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: June 30, 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 June 30, 2003, 38,121,785 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 of the shares of Class B Common Stock were held by REV Holdings LLC, an indirect wholly-owned subsidiary of Mafco Holdings Inc., and 14,590,347 shares of Class A Common Stock were held by MacAndrews & Forbes Holdings Inc., which is a direct wholly-owned subsidiary of Mafco Holdings Inc.

Total Pages – 34

REVLON, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS

(dollars in millions, except per share data)

				June 30, 2003				December 31, 2002
ASSETS
Current assets:					(Unaudited	)
Cash and cash equivalents				$	34.4			$	85.8
Trade receivables, less allowances of $16.6 and $24.0, respectively					206.7				212.3
Inventories					161.6				128.1
Prepaid expenses and other					43.6				39.6
Total current assets					446.3				465.8
Property, plant and equipment, net					132.5				133.4
Other assets					164.6				154.4
Goodwill, net					186.1				185.9
Total assets				$	929.5			$	939.5
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities:
Short-term borrowings – third parties				$	27.8			$	25.0
Accounts payable					100.0				92.9
Accrued expenses and other					358.5				392.3
Total current liabilities					486.3				510.2
Long-term debt – third parties					1,729.8				1,726.0
Long-term debt – affiliates					68.7				24.1
Other long-term liabilities					314.7				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, 38,121,785 and 20,516,135 issued and outstanding, respectively					0.4				0.2
Capital deficiency					(147.6	)			(201.3	)
Accumulated deficit since June 24, 1992					(1,448.4	)			(1,361.9	)
Accumulated other comprehensive loss					(129.3	)			(132.7	)
Total stockholders' deficiency					(1,670.0	)			(1,640.8	)
Total liabilities and stockholders' deficiency				$	929.5			$	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 June 30,								Six Months Ended June 30,
				2003				2002				2003				2002
Net sales				$	322.3			$	308.2			$	614.3			$	583.6
Cost of sales					125.2				119.8				236.7				228.8
Gross profit					197.1				188.4				377.6				354.8
Selling, general and administrative expenses					200.2				180.8				384.4				347.5
Restructuring costs					—				3.2				0.5				7.2
Operating (loss) income					(3.1	)			4.4				(7.3	)			0.1
Other expenses (income):
Interest expense					42.8				39.1				84.2