SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

				QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
				For the quarterly period ended: March 31, 2003
OR
				TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
				For the transition period from                  to

Commission file number 1-11178

REVLON, INC.

(Exact name of registrant as specified in its charter)

Delaware				13-3662955
(State or other jurisdiction of incorporation or organization)				(I.R.S. Employer Identification No.)
625 Madison Avenue, New York, New York				10022
(Address of principal executive offices)				(Zip Code)

Registrant's telephone number, including area code:    212-527-4000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.     Yes X         No          

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).    Yes                  No X

As of March 31, 2003, 20,516,135 shares of Class A Common Stock and 31,250,000 shares of Class B Common Stock were outstanding. 11,650,000 shares of Class A Common Stock and all the shares of Class B Common Stock were held by REV Holdings LLC, an indirect wholly-owned subsidiary of Mafco Holdings Inc.

REVLON, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS

(dollars in millions, except per share data)

				March 31, 2003				December 31, 2002
ASSETS
Current assets:					(Unaudited	)
Cash and cash equivalents				$	34.8			$	85.8
Trade receivables, less allowances of $23.8 and $24.0, respectively					200.5				212.3
Inventories					151.6				128.1
Prepaid expenses and other					51.1				39.6
Total current assets					438.0				465.8
Property, plant and equipment, net					130.4				133.4
Other assets					163.4				154.4
Goodwill, net					185.9				185.9
Total assets				$	917.7			$	939.5
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Short-term borrowings - third parties				$	26.9			$	25.0
Accounts payable					113.3				92.9
Accrued expenses and other					382.0				392.3
Total current liabilities					522.2				510.2
Long-term debt - third parties					1,725.4				1,726.0
Long-term debt - affiliates					39.2				24.1
Other long-term liabilities					318.6				320.0
Stockholders' deficiency:
Preferred stock, par value $.01 per share; 20,000,000 shares authorized, 546 shares of Series A Preferred Stock issued and outstanding					54.6				54.6
Preferred stock, par value $.01 per share; 20,000,000 shares authorized, 4,333 shares of Series B Preferred Stock issued and outstanding					—				—
Class B Common Stock, par value $.01 per share; 200,000,000 shares authorized, 31,250,000 issued and outstanding					0.3				0.3
Class A Common Stock, par value $.01 per share; 350,000,000 shares authorized, 20,516,135 issued and outstanding					0.2				0.2
Capital deficiency					(201.3	)			(201.3	)
Accumulated deficit since June 24, 1992					(1,410.6	)			(1,361.9	)
Accumulated other comprehensive loss					(130.9	)			(132.7	)
Total stockholders' deficiency					(1,687.7	)			(1,640.8	)
Total liabilities and stockholders' deficiency				$	917.7			$	939.5

See Accompanying Notes to Unaudited Consolidated Condensed Financial Statements.

1

REVLON, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(dollars in millions, except per share data)

				Three Months Ended March 31,
				2003				2002
Net sales				$	292.0			$	275.4
Cost of sales					111.5				109.0
Gross profit					180.5				166.4
Selling, general and administrative expenses					184.2				166.7
Restructuring costs					0.5				4.0
Operating loss					(4.2	)			(4.3	)
Other expenses (income):
Interest expense					41.4				39.2
Interest income					(0.5	)			(0.5	)
Amortization of debt issuance costs					2.0				1.9
Foreign currency losses (gains), net					0.3				(0.6	)
Miscellaneous, net					0.4				1.7
Other expenses, net					43.6				41.7
Loss before income taxes					(47.8	)			(46.0	)
Provision for income taxes					0.9				0.1
Net loss				$	(48.7	)		$	(46.1	)
Basic and diluted loss per common share				$	(0.93	)		$	(0.88