Multi-Color Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended March 31, 2016. For the quarter, the company reported net revenues of $227,093,000 compared to $205,465,000 a year ago. Operating income was $22,718,000 compared to $24,662,000 a year ago. Income before income taxes was $14,325,000 compared to $18,186,000 a year ago. Net income was $8,284,000 compared to $11,611,000 a year ago. Net income attributable to the company was $8,287,000 or $0.49 per basic and diluted share compared to $11,611,000 or $0.69 per diluted share a year ago. Core operating income, (non-GAAP) was $26,450,000 compared to $25,864,000 a year ago. Core EBITDA, (non-GAAP) was $37,646,000 compared to $36,233,000 a year ago. Core income before income taxes, (non-GAAP) was $18,057,000 compared to $19,334,000 a year ago. Free cash flow for the fourth quarter of fiscal 2016, consisting of cash provided by operating activities less capital expenditures, was $22 million compared to $30.7 million in the prior year quarter.

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.