Small Sales Increase for Revlon

Posted on August 1, 2012 @ 08:09 am

Revlon, Inc. announced net sales of $357.1 million compared to $351.2 million, an increase of 1.7% for the second quarter ended June 30, 2012 compared to second quarter 2011. Excluding unfavorable foreign currency fluctuations of $9.0 million, second quarter 2012 net sales increased 4.2%. Operating income of $42.8 million, which included a net charge of $6.7 million related to estimated costs of resolving previously disclosed pending litigation related to the Company’s 2009 exchange offer, compared to $47.8 million. Net income of $11.1 million, or $0.21 per diluted share, which included a net charge of $6.7 million, before and after tax, related to the pending litigation, compared to $6.5 million, or $0.12 per diluted share, which included $11.3 million of charges ($6.9 million after-tax) related to the 2011 refinancing of the Company’s bank credit facilities.

“In the second quarter of 2012, we delivered top line growth of 4.2% and maintained competitive operating margins,” said Revlon President and Chief Executive Officer, Alan T. Ennis. “From a marketplace perspective, we introduced successful, innovative, high-quality, consumer-preferred products into the marketplace, and, earlier this month, added the Pure Ice brand to our portfolio. We remain focused on delivering on our strategic objective of profitably growing our business.”