Revlon shares fall as co. reports 1Q loss
Revlon reports 1st-quarter loss on flat revenue, shares drop 12 percent
NEW YORK (AP) -- Cosmetics company Revlon Inc. on Thursday reported a first-quarter loss, as the company took a charge for refinancing some debt and revenue was flat.
The company's stock dropped 12 percent in midday trading.
The company, whose other brands include Almay and Mitchum, recorded a net loss for the March-to-June quarter totaled $6.9 million, or 13 cents per share. That compares with net income of $8.5 million, or 16 cents per share, a year earlier.
Results include a $16.9 million charge related to refinancing senior notes and changing its bank term loan as well as an $8.3 million gain on an insurance settlement related to a fire in Venezuela.
Revenue was nearly flat at $331.9 million from $330.7 million in the prior-year quarter, hurt by the stronger dollar. Excluding currency fluctuations, sales would have risen 2.1 percent.
Higher sales of Revlon and SinfulColors makeup, as well as sales of Pure Ice nail polish, which the company bought in July, were offset by lower sales of Almay makeup and Revlon ColorSilk hair dye.
Revenue rose 4 percent to $192.1 million in the U.S. and fell 4.5 percent in Asia Pacific to $53.6 million.
In Europe, the Middle East and Africa, revenue fell 11.1 percent to $40.7 million. In Latin America, revenue rose 3.2 percent to $45.5 million.
Shares fell $2.54, or 12.4 percent, to $18 in midday trading. The stock has traded between $12.60 to $23.59 during the past 52 weeks.
