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Revlon Reports Second Quarter 2012 Results

In Canada, net sales in the second quarter of 2012 were $20.7 million, an increase of $1.2 million, or 6.2%, compared to $19.5 million in the same period last year. Excluding the unfavorable impact of foreign currency fluctuations, net sales increased $2.1 million, or 10.8%, primarily due to higher net sales of Revlon and Almay color cosmetics.

Operating income in the second quarter of 2012 was $42.8 million, compared to $47.8 million in the same period last year. Adjusted EBITDA in the second quarter of 2012 was $58.7 million compared to $63.3 million in the same period last year. Operating income and Adjusted EBITDA in the second quarter of 2012 as compared to the same period in 2011 were negatively impacted by: (1) a net charge of $6.7 million with respect to estimated costs of resolving previously disclosed pending litigation related to the Company’s 2009 exchange offer; and (2) higher incentive compensation primarily due to the timing of expense, within 2012, as compared to the same period last year. Favorable foreign currency fluctuations within SG&A, as compared to the same period last year, partially offset the year over year increases.

Interest expense, including preferred stock dividends, decreased $2.1 million to $21.2 million in the second quarter of 2012 compared to the same period last year, primarily due to refinancing the Company’s bank term loan credit facility in May 2011 at lower interest rates.

The provision for income taxes was $9.1 million compared to $2.6 million in the same period last year, primarily due to increased pre-tax income, partially offset by the favorable resolution of tax matters in a foreign jurisdiction. Cash paid for income taxes, net of refunds, in the second quarter of 2012 was $7.5 million compared to $10.1 million in the same period last year.

Net income in the second quarter of 2012 was $11.1 million, or $0.21 per diluted share, compared to net income of $6.5 million, or $0.12 per diluted share in the same period last year. Net income in the second quarter of 2012 included a net charge of $6.7 million, before and after tax, with respect to estimated costs of resolving previously disclosed pending litigation related to the Company’s 2009 exchange offer. Net income in the second quarter of 2011 included $11.3 million of charges ($6.9 million after tax) related to the 2011 refinancing of the Company’s bank credit facilities.

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