Revlon announced results for the year ended December 31, 2015. Total net sales were $521.9 million in the fourth quarter of 2015, a growth of 4.2%, or 9.8% on a constant currency basis (XFX basis) over the quarter ended December 31, 2014.
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On a full year basis, total Company net sales were $1,914.3 million in 2015, a decline of 1.4%, or a growth of 4.9% on an XFX basis.
Total Company Adjusted EBITDA was $125.6 million in the fourth quarter of 2015, a growth of 16.4%, or 21.8% on an XFX basis, over the prior year quarter. On a full year basis, total Company Adjusted EBITDA was $377.5 million in 2015, a growth of 3.4%, or 7.0% on an XFX basis.
Total Company As Reported net income was $24.8 million in the fourth quarter of 2015, including the impact of $36.5 million of non-operating items, net of taxes. On a full year basis, As Reported net income was $56.1 million in 2015, including the impact of $47.3 million of non-operating items, net of taxes.
The non-operating items for both periods included a pension lump-sum settlement charge of $20.7 million and a non-cash goodwill impairment charge of $9.7 million ($6.0 million after-tax).
Excluding the non-operating items, Adjusted net income was $61.3 million in the fourth quarter of 2015, an increase of $56.3 million, and was $103.4 million in 2015, an increase of $43.1 million, or 71.5%.
Full year 2015 results
On an XFX basis, Adjusted net sales in 2015 increased $102.8 million, or 5.3%, compared to 2014. The Company’s April 2015 acquisition of CBBeauty Group contributed $28.4 million to total Company Adjusted net sales in 2015, with no comparable sales in 2014.
On an As Reported basis, total Company net sales were $1,914.3 million in 2015, and $1,941.0 million in 2014.
Venezuela had reported net sales of $1 million in 2015, compared to net sales of $16.3 million in 2014 as a result of the Company’s exit from Venezuela in the second quarter of 2015. Excluding Venezuela, total Company Adjusted 1 net sales were $1,913.3 million in 2015, compared to $1,924.7 million in 2014.
Foreign currency negatively impacted 2015 net sales by $114.2 million (adjusted to exclude the XFX impact in Venezuela).
As Reported earnings per diluted share was $1.07 in 2015 and $0.78 in 2014. On an Adjusted 1 basis, earnings per diluted share was $1.97 in 2015, compared to $1.15 in 2014. ■