Revlon, Inc. (NYSE: REV) today announced results for the second quarter ended June 30, 2013.
Second quarter 2013 results compared to second quarter 2012:
- Net sales of $350.1 million compared to $357.1 million, a decrease of 2.0%. Excluding unfavorable foreign currency fluctuations of $6.4 million, second quarter 2013 net sales were essentially unchanged year-over-year.
- Operating income of $59.1 million compared to $42.8 million. Operating income in 2013 included an $18.1 million insurance gain related to the 2011 fire that destroyed the Company’s facility in Venezuela, a $4.5 million charge for estimated costs to clean-up the Venezuela facility, and a $3.3 million charge associated with the restructuring and related actions announced in September 2012. Operating income in 2012 included a net charge of $6.7 million related to estimated costs of resolving litigation related to the Company’s 2009 exchange offer.
- Operating income in the second quarter of 2013 was negatively impacted by $2.5 million due to foreign currency fluctuations.
- Net income of $24.7 million, or $0.47 per diluted share, compared to $11.1 million, or $0.21 per diluted share.
- Adjusted EBITDA a of $76.1 million compared to $58.7 million.
- Both net income and Adjusted EBITDA in 2012 and 2013 were impacted by the items noted in operating income above.
- Net cash provided by operating activities of $28.2 million compared to a use of $1.3 million; free cash flow b was positive $21.6 million compared to negative $6.6 million.
Commenting on today’s announcement, Revlon President and Chief Executive Officer, Alan T. Ennis, said, “Our net sales in the second quarter of 2013 were essentially unchanged year-over-year as we benefited from the inclusion of our Pure Ice acquisition offset by continued softness in our Almay brand and the negative impact of business conditions in Venezuela. We continue to support our brands at appropriate levels and are pleased with a number of our new product launches in 2013. As always, we remain focused on our strategic goal of driving profitable growth.”