow for fiscal 2015 included a $5.5 million benefit associated with the timing of bond interest payments. The company had $514.3 million in debt as at March 31, 2016, compared to $458.5 million at March 31, 2015. During the last 4 quarters, the company paid down $72.5 million in debt and borrowed, including acquired debt, $128.3 million in relation to acquisitions.
The company expects its annual effective tax rate to be approximately 32% in fiscal 2017.