Revlon, Inc. (NYSE: REV) today announced results for the year and the fourth quarter ended December 31, 2011.
2011 results compared to 2010:
- Net sales of $1,381.4 million compared to $1,321.4 million, an increase of 4.5%. Excluding favorable foreign currency fluctuations of $17.0 million, 2011 net sales increased by 3.3%.
- Operating income of $203.3 million compared to $199.8 million.
- Income from continuing operations before income taxes was $89.6 million compared to $79.8 million.
- Net income of $53.4 million, or $1.02 per diluted share, compared to $327.3 million, or $6.26 per diluted share. Net income included a non-cash tax benefit of $16.9 million and $260.6 million in 2011 and 2010, respectively, associated with a reduction in the Company’s deferred tax valuation allowances, which reduction had no impact on the Company’s cash flow or liquidity. Net income and income from continuing operations before income taxes included before-tax charges of $11.2 million and $9.7 million in 2011 and 2010, respectively, related to refinancing of the Company’s credit facilities.
- Adjusted EBITDA a of $266.0 million compared to $260.4 million.
- Net cash provided by operating activities of $88.0 million compared to $97.2 million; free cash flow b of $74.4 million compared to $82.3 million.
Commenting on today’s announcement, Revlon President and Chief Executive Officer, Alan T. Ennis said, “2011 was a year of many notable achievements. We delivered net sales growth of 4.5% and sustained highly competitive operating income margins. We delivered our fourth consecutive year of positive free cash flow and we improved our capital structure by refinancing and reducing our net debt. From a marketplace perspective, our emphasis on effective brand communication and strong in-store execution drove our positive performance and we introduced a number of successful new, innovative, consumer-preferred products across our entire portfolio. We acquired the Sinful Colors brand and signed two of Hollywood’s most sought-after actresses, Emma Stone and Olivia Wilde, as Global Brand Ambassadors for the Revlon brand.”
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