<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 June 30, 1999
               -------------

                                       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                                                31-1125853
             ----                                                ----------
(State or other jurisdiction of                                 IRS Employer
incorporation or organization)                               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 - 2,305,460 (as of August 2, 1999)
         --------------------------------------------------------------



                                       -1-


<PAGE>   2

                          PART 1. FINANCIAL INFORMATION
                          -----------------------------

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

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

                            Statements of Operations
                            (Prepared Without Audit)
                      (Thousands except per share amounts)

<TABLE>
<CAPTION>
                                                                                         Thirteen Weeks Ended
                                                                                    ------------------------------
                                                                                    June 30, 1999    June 28, 1998
                                                                                    -------------    -------------
<S>                                                                                    <C>               <C>
NET SALES                                                                              $14,079           $11,448

COST OF GOODS SOLD                                                                      11,959            10,132
                                                                                       -------           -------

Gross Profit                                                                             2,120             1,316

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES                                             1,012             1,002
                                                                                       -------           -------

Operating Income                                                                       $ 1,108           $   314

OTHER EXPENSE (INCOME)                                                                     (66)             (158)

INTEREST EXPENSE                                                                           260               280
                                                                                       -------           -------

Income Before Taxes and Cumulative Effect of a Change in Accounting Principle          $   914           $   192

Provision (Credit) for Taxes                                                                 0                 0
                                                                                       -------           -------

Income Before Cumulative Effect of a Change in Accounting Principle                    $   914           $   192

Cumulative Effect of Change in Accounting for Inventories, Net of Tax                       --              (224)
                                                                                       -------           -------

NET INCOME                                                                             $   914           $   416
                                                                                       =======           =======

PREFERRED STOCK DIVIDENDS                                                              $    68           $    70
                                                                                       =======           =======

NET EARNINGS PER SHARE COMMON SHARE
Basic earnings per share:
     Income before Cumulative Effect                                                   $  0.37           $  0.06
     Cumulative Effect of Change in Accounting for Inventories                         $    --           $  0.10
                                                                                       -------           -------
     Net Income                                                                        $  0.37           $  0.16
                                                                                       =======           =======

Diluted earnings per share:
     Income before Cumulative Effect                                                   $  0.31           $  0.07
     Cumulative Effect of Change in Accounting for Inventories                         $    --           $  0.08
                                                                                       -------           -------
     Net Income                                                                        $  0.31           $  0.15
                                                                                       =======           =======

AVERAGE NUMBER OF COMMON SHARES OUTSTANDING
Basic                                                                                    2,305             2,182
                                                                                       =======           =======
Diluted                                                                                  2,972             2,869
                                                                                       =======           =======
</TABLE>


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


                                      -2-
<PAGE>   3


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

                             MULTI-COLOR CORPORATION
                                 Balance Sheets
                                   (Thousands)
                                     ASSETS
                                     ------

<TABLE>
<CAPTION>
                                                                         June 30, 1999    March 28, 1999
                                                                         --------------   -----------------
                                                                                           (Derived from
                                                                           (Prepared      Audited Financial
                                                                         Without Audit)     Statements)
<S>                                                                        <C>                <C>
CURRENT ASSETS
     Cash and Cash Equivalents                                             $      6           $     10
     Accounts Receivable                                                      4,601              4,515
     Notes Receivable                                                            21                 53
     Inventories
       Raw Materials                                                            912                955
       Work in Progress                                                         656              1,098
       Finished Goods                                                         2,100              2,391
     Deferred Tax Benefit                                                       407                407
     Prepaid Expenses and Supplies                                              220                142
     Prepaid Income Taxes                                                        21                 21
                                                                           --------           --------
                  Total Current Assets                                     $  8,944           $  9,592
                                                                           --------           --------
SINKING FUND DEPOSITS                                                      $    280           $  2,284
                                                                           --------           --------
PROPERTY, PLANT, AND EQUIPMENT                                             $ 30,299           $ 29,809
ACCUMULATED DEPRECIATION                                                    (12,612)           (12,095)
                                                                           --------           --------
                                                                           $ 17,687           $ 17,714
                                                                           --------           --------
DEFERRED CHARGES, net                                                      $     82           $     91
                                                                           --------           --------
THINK LABORATORY GOODWILL                                                  $     77           $     --
                                                                           --------           --------
NOTES RECEIVABLE FROM OFFICERS/SHAREHOLDERS                                $    100           $    100
                                                                           --------           --------
                  TOTAL ASSETS                                             $ 27,170           $ 29,781
                                                                           ========           ========

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

CURRENT LIABILITIES:
     Short-Term Debt                                                       $  2,918           $  3,254
     Current Portion of Long-term Debt                                          941              1,000
     Current Portion of Capital Lease Obligation                                198                115
     Accounts Payable                                                         2,917              4,589
     Accrued Expenses                                                         1,877              2,503
                                                                           --------           --------
                  Total Current Liabilities                                $  8,851           $ 11,461
                                                                           --------           --------
LONG-TERM DEBT, excluding current portion                                  $  9,967           $ 11,000
                                                                           --------           --------
CAPITAL LEASE OBLIGATION                                                   $    170           $     86
                                                                           --------           --------
DEFERRED TAXES                                                             $    407           $    408
                                                                           --------           --------
DEFERRED COMPENSATION                                                      $    676           $    447
                                                                           --------           --------
                  Total Liabilities                                        $ 20,071           $ 23,402
                                                                           --------           --------

MINORITY INTEREST                                                          $     --           $    369
                                                                           --------           --------

SHAREHOLDERS' INVESTMENT
     Preferred Stock Series B, no par value                                $    477           $    477
     Preferred Stock Series A, no par value                                   2,418              2,418
     Common Stock, no par value                                                 226                221
     Paid-in Capital                                                          9,617              9,379
     Accumulated Deficit                                                     (5,639)            (6,485)
                                                                           --------           --------
                   Total Shareholders' Investment                          $  7,099           $  6,010
                                                                           --------           --------
                   TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT          $ 27,170           $ 29,781
                                                                           ========           ========
</TABLE>

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


                                      -3-
<PAGE>   4


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

                             MULTI-COLOR CORPORATION

                            Statements of Cash Flows
                            (Prepared Without Audit)
                                   (Thousands)

<TABLE>
<CAPTION>
                                                                                  Thirteen Weeks Ended
                                                                            -------------------------------
                                                                            June 30, 1999     June 28, 1998
                                                                            -------------     -------------
<S>                                                                           <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net Income                                                             $   914           $   416
       Adjustments to reconcile net income to net
             cash provided by (used in) operating activities -
             Depreciation and amortization                                        520               498
             Minority interest in losses of subsidiary                             --               (13)
             Increase (decrease) in deferred compensation                        (257)               19
             Decrease in notes receivable                                          32                29
             Net decrease of accounts receivable,
               inventories and prepaid expenses and supplies                      368               543
             Net decrease in accounts payable,
               accrued liabilities, and preferred dividends                    (1,626)             (980)
                                                                              -------           -------
             Net cash provided by (used in) operating activities              $   (49)          $   512
                                                                              -------           -------
CASH FLOWS FROM INVESTING ACTIVITIES:
       Capital Expenditures, net                                              $  (218)          $   (34)
       Restricted cash (IRB Proceeds)                                              --                23
       Proceeds from sale of property, plant and equipment                         --               904
       Think Laboratory Goodwill                                                  (77)
                                                                              -------           -------
                Net cash provided by (used in) investing activities           $  (295)          $   893
                                                                              -------           -------
CASH FLOWS FROM FINANCING ACTIVITIES:
       Decrease of revolving loan including,
                 non-current portion, net                                     $  (335)          $  (526)
       Preferred Stock Dividend Payments                                          (34)               --
       Sinking fund (payments) withdrawals                                      2,004              (770)
       Repayment of long-term debt, including current portion                  (1,367)               (8)
       Repayment of Capital Lease Obligations                                      72               (23)
       Capitalized Bank Fees                                                       --               (75)
                                                                              -------           -------
                Net cash provided by (used in) financing activities           $   340           $(1,402)
                                                                              -------           -------
                Net increase (decrease) in cash and cash equivalents          $    (4)          $     3
CASH AND CASH EQUIVALENTS, beginning of period                                $    10           $    12
                                                                              -------           -------
CASH AND CASH EQUIVALENTS, end of period                                      $     6           $    15
                                                                              -------           -------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
       Interest paid                                                          $   260           $   280
                                                                              -------           -------
       Income Taxes paid                                                      $     0           $     0
                                                                              -------           -------
</TABLE>

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


                                      -4-
<PAGE>   5


                             MULTI-COLOR CORPORATION

                         Notes to Financial Information


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

         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.

         Effective March 30, 1998, the Company elected to change its method of
         inventory valuation to encompass a more complete absorption of overhead
         costs in inventory. The Company believes the new method is preferable
         for matching the full cost of the inventory with the revenues
         generated. The cumulative effect of this accounting change as of March
         30, 1998 was to increase income $224,000 ($.08 per diluted common
         share) and has been separately identified on the Statement of
         Operations for the thirteen weeks ended June 28, 1998.

         The following is a reconciliation of the number of shares used in the
         basic EPS and diluted EPS computations:

<TABLE>
<CAPTION>
                                                       Quarter Ended                Quarter Ended
                                                       June 30, 1999                June 28, 1998
                                                  -----------------------      -----------------------
                                                                   Per                           Per
                                                                  Share                         Share
                                                   Shares        Amounts        Shares         Amounts
                                                  ---------      -------       ---------       -------
<S>                                               <C>             <C>          <C>             <C>
         Basic EPS before cumulative effect       2,305,460       $ .37        2,182,060       $ .06
         Cumulative effect of change in
            accounting for inventories            2,305,460          --        2,182,060       $ .10
         Effect of dilutive stock options            22,829          --           29,166          --
         Convertible shares                         644,180       $(.06)         657,420       $(.01)
         Diluted EPS                              2,972,469       $ .31        2,868,646       $ .15
</TABLE>

         Preferred stock dividends of $68,445 and $69,852 for the quarters ended
         June 30, 1999 and June 28, 1998, respectively, have been deducted from
         the net income generated to arrive at the income available to common
         stockholders for the calculation of basic EPS.



                                       -5-

<PAGE>   6

Item 2.  Management's Discussion and Analysis of Financial Condition and
         ---------------------------------------------------------------
         Results of Operations
         ---------------------

Results of Operations

Thirteen Weeks Ended June 30, 1999 Compared to the Thirteen Weeks Ended June 28,
1998

         Net sales increased $2,631,000, or 23%, in the first quarter as
         compared to the same quarter of the previous year. In-mold and cylinder
         sales increased 23% or approximately $2,300,000 over the same prior
         year quarter. The Company has confidence in the long-term growth of the
         in-mold label and rotogravure cylinder markets, which is supported by
         the expansion program in process at the Scottsburg label manufacturing
         facility.

         Gross profit increased $804,000 as compared to the same period in the
         prior year. The increase in gross profit was attributable to improved
         efficiencies and waste reduction realized at Scottsburg.

         Selling, general, and administrative expenses increased $10,000 as
         compared to the same prior year period. The increase was attributable
         to additional travel expenses and training programs.

         Other income decreased $92,000 compared to the same prior year period.
         The decrease was attributable to one time events in fiscal 1999.

         Interest expense decreased $20,000 as compared to the same period in
         the prior year and was the result of lower average borrowings against
         the short-term revolving credit line and reduction in long-term debt.

         Effective March 30, 1998, the Company elected to change its method of
         inventory valuation to encompass a more complete absorption of overhead
         costs in inventory. The Company believes the new method is preferable
         for matching the full cost of the inventory with the revenues
         generated. The cumulative effect of this accounting change as of March
         30, 1998 was to increase income $224,000 ($.08 per diluted common
         share) and has been separately identified on the Statement of
         Operations for the thirteen weeks ended June 28, 1998.

         The net income for the period was $914,000 ($.31 per share after the
         accrual of preferred stock dividends) as compared to net income of
         $416,000 ($.15 per share after payment of preferred stock dividends) in
         the same prior year period.

Liquidity and Capital Resources

         The Company is dependent on availability under its Revolving Credit
         Agreement, approximately $2,000,000 at June 30, 1999, and its
         operations to provide for cash needs. The Company entered into a new
         credit agreement with PNC Bank, Ohio, National Association and Comerica
         Bank on June 22, 1998 which is a restatement of its prior credit
         agreements. The earlier credit agreements were amended several times
         between 1994 and 1998 to reflect, among other things, the Company's
         inability to meet certain financial covenants, including cash flow
         coverage ratios, leverage ratios and current ratios, and to reflect
         equity infusions and changes in the Company's results of operations
         during that time period. The new credit agreement, which has been
         amended twice since June 22, 1998, provides for available borrowings
         under a revolving line of credit up to a maximum of $5,000,000, subject
         to certain borrowing base limitations. The new credit agreement also
         allows $3,500,000 of capital expenditures including an expansion
         program for a new facility in Scottsburg.



                                       -6-

<PAGE>   7



         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 deferred dividends on its outstanding preferred
         stock, is limited in its ability to pay current dividends on its
         outstanding preferred stock, and is limited in its ability to borrow
         other funds until certain performance criteria are met. The amount of
         accrued but unpaid preferred dividends was $333,849 at June 30, 1999.

         Through the first quarter of fiscal 2000 ended June 30, 1999, net cash
         used in operating activities was $(49,000) compared to net cash
         provided of $512,000 through the first quarter ended June 28, 1998. The
         decrease was primarily due to a decrease in accounts payable. Through
         the first quarter of fiscal 2000 ended June 30, 1999, net cash used in
         investing activities was ($295,000) compared to net cash provided of
         $893,000 through the first quarter of June 28, 1998. The decrease was
         due to the Company not selling any property in fiscal 2000. Through the
         first quarter of fiscal 2000 ended June 30, 1999, net cash provided by
         financing activities was $340,000 compared to net cash used in
         financing activities of $(1,402,000) through the first quarter ended
         June 28, 1998. The increase was primarily attributable to utilization
         of the sinking fund to retire long term indebtedness. The Company
         believes it has both sufficient short and long term liquidity
         financing. The Company had a positive working capital position of
         $93,000 at the end of the first quarter ended June 30, 1999 compared to
         a working capital deficit of $(1,869,000) at the end of the first
         quarter ended June 28, 1998. At June 30, 1999 the Company was in
         compliance with its loan covenants and current in its principal and
         interest payments on all debt.

         During fiscal 2000, the Company has no scheduled material principal
         payments under any of its debt obligations. The Company expects during
         the second fiscal quarter to complete the sale and leaseback of its
         Scottsburg facility. The net proceeds from the sale, approximately
         $1,900,000, will be utilized to reduce long-term debt. Accordingly,
         debt service requirements representing sinking fund payments, for
         fiscal 2000 are expected to be approximately $850,000. The Company
         intends to make capital expenditures other than those in connection
         with any expansion of its Scottsburg facility of approximately
         $1,750,000 during fiscal 2000. 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.

Computer Systems - Year 2000 Impact

         State of Readiness: The Company has implemented a Year 2000 compliance
         program designed to ensure that the Company's computer systems and
         applications will function properly beyond 1999. The program
         implementation involves employees from all areas of the Company. The
         Company believes it has identified all the systems which need testing,
         including, but not limited to, its traditional information systems, as
         well as those systems containing embedded chip technology, commonly
         found in the Company's presses and buildings and equipment connected
         with the buildings' infrastructure such as heating, refrigeration and
         air conditioning systems. The majority of testing to determine if the
         systems are Year 2000 compliant is complete. The majority of the
         remediation phase is complete and currently in use. The remainder of
         the remediation phase is projected to be completed by the end of
         September, 1999. In some cases, purchased software will be the basis
         for modifying non-compliant systems.

         Costs: The total expected cost of the Company's Year 2000 compliance
         program is projected to be less then $300,000, consisting primarily of
         the installation of a new computer system and internal salaries, of
         which approximately $275,000 had been spent as of June 30, 1999. All
         costs are either capitalized or expensed as incurred. The Company
         expects funding for these costs to come from working capital.



                                       -7-

<PAGE>   8


         Risk: Although the full consequences are unknown, the failure of one of
         the Company's critical systems or the failure of an outside system,
         such as that of the Federal Reserve or electrical utilities, may result
         in interruption of the Company's business which may result in a
         materially adverse effect on the operations or financial condition of
         the Company. With particular respect to raw materials purchased for
         processing from the Company's key vendors, the Company does not expect
         that any vendor's or small group of vendor's Year 2000 problems would
         have a long-term negative effect on the Company since the Company does
         not believe that any of its competitors would be in a position to sell
         competitive products either. Notwithstanding the foregoing, the loss of
         revenue for an extended period of time would likely have a materially
         adverse effect on the Company. The Company has contacted its
         significant customers and vendors with respect to their ability to
         comply with the Year 2000. Despite the relative lack of problems
         encountered in these discussions, the Company has no direct
         confirmation or control of Year 2000 remediation efforts by its
         customers and suppliers and therefore, there can be no assurance that
         system failures that cause materially adverse results to customers or
         vendors would not have an adverse effect on the Company.

         Contingency Plans: The Company is in the process of developing
         contingency plans for those areas which might be affected by the Year
         2000 problems; however, there can be no assurance that a contingency
         plan will exist for all situations. Further, until the Company has
         received information from most of its suppliers and customers, any
         contingency plan would be preliminary.

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; vendor and customer Year 2000 compliance; 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.



                                       -8-


<PAGE>   9


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


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

        (a)  List of Exhibits



        Exhibit Number                  Description
        --------------                  -----------

        27                       Financial Data Schedule


(b)     Reports on Form 8-K

                  Date                  Items              Financial Statements
                  ----                  -----              --------------------

            April 26, 1999                5                       None
            June 1, 1999                  5                       None




                                       -9-


<PAGE>   10


                                   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: August 6, 1999                 By: /s/ WILLIAM R. COCHRAN
                                                  ------------------------------
                                                  William R. Cochran
                                                  Vice President, Chief
                                                  Financial Officer



                                      -10-