Revlon, Inc. (NYSE: REV) today announced results for the year and the fourth quarter ended December 31, 2012.
2012 results compared to 2011:
- Net sales of $1,426.1 million compared to $1,381.4 million, an increase of 3.2%. Excluding unfavorable foreign currency fluctuations of $21.2 million, 2012 net sales increased by 4.8%.
- Operating income of $188.7 million, which included $24.1 million of restructuring and related charges associated with the actions announced in September 2012, and a net charge of $8.9 million related to estimated costs of settling previously disclosed shareholder litigation related to the Company’s 2009 exchange offer, compared to $203.3 million.
- Net income of $51.1 million, or $0.98 per diluted share, compared to $53.4 million, or $1.02 per diluted share. Net income in 2012 included $24.1 million ($22.9 million after tax) of restructuring and related charges and a net charge of $8.9 million, before and after tax, related to the shareholder litigation noted above. Net income in 2011 included charges of $11.2 million ($6.8 million after tax) related to the 2011 refinancing of the Company’s bank credit facilities.
- Adjusted EBITDA a of $254.0 million, which included $24.1 million of restructuring and related charges and a net charge of $8.9 million related to the shareholder litigation noted above, compared to $266.0 million.
- Net cash provided by operating activities of $104.1 million compared to $88.0 million; free cash flow b of $84.0 million compared to $74.4 million.
Commenting on today’s announcement, Revlon President and Chief Executive Officer, Alan T. Ennis said, “2012 was a very positive year. We delivered top line growth of almost 5%, reflecting the effectiveness of our strategy. From a marketplace perspective, we introduced new, innovative products, which, together with effective brand communication and strong in-store execution, drove positive performance of our Revlon branded products in many of our key regions. Our financial performance was strong as we again maintained highly competitive margins and delivered $84 million of free cash flow. We are also very pleased with the integration and performance during the year of our SinfulColors and Pure Ice acquisitions.”