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                                                                          Revlon ColorSilk 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.