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REVLON INC Reports Operating Results (10-Q)

July 29, 2010 | About:
10qk

10qk

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REVLON INC (REV) filed Quarterly Report for the period ended 2010-06-30.

Revlon Inc has a market cap of $691.3 million; its shares were traded at around $13.39 with a P/E ratio of 9.8 and P/S ratio of 0.5. REV is in the portfolios of Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

Consolidated net sales in the second quarter of 2010 were $327.7 million, an increase of $5.9 million, or 1.8%, compared to $321.8 million in the second quarter of 2009. Consolidated net sales for the first half of 2010 were $633.2 million, an increase of $8.1 million, or 1.3%, compared to $625.1 million for the first half of 2009. Excluding the unfavorable impact of foreign currency fluctuations of $0.5 million, consolidated net sales increased by 2.0% in the second quarter of 2010, driven by higher net sales in the Companys Latin America, Europe, Middle East and Africa and Canada regions, partially offset by lower net sales in the U.S. and the Companys Asia Pacific region. Excluding the favorable impact of foreign currency fluctuations of $8.5 million, consolidated net sales decreased by 0.1% in the first half of 2010, driven by lower net sales in the U.S. and the Companys Asia Pacific region, partially offset by higher net sales in the Companys Latin America, Europe, Middle East and Africa and Canada regions.

Consolidated net income for the second quarter of 2010 was $16.4 million, compared to $0.2 million in the second quarter of 2009. In the first half of 2010, consolidated net income was $18.6 million, compared to $12.9 million in the first half of 2009. The improvement in consolidated net income in the second quarter of 2010, compared to the second quarter of 2009, was primarily due to:

Products Corporation used the approximately $786 million of proceeds from the 2010 Term Loan Facility, which was drawn in full on the March 11, 2010 closing date and issued to lenders at 98.25% of par, plus approximately $31 million of available cash and approximately $20 million then drawn on the 2010 Revolving Credit Facility to refinance in full the $815.0 million of outstanding indebtedness under the 2006 Term Loan Facility and to pay approximately $7 million of accrued interest and approximately $15 million

Consolidated net sales in the second quarter of 2010 were $327.7 million, an increase of $5.9 million, or 1.8%, compared to $321.8 million in the second quarter of 2009. Excluding the unfavorable impact of foreign currency fluctuations of $0.5 million, consolidated net sales increased by 2.0% in the second quarter of 2010, primarily driven by higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color, partially offset by lower net sales of Mitchum anti-perspirant deodorant and Almay color cosmetics.

Consolidated net sales in the first half of 2010 were $633.2 million, an increase of $8.1 million, or 1.3%, compared to $625.1 million in the first half of 2009. Excluding the favorable impact of foreign currency fluctuations of $8.5 million, consolidated net sales decreased by 0.1% in the first half of 2010, primarily driven by lower net sales of Almay color cosmetics and Revlon beauty tools, due to the cycling of the 2009 launches of Almay Pure Blends and Revlon Pedi-Expert, respectively, and lower net sales of Mitchum anti- perspirant deodorant, partially offset by higher net sales of Revlon color cosmetics and Revlon ColorSilk hair color.

In Canada, net sales in the first half of 2010 were $35.4 million, an increase of $5.2 million, or 17.2%, compared to $30.2 million in the first half of 2009. Excluding the favorable impact of foreign currency fluctuations, net sales increased $0.6 million, or 2.0%, primarily driven by higher net sales of Revlon color

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