<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                       ----------------------------------

                             WASHINGTON, D.C. 20549
                             ----------------------

                                    FORM 10-Q
                                    ---------

                  [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934
                  For the quarterly period ended     December 31, 2000
                                                ----------------------

                                       OR

                  [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934
                  For the transition period from ____________ to ____________


                            Commission File #0-16148
                            ------------------------

                             Multi-Color Corporation
             (Exact name of Registrant as specified in its charter)


              OHIO
(State or other jurisdiction of                             31-1125853
incorporation or organization)                              (IRS Employer
                                                            Identification No.)


            205 W. Fourth Street, Suite 1140, Cincinnati, Ohio 45202
            --------------------------------------------------------
                    (Address of principal executive offices)

                  Registrant's telephone number - (513)381-1480



                  ---------------------------------------------

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                    Yes   X   No
                                        -----     ----

Indicate the number of shares outstanding of each of the Registrant's classes of
common stock, as of the latest practicable date.

        Common shares, no par value - 2,480,128 (as of February 5, 2001)
        ----------------------------------------------------------------





                                       -1-
<PAGE>   2

                                    FORM 10-Q
                                    CONTENTS

PART I - FINANCIAL INFORMATION (Unaudited)

<TABLE>
<CAPTION>
                                                                                                                       Page

<S>                                                                                                                      <C>
Condensed Consolidated Balance Sheets at December 31, 2000 and March 31, 2000.............................................3

Condensed Consolidated Statements of Income for the Three Months
Ended December 31, 2000 and December 31, 1999.............................................................................4

Condensed Consolidated Statements of Income for the Nine Months
Ended December 31, 2000 and December 31, 1999.............................................................................5

Condensed Consolidated Statements of Cash Flows for the Nine Months
Ended December 31, 2000 and December 31, 1999.............................................................................6

Notes to Condensed Consolidated Financial Statements......................................................................7

Management's Discussions and Analysis of Financial Condition and Results of Operations....................................8

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings...............................................................................................11

Item 2.  Changes in Securities...........................................................................................11

Item 3.  Defaults upon Senior Securities.................................................................................11

Item 4.  Submission of Matters to a Vote of Security Holders.............................................................11

Item 5.  Other Information...............................................................................................11

Item 6.  Exhibits and Reports on Form 8-K................................................................................11

Signature................................................................................................................12
</TABLE>

                                      -2-


<PAGE>   3

                        PART 1. FINANCIAL INFORMATION

Item 1. Financial Statements
----------------------------

                             MULTI-COLOR CORPORATION
                      Condensed Consolidated Balance Sheets
                                   (Thousands)

<TABLE>
<CAPTION>
                                                                                   December 31, 2000        March 31, 2000
                                    ASSETS                                        --------------------   ---------------------
                                    ------                                            (unaudited)
CURRENT ASSETS
<S>                                                                               <C>                    <C>
     Cash                                                                         $                 3    $                  2
     Accounts Receivable                                                                        5,567                   5,051
     Inventories                                                                                5,598                   4,721
     Deferred Tax Benefit                                                                         448                     448
     Prepaid Expenses and Other                                                                    82                     102
                                                                                  --------------------   ---------------------
                  Total Current Assets                                                         11,698                  10,324

PROPERTY, PLANT AND EQUIPMENT, net                                                             25,892                  24,148

GOODWILL AND OTHER INTANGIBLES, net                                                             4,558                      71

DEFERRED TAX ASSET                                                                                706                   2,128

OTHER                                                                                             241                     480
                                                                                  --------------------   ---------------------

                  TOTAL ASSETS                                                    $            43,095    $             37,151
                                                                                  ====================   =====================

                   LIABILITIES AND SHAREHOLDERS' INVESTMENT
                   ----------------------------------------

CURRENT LIABILITIES:
     Revolving Bank Loan                                                          $                 -    $              3,456
     Current Portion of Long-term Debt                                                          3,246                   1,519
     Current Portion of Capital Lease Obligations                                                  98                     169
     Accounts Payable                                                                           3,849                   3,650
     Accrued Expenses                                                                           2,393                   1,811
                                                                                  --------------------   ---------------------
                  Total Current Liabilities                                                     9,586                  10,605

LONG-TERM DEBT, excluding current portion                                                      17,426                  12,996

CAPITAL LEASE OBLIGATIONS, excluding current portion                                            4,225                   4,295

DEFERRED COMPENSATION                                                                             189                     119
                                                                                  --------------------   ---------------------
                  Total Liabilities                                                            31,426                  28,015

SHAREHOLDERS' INVESTMENT
     Common Stock, no par value                                                                   249                     245
     Paid-in Capital                                                                           10,245                   9,978
     Treasury stock, at cost                                                                     (51)                    (51)
     Retained Earnings (Accumulated Deficit)                                                    1,226                 (1,036)
                                                                                  --------------------   ---------------------
                   Total Shareholders' Investment                                              11,669                   9,136
                                                                                  --------------------   ---------------------

                   TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT                 $            43,095    $             37,151
                                                                                  ====================   =====================
</TABLE>

The accompanying notes are an integral part of this financial information.


                                      -3-
<PAGE>   4
Item 1. Financial Statements (continued)
----------------------------------------

                             MULTI-COLOR CORPORATION
                             -----------------------

                   Condensed Consolidated Statements of Income
                                  (Unaudited)
                      (Thousands except per share amounts)

<TABLE>
<CAPTION>
                                                                                   Three Months Ended
                                                                    -------------------------------------------------
                                                                       December 31, 2000        December 31, 1999
                                                                    ------------------------  -----------------------

<S>                                                                 <C>                       <C>
NET SALES                                                           $                16,289   $              $12,795

COST OF GOODS SOLD                                                                   12,962                   10,598
                                                                    ------------------------  -----------------------

     Gross Profit                                                                     3,327                    2,197

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES                                          1,181                      839
                                                                    ------------------------  -----------------------

     Operating Income                                                                 2,146                    1,358

OTHER EXPENSE (INCOME)                                                                  123                      (46)

INTEREST EXPENSE                                                                        497                      362
                                                                    ------------------------  -----------------------

     Income Before Taxes                                                              1,526                    1,042

INCOME TAX EXPENSE                                                                      610                       22
                                                                    ------------------------  -----------------------

     NET INCOME                                                     $                   916                    1,020
                                                                    ------------------------  -----------------------

Preferred Stock Dividends                                           $                     -                       40
                                                                    ------------------------  -----------------------

Net Income Applicable to Common Shares                              $                   916                      980
                                                                    ========================  =======================

Basic Earnings per share                                            $                  0.37   $                 0.42

Diluted Earnings per share                                          $                  0.35   $                 0.37

Average Number of Common Shares Outstanding

Basic                                                                                 2,470                    2,360

Diluted                                                                               2,626                    2,762
</TABLE>

The accompanying notes are an integral part of this financial information.

                                      -4-
<PAGE>   5

Item 1. Financial Statements (continued)
----------------------------------------

                             MULTI-COLOR CORPORATION
                             -----------------------

                   Condensed Consolidated Statements of Income
                                  (Unaudited)
                      (Thousands except per share amounts)

<TABLE>
<CAPTION>
                                                                                    Nine Months Ended
                                                                     -------------------------------------------------
                                                                        December 31, 2000        December 31, 1999
                                                                     ------------------------  -----------------------

<S>                                                                  <C>                       <C>
NET SALES                                                            $                47,321   $               39,372

COST OF GOODS SOLD                                                                    38,163                   33,092
                                                                     ------------------------  -----------------------

     Gross Profit                                                                      9,158                    6,280

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES                                           3,609                    2,690
                                                                     ------------------------  -----------------------

     Operating Income                                                                  5,549                    3,590

OTHER EXPENSE (INCOME)                                                                   247                      (82)

INTEREST EXPENSE                                                                       1,544                      891
                                                                     ------------------------  -----------------------

     Income Before Taxes                                                               3,758                    2,781

INCOME TAX EXPENSE                                                                     1,496                       64
                                                                     ------------------------  -----------------------

     NET INCOME                                                      $                 2,262   $                2,717
                                                                     ------------------------  -----------------------

Preferred Stock Dividends                                            $                     -   $                  177
                                                                     ------------------------  -----------------------

Net Income Applicable to Common Shares                               $                 2,262   $                2,540
                                                                     ========================  =======================

Basic Earnings per share                                             $                  0.92   $                 1.09

Diluted Earnings per share                                           $                  0.88   $                 0.94

Average Number of Common Shares Outstanding

Basic                                                                                  2,458                    2,324

Diluted                                                                                2,578                    2,904
</TABLE>

The accompanying notes are an integral part of this financial information.

                                      -5-
<PAGE>   6

Item 1. Financial Statements (continued)
----------------------------------------

                            MULTI-COLOR CORPORATION

                Condensed Consolidated Statements of Cash Flows
                                  (Unaudited)
                                  (Thousands)

<TABLE>
<CAPTION>
                                                                                  Nine Months Ended
                                                                      --------------------------------------------
                                                                        December 31, 2000      December 31, 1999
                                                                      --------------------    --------------------

<S>                                                                   <C>                     <C>
NET CASH PROVIDED BY OPERATING ACTIVITIES                             $              5,982    $              3,537

CASH FLOWS FROM INVESTING ACTIVITIES:
       Capital Expenditures, net                                                    (2,147)                 (1,587)
       Acquisition of Business, net of cash received                                (6,407)                  2,078
       Proceeds from sale of property, plant and equipment                               1                   1,875
                                                                      --------------------    --------------------
                Net cash provided by (used in) investing activities                 (8,553)                  2,366

CASH FLOWS FROM FINANCING ACTIVITIES:
       Decrease of revolving bank loan                                              (3,455)                 (1,692)
       Preferred Stock Dividend Payments                                              --                      (521)
       Sinking fund withdrawals                                                        428                   2,060
       Redemption of Preferred A stock                                                --                    (2,835)
       Repayment of long-term debt, including current portion                       (1,647)                 (6,267)
       Proceeds from issuance of long term debt                                      7,200                   3,477
       Repayment of Capital Lease Obligations                                         (139)                   (155)
       Proceeds from issuance of common stock                                          271                      23
       Capitalized Bank Fees                                                           (86)                   --
                                                                      --------------------    --------------------
                Net cash provided by (used in) financing activities                  2,572                  (5,910)
                                                                      --------------------    --------------------
                Net increase (decrease) in cash                                          1                      (7)
CASH, beginning of period                                                                2                      10
                                                                      --------------------    --------------------
CASH, end of period                                                   $                  3    $                  3
                                                                      ====================    ====================


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

       Interest paid                                                  $              1,235    $                891
       Income Taxes paid                                              $                 51    $                 64

       Acquisition accounted for as a Purchase:
           Assets acquired                                            $              9,286    $              4,407
           Liabilities assumed                                                      (1,479)                 (6,485)
           Cash acquired                                                              (800)                   --
           Note payable                                                               (600)                   --
                                                                      --------------------    --------------------
                   Net cash paid (received)                           $              6,407    $             (2,078)
                                                                      ====================    ====================
</TABLE>

The accompanying notes are an integral part of this financial information.

                                      -6-
<PAGE>   7

                             MULTI-COLOR CORPORATION

              Notes to Condensed Consolidated Financial Statements
                                   (Unaudited)
                             (Amounts in Thousands)

Item 1.  Financial Statements (continued)
         --------------------------------

         1.       Basis of Presentation:

          The condensed financial statements included herein have been prepared
          by the Company, without audit, pursuant to the rules and regulations
          of the Securities and Exchange Commission. Although certain
          information and footnote disclosures, normally included in financial
          statements prepared in accordance with generally accepted accounting
          principles, have been condensed or omitted pursuant to such rules and
          regulations, the Company believes that the disclosures are adequate to
          make the information presented not misleading. These condensed
          financial statements should be read in conjunction with the financial
          statements and the notes thereto included in the Company's latest
          Annual Report on Form 10-K.

          The information furnished in these financial statements reflects all
          estimates and adjustments which are, in the opinion of management,
          necessary to present fairly the results for the interim periods
          reported, and all adjustments and estimates are of a normal recurring
          nature.

         2.       Net Income Per Share Data:

          The following is a reconciliation of the number of shares used in the
          Basic Earnings Per Share ("EPS") and Diluted EPS computations (shares
          in thousands):

<TABLE>
<CAPTION>
                                                    Three months ended                  Nine months ended
                                                       December 31,                        December 31,
                                                   2000            1999             2000               1999
                                                ----------      ----------       ----------         ----------
<S>                                             <C>             <C>              <C>                 <C>
          Basic EPS                                2,470           2,360            2,458              2,324
          Effect of dilutive stock options           156              30              120                 27
          Convertible shares                           -             372                -                553
          Diluted EPS                              2,626           2,762            2,578              2,904
 </TABLE>

          Preferred stock dividends of $40 and $177 for the three months and
          nine months ended December 31, 1999, respectively, have been deducted
          from the net income generated to arrive at the income available to
          common stockholders for the calculation of basic EPS. As of March 31,
          2000 all preferred stock were either redeemed or converted into common
          stock.

3.       Inventories:

         Inventories are stated at the lower of cost (First-in-First-out) or
         market and are comprised of the following:

<TABLE>
<CAPTION>
                                                                   December 31,2000              March 31,2000
                                                                  ------------------            --------------
<S>                                                                         <C>                       <C>
         Finished Goods                                                     $3,002                    $2,650
         Work in Process                                                       763                       820
         Raw Materials                                                       1,833                     1,251
                                                                  -----------------            --------------
                                                                            $5,598                    $4,721
                                                                  =================            ==============
</TABLE>


                                       -7-
<PAGE>   8

Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
         OF OPERATIONS (AMOUNTS IN THOUSANDS)

Results of Operations

Three Months Ended December 31, 2000 Compared to the Three Months Ended December
31, 1999

          Net sales increased $3,494 or 27%, for the three months ended December
          31, 2000 as compared to the same period in the prior year. The
          increase in sales is attributable to the Company's entrance into the
          heat-shrink label and pressure-sensitive label markets through the
          acquisitions completed in the third quarter of fiscal 2000 and the
          first quarter of fiscal 2001. Additionally, sales of in-mold labels to
          existing customers increased as a result of new product introductions
          by the Company's key customers. The Company also benefited from the
          awarding of new business on current products of the Company's existing
          customers.

          Gross profit increased $1,130 or 51% as compared to the same period in
          the prior year. The increase in gross profit was partially
          attributable to the increase in sales to new markets as described
          above. In addition, favorable product mix, an increase in volume and
          the continued improvement of efficiencies and waste reduction realized
          at the Scottsburg, Indiana and Batavia, Ohio manufacturing facilities
          contributed to the increase in gross margin. The Company continues to
          focus on more specialized and technically demanding label
          applications, which generate higher margins, while continuing to
          reduce the volume of lower-end prime labels.

          Selling, general and administrative expenses increased $342 as
          compared to the same prior year period. The increase was primarily
          attributable to additional sales and marketing expenses incurred as a
          result of the acquisitions the Company completed in fiscal 2000 and
          2001.

          Interest expense increased $135 as compared to the same period in the
          prior year and was the result of higher average interest rates and
          increased debt levels, offset by the reduction of interest expense
          associated with the paydown of the Company's revolving bank loan. The
          Company had no outstanding borrowings under the revolving bank loan at
          December 31, 2000. Overall, the Company increased debt in connection
          with the acquisitions in 1999 and 2000 by $14,050.

          Income tax expense totaled $610 for the three months ended December
          31, 2000. There was minimal income tax expense recorded for the same
          period in the prior year. The Company now records income tax expense
          as the Company expects to fully utilize net operating loss
          carryforwards and no longer requires a valuation allowance to be
          recorded against tax assets recorded on the Company's balance sheet.

          The net income for the period was $916 ($.35 per diluted share) as
          compared to net income of $1,020 ($.37 per diluted share after payment
          of preferred stock dividends) in the same period in the prior year.
          The increase in pre-tax income was offset by the addition of tax
          expense discussed above, causing earnings per share to decline.

Nine Months Ended December 31, 2000 Compared to the Nine Months Ended December
31, 1999

          Net sales increased $7,949 or 20%, in the first nine months of fiscal
          2001 compared to the same period of the prior year. The increase in
          sales is attributable to the Company's entrance into the heat-shrink
          label and pressure-sensitive label markets through the acquisitions
          completed in the third quarter of fiscal 2000 and the first quarter of
          fiscal 2001. Additionally, sales of in-mold labels to existing
          customers increased as a result of new product introductions by the
          Company's key customers during the second and third quarters of fiscal
          2001. The Company also benefited from the awarding of new business on
          current products of the Company's existing

                                       -8-
<PAGE>   9

          customers. These sales increases were offset by the first quarter of
          fiscal 2001 impact of several of the Company's customers working off
          inventories during the three months ended June 30, 2000 that were
          built up in 1999 in anticipation of potential Y2K interruptions.

          Gross profit increased $2,878 or 46% as compared to the same period in
          the prior year. Gross profit margin for the first nine months of
          fiscal 2001 was 19% as compared to 16% for the same period in the
          prior year. The increase in gross profit was partially attributable to
          the increase in sales to new markets as described above. In addition,
          favorable product mix experienced by the Company during the third
          quarter of fiscal 2001 and the continued improvement of efficiencies
          and waste reduction realized at the Scottsburg, Indiana and Batavia,
          Ohio manufacturing facilities contributed to the increase in gross
          profit.

          Selling, general and administrative expenses increased $919 as
          compared to the same period in the prior year. The increase was
          attributable to additional sales and marketing expenses incurred as a
          result of the acquisitions the Company completed in fiscal 2000 and
          2001.

          Interest expense increased $653 as compared to the same period in the
          prior year and was the result of higher average interest rates and
          increased debt levels, offset by the reduction of interest expense
          associated with the paydown of the Company's revolving bank loan. The
          Company had no outstanding borrowings under the revolving bank loan at
          December 31, 2000. Overall, the Company increased debt in connection
          with the acquisitions in 1999 and 2000.

          Income tax expense increased $1,432 as compared to the same period in
          the prior year. There was minimal income tax expense recorded for the
          same period in the prior year. The Company now records income tax
          expense as the Company expects to fully utilize net operating loss
          carryforwards and no longer requires a valuation allowance to be
          recorded against tax assets recorded on the Company's balance sheet.

          The net income for the period was $2,262 ($.88 per diluted share) as
          compared to net income of $2,540 ($.94 per diluted share) in the same
          period in the prior year. The increase in pre-tax income was offset by
          the addition of tax expense discussed above, causing earnings per
          share to decline.

Liquidity and Capital Resources

          The Company is dependent on availability under its Revolving Credit
          Agreement, $5,000 at December 31, 2000, and its operations to provide
          for cash needs. The Company entered into a new credit agreement with
          PNC Bank, Ohio, National Association and another lender on June 6,
          2000 which is a restatement of its prior credit agreements. The new
          credit agreement provides for available borrowings under a revolving
          line of credit up to a maximum of $5,000 and a $7,200 acquisition
          facility, which was utilized in June 2000 in connection with the
          Company's acquisition of Uniflex.

          Under the terms of the new credit agreement, the Company is subject to
          a number of financial covenants. Additionally, the Company is
          prohibited from paying dividends on its outstanding stock.

          Earnings before Interest, Taxes, Depreciation and Amortization
          ("EBITDA") was $2,811 for the three months ended December 31, 2000,
          compared to $1,961 for the same period in the prior year. This
          increase is due to the increased operating income incurred for the
          three months ended December 31, 2000.

          Through the nine months ended December 31, 2000, net cash provided by
          operating activities was $5,982 compared to net cash provided of
          $3,537 through the same period of the prior year. The increase was due
          to an increase in operating income as discussed above as well as
          favorable

                                       -9-
<PAGE>   10

          changes in working capital. Through the nine months ended December 31,
          2000, net cash used in investing activities was $8,553 compared to net
          cash provided of $2,366 through the same period of the prior year. The
          acquisition that the Company completed in the first quarter of fiscal
          2001 required a net cash outlay of $6,200. In the nine months ended
          December 31, 1999, the Scottsburg, Indiana facility was sold to a
          third party in a sale leaseback transaction and cash was also received
          in the acquisition the Company completed during that period. Through
          the nine months ended December 31, 2000, net cash provided by
          financing activities was $2,572 compared to net cash used of $5,910
          through the same period of the prior year. The change was due to the
          debt incurred to fund the acquisition completed during the first
          quarter of fiscal 2001 and the redemption of Series A Convertible
          Preferred Stock during the nine months ended December 31, 1999.

          The Company believes it has both sufficient short and long term
          liquidity financing. The Company had a working capital position of
          $2,112 and $(611) at December 31, 2000 and 1999, respectively. At
          December 31, 2000 the Company was in compliance with its loan
          covenants and current in its principal and interest payments on all
          debt.

          The Company intends to make capital expenditures of approximately
          $2,500 during fiscal 2001. The Company believes that cash flow from
          operations and availability under the revolving line of credit are
          sufficient to meet its capital requirements and debt service
          requirements for the next twelve months. From time to time the Company
          has reviewed potential acquisitions of businesses. While the Company
          has no present commitments to acquire any businesses, such an
          acquisition may require the Company to issue additional equity or
          incur additional debt.

Forward Looking Statements

          Certain statements contained in this report that are not historical
          facts constitute forward-looking statements within the meaning of the
          Private Securities Litigation Reform Act of 1995, and are intended to
          be covered by the safe harbors created by that Act. Reliance should
          not be placed on forward-looking statements because they involve known
          and unknown risks, uncertainties and other factors which may cause
          actual results, performance or achievements to differ materially from
          those expressed or implied. Any forward-looking statement speaks only
          as of the date made. The Company undertakes no obligation to update
          any forward-looking statements to reflect events or circumstances
          after the date on which they are made.

          Statements concerning expected financial performance, on-going
          business strategies, and possible future action which the Company
          intends to pursue in order to achieve strategic objectives constitute
          forward-looking information. Implementation of these strategies and
          the achievement of such financial performance are each subject to
          numerous conditions, uncertainties and risk factors. Factors which
          could cause actual performance to differ materially from these
          forward-looking statements include, without limitation, factors
          discussed in conjunction with a forward-looking statement; changes in
          general economic conditions; the success of its significant customers;
          acceptance of new product offerings; changes in business strategy or
          plans; availability, terms and development of capital; availability of
          raw materials; business abilities and judgment of personnel; changes
          in, or the failure to comply with, government regulations;
          competition; the ability to achieve cost reductions; and increases in
          general interest rates levels affecting the Company's interest costs.
          The Company undertakes no obligation to publicly update or revise any
          forward-looking statements, whether as a result of new information,
          future events or otherwise.

                                      -10-
<PAGE>   11

                           Part II - Other Information
                           ---------------------------

Item 1. Legal Proceedings - None

Item 2. Changes in Securities - None

Item 3. Defaults upon Senior Securities - None

Item 4. Submission of Matters to a Vote of Security Holders - None

Item 5. Other Information - None

Item 6. Exhibits and Reports on Form 8-K - None


                                      -11-


<PAGE>   12


                                   Signatures
                                   ----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                              Multi-Color Corporation
                                              (Registrant)




Date:    February 14,2001                     By: /s/ Dawn H. Bertsche
                                                  ------------------------------
                                                  Dawn H. Bertsche
                                                  Vice President-Finance,
                                                  Chief Financial Officer



                                      -12-