Revlon Reports Second Quarter 2009 Results

Continues to Focus on Building its Strong Brands

Key Innovative New Products Performing Well

U.S. Mass Color Cosmetics Category Growth Rate Slowed; Retailers Reduced
Inventory Levels

Previously-Announced Organizational Restructuring Will Deliver Significant Cost
Reductions
NEW YORK--(Business Wire)--
Revlon, Inc. (NYSE: REV) today announced results for the second quarter ended
June 30, 2009. Second quarter 2009 results compared to second quarter 2008:

* Net sales of $321.8 million compared to $366.5 million, a decrease of 12.2%.
Excluding unfavorable foreign currency fluctuations of $16.7 million, second
quarter of 2009 net sales declined 7.6%.
* Operating income of $26.6 million, which included $18.3 million of charges
related primarily to restructuring actions announced on May 28, 2009, compared
to $59.2 million.
* Net income of $0.2 million, or nil per diluted share1, which included $18.3
million or $0.36 per diluted share of restructuring charges, compared to $19.9
million, or $0.39 per diluted share.
* Adjusted EBITDA2 of $43.0 million, which included $18.3 million of
restructuring charges, compared to $81.3 million.
* Negative free cash flow3 of $3.0 million compared to positive free cash flow
of $7.4 million.
* Second quarter 2008 operating income, net income, and Adjusted EBITDA included
a net gain of $5.9 million, $4.9 million, and $6.0 million, respectively,
related to the sale of a facility in Mexico. Second quarter 2008 free cash flow
included installment payments of $2.7 million, also related to the sale of the
facility in Mexico.

Commenting on today`s announcement, Revlon President and Chief Executive
Officer, Alan T. Ennis, said, "We continue to focus on building our strong
brands and are pleased with the performance of our key innovative new product
launches, which we supported with appropriate levels of advertising and
promotion. In the second quarter of 2009, while the mass color cosmetics
category in the U.S., according to ACNielsen, continued to grow, the rate of
growth slowed and certain retailers reduced inventory levels versus the year-ago
period. These factors, along with the unfavorable effect of foreign currency
fluctuations, impacted our second quarter results."

Mr. Ennis continued, "As part of our business strategy to improve our operating
margins and cash flow, on May 28, 2009, we announced an organizational
restructuring to reflect the more efficient workflows and processes that we have
implemented over the past two years. The organizational restructuring, which has
been fully implemented, is reducing our annualized costs by $30 million, of
which $15 million will benefit our results in the second half of 2009. This
action represented an important, necessary, and logical next step forward for
Revlon and is enabling us to become a stronger, more financially sound
organization, while continuing to invest in our people and our brands."

Mr. Ennis concluded, "We are continuing to execute our established business
strategy, which has resulted in our improved financial performance over the past
two years and which will, we believe, over time, generate profitable net sales
growth and sustainable positive free cash flow."

Second Quarter 2009 Results

Net sales in the second quarter of 2009 were $321.8 million, compared to $366.5
million in the second quarter of 2008, a decrease of 12.2%. Excluding
unfavorable foreign currency fluctuations of $16.7 million, net sales decreased
by 7.6%. The decline in net sales was driven by lower net sales of Revlon and
Almay color cosmetics, and Revlon Beauty Tools, partially offset by higher net
sales of Revlon ColorSilk hair color.

In the United States, net sales in the second quarter of 2009 were $186.2
million, a decrease of $30.2 million, or 14.0%, compared to $216.4 million in
the same period last year, driven primarily by lower net sales of Revlon and
Almay color cosmetics.

In the Company`s international operations, net sales in the second quarter of
2009 were $135.6 million, a decrease of $14.5 million or 9.7%, compared to
$150.1 million in the same period last year. Excluding unfavorable foreign
currency fluctuations of $16.7 million, net sales increased 1.5% driven by
higher net sales in the Latin America and Asia Pacific regions, partially offset
by lower net sales in the Europe region.

Operating income in the second quarter of 2009 was $26.6 million, which included
$18.3 million of charges related primarily to restructuring actions announced on
May 28, 2009, compared to $59.2 million in the same period last year. Adjusted
EBITDA in the second quarter of 2009 was $43.0 million, which included $18.3
million of restructuring charges, compared to $81.3 million in the same period
last year. Second quarter 2009 operating income and Adjusted EBITDA included
pension expense of $5.7 million compared to $1.8 million in the second quarter
of 2008. Second quarter 2008 operating income and Adjusted EBITDA included a net
gain of $5.9 million and $6.0 million, respectively, related to the sale of a
facility in Mexico.

Net income in the second quarter of 2009 was $0.2 million, or nil per diluted
share, which included $18.3 million or $0.36 per diluted share of restructuring
charges, compared to $19.9 million, or $0.39 per diluted share, in the same
period last year. Net income in the second quarter of 2009 was also impacted by
higher foreign currency losses of $3.3 million and higher pension expense of
$3.9 million, offset by lower taxes of $8.8 million and lower interest expense
of $6.7 million. Second quarter 2008 net income included a net gain of $4.9
million related to the sale of a facility in Mexico.

Negative free cash flow in the second quarter of 2009 was $3.0 million compared
to positive free cash flow of $7.4 million in the same period last year. Second
quarter 2008 free cash flow included installment payments of $2.7 million
related to the sale of the facility in Mexico.

Adjusted EBITDA and free cash flow are non-GAAP measures that are defined in the
footnotes to this release and are reconciled in the case of Adjusted EBITDA to
net income and in the case of free cash flow to net cash provided by operating
activities, their most directly comparable GAAP measures, respectively, in the
accompanying financial tables.

Six Months Results

Net sales in the first six months of 2009 decreased 7.8% to $625.1 million,
compared to net sales of $678.2 million in the first six months of 2008.
Excluding unfavorable foreign currency fluctuations of $37.0 million, net sales
decreased by 2.4%.

In the United States, net sales in the first six months of 2009 decreased 4.2%
to $377.2 million, compared to net sales of $393.6 million in the first six
months of 2008; while in the Company`s international operations, net sales in
the first six months of 2009 decreased 12.9% to $247.9 million, compared to net
sales of $284.6 million in the first six months of 2008. Excluding the
unfavorable impact of foreign currency fluctuations of $37.0 million, net sales
in international operations in the first six months of 2009 were essentially
unchanged compared to the same period last year.

Operating income was $58.2 million in the first six months of 2009, which
included $18.8 million of restructuring charges, compared to $91.2 million in
the first six months of 2008. Net income in the first six months of 2009 was
$12.9 million, or $0.25 per fully diluted share, which included $18.8 million or
$0.36 per diluted share of restructuring charges, compared to $17.4 million or
$0.34 per share in the first six months of 2008. Adjusted EBITDA was $92.1
million in the first six months of 2009, which included $18.8 million of
restructuring charges, compared to $138.8 million in the same period last year.
Free cash flow in the first six months of 2009 was $14.5 million compared to
$22.0 million in the same period last year. Operating income, net income and
Adjusted EBITDA in the first six months of 2008 included a net gain of $5.7
million, $4.9 million and $5.9 million, respectively, related to the sale of a
facility in Mexico. Free cash flow in the first six months of 2008 included
installment payments of $2.7 million, also related to the sale of the facility
in Mexico. Operating income, net income, Adjusted EBITDA and free cash flow in
the first six months of 2008 also included a net gain of $5.9 million related to
the sale of a non-core trademark.

Organizational Restructuring

On May 28, 2009, the Company announced a worldwide organizational restructuring,
rightsizing the organization to reflect the more efficient workflows and
processes that have been implemented over the last two years. The primary
components of the organizational restructuring, which have been fully
implemented, involved consolidating certain functions; reducing layers of
management to increase accountability and effectiveness; streamlining support
functions to reflect the new organizational structure; and further consolidating
the Company`s office facilities in New Jersey. The organizational restructuring
resulted in the elimination of approximately 400 positions worldwide, including
approximately 325 current employees and approximately 75 open positions.

Annualized cost reductions from this organizational restructuring are expected
to be approximately $30 million, of which approximately $15 million will benefit
second half 2009 results. Restructuring and related charges are expected to be
approximately $21 million comprised of $18.3 million of employee-related costs,
including severance and other termination benefits, which was recognized in the
second quarter of 2009, and approximately $3 million related to the
consolidation of the Company`s office facilities in New Jersey, which will be
recognized in the third quarter of 2009.

U.S. Mass Retail Share Results (ACNielsen)4

U.S. mass retail dollar share results, according to ACNielsen, for Revlon and
Almay color cosmetics, Revlon ColorSilk hair color, Mitchum anti-perspirant
deodorant, and Revlon Beauty Tools for the second quarter are summarized in the
table below:

$ Share %
Point
Second Quarter 2009 Q2 2009 Q2 2008 Change

Revlon Color Cosmetics 12.5 13.0 -0.5

Almay 5.3 5.7 -0.4

RevlonColorSilk Hair Color 9.5 7.9 +1.6

Mitchum Anti-Perspirant Deodorant 4.5 5.1 -0.6

Revlon Beauty Tools 20.2 17.8 +2.4

Below is a commentary on aspects of dollar volume and dollar share of certain
brands, and product ranking, based on ACNielsen data (unless otherwise noted,
second quarter 2009 volume and/or share growth is compared to the same period in
2008):

Color Cosmetics

U.S. mass color cosmetics category dollar volume growth rate slowed sequentially
to 1.1% in the second quarter of 2009, compared to a growth rate of 3.3% in the
first quarter of 2009.

Revlon Color Cosmetics

Revlon color cosmetics dollar volume declined 2.6% in the second quarter of 2009
resulting in a dollar share decline of 0.5 percentage points. This follows a
first quarter 2009 dollar share gain of 0.8 percentage points, and resulted in
Revlon dollar share in the first half 2009 increasing 0.1 percentage points
compared to the same period last year.

* In the face segment, Revlon dollar volume declined 9.0%. Positive performance
by Age Defying Spa foundation and Age Defying Spa Concealer, both of which are
first half 2009 launches, and ColorStay Mineral Mousse makeup, introduced for
second half 2009, were offset by cycling the successful first half 2008 launches
of Custom Creations foundation and ColorStay Mineral powder foundation, both of
which were ACNielsen Top 10 new products in the year-ago period.
* Revlon continues to hold the #1 position in the lip segment with a 22.3%
dollar share. In the lip segment, Revlon color cosmetics dollar volume grew 1.9%
driven by the strong performance of ColorStay Ultimate liquid lipstick which,
while still early in its launch cycle, has gained a 1.9% dollar share and is
already in the ACNielsen Top 10 new products. The continued positive performance
by Revlon Crème Gloss and Revlon Matte lipstick, both first half 2009 launches,
also added to Revlon`s positive lip segment results.
* In the nail segment, Revlon core nail franchise dollar volume grew by 28.9%,
driven by new shade introductions and effective brand advertising.
* In the eye segment, Revlon dollar volume declined 2.8%. Positive performance
by DoubleTwist mascara, still early in its launch cycle, continued strength in
ColorStay pencil and liquid eye liners and brow products, as well as Matte
Luxurious Color Kohl eye liner, was offset by declines in eye shadow and other
mascara.

Almay

Almay dollar volume decreased 6.5% in the second quarter of 2009. Declines from
products launched in prior years and from discontinued lines were not fully
offset by gains from new product introductions, including Smart Shade Smart
Balance makeup and Pure Blends. The Bright Eyes Collection continued to perform
well in the eye segment and Almay maintains its leadership in the eye makeup
remover segment.

Revlon ColorSilk Hair Color

In the second quarter of 2009, dollar volume in the women`s hair color category
declined by 5.2%, while Revlon ColorSilk hair color grew by 14.4%, resulting in
a share gain of 1.6 points. More units of Revlon ColorSilk hair color continue
to be purchased in the U.S. market than any other brand.

Mitchum Anti-Perspirant Deodorant

In the second quarter of 2009, dollar volume in the anti-perspirants/deodorants
category grew by 0.9%, while Mitchum declined 10.7%.

Revlon Beauty Tools

In the second quarter of 2009, dollar volume in the beauty tools category
declined 20.2%, as the category cycled the launch of a non-traditional pedicure
tool in 2008. Revlon Beauty Tools declined by 9.5% and gained 2.4 share points,
taking dollar share to 20.2%. Revlon continues to hold the #1 position in the
beauty tools category. Pedi-EXPERT, launched for first half 2009, is ranked #1
in the ACNielsen Top 60 New Beauty Tools through June 2009.

Company Strategy

The Company continues to execute its established business strategy: (i) building
and leveraging its strong brands; (ii) improving the execution of its strategies
and plans, and providing for continued improvement in its organizational
capability through enabling and developing its employees; (iii) continuing to
strengthen its international business; (iv) improving its operating profit
margins and cash flow; and (v) improving its capital structure.

Second Quarter 2009 Results and Conference Call

The Company will host a conference call with members of the investment community
on July 30, 2009 at 9:30 A.M. EDT to discuss Second Quarter 2009 results. Access
to the call is available to the public at www.revloninc.com.

About Revlon

Revlon is a worldwide cosmetics, hair color, beauty tools, fragrances, skincare,
anti-perspirants/deodorants and beauty care products company. The Company`s
vision is to provide glamour, excitement and innovation to consumers through
high-quality products at affordable prices. Websites featuring current product
and promotional information can be reached at www.revlon.com, www.almay.com and
www.mitchumman.com. Corporate and investor relations information can be accessed
at www.revloninc.com. The Company`s brands, which are sold worldwide, include
Revlon, Almay, ColorSilk, Mitchum, Charlie, Gatineau and Ultima II.

Footnotes to Press Release

1 In September 2008, Revlon, Inc. effected a 1-for-10 reverse stock split of its
Class A and Class B common stock (the "Reverse Stock Split") pursuant to which
each ten (10) shares of Revlon, Inc.`s Class A and Class B common stock issued
and outstanding immediately prior to 11:59 p.m. on September 15, 2008 were
automatically combined into one (1) share of Class A common stock and Class B
common stock, respectively, subject to the elimination of fractional shares. Net
income/(loss) per share amounts and all other share amounts have been
retroactively restated to reflect the impact of Revlon, Inc.`s Reverse Stock
Split.

2 Adjusted EBITDA is a non-GAAP financial measure that is reconciled to net
income, its most directly comparable GAAP measure, in the accompanying financial
tables. Adjusted EBITDA is defined as income from continuing operations before
interest, taxes, depreciation, amortization, gains/losses on foreign currency
transactions, gains/losses on the repurchase of debt and miscellaneous expenses.
In calculating Adjusted EBITDA, the Company excludes the effects of gains/losses
on foreign currency transactions, gains/losses on the repurchase of debt,
results of and gains/losses on discontinued operations and miscellaneous
expenses because the Company's management believes that some of these items may
not occur in certain periods, the amounts recognized can vary significantly from
period to period and these items do not facilitate an understanding of the
Company's operating performance. The Company's management utilizes Adjusted
EBITDA as an operating performance measure in conjunction with GAAP measures,
such as net income and gross margin calculated in accordance with GAAP.

The Company's management uses Adjusted EBITDA as an integral part of its
reporting and planning processes and as one of the primary measures to, among
other things --

(i) monitor and evaluate the performance of the Company's business operations;

(ii) facilitate management's internal comparisons of the Company's historical
operating performance of its business operations;

(iii) facilitate management's external comparisons of the results of its overall
business to the historical operating performance of other companies that may
have different capital structures and debt levels;

(iv) review and assess the operating performance of the Company's management
team and as a measure in evaluating employee compensation and bonuses;

(v) analyze and evaluate financial and strategic planning decisions regarding
future operating investments; and

(vi) plan for and prepare future annual operating budgets and determine
appropriate levels of operating investments.

The Company's management believes that Adjusted EBITDA is useful to investors to
provide them with disclosures of the Company's operating results on the same
basis as that used by the Company's management. Additionally, the Company's
management believes that Adjusted EBITDA provides useful information to
investors about the performance of the Company's overall business because such
measure eliminates the effects of unusual or other infrequent charges that are
not directly attributable to the Company's underlying operating performance.
Additionally, the Company's management believes that because it has historically
provided Adjusted EBITDA in previous press releases, that including such
non-GAAP measure in its earnings releases provides consistency in its financial
reporting and continuity to investors for comparability purposes. Accordingly,
the Company believes that the presentation of Adjusted EBITDA, when used in
conjunction with GAAP financial measures, is a useful financial analysis tool,
used by the Company's management as described above that can assist investors in
assessing the Company's financial condition, operating performance and
underlying strength. Adjusted EBITDA should not be considered in isolation or as
a substitute for net income/(loss) prepared in accordance with GAAP. Other
companies may define EBITDA differently. Also, while EBITDA is defined
differently than Adjusted EBITDA for the Company's credit agreement, certain
financial covenants in its borrowing arrangements are tied to similar measures.
Adjusted EBITDA, as well as the other information in this press release, should
be read in conjunction with the Company's financial statements and footnotes
contained in the documents that the Company files with the U.S. Securities and
Exchange Commission.

3 Free cash flow is a non-GAAP measure that is reconciled to net cash provided
by operating activities, its most directly comparable GAAP measure, in the
accompanying financial tables. Free cash flow is defined as net cash provided by
operating activities, less capital expenditures for property, plant and
equipment, plus proceeds from the sale of certain assets. Free cash flow
excludes proceeds on sale of discontinued operations. Management uses free cash
flow to evaluate its business and financial performance and overall liquidity
and in strategic planning. Management believes that free cash flow is useful for
investors because it provides them with an important perspective on the cash
available for debt repayment and other strategic measures, after making
necessary capital investments in property and equipment to support the Company's
ongoing business operations, and provides them with the same measures that
management uses as the basis for making resource allocation decisions. Free cash
flow does not represent the residual cash flow available for discretionary
expenditures, as it excludes certain expenditures such as mandatory debt service
requirements, which for the Company are significant. The Company does not intend
for free cash flow to be considered in isolation or as a substitute for the
related GAAP measures. Other companies may define free cash flow or similarly
titled measures differently.

4 All share, dollar volume and product ranking data is based on U.S. mass-retail
dollar volume according to ACNielsen (an independent research entity). ACNielsen
data is an aggregate of the drug channel, Kmart, Target and Food and Combo
stores, and excludes Wal-Mart and regional mass volume retailers, as well as
prestige stores, department stores, door-to-door, internet, television shopping,
specialty stores, perfumeries and other distribution outlets, all of which are
channels for cosmetics sales. This data represents approximately two-thirds of
the Company`s U.S. mass-retail dollar volume. Such data represent ACNielsen`s
estimates based upon mass retail sample data gathered by ACNielsen and is
therefore subject to some degree of variance and may contain slight rounding
differences.

Forward-Looking Statements

Statements made in this press release, which are not historical facts, including
statements about the Company's plans, strategies, focus, beliefs and
expectations, are forward-looking and subject to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
speak only as of the date they are made and, except for the Company's ongoing
obligations under the U.S. federal securities laws, the Company undertakes no
obligation to publicly update any forward-looking statement, whether to reflect
actual results of operations; changes in financial condition; changes in general
U.S. or international economic, industry or cosmetics category conditions;
changes in estimates, expectations or assumptions; or other circumstances,
conditions, developments or events arising after the issuance of this press
release. Such forward-looking statements include, without limitation, the
Company's beliefs, expectations, focus and/or plans regarding:

(i) our future financial performance, including our expectations that the
organizational restructuring, which has been fully implemented, is reducing our
annualized costs by $30 million, of which approximately $15 million will benefit
the second half of 2009 results and that this action is enabling us to become a
stronger, more financially sound organization, while continuing to invest in our
people and our brands; (ii) our belief that executing our established business
strategy will, over time, generate profitable net sales growth and sustainable
positive free cash flow; (iii) our expectations regarding the amount and timing
of the charges in connection with the May, 2009 organizational restructuring,
including that restructuring and related charges are expected to be
approximately $21 million, comprised of $18.3 million of employee-related costs,
including severance and other termination benefits, which was recognized in the
second quarter of 2009, and approximately $3 million related to the
consolidation of our office facilities in New Jersey, which will be recognized
in the third quarter of 2009; and (iv) our plans to continue to execute our
established business strategy, including by--(a) building and leveraging our
strong brands; (b) improving the execution of our strategies and plans, and
providing for continued improvement in our organizational capability through
enabling and developing our employees; (c) continuing to strengthen our
international business; (d) improving our operating profit margins and cash
flow; and (e) improving our capital structure. Actual results may differ
materially from such forward-looking statements for a number of reasons,
including those set forth in our filings with the SEC, including, without
limitation, our 2008 Annual Report on Form 10-K filed with the SEC in February
2009 and our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that
we have filed or will file with the SEC during 2009 (which may be viewed on the
SEC's website at http://www.sec.gov or on our website at
http://www.revloninc.com), as well as reasons including difficulties, delays or
the inability of the Company to: (i) achieve our financial performance
objectives, including less than anticipated cost reductions or other benefits
from the organizational restructuring and/or changes in the timing of our
realizing such cost reductions; (ii) difficulties, delays, unanticipated costs
or our inability to continue to execute our established business strategy and,
over time, generate profitable net sales growth and/or sustainable positive free
cash flow, such as due to less than effective new product development, less than
expected acceptance of our new products by consumers and/or retail customers,
less than expected acceptance of our brand communication by consumers and/or
retail partners, less than expected levels of advertising and/or promotional
activities for our new product launches, less than expected levels of execution
with our retail partners, higher than expected costs and expenses, less than
anticipated sales of our products as a result of consumer response to worldwide
economic conditions, greater than expected volatility in the retail sales
environment, more than anticipated product returns, as well as actions by our
retail customers impacting our sales, including in response to any decreased
consumer spending in response to global economic conditions or weakness in the
category, retailer inventory management, retailer space reconfigurations and/or
reductions in retailer display space, changes in consumer preferences, such as
reduced demand for our products, changes in consumer purchasing habits,
including with respect to shopping channels, changes in the competitive
environment and actions by our competitors, including business combinations,
technological breakthroughs, new products offerings, promotional spending and/or
marketing and promotional successes, higher than anticipated pension expense
and/or cash contributions and/or a more than expected adverse impact on our
financial results and/or financial condition arising from foreign currency
fluctuations; (iii) higher than anticipated restructuring and related charges
and/or changes in the expected timing of such charges; and (iv) difficulties,
delays, unanticipated costs or our inability to continue to execute our
established business strategy, such as (a) less than expected growth of our
brands, such as due to less than effective new product development and/or less
than expected acceptance of our new or existing products under our brands by
consumers and/or retail customers, (b) difficulties, delays or the inability to
improve the execution of our strategies and plans and/or improve our
organizational capability through enabling and developing our employees, (c) our
inability to continue to strengthen our international business, such as due to
higher than anticipated levels of investment required to support and build our
brands globally or less than anticipated results from our regional and/or
multi-national brands, (d) our inability to improve our operating profit margins
and/or cash flow, such as due to less than anticipated sales growth and/or less
than anticipated savings from our ongoing cost controls and/or (e) difficulties,
delays, unanticipated costs or our inability to improve our capital structure.
Factors other than those listed above could also cause the Company`s results to
differ materially from expected results. Additionally, the business and
financial materials and any other statement or disclosure on, or made available
through, the Company`s websites or other websites referenced herein shall not be
incorporated by reference into this release.

REVLON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in millions, except per share data)

Three Months Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
(Unaudited) (Unaudited)
Net sales $ 321.8 $ 366.5 $ 625.1 $ 678.2
Cost of sales 120.6 124.5 231.6 237.6
Gross profit 201.2 242.0 393.5 440.6
Selling, general and administrative expenses 156.3 188.2 316.5 361.0
Restructuring costs and other, net 18.3 (5.4 ) 18.8 (11.6 )

Operating income 26.6 59.2 58.2 91.2

Other expenses (income):
Interest expense 24.0 30.7 48.1 62.8
Interest income (0.2 ) - (0.4 ) (0.3 )
Amortization of debt issuance costs 1.4 1.5 2.8 2.8
Gain on repurchases of debt (0.5 ) - (7.5 ) -
Foreign currency losses (gains), net 2.1 (1.2 ) 4.5 (5.5 )
Miscellaneous, net 0.1 (0.2 ) 0.3 (0.1 )
Other expenses, net 26.9 30.8 47.8 59.7

(Loss) income from continuing operations before income taxes (0.3 ) 28.4 10.4 31.5
(Benefit) provision for income taxes (0.2 ) 8.6 (2.2 ) 14.4
(Loss) income from continuing operations, net of taxes (0.1 ) 19.8 12.6 17.1
Income from discontinued operations, net of taxes 0.3 0.1 0.3 0.3

Net income $ 0.2 $ 19.9 $ 12.9 $ 17.4

Basic income (loss) per common share:
Continuing operations (0.00 ) 0.39 0.24 0.33
Discontinued operations 0.01 0.00 0.01 0.01
Net income $ 0.00 $ 0.39 $ 0.25 $ 0.34

Diluted income (loss) per common share:
Continuing operations (0.00 ) 0.39 0.24 0.33
Discontinued operations 0.01 0.00 0.01 0.01
Net income $ 0.00 $ 0.39 $ 0.25 $ 0.34

Weighted average number of common shares outstanding:
Basic 51,526,101 51,170,037 51,524,278 51,169,086
Diluted 51,526,101 51,232,983 51,533,896 51,211,724

REVLON, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(dollars in millions)

June 30, December 31,
ASSETS 2009 2008
(Unaudited)
Current assets:
Cash and cash equivalents $ 27.2 $ 52.8
Trade receivables, net 184.0 169.9
Inventories 146.3 154.2
Prepaid expenses and other 56.6 51.6
Total current assets 414.1 428.5
Property, plant and equipment, net 110.4 112.8
Other assets 90.4 89.5
Goodwill, net 182.5 182.6
Total assets $ 797.4 $ 813.4

LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Current liabilities:
Short-term borrowings $ 0.8 $ 0.5
Current portion of long-term debt 16.7 18.9
Accounts payable 85.2 78.1
Accrued expenses and other 223.7 225.9
Total current liabilities 326.4 323.4
Long-term debt 1,157.7 1,203.2
Long-term debt - affiliates 107.0 107.0
Long-term pension and other post-retirement plan liabilities 213.8 223.7
Other long-term liabilities 66.6 68.9
Total stockholders' deficiency (1,074.1 ) (1,112.8 )
Total liabilities and stockholders' deficiency $ 797.4 $ 813.4

REVLON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)

Six Months Ended
June 30,
2009 2008
CASH FLOWS FROM OPERATING ACTIVITIES: (Unaudited)
Net income $ 12.9 $ 17.4
Adjustments to reconcile net income to net cash provided by
operating activities:
Income from discontinued operations, net of income taxes (0.3 ) (0.3 )
Depreciation and amortization 33.3 46.3
Amortization of debt discount 0.4 0.3
Stock compensation amortization 3.4 4.1
Gain on repurchase of debt (7.5 ) -
Gain on sale of certain assets including a non-core trademark (1.6 ) (12.7 )
Change in assets and liabilities:
(Increase) decrease in trade receivables (8.8 ) 10.0
Decrease (increase) in inventories 12.3 (13.8 )
Increase in prepaid expenses and other current assets (3.6 ) (0.1 )
Increase in accounts payable 5.8 9.3
Decrease in accrued expenses and other current liabilities (18.6 ) (17.4 )
Purchase of permanent displays (20.2 ) (25.9 )
Other, net 10.5 3.6
Net cash provided by operating activities 18.0 20.8

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (5.8 ) (8.1 )
Proceeds from the sale of certain assets including a non-core trademark 2.3 9.3
Net cash (used in) provided by investing activities (3.5 ) 1.2

CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft (0.3 ) 2.0
Borrowings (repayment) under the 2006 Revolving Credit Facility, net 1.5 (41.6 )
Proceeds from the issuance of long-term debt - affiliates - 170.0
Repayment of long-term debt (41.6 ) (167.4 )
Payment of financing costs (0.4 ) (3.0 )
Net cash used in financing activities (40.8 ) (40.0 )

CASH FLOWS FROM DISCONTINUED OPERATIONS ACTIVITIES:
Net cash (used in) provided by operating activities of discontinued operations (0.2 ) 2.1
Net cash used in financing activities of discontinued operations - (0.2 )
Change in cash from discontinued operations - (1.9 )
Net cash used in discontinued operations (0.2 ) -

Effect of exchange rate changes on cash and cash equivalents 0.9 0.5
Net decrease in cash and cash equivalents (25.6 ) (17.5 )
Cash and cash equivalents at beginning of period 52.8 45.1
Cash and cash equivalents at end of period $ 27.2 $ 27.6

Supplemental schedule of cash flow information:
Cash paid during the period for:
Interest $ 51.1 $ 66.5
Income taxes, net of refunds $ 7.8 $ 8.7

Supplemental schedule of non-cash investing and financing activities:
Treasury stock received to satisfy minimum tax withholding liabilities $ 0.6 $ 0.4

REVLON, INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(dollars in millions)

Three Months Ended
June 30,
2009 2008
(Unaudited)
Reconciliation to net income:

Net income $ 0.2 $ 19.9
Income from discontinued operations, including gain
on disposal, net of taxes 0.3 0.1
(Loss) income from continuing operations (0.1 ) 19.8

Interest expense, net 23.8 30.7
Amortization of debt issuance costs 1.4 1.5
Foreign currency losses (gains), net 2.1 (1.2 )
Gain on repurchase of debt (0.5 ) -
Miscellaneous, net 0.1 (0.2 )
(Benefit) provision for income taxes (0.2 ) 8.6
Depreciation and amortization 16.4 22.1

Adjusted EBITDA $ 43.0 $ 81.3

Six Months Ended
June 30,
2009 2008
(Unaudited)
Reconciliation to net income:

Net income $ 12.9 $ 17.4
Income from discontinued operations, including gain
on disposal, net of taxes 0.3 0.3
Income from continuing operations 12.6 17.1

Interest expense, net 47.7 62.5
Amortization of debt issuance costs 2.8 2.8
Foreign currency losses (gains), net 4.5 (5.5 )
Gain on repurchase of debt (7.5 ) -
Miscellaneous, net 0.3 (0.1 )
(Benefit) provision for income taxes (2.2 ) 14.4
Depreciation and amortization 33.9 47.6

Adjusted EBITDA $ 92.1 $ 138.8

REVLON, INC. AND SUBSIDIARIES
UNAUDITED FREE CASH FLOW RECONCILIATION
(dollars in millions)

Three Months Ended
June 30,
2009 2008
(Unaudited)
Reconciliation to net cash provided by operating activities:

Cash provided by operating activities $ 0.7 $ 10.1

Less capital expenditures (3.7 ) (5.4 )
Plus proceeds from the sale of certain assets and a non-core trademark - 2.7

Free cash flow $ (3.0 ) $ 7.4

Six Months Ended
June 30,
2009 2008
(Unaudited)
Reconciliation to net cash provided by operating activities:

Cash provided by operating activities $ 18.0 $ 20.8

Less capital expenditures (5.8 ) (8.1 )
Plus proceeds from the sale of certain assets and a non-core trademark 2.3 9.3

Free cash flow $ 14.5 $ 22.0

Revlon, Inc.
Investor Relations & Media:
Abbe F. Goldstein, CFA, 212-527-6465

Copyright Business Wire 2009

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