Revlon, Inc. (NYSE: REV) today announced results for the third quarter ended September 30, 2011.
Third quarter 2011 results compared to third quarter 2010:
- Net sales of $337.2 million compared to $319.0 million, an increase of 5.7%. Excluding favorable foreign currency fluctuations of $6.8 million, third quarter 2011 net sales increased 3.6%.
- Operating income of $44.8 million compared to $39.3 million.
- Net income of $0.1 million, or nil per diluted share, compared to $12.5 million, or $0.24 per diluted share. Net income in the third quarter of 2011 included $22.1 million of income tax expense as compared to a benefit from income taxes of $0.6 million in the third quarter of 2010.
- Adjusted EBITDA 1 of $60.3 million compared to $54.3 million.
- Net cash provided by operating activities of $16.9 million compared to $9.5 million; free cash flow 2 of $13.3 million compared to $5.3 million.
Commenting on today’s announcement, Revlon President and Chief Executive Officer, Alan T. Ennis, said, “In the third quarter, we continued to execute our strategy as we grew net sales by 3.6%, maintained competitive operating income margins, and generated positive free cash flow. From a marketplace perspective, our continued emphasis on innovation, effective brand communication and strong in-store execution positively impacted our performance. During the quarter, two of Hollywood’s most sought-after actresses, Emma Stone and Olivia Wilde, joined us as Global Brand Ambassadors for our Revlon brand.”
Mr. Ennis concluded, “We believe that our year-to-date performance in 2011 reflects the effectiveness of our strategy. While we remain focused on delivering profitable net sales growth, we are keenly aware of the global economic environment and we continue to manage our resources carefully, with a balanced perspective on long-term growth.”
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