Revlon Sales Dip in Third

Revlon, Inc. today announced third quarter 2001 results. Net sales in the third quarter fell to $326.9 million compared with $333.7 million in the third quarter of 2000. But operating income was $37.3 million in the third quarter of 2001 compared with operating income of $23.3 million in the third quarter of 2000.

“Our financial results for the third quarter continue to demonstrate progress in the company’s strategic plan: we have successfully completed our cost reduction initiatives and manufacturing consolidation, non-core assets have been sold providing resources for key corporate purposes, and our new products are performing well,” said Jeffrey M. Nugent, president and CEO. “We have realigned much of Revlon’s infrastructure creating a solid platform from which to grow. Clearly, Revlon is a much stronger company today than it was a year ago.”

In North America, which includes the U.S. and Canada, net sales were $232.7 million for the third quarter of 2001, compared with $224.0 million in the third quarter of 2000, an increase of 3.9%. International net sales were $94.2 million for the third quarter of 2001 compared with $109.7 million in the third quarter of 2000, a decrease of 14.1% on a reported basis or 8.2% on a constant U.S. dollar basis, primarily due to difficult conditions in Latin America.

Net sales for the first nine months of 2001 fell about 3% to $972.6 million. In North America, net sales rose 1.3% to $680.2 million. International net sales fell nearly 12% to $292.4 million. Operating income and EBITDA in the first nine months of 2001 were $69.3 million and $142.8 million, respectively, compared with operating income of $62.1 million and EBITDA of $142.0 million in the first nine months of 2000. Net losses for the nine months narrowed to $44.9 million from $51.6 million.