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Revlon Reports Third Quarter 2012 Results

Revlon, Inc. (NYSE: REV) today announced results for the third quarter ended September 30, 2012.

Third quarter 2012 results compared to third quarter 2011:
  • Net sales of $347.0 million compared to $337.2 million, an increase of 2.9%. Excluding unfavorable foreign currency fluctuations of $6.4 million, third quarter 2012 net sales increased 4.8%.
  • Operating income of $19.1 million, which included $24.1 million of restructuring and related charges associated with the actions announced on September 5, 2012, and a charge of $2.2 million related to estimated costs of settling previously disclosed litigation related to the Company’s 2009 exchange offer, compared to $44.8 million.
  • Net loss of $15.0 million, or $0.29 per diluted share, which included $24.1 million ($23.1 million after tax) of restructuring and related charges and a charge of $2.2 million, before and after tax, related to the litigation noted above, compared to net income of $0.1 million, or nil per diluted share. Net loss in the third quarter of 2012 included $11.5 million of income tax expense, compared to $22.1 million in the third quarter of 2011.
  • Adjusted EBITDA a of $36.2 million, which included $24.1 million of restructuring and related charges and a $2.2 million charge related to the litigation noted above, compared to $60.3 million.
  • Net cash provided by operating activities of $39.6 million compared to $16.9 million; free cash flow b of $34.2 million compared to $13.3 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 of profitably growing our business as we grew net sales by 4.8%, maintained competitive operating income margins, and improved free cash flow. We continue to bring highly innovative, consumer-preferred new products to the marketplace. In the quarter, we also announced actions to drive operating efficiencies, which, once fully implemented, are expected to generate annualized cost reductions of approximately $10 million. These actions are further enabling us to invest in the execution of our strategy while maintaining highly competitive margins.”

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