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Revlon’s Losses Widen in Third Quarter

December 5, 2006

● Revlon’s losses widened in the third quarter, dragged down by costs related to dumping its new cosmetics line for older women and other restructuring and management severance costs. The company lost $100.5 million in the three months ended Sept. 30, versus a loss of $65.4 million a year ago.
Revenues rose 11% to $305.9 million. Analysts polled by Thomson Financial expected $286 million in revenue.
“Our results in the quarter reflect the important, and admittedly costly, decisions we have made to position Revlon for future success,” said David Kennedy, president and chief executive officer, who abruptly replaced Jack Stahl in September, and soon after instituted a restructuring program—its second in seven months.
A week after Mr. Kennedy took over, the former chief financial officer announced plans to cut 250 jobs, or 8% of its work force, cancel the Vital Radiance line, eliminate certain senior executive positions and consolidate facilities.

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