Net cash provided by operating activities in the fourth quarter of 2012 was $86.2 million compared to $67.8 million in the same period last year and free cash flow in the fourth quarter of 2012 was $80.3 million compared to $63.6 million in the same period last year. The increase in the fourth quarter of 2012 as compared to the fourth quarter of 2011 was primarily driven by higher operating income.
The Company’s business strategy is to: (i) build our strong brands; (ii) develop our organizational capability; (iii) drive our company to act globally; (iv) pursue growth opportunities; and (v) improve our financial performance.
2012 Results and Conference CallThe Company will host a conference call with members of the investment community on February 5, 2013 at 8:30 A.M. ET to discuss its 2012 results. Access to the call is available to the public at www.revloninc.com. About Revlon Revlon is a global color cosmetics, hair color, beauty tools, fragrances, skincare, anti-perspirant deodorants and beauty care products company whose vision is Glamour, Excitement and Innovation through high-quality products at affordable prices. Revlon® is one of the strongest consumer brand franchises in the world. Revlon’s global brand portfolio includes Revlon® color cosmetics, Almay® color cosmetics, SinfulColors® color cosmetics, Pure Ice™ color cosmetics, Revlon ColorSilk® hair color, Revlon® beauty tools, Charlie® fragrances, Mitchum® anti-perspirant deodorants, and Ultima II® and Gatineau® skincare. Websites featuring current product and promotional information can be reached at www.revlon.com, www.almay.com and www.mitchum.com. Corporate and investor relations information can be accessed at www.revloninc.com. Footnotes to Press Release a Adjusted EBITDA is a non-GAAP financial measure that is reconciled to net income, its most directly comparable GAAP measure, in the accompanying financial tables. Adjusted EBITDA is defined as income from continuing operations before interest, taxes, depreciation, amortization, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses. In calculating Adjusted EBITDA, the Company excludes the effects of gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt, results of and gains/losses on discontinued operations and miscellaneous expenses because the Company's management believes that some of these items may not occur in certain periods, the amounts recognized can vary significantly from period to period and these items do not facilitate an understanding of the Company's operating performance. The Company's management utilizes Adjusted EBITDA as an operating performance measure in conjunction with GAAP measures, such as net income and gross margin calculated in accordance with GAAP. The Company's management uses Adjusted EBITDA as an integral part of its reporting and planning processes and as one of the primary measures to, among other things --
|(i)||monitor and evaluate the performance of the Company's business operations;|
|(ii)||facilitate management's internal comparisons of the Company's historical operating performance of its business operations;|
|(iii)||facilitate management's external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels;|
|(iv)||review and assess the operating performance of the Company's management team and, together with free cash flow and other operational objectives, as a measure in evaluating employee compensation and bonuses;|
|(v)||analyze and evaluate financial and strategic planning decisions regarding future operating investments; and|
|(vi)||plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.|
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