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Revlon Reports First Quarter Results

The company will continue to focus on supporting new products like Revlon PhotoReady makeup and Revlon ColorBurst lipstick.

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By: Jamie Matusow

Editor-in-Chief

Revlon Inc. has announced results for the first quarter ended March 31, 2010. This year’s first quarter compared to the first quarter of 2009 had net sales of $305.5 million compared to $303.3 million. Excluding the favorable impact of foreign currency fluctuations of $9.0 million, first quarter 2010 net sales declined 2.2%.

The company also reports:

— Operating income of $45.4 million compared to $31.6 million.

— Net income of $2.2 million, or $0.04 per diluted share, compared to $12.7 million, or $0.25 per diluted share. Net income in the first quarter of 2010 included $9.7 million of expenses associated with refinancing the company’s credit facilities, while net income in the first quarter 2009 benefited from a $7.0 million gain on the early extinguishment of debt.

Commenting on the announcement, Alan T. Ennis, Revlon’s president and CEO, said, “We continued to execute our business strategy and delivered improved profitability and cash flow in the first quarter of 2010. We remain focused on building our strong brands by launching and appropriately supporting innovative new products, such as Revlon PhotoReady makeup and Revlon ColorBurst lipstick. Also, we improved our capital structure by refinancing our term loan and revolving credit facilities.”

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