Revlon posts 4Q loss |
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Tue, 13 Mar 2007 14:02
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NEW YORK (AP) - Revlon Inc., the beauty products maker controlled by financier Ron Perelman, said Tuesday it swung to a fourth-quarter loss as U.S. sales declined and the company incurred restructuring charges and costs to discontinue its line of cosmetics for older women.New York-based Revlon lost $5.5 million, or a penny per share, for the three months ended Dec. 31 compared with a profit of $64.3 million, or 17 cents per share, during the same period a year ago.Revenue fell 14 percent to $378.9 million from $437.8 million during the prior-year period. The decline was mainly due to lower shipments. Year-ago results were helped by a relaunch of its Almay brand and the launch of Vital Radiance products which has since been discontinued.U.S. sales fell 21 percent to $227.1 million, while international sales were flat at $151.8 million.Restructuring charges, costs to discontinue Vital Radiance, its makeup line for older women, and executive severance hurt operating income by $20.8 million during the quarter, Revlon said.For the year, Revlon's loss widened to $251.3 million, or 62 cents per share, from a loss of $83.7 million, or 22 cents per share, in 2005. Revenue totaled $1.33 billion, flat from 2005 sales.Its shares rose a penny to $1.20 in premarket trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Revlon issues 95M shares in stock sale 