We’ve heard it all before, year after year, but this time, Revlon executives insist that they’re back on track. The company reported a slight (1%) increase in third quarter sales to $334.4 million, while posting net income of $29.2 million, vs. a loss of $10.4 million a year ago.

However, the gain in profit is attributable to the July sale of Revlon’s Bozzano branded men’s hair care and shaving line of products. Bozzano products are sold in Brazil only. The purchase price was $107 million.

“We have executed our strategy and profitably grown our business during the first nine months of this year. Specifically, we have launched a comprehensive and successful new lineup of Revlon and Almay color cosmetics products, supported our brands with appropriate levels of advertising and promotional support, increased our margins and improved our capital structure,” said David Kennedy, president and chief executive officer, Revlon. “As we continue to support our extensive second half 2008 new product introductions, we expect increased levels of advertising and promotional support in the fourth quarter of 2008 compared to the fourth quarter of 2007. For the year 2008, we expect improved operating margins, profitability and free cash flow from continuing operations, compared to 2007, driven by strength in the Revlon brand, and efficiencies and cost controls throughout the company.”

According to Mr. Kennedy, Revlon is confident about the new product introductions for the first half of 2009. New Revlon offerings will include Almay Pure Blends, which is billed as “a natural collection and delivers a full range of shades, radiant finishes and eco-friendly products and packaging, with no compromise in color and performance.”