Net cash used in operating activities in the first six months of 2012 was $21.7 million compared to net cash provided by operating activities of $3.3 million in the same period last year. Free cash flow in the first six months of 2012 was negative $30.5 million compared to negative free cash flow of $2.5 million in the same period last year.
Net cash used in investing activities in the first six months of 2012 was $8.8 million, compared to $44.8 million in the same period last year. The first six months of 2011 included $39.0 million paid for the SinfulColors acquisition.
Acquisition of Pure Ice
On July 2, 2012, the Company acquired certain assets of Bari Cosmetics, Ltd., including assets related to Pure Ice nail enamel, as well as other brands, which products are sold principally in the U.S. mass retail channel. The acquisition did not impact the Company’s second quarter of 2012 consolidated financial statements.Company Strategy The Company continues to execute its business strategy: (i) build our strong brands; (ii) develop our organizational capability; (iii) drive our company to act globally; (iv) increase our operating profit and cash flow; and (v) improve our capital structure. Second Quarter 2012 Results and Conference Call The Company will host a conference call with members of the investment community on July 31, 2012 at 9:30 A.M. EDT to discuss Second Quarter 2012 results. Access to the call is available to the public at www.revloninc.com. About Revlon Revlon is a global color cosmetics, hair color, beauty tools, fragrances, skincare, anti-perspirant deodorants and beauty care products company whose vision is Glamour, Excitement and Innovation through high-quality products at affordable prices. Revlon® is one of the strongest consumer brand franchises in the world. Revlon’s global brand portfolio includes Revlon® color cosmetics, Almay® color cosmetics, SinfulColors® color cosmetics, Revlon ColorSilk® hair color, Revlon® beauty tools, Charlie® fragrances, Mitchum® anti-perspirant deodorants, and Ultima II® and Gatineau® skincare. Websites featuring current product and promotional information can be reached at www.revlon.com, www.almay.com and www.mitchum.com. Corporate and investor relations information can be accessed at www.revloninc.com. Footnotes to Press Release a Adjusted EBITDA is a non-GAAP financial measure that is reconciled to net income, its most directly comparable GAAP measure, in the accompanying financial tables. Adjusted EBITDA is defined as income from continuing operations before interest, taxes, depreciation, amortization, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses. In calculating Adjusted EBITDA, the Company excludes the effects of gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt, results of and gains/losses on discontinued operations and miscellaneous expenses because the Company's management believes that some of these items may not occur in certain periods, the amounts recognized can vary significantly from period to period and these items do not facilitate an understanding of the Company's operating performance. The Company's management utilizes Adjusted EBITDA as an operating performance measure in conjunction with GAAP measures, such as net income and gross margin calculated in accordance with GAAP. The Company's management uses Adjusted EBITDA as an integral part of its reporting and planning processes and as one of the primary measures to, among other things --