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April 26, 2006 04:34 PM Eastern Time

Steiner Leisure Limited Announces First Quarter 2006 Financial Results

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NASSAU, The Bahamas--(BUSINESS WIRE)--April 26, 2006--Steiner Leisure Limited (NASDAQ:STNR) today announced financial results for the first quarter ended March 31, 2006.

Financial Results

Steiner Leisure's revenues for the first quarter ended March 31, 2006 rose 10.3% to $104.5 million from $94.7 million during the comparable quarter in 2005. Income from continuing operations, before discontinued operations for the first quarter, was $10.6 million compared with $9.1 million for the same quarter in 2005. The income from continuing operations for the first quarter of 2006 includes $557,000 of stock based compensation expense related to the adoption of SFAS No. 123(R) effective January 1, 2006 under the modified prospective method and $440,000 of insurance proceeds received related to the Tsunami that hit various Asian regions in December 2004 and damaged most of our operations in the Maldive Islands.

Earnings per share before discontinued operations for the first quarter ended March 31, 2006 was $0.59 per share, compared with $0.48 per share for the comparable quarter in 2005. The earnings per share data are presented on a diluted basis.

Leonard I. Fluxman, President and Chief Executive Officer of Steiner Leisure, commented, "We are very pleased with our first quarter results. The momentum from 2005 has continued into the first quarter of 2006 as most of the key elements of our businesses performed very well."

Corporate Overview

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 124 cruise ships, and in 57 resort spas and two luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Lines, Caesars Entertainment, Celebrity Cruises, Crystal Cruises, Cunard/Seabourn Cruise Lines, Hilton Hotels, Holland America Line, Kerzner International, Marriott Hotels, Norwegian Cruise Lines, Princess Cruises and Royal Caribbean Cruises. Our Elemis Limited subsidiary manufactures its Elemis(R) brand products for use in our cruise ship and land-based spas. This top quality European line of beauty products is also distributed worldwide to exclusive hotels, salons, health clubs and destination spas. Elemis(R), as well as other Steiner products, including La Therapie(R), Ionithermie, and Steiner Hair Care, are available at http://www.timetospa.com.

Steiner Leisure owns and operates four post secondary schools (comprised of a total of 14 campuses) located in Miami, Orlando, Pompano Beach and Sarasota, Florida; Baltimore, Maryland; Charlottesville, Virginia; York, Pennsylvania; Salt Lake City and Lindon, Utah; Las Vegas, Nevada; Tempe and Phoenix, Arizona; and Westminster and Aurora, Colorado. Offering degree and non-degree programs in massage therapy and, in some cases, skin care, these schools train and qualify spa professionals for health and beauty positions within the Steiner family of companies or other industry entities.

Conference Call

The Company will be holding a conference call at 11:00 am (EST) on Thursday, April 27, 2006. Clive E. Warshaw, Chairman of the Board, and Leonard I. Fluxman, President and Chief Executive Officer, will discuss the contents of this press release.

If you wish to participate in this conference call, please call 706-679-5917 for domestic and international calls approximately ten minutes before the scheduled time. This call is available for replay from Thursday, April 27, 2006 (approximately 3 hours after the call takes place) until Tuesday, May 2, 2006 at 5:00 pm. You may reach it by dialing 706-645-9291 for both domestic and international calls. The conference ID # is 7855768.

                        SELECTED FINANCIAL DATA
                ($ in thousands, except per share data)
                              (Unaudited)

                                                  First Quarter Ended
                                                       March 31,
                                                 ---------------------
                                                    2006       2005
                                                 ---------- ----------
Revenues:
    Services                                    $   70,946 $   65,326
    Products                                        33,603     29,418
                                                 ---------- ----------
        Total revenues                             104,549     94,744
                                                 ---------- ----------

Cost of Sales:
    Cost of services                                56,503     51,292
    Cost of products                                24,377     22,355
                                                 ---------- ----------
        Total cost of sales                         80,880     73,647
                                                 ---------- ----------
        Gross profit                                23,669     21,097
                                                 ---------- ----------

Operating Expenses:
    Administrative                                   5,795      5,630
    Salary and payroll taxes                         7,355      5,695
                                                 ---------- ----------
        Total operating expenses                    13,150     11,325
                                                 ---------- ----------
        Income from continuing operations           10,519      9,772
                                                 ---------- ----------

Other Income (Expense):
    Interest expense                                   (12)       (51)
    Other income                                       925        148
                                                 ---------- ----------
        Total other income (expense)                   913         97
                                                 ---------- ----------

Income from continuing operations before
 provision for income taxes and discontinued
 operations                                         11,432      9,869

Provision for income taxes                             851        773
                                                 ---------- ----------

Income from continuing operations before
 discontinued operations                            10,581      9,096

Income (loss) from discontinued operations, net
 of taxes                                              225        (14)
                                                 ---------- ----------

Net income                                      $   10,806 $    9,082
                                                 ========== ==========

Income per share-Basic:
    Income before discontinued operations       $     0.61 $     0.51
    Income from discontinued operations               0.01         --
                                                 ---------- ----------
                                                $     0.62 $     0.51
                                                 ========== ==========

Income per share-Diluted:
    Income before discontinued operations       $     0.59 $     0.48
    Income from discontinued operations               0.01         --
                                                 ---------- ----------
                                                $     0.60 $     0.48
                                                 ========== ==========
Weighted average shares outstanding:
    Basic                                           17,370     17,999
    Diluted                                         17,959     18,886
                              STATISTICS

                                                  First Quarter Ended
                                                       March 31,
                                                 ---------------------
                                                    2006       2005
                                                 ---------- ----------

Average number of ships served(1):                     116        115
Spa                                                     83         82
Non-Spa                                                 33         33


Average total number of staff on ships served:       1,695      1,617
Spa                                                  1,465      1,382
Non-Spa                                                230        235

Revenue per staff per day(2):                   $      460 $      447
Spa                                             $      483 $      475
Non-Spa                                         $      311 $      287

Average weekly revenues:                        $   47,128 $   43,878
Spa                                             $   59,957 $   56,255
Non-Spa                                         $   15,120 $   13,973

Average number of land based spas served(3)             55         47

Average weekly land based spas revenues         $   27,869 $   28,404

Total schools revenues(4)                       $5,108,000 $4,426,000

Total wholesale and retail product revenues     $9,559,000 $7,924,000


(1) Average number of ships served reflects the fact that during
    the period ships were in and out of service and, accordingly, 
    the number of ships served during the period varied.

(2) Revenue includes all sales of services and products on ships.
    Staff includes all shipboard employees. Per day refers to each 
    day that a cruise ship is in service.

(3) Average number of land-based day spas operated reflects the
    fact that during the period spas were opened or closed and,
    accordingly, the number of spas served during the period varied.

(4) Includes $169,000 and $217,000 for the three months ended 
    March 31, 2006 and 2005, respectively, relating to the Steiner
    training school near London, England.




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