By Mike Boyer
The Cincinnati Enquirer

Cincinnati's Multi-Color Corp. reported a 3 percent increase in net income and a 28 percent increase in revenues for the fiscal year ended March 31.

The label-printer and packaging services provider, which includes Procter & Gamble Co. among its customers, said net income was $6.5 million for the year compared with $6.34 million a year ago. Earnings per share were flat at 99 cents.

Excluding $1.1 million in costs for the closing of its underperforming Las Vegas plant in March, Multi-Color said net income rose 14 percent.

"The costs associated with the closure of our Las Vegas facility put a damper on what would have been a spectacular year," CEO Frank Gerace said.

He said 2003 was the company's sixth consecutive year of higher revenues and earnings.

Annual revenues were a record $127 million, with organic growth representing 40 percent of the increase and acquisitions accounting for the rest.

In the fourth quarter, Multi-Color reported lower net income of $1.59 million, or 24 cents a share, compared with $1.96 million, or 30 cents a share, in the prior year.

Excluding the Vegas plant closing costs, fourth-quarter net income rose 9 percent.

Fourth-quarter revenues increased 16 percent to $33.3 million from $28.6 million a year ago.

Shares in Multi-Color closed at $17.25, down 95 cents.

E-mail mboyer@enquirer.com