<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, 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                                             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 - 2,467,728 (as of August 9, 2000)


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                                    FORM 10-Q
                                    CONTENTS

PART I - FINANCIAL INFORMATION (Unaudited)

<TABLE>
<CAPTION>
                                                                                                Page
<S>                                                                                             <C>
Condensed Consolidated Balance Sheets at June 30, 2000 and March 31, 2000.........................3

Condensed Consolidated Statements of Income for the Three Months
Ended June 30, 2000 and June 30, 1999.............................................................4

Condensed Consolidated Statements of Cash Flows for the Three Months
Ended June 30, 2000 and June 30, 1999.............................................................5

Notes to Condensed Consolidated Financial Statements..............................................6

Management's Discussions and Analysis of Financial Condition and Results of Operations............7

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings........................................................................9

Item 2.  Changes in Securities....................................................................9

Item 3.  Defaults upon Senior Securities..........................................................9

Item 4.  Submission of Matters to a Vote of Security Holders......................................9

Item 5.  Other Information........................................................................9

Item 6.  Exhibits and Reports on Form 8-K.........................................................9

Signature........................................................................................10

</TABLE>



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Item 1. Financial Statements

                             MULTI-COLOR CORPORATION
                                 Balance Sheets
                                   (Thousands)
<TABLE>
<CAPTION>
                                     ASSETS
                                                                       June 30, 2000      March 31, 2000
                                                                       -------------      --------------
                                                                                          (Derived from
                                                                         (Prepared      Audited Financial
                                                                       Without Audit)      Statements)
<S>                                                                       <C>              <C>
CURRENT ASSETS
     Cash                                                                 $    255          $      2
     Accounts Receivable                                                     5,536             5,051
     Inventories                                                             5,793             4,721
     Deferred Tax Benefit                                                      448               448
     Prepaid Expenses and Other                                                 76               102
                                                                          --------          --------
                  Total Current Assets                                      12,108            10,324

SINKING FUND DEPOSITS                                                          202               426

PROPERTY, PLANT AND EQUIPMENT, net                                          25,381            24,148

GOODWILL AND OTHER INTANGIBLES, net                                          4,678                71

DEFERRED TAX ASSET                                                           1,740             2,128

OTHER                                                                          115                54
                                                                          --------          --------

                  TOTAL ASSETS                                            $ 44,224          $ 37,151
                                                                          ========          ========

                    LIABILITIES AND SHAREHOLDERS' INVESTMENT

CURRENT LIABILITIES:
     Revolving Bank Loan                                                  $  1,692          $  3,456
     Current Portion of Long-term Debt                                       2,702             1,519
     Current Portion of Capital Lease Obligations                              142               169
     Accounts Payable                                                        4,297             3,650
     Accrued Expenses                                                        2,031             1,811
                                                                          --------          --------
                  Total Current Liabilities                                 10,864            10,605

LONG-TERM DEBT, excluding current portion                                   19,192            12,996

CAPITAL LEASE OBLIGATIONS, excluding current portion                         4,271             4,295

DEFERRED COMPENSATION                                                          139               119
                                                                          --------          --------
                  Total Liabilities                                         34,466            28,015

SHAREHOLDERS' INVESTMENT
     Common Stock, no par value                                                245               245
     Paid-in Capital                                                         9,987             9,978
     Treasury stock, at cost                                                   (51)              (51)
     Accumulated Deficit                                                      (423)           (1,036)
                                                                          --------          --------
                   Total Shareholders' Investment                            9,758             9,136
                                                                          --------          --------

                   TOTAL LIABILITIES AND SHAREHOLDERS' INVESTMENT         $ 44,224          $ 37,151
                                                                          ========          ========
</TABLE>

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


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Item 1. Financial Statements (continued)

                             MULTI-COLOR CORPORATION

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

<TABLE>
<CAPTION>
                                                         Three Months Ended
                                                   ------------------------------
                                                   June 30, 2000    June 30, 1999
                                                   -------------    -------------
<S>                                                  <C>             <C>
NET SALES                                            $14,191         $ 14,079

COST OF GOODS SOLD                                    11,541           11,959
                                                     -------         --------

     Gross Profit                                      2,650            2,120

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES           1,149            1,012
                                                     -------         --------

     Operating Income                                  1,501            1,108

OTHER EXPENSE (INCOME)                                     3              (66)

INTEREST EXPENSE                                         476              260
                                                     -------         --------

     Income Before Taxes                               1,022              914

INCOME TAX EXPENSE                                       409               --
                                                     -------         --------

     NET INCOME                                      $   613         $    914
                                                     =======         ========

Preferred Stock Dividends                                 --               68
                                                     =======         ========

Net Income Applicable to Common Shares                   613              846
                                                     =======         ========

Basic Earnings per share:                               0.25             0.37
                                                     =======         ========

Diluted Earnings per share:                             0.24             0.31
                                                     =======         ========

Average Number of Common Shares Outstanding
Basic                                                  2,441            2,305
                                                     =======         ========

Diluted                                                2,517            2,972
                                                     =======         ========
</TABLE>


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


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<PAGE>   5

Item 1. Financial Statements (continued)

                             MULTI-COLOR CORPORATION

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

<TABLE>
<CAPTION>
                                                                          Three Months Ended
                                                                    ------------------------------
                                                                    June 30, 2000    June 30, 1999
                                                                    -------------    -------------
<S>                                                                   <C>              <C>
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                   $ 1,799          $   (49)

CASH FLOWS FROM INVESTING ACTIVITIES:
       Capital Expenditures, net                                         (336)            (218)
       Acquisition of Business, net of cash received                   (6,350)             (77)
                                                                      -------          -------
                Net cash used in investing activities                  (6,686)            (295)

CASH FLOWS FROM FINANCING ACTIVITIES:
       Decrease of revolving bank loan                                 (1,764)            (335)
       Preferred Stock Dividend Payments                                   --              (34)
       Sinking fund withdrawals                                           225            2,004
       Repayment of long-term debt, including current portion            (425)          (1,367)
       Proceeds from issuance of long term debt                         7,200               --
       Repayment of Capital Lease Obligations                             (49)              72
       Proceeds from issuance of common stock                               9               --
       Capitalized Bank Fees                                              (56)              --
                                                                      -------          -------
                Net cash provided by financing activities               5,140              340
                                                                      -------          -------
                Net increase (decrease) in cash                           253               (4)
CASH, beginning of period                                                   2               10
                                                                      -------          -------
CASH, end of period                                                   $   255          $     6
                                                                      =======          =======


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

       Interest paid                                                  $   434          $   260
                                                                      =======          =======

       Income Taxes paid                                              $    12          $    --
                                                                      =======          =======

       Acquisition accounted for as a Purchase:
           Assets acquired                                            $ 9,229          $    --
           Liabilities assumed                                         (1,479)              --
           Cash acquired                                                 (800)              --
           Note payable                                                  (600)              --
                                                                      -------          -------
                   Net cash paid                                      $ 6,350          $    --
                                                                      =======          =======

</TABLE>


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

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                             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         Three Months ended
                                                  June 30, 2000              June 30, 1999
                                                ------------------         ------------------
<S>                                                 <C>                         <C>
         Basic EPS before cumulative effect           2,441                      2,305
         Effect of dilutive stock options                76                         23
         Convertible shares                              --                        644
         Diluted EPS                                  2,517                      2,972
</TABLE>

         Preferred stock dividends of $68 for the quarter ended June 30, 1999,
         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 June 30, 2000 all preferred stock has either been redeemed
         or converted into common stock. There were no preferred stock dividends
         paid or due for the quarter ended June 30, 2000.

         3. Acquisition:

         On June 5, 2000, the Company acquired the assets of Uniflex Corporation
         ("Uniflex"), a heat-shrink label printing company with a production
         facility in Las Vegas, Nevada and offices in Anaheim Hills, California.
         Total consideration paid was $7,000 cash, less cash received of $800
         upon closing. PNC Bank National Association and another lender provided
         the Company with a $7,200 facility in order to complete the
         acquisition.



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<PAGE>   7

         4. Inventories:

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

                                         June 30, 2000         March 31, 2000
                                         -------------         --------------
                    Finished Goods          $3,248               $2,650
                    Work in Process            511                  820
                    Raw Materials            2,034                1,251
                                            ------               ------
                                            $5,793               $4,721
                                            ======               ======

         5. Goodwill and Other Intangibles:

         The Company recorded approximately $3,854 as Goodwill and $750 as an
         Intangible Asset as of June 30, 2000 due to the Company's acquisition
         of Uniflex. Goodwill is amortized using the straight-line method over a
         period of twenty years. In accordance with SFAS No. 121, "Accounting
         for The Impairment of Long-Lived Assets", the Company evaluates its
         goodwill on an ongoing basis to determine potential impairment by
         comparing the carrying value to the undiscounted estimated expected
         future cash flows of the related assets. The Intangible Asset, relating
         to a non-compete agreement, is amortized using the straight-line method
         over a period of five years.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations (Amounts in Thousands)


Results of Operations

Three Months Ended June 30, 2000 Compared to the Three Months Ended
June 30, 1999

         Net sales increased $111 or 1%, for the three months ended June 30,
         2000 as compared to the same period in the prior year. The Company's
         recent acquisition contributed $886 in sales for the three months ended
         June 30, 2000. During the three months ended June 30, 2000 several of
         our customers were working off inventories that were built up in 1999.
         Customers significantly increased purchases and had major marketing
         promotions during 1999 in anticipation of potential Y2K interruptions.

         Gross profit increased $530 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 the Scottsburg, Indiana
         manufacturing facility.

         Selling, general, and administrative expenses increased $137 as
         compared to the same prior year period. The increase was attributable
         additional expenses incurred as a result of the companies acquired in
         1999 and 2000.

         Interest expense increased $217 as compared to the same period in the
         prior year and was the result of higher average interest rates and
         increased debt levels. The Company increased debt in connection with
         the acquisitions in 1999 and 2000 by $14,050.

         Income tax expense totaled $409 for the three months ended June 30,
         2000. There was no 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.


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<PAGE>   8

         The net income for the period was $613 ($.24 per diluted share) as
         compared to net income of $914 ($.31 per share after payment of
         preferred stock dividends) in the same period in the prior year.

Liquidity and Capital Resources

         The Company is dependent on availability under its Revolving Credit
         Agreement, approximately $3,300 at June 30, 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 $2,154 for the three months ended June 30, 2000,
         compared to $1,694 for the same period in the prior year. This increase
         is due to the increased operating income and increase depreciation and
         amortization incurred for the three months ended June 30, 2000.
         Depreciation increased due to the building expansion completed in
         fiscal 2000 at the Scottsburg, Indiana facility and amortization
         increased due to the goodwill recorded in connection with the
         acquisition of Uniflex.

         Through the three months ended June 30, 2000, net cash provided by
         operating activities was $1,799 compared to net cash used of $49
         through the same period of the prior year. The increase was due to an
         increase in operating income as well as a decrease in accounts
         receivable (exclusive of the recent acquisition) and a decrease in the
         deferred tax asset as a result of expected utilization of the Company's
         net operating loss carry-forwards. Through the three months ended June
         30, 2000, net cash used in investing activities was $6,686 compared to
         net cash used of $295 through the same period of the prior year.
         Through the three months ended June 30, 2000, net cash provided by
         financing activities was $5,140 compared to net cash provided of $340
         through the same period of the prior year. The changes in both
         investing and financing activities were due to the acquisition of
         Uniflex.

         The Company believes it has both sufficient short and long term
         liquidity financing. The Company had a positive working capital
         position of $1,244 and $93 at June 30, 2000 and 1999, respectively. At
         June 30, 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


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<PAGE>   9



         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.

                           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

         (a)  List of Exhibits
              Exhibit Number 27 - Financial Date Schedule
         (b)  Reports on Form 8-K - A Form 8-K was filed on June 20, 2000
              which reported the acquisition of Assets of Uniflex Corporation



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<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 11, 2000           By:  /s/ DAWN H. BERTSCHE
                                                --------------------------
                                                Dawn H. Bertsche
                                                Vice President-Finance,
                                                Chief Financial Officer




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