Significant improvement in Revlon's preliminary operating income

14 Apr '08

4 min read

Revlon Inc announced that its Board of Directors approved a reverse split of Revlon's Class A and Class B common stock at a 1-for-10 split ratio.

Also, the Company is providing preliminary financial results for the first quarter 2008, as follows:
• Net sales of approximately $320 million, compared to $328.6 million in the first quarter of 2007.
• Operating income of approximately $30 million, compared to $3.0 million reported in the first quarter of 2007.
• Net loss of approximately $5 million, compared to a net loss of $35.2 million reported in the first quarter of 2007.
• Adjusted EBITDA1 of approximately $55 million, compared to $32.3 million reported in the first quarter of 2007.

Net sales in the first quarter of 2007 benefited from the initial shipments related to the launch of Revlon Colorist haircolor, which was the primary driver of the change in net sales year-over-year.

The significant improvement in preliminary operating income, net loss and Adjusted EBITDA in the first quarter of 2008 compared to the same period last year (excluding one-time items mentioned in the paragraph below) was primarily driven by continuing cost improvements, and the non-recurrence of brand support related to the launch of Revlon Colorist haircolor in the first quarter of last year.

We continued to support our brands worldwide with comparable levels of dollar spending compared to the first quarter of last year, excluding the brandsupport on Revlon Colorist, as noted above.

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