Shares of Revlon Inc. slumped nearly 17 per-cent, and hit a new 52-week low, following its disclosure Thursday of a 72.3 percent drop in fourth-quarter profits, but the cosmetics firm, boosted by a one-time gain from the sale of an asset, managed to finish the year in the black.
For the three months ended Dec. 31, Revlon’s profit was $11.3 million, or 22 cents a diluted share, versus $40.8 million, or 80 cents, in the year-ago period. Per share amounts have been adjusted to reflect the firm’s 1-for-10 reverse stock split of Class A and Class B common stock in September 2008. Operating income fell to $44 million from $79.3 million, with the decline driven by increased advertising costs to support new product launches.
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