Shares of Revlon (REV) - Get Report fell sharply on Tuesday after the cosmetics company reported a fourth-quarter loss that rang in below analysts' forecasts and warned it will need to re-file its 10-K with U.S. regulators.
Revlon reported a fourth-quarter "total comprehensive loss" of $71 million, or $1.33 a share, vs. a loss of $69.4 million, or $1.46 a share, in the comparable year-earlier quarter. Sales for the quarter rang in at $741.6 million, down more than 5% from the prior quarter.
Analysts polled by FactSet had been expecting earnings of 15 cents a share on sales of $749.3 million.
For the year, the company reported a total loss of $300 million, or $5.57 a share, compared to a loss of $159.9 million, or $3.48 a share, in the prior year. Sales were $2.56 billion vs. $2.69 billion.
The expiration of brand licenses in Revlon's fragrance business drove sales lower last quarter, though were offset somewhat by strength in Elizabeth Arden and sales in China, the company said in a conference call with analysts on Monday.
The company also noted on the call that "material weakness in internal controls" caused by an issue with its so-called SAP ERP, or enterprise resource planning software, means it will need to re-file its 10-K form with regulators.
Revlon said it does not expect the re-filing to impact its overall numbers.
All that prompted investors to sell the company's stock on Tuesday, with Revlon shares down nearly 5%, or 92 cents, to $18.43 on the New York Stock Exchange.
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