Revlon Reports Continuing Improvements for Fourth Quarter and Full Year 2001

Revlon, Inc. announced fourth quarter and full year 2001 results. Net sales in the fourth quarter of 2001 were $332.5 million, compared with $300.4 million in the fourth quarter of 2000, an increase of 10.7 percent or 13.0 percent on a comparable currency basis. Operating income was $31.1 million in the fourth quarter of 2001, compared with $7.2 million in the fourth quarter of 2000.

EBITDA was $57.4 million in the fourth quarter of 2001, compared with $42.4 million in the fourth quarter of 2000. Loss before an extraordinary item in the fourth quarter 2001 was $6.5 million compared with $29.2 million for the period last year.

Net sales for the full year 2001 were $1,305.1 million, compared with $1,303.7 million in the full year of 2000. On a constant U.S. dollar basis, this represents an increase of 2.6%.

Operating income and EBITDA in the full year of 2001 were $100.4 million and $200.2 million, respectively, compared with operating income of $69.3 million and EBITDA of $184.4 million in the full year of 2000. This represented an increase of 44.9 percent in operating income and an increase of 8.6 percent in EBITDA for 2001 versus the prior year.

Loss before an extraordinary item was $51.4 million in the full year of 2001, compared with $80.8 million in the full year of 2000.

“During 2001 we made considerable progress in improving Revlon,” said Douglas H. Greeff, executive vice president and chief financial officer. “Our results demonstrate continued overall improvement in the company’s operations during 2001. On an ongoing basis in 2001 versus 2000, market share in the U.S. from new Revlon brand color cosmetic products more than doubled and sales returns and allowances and departmental general and administrative expenses have decreased substantiallyS While we made significant progress in 2001 with new products, we were disappointed with the overall level of consumption of our products. Improving consumer take-away of our products is our primary goal for the 2002 and 2003 period,” Greef stated