REVLON INC (NYSE:REV) filed Quarterly Report for the period ended 2010-03-31.
Revlon Inc has a market cap of $868.7 million; its shares were traded at around $16.83 with a P/E ratio of 12.9 and P/S ratio of 0.7. 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 first quarter of 2010 were $305.5 million, an increase of $2.2 million, or 0.7%, compared to $303.3 million in the first quarter of 2009. Excluding the favorable impact of foreign currency fluctuations of $9.0 million, consolidated net sales decreased by 2.2% in the first quarter of 2010. Excluding the favorable impact of foreign currency fluctuations, lower net sales in the U.S. and the Companys Europe, Middle East and Africa, Asia Pacific and Canada regions were partially offset by higher net sales in the Latin America region.
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 of fees and expenses incurred in connection with consummating the 2010 Refinancing, of which approximately $9 million was capitalized.
Consolidated net sales in the first quarter of 2010 were $305.5 million, an increase of $2.2 million, or 0.7%, compared to $303.3 million in the first quarter of 2009. Excluding the favorable impact of foreign currency fluctuations of $9.0 million, consolidated net sales decreased by 2.2% in the first quarter of 2010. The decline in consolidated net sales, excluding the favorable impact of foreign currency fluctuations, was 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, partially offset by higher
The $20.8 million of charges related to the May 2009 Program have been or will be paid out as follows: $11.0 million paid in 2009, $7.1 million expected to be paid in 2010 and the balance of $2.7 million expected to be paid thereafter. The May 2009 Program delivered savings of approximately $15 million in 2009 and the Company expects annualized savings of approximately $30 million in 2010 and thereafter (inclusive of the approximately $15 million in 2009).
During the first quarter of 2009, the Company recorded net charges of $0.5 million to restructuring costs and other, net, of which $1.2 million related to charges for employee severance and other employee-related termination costs in the U.K., Mexico and Argentina (together with the May 2009 Program, the 2009 Programs) and $0.9 million related to the Companys 2008 restructuring programs (the 2008 Programs). These restructuring charges were partially offset by income in the first quarter of 2009 of $1.6 million related to the sale of a facility in Argentina.
In accordance with the terms of the certificate of designation of the Preferred Stock, on January 8, 2010, Revlon, Inc. paid to holders of record of the Preferred Stock at the close of business on December 28, 2009 the regular dividend on the Preferred Stock at an annual rate of 12.75% of the $5.21 per share liquidation preference (the Regular Dividend) in the amount of $0.167434 per share for the period from October 8, 2009 through and including January 8, 2010. In addition, on April 8, 2010, Revlon, Inc. paid to holders of record of the Preferred Stock at the close of business on March 26, 2010 the Regular Dividend in the amount of $0.163794 per share for the period from January 8, 2010 through and including April 8, 2010. As of March 31, 2010, the Company accrued $1.4 million in interest expense related to the quarterly Regular Dividend on the Preferred Stock which was paid in April 2010.
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