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Revlon Reports Third Quarter 2012 Results

Stocks in this article: REV

Restructuring Actions

On September 5, 2012, the Company announced actions to drive operating efficiencies. The primary components of the restructuring, which are in process, include: (1) exiting the Company’s owned manufacturing facility in France and its leased manufacturing facility in Maryland, moving manufacturing from those facilities to other Revlon facilities and third parties; (2) rightsizing its French and Italian organizations; and (3) realigning its operations in Latin America, including consolidating Latin America and Canada into a single region. These actions are expected to result in eliminating approximately 250 positions worldwide. Certain of the actions are subject to consultations with employees, works councils or unions, and government authorities.

Annualized cost reductions are expected to be approximately $10 million, $9 million of which is expected to benefit 2013. Restructuring and related charges are expected to be approximately $25 million, $24.1 million of which was recorded in the third quarter of 2012, including $21.0 million in restructuring charges, $1.6 million as a reduction to net sales, $1.1 million in cost of goods sold, and $0.4 million in selling, general and administrative expenses. Of the total expected charges of $25 million, $23 million will be cash that is expected to be paid over the next 18 months.

Nine Months Results

Net sales in the first nine months of 2012 were $1,034.8 million, an increase of $13.2 million, or 1.3%, compared to net sales of $1,021.6 million in the first nine months of 2011. Excluding unfavorable foreign currency fluctuations of $19.4 million, net sales increased $32.6 million, or 3.2%.

In the United States, net sales increased $14.8 million, or 2.6%, to $580.6 million in the first nine months of 2012, compared to net sales of $565.8 million in the first nine months of 2011.

In Asia Pacific, net sales in the first nine months of 2012 were $172.8 million, an increase of $3.2 million, or 1.9%, compared to $169.6 million in the same period last year. Excluding the favorable impact of foreign currency fluctuations, net sales increased $2.7 million, or 1.6%.

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