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NEW YORK (AP) _ Revlon Inc. said Thursday it posted a narrower second-quarter net loss, even as difficult economic conditions in Latin America took a bite out of sales.
The cosmetics, skincare and fragrance company reported a net loss of $38.9 million, or 75 cents a share, compared with a net loss of $56 million, or $1.07 a share, for the same period a year earlier.
The latest results include restructuring costs of $3.2 million and consolidation costs of $300,000. Excluding these items, Revlon said its loss from ongoing operations was $35.4 million, or 68 cents a share.
Year-earlier results include restructuring costs of $7.9 million, consolidation costs of $22.4 million and a loss of $7.7 million on the sale of brands and facilities.
Excluding those items, the New York-based company said its loss from ongoing operations totaled $18 million, or 34 cents a share, in the 2001 quarter.
Sales, meanwhile, slipped 4.3 percent to $308.2 million from $322.1 million in 2001. The company said a modest gain in sales in North America was offset by unfavorable foreign currency translations in Latin America. Excluding the effect of foreign currency conversations, the company said sales were even with those for the previous year.
Commenting on the quarter, Revlon President and Chief Executive Jack Stahl said the company has ``identified a clear strategic path and detailed action plans for the business″ and is starting to ``roll out new marketing and merchandising initiatives.″
Stahl, a former Coca-Cola executive and self-described ``hands-on manager,″ recently succeeded Jeffrey Nugent, who lasted only two years in the post, as did Mr. Nugent’s predecessor, George Fellows.
Revlon, controlled by New York financier Ronald Perelman, has posted annual losses for the past four years, and quarterly losses for 15 consecutive quarters.
Shares of Revlon were at $4.71 late Thursday morning on the New York Stock Exchange, down 29 cents, or 5.8 percent.