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Significant improvement in Revlon's preliminary operating income
14 Apr '08
4 min read
Operating income, net loss and Adjusted EBITDA in the first quarter of 2008 include approximately $6 million of proceeds related to the sale of a non-core trademark. Operating income, net loss and Adjusted EBITDA in the first quarter of 2007 include $4.3 million of restructuring charges and a $4.4 million benefit from the reduction of lease liability related to the consolidation of office space in New York.
Adjusted EBITDA is a non-GAAP measure that is defined in the footnote to this release and is reconciled to net loss, the most directly comparable GAAP measure, in the accompanying financial table.
Commenting on today's announcements, Revlon President and Chief Executive Officer David Kennedy said, “We believe that a reverse stock split is in the best interest of our stockholders because we expect it will allow our stock to be more attractive to a broader range of institutional and other investors, would reduce certain of our costs, such as listing fees, and would be intended to satisfy our compliance with the NYSE's price criteria for continued listing.
Our strong preliminary financial results for the first quarter of 2008 continue to build upon our performance in 2007, which was our best year in many years. These results continue to validate our strategy, and we remain committed to our focus on increasing the value of our Company by building the Revlon brand and generating profitable sales growth and positive free cash flow.”
Reverse Stock Split:
The Board of Directors approved the reverse stock split and MacAndrews & Forbes Holdings Inc and certain of such entity's affiliates and related parties (together, MacAndrews & Forbes) delivered to the Company an executed written consent of stockholders approving the reverse stock split.
MacAndrews & Forbes, which is wholly owned by Ronald O. Perelman, Chairman of Revlon's Board of Directors, beneficially owns approximately 58% of Revlon's Class A common stock and approximately 60% of Revlon's combined shares of Class A and Class B common stock, which together represent approximately 74% of the combined voting power of Revlon's Class A and Class B common stock. As a result of MacAndrews & Forbes' approval, no further stockholder approval or action is necessary.
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Adjusted EBITDA is a non-GAAP measure that is defined in the footnote to this release and is reconciled to net loss, the most directly comparable GAAP measure, in the accompanying financial table.
Commenting on today's announcements, Revlon President and Chief Executive Officer David Kennedy said, “We believe that a reverse stock split is in the best interest of our stockholders because we expect it will allow our stock to be more attractive to a broader range of institutional and other investors, would reduce certain of our costs, such as listing fees, and would be intended to satisfy our compliance with the NYSE's price criteria for continued listing.
Our strong preliminary financial results for the first quarter of 2008 continue to build upon our performance in 2007, which was our best year in many years. These results continue to validate our strategy, and we remain committed to our focus on increasing the value of our Company by building the Revlon brand and generating profitable sales growth and positive free cash flow.”
Reverse Stock Split:
The Board of Directors approved the reverse stock split and MacAndrews & Forbes Holdings Inc and certain of such entity's affiliates and related parties (together, MacAndrews & Forbes) delivered to the Company an executed written consent of stockholders approving the reverse stock split.
MacAndrews & Forbes, which is wholly owned by Ronald O. Perelman, Chairman of Revlon's Board of Directors, beneficially owns approximately 58% of Revlon's Class A common stock and approximately 60% of Revlon's combined shares of Class A and Class B common stock, which together represent approximately 74% of the combined voting power of Revlon's Class A and Class B common stock. As a result of MacAndrews & Forbes' approval, no further stockholder approval or action is necessary.
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Revlon Inc
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