Third quarter 2009 results compared to third quarter 2008:

Net sales of $326.2 million compared to $334.4 million, a decrease of 2.5%. Excluding unfavorable foreign currency fluctuations of $5.8 million, third quarter of 2009 net sales declined 0.7%.

Operating income of $50.3 million compared to $19.8 million.

Income from continuing operations of $23.1 million, or $0.45 per diluted share1, compared to a loss from continuing operations of $15.2 million, or $0.30 per diluted share.

Net income of $23.1 million, or $0.45 per diluted share, compared to $29.2 million, or $0.57 per diluted share, which included income from discontinued operations of $44.4 million, or $0.87 per diluted share.

Adjusted EBITDA2 of $66.5 million compared to $42.6 million.

Operating income, income from continuing operations, net income, and Adjusted EBITDA in the third quarter of 2009 included $2.6 million, or $0.05 per diluted share, of charges related to the restructuring actions announced on May 28, 2009.

Free cash flow3 of $54.1 million compared to $16.9 million.

Commenting on today's announcement, Revlon President and Chief Executive Officer, Alan T. Ennis, said, "We continued to execute our business strategy and delivered improved profitability and cash flow in the third quarter of 2009. The organizational restructuring that we fully implemented earlier this year is delivering cost savings in line with our expectations and is enabling us to continue to strengthen our brands and become a stronger, more financially sound company. Additionally, we took steps to improve our capital structure by completing the Exchange Offer, which resulted in the extension of the maturity of our Senior Subordinated Term Loan for a multi-year period."

Mr. Ennis concluded, "The rate of growth in the U.S. mass market color cosmetics category, according to ACNielsen, slowed sequentially in the third quarter of 2009. However, we remain focused on the key drivers of our business, including delivering innovative, high-quality, consumer preferred products."

Third Quarter 2009 Results

Net sales in the third quarter of 2009 were $326.2 million, compared to $334.4 million in the third quarter of 2008, a decrease of 2.5%. Excluding unfavorable foreign currency fluctuations of $5.8 million, net sales decreased by 0.7%, driven primarily by lower net sales of Revlon color cosmetics, partially offset by higher net sales of Revlon ColorSilk hair color.

In the United States, net sales in the third quarter of 2009 were $183.7 million, a decrease of $5.7 million, or 3.0%, compared to $189.4 million in the same period last year, driven primarily by lower net sales of Revlon color cosmetics and Revlon Beauty Tools, partially offset by higher net sales of Revlon ColorSilk hair color.

In the Company's international operations, net sales in the third quarter of 2009 were $142.5 million, a decrease of $2.5 million or 1.7%, compared to $145.0 million in the same period last year. Excluding unfavorable foreign currency fluctuations of $5.8 million, net sales increased 2.3%, 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 third quarter of 2009 was $50.3 million, compared to $19.8 million in the same period last year. Adjusted EBITDA in the third quarter of 2009 was $66.5 million compared to $42.6 million in the same period last year. Operating income and Adjusted EBITDA in the third quarter of 2009 benefited from lower selling, general and administrative expenses primarily due to lower advertising expenses as a result of lower advertising rates while increasing the level of media support, and the realization of restructuring savings from the organizational restructuring announced in May 2009. Third quarter 2009 operating income and Adjusted EBITDA included pension expense of $6.7 million, compared to $1.9 million in the third quarter of 2008.

Income from continuing operations in the third quarter of 2009 was $23.1 million, or $0.45 per diluted share compared to a loss from continuing operations of $15.2 million, or $0.30 per diluted share, in the same period last year. The improvement in income from continuing operations was driven primarily by improved operating income of $30.5 million. Income from continuing operations in the third quarter of 2009 also benefited from lower interest expense of $6.1 million.

Net income in the third quarter of 2009 was $23.1 million, or $0.45 per diluted share, compared to $29.2 million, or $0.57 per diluted share, in the same period last year. Third quarter 2008 net income included income from discontinued operations of $44.4 million, or $0.87 per diluted share, of which $45.2 million related to the gain on sale of discontinued operations.

Operating income, Adjusted EBITDA, income from continuing operations and net income in third quarter of 2009 included $2.6 million, or $0.05 per diluted share, of charges related to the previously-announced May 2009 restructuring.

Free cash flow in the third quarter of 2009 was $54.1 million compared to free cash flow of $16.9 million in the same period last year, primarily driven by improved income from continuing operations and continued improvement in working capital efficiency.

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.

Nine Months Results

Net sales in the first nine months of 2009 decreased 6.1% to $951.3 million, compared to net sales of $1,012.6 million in the first nine months of 2008. Excluding unfavorable foreign currency fluctuations of $42.8 million, net sales decreased by 1.8%.

In the United States, net sales in the first nine months of 2009 decreased 3.8% to $560.9 million, compared to net sales of $583.0 million in the first nine months of 2008; while in the Company's international operations, net sales in the first nine months of 2009 decreased 9.1% to $390.4 million, compared to net sales of $429.6 million in the first nine months of 2008. Excluding the unfavorable impact of foreign currency fluctuations of $42.8 million, net sales in international operations in the first nine months of 2009 increased 0.8% compared to the same period last year.

Operating income was $108.5 million in the first nine months of 2009, which included $21.4 million of restructuring charges and other, compared to $111.0 million in the first nine months of 2008. Adjusted EBITDA was $158.6 million in the first nine months of 2009, which included $21.4 million of restructuring charges and other, compared to $181.4 million in the same period last year.

Income from continuing operations in the first nine months of 2009 was $35.7 million, or $0.69 per diluted share, which included $21.4 million, or $0.42 per diluted share, of restructuring charges and other, compared to $1.9 million, or $0.04 per diluted share, in the same period last year.

Net income in the first nine months of 2009 was $36.0 million, or $0.70 per fully diluted share, which included $21.4 million, or $0.42 per diluted share, of restructuring charges, compared to $46.6 million or $0.91 per share in the first nine months of 2008. Net income in the first nine months of 2008 included income from discontinued operations of $44.7 million, or $0.87 per diluted share.

Operating income, income from continuing operations and net income in the first nine months of 2009 included a total charge of $20.8 million related to the previously-announced May 2009 restructuring, of which $18.2 million was recorded in the second quarter of 2009 and the balance of $2.6 million was recorded in the third quarter of 2009.

Free cash flow in the first nine months of 2009 was $68.6 million compared to $38.9 million in the same period last year.

Operating income, Adjusted EBITDA, net income and free cash flow in the first nine months of 2008 included a net gain of $4.8 million, $5.2 million, $4.0 million and $3.5 million, respectively, related to the sale of a facility in Mexico. Operating income, Adjusted EBITDA, net income and free cash flow in the first nine months of 2008 also included a net gain of $5.9 million related to the sale of a non-core trademark.

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 third quarter are summarized in the table below:

                                     $ Share %                  
                                                         Point  
                                     Q3 2009   Q3 2008   Change 
                                                                
 Revlon Color Cosmetics              12.6      13.3      -0.7   
 Almay                               5.2       5.6       -0.4   
 Revlon ColorSilk Hair Color         10.0      8.1       +1.9   
 Mitchum Anti-Perspirant Deodorant   4.6       5.1       -0.5   
 Revlon Beauty Tools                 21.3      18.7      +2.6   


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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, third 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 grew by 0.7% in the third quarter of 2009, although the rate of growth has slowed from 1.3% in the second quarter of 2009.

Revlon Color Cosmetics

Revlon color cosmetics dollar volume declined 4.4% in the third quarter of 2009 resulting in a share of 12.6%. Revlon share for the first nine months of 2009 was 12.8%, a decline of 0.1 percentage point compared to the same period last year.

Revlon color cosmetics share benefited from successful 2009 new product introductions. Revlon continued to lead the lip segment in the third quarter of 2009 with a 22.3% share, driven by the success of ColorStay Ultimate liquid lipstick, which is in the ACNielsen Top 10 new products. Continued positive performance by Revlon Crème Gloss and Revlon Matte lipstick added to Revlon's lip segment results. In the eye segment, Revlon dollar volume grew 4.1%. DoubleTwist mascara continued its strong performance and continued strength in ColorStay eye liners and brow products, as well as Matte eye liner supported the positive eye segment results. In the face segment, Revlon benefited from the positive performance of the Age Defying Spa range and the new ColorStay Minerals introductions. The positive performance of these 2009 face segment product launches were offset by cycling the successful 2008 launches of Beyond Natural foundation, Custom Creations foundation and ColorStay Mineral powder foundation.

Almay

Almay dollar volume decreased 6.1% in the third quarter of 2009. Gains from 2009 new product introductions, including Smart Shade Smart Balance makeup and Pure Blends, benefited Almay in the face segment, partially offsetting declines from products launched in prior years and from discontinued lines. Almay continues to maintain its leadership in the eye makeup remover segment.

Revlon ColorSilk Hair Color

In the third quarter of 2009, dollar volume in the women's hair color category declined by 3.6%, while Revlon ColorSilk hair color grew by 18.4%, resulting in a share gain of 1.9 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 third quarter of 2009, dollar volume in the anti-perspirants / deodorants category declined by 0.7%, while Mitchum declined 10.2%.

Revlon Beauty Tools

In the third quarter of 2009, dollar volume in the beauty tools category declined 20.7%, as the category cycled the launch of a non-traditional pedicure tool in 2008. Revlon Beauty Tools declined by 9.7% and gained 2.6 share points, taking share to 21.3%. Revlon continues to hold the #1 position in the beauty tools category.

New Products

In meeting the needs of consumers seeking new, innovative products, the Company introduced several new products in the second half of 2009, featuring first-to-market breakthrough technologies in Revlon and Almay color cosmetics, including Revlon ColorStay Ultimate Liquid Lipstick, Revlon DoubleTwist Mascara, Revlon ColorStay Mineral Mousse Makeup and Almay Smart Shade Smart Balance Makeup.

For the first half of 2010 the Company will introduce a further exciting line-up of new products in Revlon and Almay color cosmetics, Revlon Beauty Tools and Mitchum. These launches will include several first-to-market technologies including proprietary technology for pigment coatings that provide advanced performance in multiple product categories, including lip and face, as well as on-trend shades that are a hallmark of Revlon's color authority. The first-half 2010 product offerings will be available in retail stores beginning in January 2010.

Exchange Offer

On October 8, 2009, Revlon consummated its exchange offer in which it issued 9,336,905 shares of Revlon Series A Preferred Stock with an aggregate liquidation preference of $48.6 million, to holders of Class A Common Stock who exchanged an equal number of shares of Revlon Class A common stock. Each share of Series A Preferred Stock issued is entitled to receive a 12.75% annual dividend, payable quarterly in cash and is mandatorily redeemable for cash on October 8, 2013.

In connection with completing the Exchange Offer, MacAndrews & Forbes Holdings Inc. ("MacAndrews & Forbes") contributed to Revlon $48.6 million in principal amount of the Senior Subordinated Term Loan between Revlon's wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("RCPC"), and MacAndrews & Forbes (representing $5.21 of the principal amount of such loan for each of the 9,336,905 shares of Revlon Class A common stock exchanged in the Exchange Offer) (the "Contributed Loan"). For each share of Revlon Class A common stock exchanged in the Exchange Offer, Revlon issued to MacAndrews & Forbes one share of Class A common stock, or 9,336,905 shares of Class A common stock in the aggregate. As a result of the Exchange Offer, the following amendments to the terms of the $107 million Senior Subordinated Term Loan became effective:

Extending the maturity date of the $58.4 million balance of the Senior Subordinated Term Loan that remains owed by RCPC to MacAndrews & Forbes (the "Non-Contributed Loan") from August 1, 2010 to October 8, 2014, and changing the interest rate from 11% to 12% annually; and

Extending the maturity date of the $48.6 million of the Contributed Loan that remains owed by RCPC to Revlon from August 1, 2010 to October 8, 2013, and changing the interest rate from 11% to 12.75% annually.

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.

Third Quarter 2009 Results and Conference Call

The Company will host a conference call with members of the investment community on October 29, 2009 at 9:30 A.M. EDT to discuss Third 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.