First quarter 2009 results compared to first quarter 2008:

Net sales of $303.3 million compared to $311.7 million. Excluding unfavorable foreign currency fluctuations, first quarter of 2009 net sales grew 3.8%.

Operating income of $31.6 million compared to $32.0 million.

Net income of $12.7 million, or $0.25 per diluted share1, compared to a net loss of $2.5 million, or $0.05 per diluted share.

Free cash flow2 of $17.5 million compared to $14.6 million.

Adjusted EBITDA3 of $49.1 million compared to $57.5 million.

First quarter 2008 operating income, net loss, Adjusted EBITDA, and Free Cash Flow included a gain of $6.0 million related to the sale of a non-core trademark.

Commenting on today's announcement, Revlon President and Chief Executive Officer, David Kennedy, said, "In the first quarter of 2009, we continued to execute our strategy, including our focus on the key drivers of profitable brand growth. We improved net income and free cash flow, reduced debt, grew Revlon color cosmetics U.S. retail sales over 9% and increased market share4. We continue to manage our business while maintaining flexibility to adapt to changes in business conditions, including the ongoing economic uncertainties. We believe that continued execution of our strategy will, over time, generate profitable net sales growth and sustainable positive free cash flow."

First Quarter 2009 Results

Net sales in the first quarter of 2009 were $303.3 million, compared to $311.7 million in the first quarter of 2008. Excluding unfavorable foreign currency fluctuations of $20.3 million, net sales increased by 3.8%. Higher net sales of Revlon and Almay color cosmetics and Revlon ColorSilk hair color were partially offset by lower net sales of Mitchum anti-perspirant deodorant. Revlon color cosmetics net sales increased 8.9%, excluding foreign currency fluctuations, driven by strong new product introductions. In the first quarter of 2009, the Company increased advertising and promotional spending across its portfolio of brands, compared to the same period last year.

In the United States, net sales in the first quarter of 2009 were $191.0 million, an increase of $13.8 million, or 7.8%, compared to $177.2 million in the same period last year, driven primarily by higher net sales of Revlon and Almay color cosmetics and Revlon ColorSilk hair color. First quarter 2009 net sales benefited from higher pipeline shipments of first half and some second half 2009 new color cosmetics products, as a result of timing of shipments and a more extensive new product lineup, including Revlon ColorStay Ultimate Liquid Lipstick.

In the Company's international operations, net sales in the first quarter of 2009 were $112.3 million, a decrease of $22.2 million or 16.5%, compared to $134.5 million in the same period last year. Almost all of the decline was due to unfavorable foreign currency fluctuations, which negatively impacted net sales by $20.3 million in the first quarter of 2009. Excluding unfavorable foreign currency fluctuations, net sales declined 1.4% as declines in fragrances and certain beauty care products were partially offset by higher net sales of Revlon color cosmetics; lower net sales in the Europe and Latin America regions were partially offset by higher net sales in the Asia Pacific region.

Operating income in the first quarter of 2009 was $31.6 million, representing a 10.4% operating income margin, compared to $32.0 million, representing a 10.3% operating income margin, in the same period last year. Adjusted EBITDA in the first quarter of 2009 was $49.1 million, compared to $57.5 million in the same period last year. First quarter 2009 operating income and Adjusted EBITDA included pension expense of $6.0 million, compared to $2.1 million in the first quarter of 2008. First quarter 2008 operating income and Adjusted EBITDA included a gain of $6.0 million related to the sale of a non-core trademark.

Net income in the first quarter of 2009 was $12.7 million, or $0.25 per diluted share, compared to a net loss of $2.5 million, or $0.05 per diluted share, in the same period last year. Net income in the first quarter of 2009 benefited from lower interest expense of $8.0 million, a gain on the repurchase of 9½% senior notes of $7.0 million, and lower income tax expense of $7.8 million, partially offset by higher foreign currency losses of $6.7 million and higher pension expense of $3.9 million. First quarter 2008 net loss included a gain of $6.0 million related to the sale of a non-core trademark.

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/(loss) 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.

Debt Reduction

In the first quarter of 2009, the Company reduced debt by $38.3 million, as follows:

Senior Secured Term Loan: During the first quarter of 2009, the Company repaid $18.7 million of its senior secured term loan. After this repayment, there remained outstanding at the end of the first quarter of 2009 approximately $815 million principal amount under the term loan, which matures in January 2012.

9½% Senior Notes: During the first quarter of 2009, the Company repurchased $23.9 million in aggregate principal amount of its 9½% senior notes. As a result of these repurchases, the Company wrote-off the ratable portion of the unamortized debt discount of $0.3 million. After these repurchases, there remained outstanding $366.1 million aggregate principal amount under the Company's 9½% senior notes, which mature in April 2011.

Revolving Credit Facility: The Company had outstanding borrowings under its revolving credit facility of $4.0 million at March 31, 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 first quarter are summarized in the table below:

                                                                                                           $ Share %                                                                                 Point    First Quarter 2009                   Q1 2009    Q1 2008    Change                                                                       Revlon Color Cosmetics               13.2       12.5       0.7      Almay                                5.7        6.1        (0.4)    Revlon ColorSilk Hair Color          8.3        8.0        0.3      Mitchum Anti-Perspirant Deodorant    4.8        5.1        (0.3)    Revlon Beauty Tools                  21.2       20.7       0.5                                                                           -------------------------------------------------------------------------------  

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

Color Cosmetics

The U.S. mass color cosmetics category dollar volume grew 3.2% in the first quarter of 2009.

Revlon Color Cosmetics

Revlon color cosmetics dollar volume grew 9.3% in the first quarter of 2009:

In the face segment, Revlon color cosmetics grew 16.4%, driven by Revlon Age Defying Spa foundation and Revlon Age Defying Spa Concealer, both of which are first half 2009 launches, and Revlon ColorStay Mineral foundation, introduced in 2008, as well as core Revlon ColorStay foundation.

Revlon color cosmetics holds the #1 position in the lip segment with a 22.9% dollar share. In the lip segment, Revlon color cosmetics grew 8.9% driven by Revlon Crème Gloss and Revlon Matte lipstick, both first half 2009 launches, as well as Revlon ColorStay Mineral lipglaze, introduced in 2008 and Revlon Super Lustrous lipcolor.

In the nail segment, Revlon color cosmetics core nail franchise grew by 33.8%, driven by new shade introductions and effective brand advertising.

In the eye segment, Revlon color cosmetics grew 3.8%. This growth was driven by Revlon ColorStay pencil and liquid eye liners and brow products, as well as Revlon Matte Luxurious Color Kohl eye liner, partially offset by declines in mascara.

Almay

Almay dollar volume decreased 4.0% in the first quarter of 2009, driven by declines in face and lip, partially offset by growth in the eye segment. Almay's positive performance in the eye segment was driven by the Almay Intense i-Color Collection and the Almay Bright Eyes Collection.

Revlon ColorSilk Hair Color

In the first quarter of 2009, dollar volume in the women's hair color category declined by 2.3%, while Revlon ColorSilk hair color grew by 1.0%. 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 first quarter of 2009, dollar volume in the anti-perspirants/deodorants category declined by 0.1%. Mitchum continued to maintain an approximate 5% dollar share, in line with its quarterly performance since the fourth quarter of 2006.

Revlon Beauty Tools

In the first quarter of 2009, dollar volume in the beauty tools category declined 1.8%, while Revlon Beauty Tools grew by 0.5%. Revlon holds the #1 position in the beauty tools category with a 21.2% share. Revlon Pedi-EXPERT, launched for first half 2009, is ranked #1 in the ACNielsen Top 60 New Beauty Tools (by retail dollar sales) through March 2009.

New Products with First-to-Market Breakthrough Technology for Second Half of 2009

The Company is launching a new lineup for the second half of 2009, featuring first-to-market breakthrough technology product introductions of Revlon and Almay color cosmetics. These product launches include unique offerings for the mass channel, innovations in products and extensions within the Revlon and Almay franchises.

Second half 2009 Revlon and Almay color cosmetics introductions include the following new product launches, which are part of our full new product lineup:

Revlon ColorStay Ultimate Liquid Lipstick is a breakthrough product that is the first and only one-step lipcolor that has it all -- exclusive ColorStay long-wear technology providing food-proof wear for up to 12 hours. The advertising campaign features Jennifer Connelly.

Revlon DoubleTwist Mascara is a first-to-mass revolutionary 2-in-1 brush that has traditional bristles to thicken lashes and innovative combs to define, providing massive volume and remarkable definition, with a rich color impact. The advertising campaign features Jessica Alba.

Revlon ColorStay Mineral Mousse Makeup is an extension to the Revlon ColorStay Mineral franchise, which was introduced in 2008. ColorStay Mineral Mousse Makeup is a first-to-market formula with ColorStay technology that offers the benefits of mineral makeup in a long-wearing mousse form with a luxurious matte finish. The advertising campaign features Halle Berry.

Almay Smart Shade Smart Balance Makeup is a breakthrough product that is an extension of the highly successful Almay Smart Shade franchise which was launched for 2007. Almay Smart Shade Smart Balance makeup uses Almay Smart Shade proprietary technology with shade sensing microbeads to adjust to skin tone and uses new and breakthrough Smart Balance technology with skin balancing microspheres that work to keep oily areas shine-free and dry skin softly hydrated. The advertising campaign features Elaine Mellencamp and Marina Theiss.

Company Strategy

The Company continues to focus on its 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.

First Quarter 2009 Results and Conference Call

The Company will host a conference call with members of the investment community on April 30, 2009 at 9:30 A.M. EDT to discuss First 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 Free cash flow is a non-GAAP measure that is reconciled to net cash provided by (used in) operating activities, its most directly comparable GAAP measure, in the accompanying financial tables. Free cash flow is defined as net cash provided by (used in) 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 results that management uses as the basis for making resource allocation decisions.