Avon Products Reportedly In Talks To Sell The Stake
Sep 10 15
Avon Products Inc. (NYSE:AVP) is in talks with private equity firm to sell its stake, the Wall Street Journal reported. The company is conducting an auction process for a private investment in public equity with Cerberus Capital Management, L.P. and Platinum Equity, LLC. Bids for the auction are due next week, the paper said. The size of the stake sale is still unclear.
Motley Rice LLC Announces $62 Million Settlement with Avon Products, Inc
Sep 9 15
All persons and entities who purchased or otherwise acquired any Avon Products Inc. common stock from July 31, 2006, through and including October 26, 2011, and who were damaged as to any shares purchased or acquired during any portion of the class period. Pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that the above-captioned action has been certified as a class action for purposes of settlement only and that a settlement for $62,000,000 has been proposed. A hearing will be held on December 1, 2015 at 10:00 a.m., before the Honorable Paul G. Gardephe at the United States District Court for the Southern District of New York, Thurgood Marshall United States Courthouse, 40 Foley Square, Courtroom 705, New York, NY 10007 for the purpose of determining: whether the proposed Settlement should be approved by the Court as fair, reasonable, and adequate; whether the Final Judgment and Order of Dismissal with Prejudice should be entered by the Court dismissing the Action with prejudice, and the releases specified and described in the Stipulation and Agreement of Settlement dated July 22, 2015, should be granted; whether the proposed Plan of Allocation is fair, reasonable, and adequate and should be approved; and whether the application of Plaintiffs' counsel for an award of attorneys' fees and litigation expenses in connection with this Action should be approved. The court has reserved the right to reschedule the hearing without further notice.
Avon Products Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Cash Flow Guidance for the Full Year of 2015
Jul 30 15
Avon Products Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, total revenue was $1,823.4 million against $2,188.6 million a year ago. Operating profit was $91.8 million against $93.2 million a year ago. Adjusted operating profit $109.5 million against $185.9 million a year ago. Income before taxes was $63.1 million against $65.7 million a year ago. Income from continuing operations, net of tax was $19.9 million or $0.04 per basic and diluted share against $19.9 million or $0.04 per basic and diluted share a year ago. Net income attributable to the company was $28.8 million or $0.07 per basic and diluted share against $19.0 million or $0.04 per basic and diluted share a year ago. Adjusted Non-GAAP net income was 48.1 million or $0.11 against $90.8 million or $0.20 a year ago.
For the six months, total revenue was $3,617.6 million against $4,372.2 million a year ago. Operating profit was $54.2 million against $42.3 million a year ago. Loss before taxes was $19.5 million against $75.3 million a year ago. Adjusted operating profit $211.4 million against $319.4 million a year ago. Net loss attributable to the company was $118.5 million or $0.27 per basic and diluted share against $149.3 million or $0.34 per basic and diluted share a year ago. Net cash used in operating activities of continuing operations was $109.9 million against $7.1 million a year ago. Capital expenditures were $42.1 million against $58.6 million a year ago. Adjusted Non-GAAP net income was 65.0 million or $0.14 against $142.9 million or $0.32 a year ago.
The company expect full-year adjusted effective tax rate to be in the low 50% range due to the inability, in accordance with U.S. GAAP, to recognize additional deferred tax assets related to the current-year U.S.-based operating results; however, the effective tax rate is expected to be volatile on a quarterly basis due to the country mix of quarterly earnings. Free cash flow outlook of approximately $100 million and the expectation of offsetting the headwinds from transaction foreign currency exchange costs with additional cost reductions and pricing actions.