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Revlon Reports Third Quarter 2012 Results

The provision for income taxes was $11.5 million compared to $22.1 million in the same period last year. The decrease in the provision for income taxes was primarily attributable to decreased pre-tax income and the absence of various discrete items that, in the aggregate, negatively affected the provision for income taxes in the third quarter of 2011 and did not recur in the third quarter of 2012. Cash paid for income taxes, net of refunds, in the third quarter of 2012 was $2.9 million, compared to $1.7 million in the same period last year.

Net loss in the third quarter of 2012 was $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 previously disclosed litigation, compared to net income of $0.1 million, or nil per diluted share, in the same period last year.

Net cash provided by operating activities in the third quarter of 2012 was $39.6 million, compared to $16.9 million in the same period last year. Free cash flow in the third quarter of 2012 was $34.2 million, compared to free cash flow of $13.3 million in the same period last year. Cash flow in the third quarter of 2012 as compared to the same period last year was impacted by favorable changes in working capital and lower pension contributions. Net cash used in investing activities in the third quarter of 2012 was $71.6 million, primarily due to the Pure Ice acquisition, compared to $3.6 million in the same period last year.

Adjusted EBITDA and free cash flow are non-GAAP measures that are defined in the footnotes to this release and are reconciled to their most directly comparable GAAP measures, respectively, in the accompanying financial tables.

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