Satisfying Markets In achieving record revenues of $127 million in Fiscal Year 2004,  we sustained our six-year performance of double-digit annual sales growth and solid earnings growth. What is especially important to us, and to our growing customer base, is the progress we made toward realizing our Vision—to be a premier global resource of packaging services and decorating solutions. That progress, through the commitment of 600 Multi-Color associates, has uniquely positioned our businesses to leverage new growth opportunities and to satisfy our markets with the distinctive Multi-Color brand of quality.  The Snacks & Beverages Division of Procter & Gamble used heat transfer labels (HTL) for the first-time, marking their break-through Folgers AromaSeal™ canister design. HTL allowed in-line label application with the molder, cutting manufacturing time and cost. Our Therimage™ technology created the package’s clean and highly-durable “no label” look. This is one of the industry’s largest HTL projects of the past decade. Supporting the category increases are Multi-Color executive leaders: (left) Johan Pot, Vice President  & General Manager, Packaging Services; (right) Don Kneir, President, Decorating Solutions. Multi-Color’s record sales performance in  FY 2004 exceeded industry averages  in all our major product categories. Sales Volume Increases  FY 2003 – 2004 Packaging Services  43% Shrink Sleeve  19% Pressure Sensitive  16% Heat Transfer  12% In-Mold 8% Ve poets OD ins 2 } 4502 oa :