In Latin America and Canada, net sales in the fourth quarter of 2012 were $55.6 million, an increase of $7.1 million, or 14.6%, compared to $48.5 million in the same period last year. Excluding the unfavorable impact of foreign currency fluctuations, net sales increased $7.5 million, or 15.5%. The increase was primarily due to higher net sales of Revlon color cosmetics and other beauty care products in Venezuela and Argentina and higher net sales of Revlon ColorSilk hair color throughout the region. Venezuela and Argentina also benefited from higher selling prices reflecting market conditions and inflation, which accounted for approximately one-third of the $7.5 million net sales increase in the region.
Operating income in the fourth quarter of 2012 was $82.5 million compared to $66.0 million in the same period last year. Adjusted EBITDA in the fourth quarter of 2012 was $99.1 million compared to $81.7 million in the same period last year.
Interest expense, including preferred stock dividends, decreased $0.5 million to $21.3 million in the fourth quarter of 2012 as compared to the same period last year.
The provision for income taxes was $12.1 million in the fourth quarter of 2012 as compared to $4.4 million in the same period last year. The provision for income taxes in the fourth quarter included non-cash tax benefits of $15.8 million in 2012 and $16.9 million in 2011, in each case primarily associated with reductions in the Company’s deferred tax asset valuation allowances, which had no impact on the Company’s cash flow or liquidity. Cash paid for income taxes, net of refunds, in the fourth quarter of 2012 was $4.2 million compared to $6.5 million in the same period last year.Net income in the fourth quarter of 2012 was $46.5 million, or $0.89 per diluted share, compared to $36.4 million, or $0.70 per diluted share, in the same period last year. Net income included a non-cash tax benefit of $15.8 million in the fourth quarter of 2012 and a $16.9 million non-cash tax benefit in the fourth quarter of 2011, noted above.
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