Revlon, Inc. (NYSE: REV) today announced results for the second quarter ended June 30, 2012.
Second quarter 2012 results compared to second quarter 2011:
- Net sales of $357.1 million compared to $351.2 million, an increase of 1.7%. Excluding unfavorable foreign currency fluctuations of $9.0 million, second quarter 2012 net sales increased 4.2%.
- Operating income of $42.8 million, which included a net charge of $6.7 million related to estimated costs of resolving previously disclosed pending litigation related to the Company’s 2009 exchange offer, compared to $47.8 million.
- Net income of $11.1 million, or $0.21 per diluted share, which included a net charge of $6.7 million, before and after tax, related to the pending litigation noted above, compared to $6.5 million, or $0.12 per diluted share, which included $11.3 million of charges ($6.9 million after-tax) related to the 2011 refinancing of the Company’s bank credit facilities.
- Adjusted EBITDA a of $58.7 million, which included a net charge of $6.7 million related to the pending litigation noted above, compared to $63.3 million.
- Net cash used in operating activities of $1.3 million compared to a use of $20.8 million; free cash flow b was negative $6.6 million compared to negative $24.2 million.
Commenting on today’s announcement, Revlon President and Chief Executive Officer, Alan T. Ennis, said, “In the second quarter of 2012, we delivered top line growth of 4.2% and maintained competitive operating margins. From a marketplace perspective, we introduced successful, innovative, high-quality, consumer-preferred products into the marketplace, and, earlier this month, added the Pure Ice brand to our portfolio. We remain focused on delivering on our strategic objective of profitably growing our business.”
Second Quarter 2012 ResultsNet sales in the second quarter of 2012 were $357.1 million, an increase of $5.9 million, or 1.7%, compared to $351.2 million in the same period last year. Excluding unfavorable foreign currency fluctuations of $9.0 million, net sales increased by $14.9 million, or 4.2%. The increase was primarily driven by higher net sales of Revlon and Almay color cosmetics and Revlon ColorSilk hair color.