MULTI COLOR Corp

CIK:0000819220|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Net revenues	$ 1,725,554	$ 1,300,912	$ 923,295
Cost of revenues	1,403,634	1,054,312	726,486
Gross profit	321,920	246,600	196,809
Selling, general and administrative expenses	160,710	129,601	84,922
Facility closure expenses	711	1,419	921
Goodwill Impairment	99,155	0	0
Operating income	61,344	115,580	110,966
Interest expense	75,399	54,027	25,488
Other (income) expense, net	2,280	7,851	(2,735)
Income (loss) before income taxes	(16,335)	53,702	88,213
Income tax expense (benefit)	12,332	(18,195)	26,848
Net income (loss)	(28,667)	71,897	61,365
Less: Net income (loss) attributable to noncontrolling interests	374	(54)	369
Net income (loss) attributable to Multi-Color Corporation	$ (29,041)	$ 71,951	$ 60,996
Weighted average shares and equivalents outstanding:
Basic	20,468	18,421	16,879
Diluted	20,468	18,583	17,024
Basic earnings (loss) per common share	$ (1.42)	$ 3.91	$ 3.61
Diluted earnings (loss) per common share	(1.42)	3.87	3.58
Dividends per common share	$ 0.20	$ 0.20	$ 0.20

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (28,667)	$ 71,897	$ 61,365
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	60,474	46,913	33,480
Amortization of intangible assets	43,618	26,009	14,425
Goodwill impairment	99,155	0	0
Loss on sale of Southeast Asian durables business		512
Loss on write-off of deferred financing fees	186	660
Impairment loss on fixed assets related to facility closures	309
Amortization of deferred financing costs	5,085	3,174	1,665
Loss on benefit plans related to facility closures		55	133
Gain on previously held equity interests			(690)
Net (gain) loss on disposal of property, plant and equipment	178	1,150	(230)
Net (gain) loss on derivative contracts	(976)	4,018	103
Stock-based compensation expense	2,498	3,456	3,042
Excess tax benefit from stock-based compensation			(1,258)
Deferred income taxes, net	(10,294)	(39,289)	(2,938)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(3,829)	(35,410)	(7,457)
Inventories	(9,106)	(3,072)	(1,999)
Prepaid expenses and other assets	(18,020)	(12,069)	1,067
Accounts payable	24,344	(9,892)	171
Accrued expenses and other liabilities	(5,516)	(1,205)	6,331
Net cash provided by operating activities	159,439	56,907	107,210
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(81,898)	(60,105)	(46,146)
Investment in acquisitions, net of cash acquired		(1,024,644)	(28,839)
Net proceeds from sale of Southeast Asian durables business		3,620
Proceeds from sale of property, plant and equipment	3,266	798	1,350
Net cash used in investing activities	(78,632)	(1,080,331)	(73,635)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving lines of credit	348,719	478,519	265,746
Payments under revolving lines of credit	(398,452)	(618,804)	(292,797)
Borrowings of long-term debt		1,250,000	2,156
Repayments of long-term debt	(22,699)	(10,808)	(6,572)
Payment of acquisition related deferred payments	(8,343)	(10,697)	(1,784)
Buyout of non-controlling interest			(514)
Proceeds from issuance of common stock	1,556	2,572	2,742
Excess tax benefit from stock-based compensation			1,258
Debt issuance costs	(10)	(26,669)
Dividends paid	(4,106)	(4,024)	(3,876)
Net cash provided by (used in) financing activities	(83,335)	1,060,089	(33,641)
Effect of foreign exchange rate changes on cash	(7,418)	5,814	(2,414)
Net increase (decrease) in cash and cash equivalents	(9,946)	42,479	(2,480)
Cash and cash equivalents, beginning of year	67,708	25,229	27,709
Cash and cash equivalents, end of year	$ 57,762	$ 67,708	$ 25,229

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 57,762	$ 67,708
Accounts receivable, net	300,945	306,542
Other receivables	23,845	16,589
Inventories, net	144,235	167,950
Prepaid expenses	29,263	24,926
Other current assets	40,769	17,468
Total current assets	596,819	601,183
Property, plant and equipment, net	528,077	510,002
Goodwill	978,544	1,196,634
Intangible assets, net	538,196	580,233
Other non-current assets	6,755	12,097
Deferred income tax assets	4,081	2,827
Total assets	2,652,472	2,902,976
Current liabilities:
Current portion of long-term debt	23,059	20,864
Accounts payable	197,899	192,341
Accrued expenses and other liabilities	94,739	114,022
Total current liabilities	315,697	327,227
Long-term debt	1,514,294	1,577,821
Deferred income tax liabilities	160,017	149,950
Other liabilities	33,761	87,605
Total liabilities	2,023,769	2,142,603
Commitments and contingencies
Stockholders' equity:
Preferred stock, no par value, 1,000 shares authorized, no shares outstanding	0	0
Common stock, no par value, stated value of $0.10 per share; 40,000 shares authorized, 20,860 and 20,753 shares issued at March 31, 2019 and 2018, respectively	1,411	1,403
Paid-in capital	406,846	402,252
Treasury stock, 317 and 307 shares at cost at March 31, 2019 and 2018, respectively	(12,079)	(11,528)
Retained earnings	355,973	384,671
Accumulated other comprehensive loss	(126,166)	(19,241)
Total stockholders' equity attributable to Multi-Color Corporation	625,985	757,557
Noncontrolling interests	2,718	2,816
Total stockholders' equity	628,703	760,373
Total liabilities and stockholders' equity	$ 2,652,472	$ 2,902,976