Cosmetics maker Revlon posted a fourth-quarter loss on Tuesday, compared with a year-earlier profit, as sales dropped and the company had costs associated with a restructuring program.
Revlon, which is controlled by financier Ronald Perelman, reported a loss of $5.5 million, or 1 cent a share, compared with a profit of $64.3 million, or 17 cents a share, a year earlier.
The latest quarter included $4.1 million in restructuring costs and a $23.1 million loss on early retirement of debt.
Excluding one-time items, earnings were 7 cents a share, compared with analysts' average estimate of 10 cents a share, according to Reuters Estimates.
Sales dropped 13.5% to $378.9 million. The 2005 fourth quarter benefited from initial sales of the Vital Radiance line and a revamping of the Almay brand.
In September, New York-based Revlon discontinued the Vital Radiance line, just eight months after its launch, named a new chief executive and slashed about 250 jobs in the United States.
Revlon's share of the U.S. market for color cosmetics fell to 20.3% in the fourth quarter from 20.5% a year earlier.
For 2007, the company forecast adjusted earnings before interest, taxes, depreciation and amortization of $210 million, up from $78.2 million in 2006. Adjusted EBITDA excludes the impact of asset sales, early debt retirement, currency fluctuations and other items.