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July 25, 2007 08:00 AM Eastern Time

Steiner Leisure Limited Announces Second Quarter 2007 Financial Results

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NASSAU, The Bahamas--(BUSINESS WIRE)--Steiner Leisure Limited (NASDAQ:STNR) Steiner Leisure Limited (NASDAQ:STNR) today announced financial results for the second quarter ended June 30, 2007.

Steiner Leisure's revenues for the second quarter ended June 30, 2007 rose 10.8% to $129.8 million from $117.2 million during the comparable quarter in 2006. Income from operations for the second quarter, was $11.6 million compared with $10.8 million for the same quarter in 2006.

Earnings per share for the second quarter ended June 30, 2007 was $0.67 per share, compared with $0.61 per share for the comparable quarter in 2006. The earnings per share data are presented on a diluted basis.

Revenues for the six months ended June 30, 2007 rose 14.3% to $253.6 million from $221.8 million during the comparable six months in 2006. Income from continuing operations, before discontinued operations for the six months ended June 30, 2007 was $22.3 million compared with $21.4 million for the same six months in 2006.

Earnings per share before discontinued operations for the six months ended June 30, 2007 was $1.28 per share compared with $1.20 per share for the comparable six months in 2006. The above earnings per share data are presented on a diluted basis.

Leonard I. Fluxman, President and Chief Executive Officer of Steiner Leisure, commented, Our second quarter performance was in line with the high end of our guidance. Despite the annual repositioning of certain ships to Alaska and the Mediterranean during this quarter, our execution in our maritime business remained strong.

Steiner Leisure Limited is a worldwide provider of spa services. The Companys operations include spas and salons on 131 cruise ships, and in 52 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® 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, department stores and destination spas. Elemis®, as well as other Steiner products, including La Therapie®, Ionithermie, and Steiner Hair Care, are available at 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.

The Company will be holding a conference call at 11:00 am (ET) on Thursday, July 26, 2007. 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 (517) 308-9020, password Steiner, for domestic and international calls approximately ten minutes before the scheduled time. This call is available for replay from Thursday, July 26, 2007 (approximately 3 hours after the call takes place) until Thursday, August 2, 2007 at 11:00 pm. You may reach it by dialing (203) 369-0121 for both domestic and international calls. No password is required.

SELECTED FINANCIAL DATA

($ and shares in thousands, except per share data)

(Unaudited)

 
Second Quarter Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006(1)
Revenues:
Services

 

$86,569

 

$79,871

 

$170,816

 

$150,817

Products 43,270 37,355 82,760 70,958
Total revenues 129,839 117,226 253,576 221,775
 
Cost of Sales:
Cost of services 69,497 63,427 136,984 119,930
Cost of products 30,962 27,631 58,716 52,008
Total cost of sales 100,459 91,058 195,700 171,938
Gross profit 29,380 26,168 57,876 49,837
 
Operating Expenses:
Administrative 7,647 6,393 15,509 12,188
Salary and payroll taxes 9,355 8,402 18,640 15,757
Total operating expenses 17,002 14,795 34,149 27,945
Income from continuing operations 12,378 11,373 23,727 21,892
 
Other Income (Expense):
Interest expense (104 ) (73 ) (148 ) (85 )
Other income 386 344 955 1,269
Total other income (expense) 282 271 807 1,184
 

Income from continuing operations before provision for income taxes and discontinued operations

12,660

11,644

24,534

23,076

 
Provision for income taxes 1,098 865 2,193 1,716
 
Income from continuing operations before discontinued operations

11,562

10,779

22,341

21,360

 
Income from discontinued operations, net of taxes -- -- -- 225
 
 
Net income

 

$11,562

 

$10,779

 

$22,341

 

$21,585

 
Income per share-Basic:
Income before discontinued operations

 

$0.68

 

$0.62

 

$1.32

 

$1.23

Income from discontinued operations -- -- -- 0.01

 

$0.68

 

$0.62

 

$1.32

 

$1.24

 
Income per share-Diluted(2):
Income before discontinued operations

 

$0.67

 

$0.61

 

$1.28

 

$1.20

Income from discontinued operations -- -- -- 0.01

 

$0.67

 

$0.61

 

$1.28

 

$1.21

 
Weighted average shares outstanding:
Basic 16,917 17,329 16,970 17,350
Diluted 17,328 17,774 17,357 17,866
 

Notes:

 

(1) Includes post acquisition results of UCMT and its affiliate which were acquired on April 3, 2006.

(2) Considers the impact of stock options outstanding of a subsidiarys common stock of $20,000 and $27,000 and $63,000 and $46,000 for the three and six months ended June 30, 2007 and 2006, respectively.

STATISTICS

 

Second Quarter Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
 
Average number of ships served1: 127 119 126 118
Spa 93 86 92 85
Non-Spa 34 33 34 33
 
Average total number of staff on ships served:

1,967

1,771

1,953

1,733

Spa 1,731 1,543 1,713 1,504
Non-Spa 236 228 240 229
 
Revenue per staff per day2:

 

$473

 

$468

 

$464

 

$464

Spa

 

$494

 

$491

 

$484

 

$487

Non-Spa

 

$318

 

$308

 

$317

 

$310

 
Average weekly revenues:

 

$51,359

 

$48,549

 

$50,413

 

$47,853

Spa

 

$64,178

 

$61,391

 

$62,871

 

$60,694

Non-Spa

 

$15,690

 

$14,924

 

$15,946

 

$15,022

 

Average number of land-based spas served3

54 56 54 56
 
Average weekly land-based spas revenues

 

$26,209

 

$26,608

 

$26,346

 

$27,072

 

Total schools revenues4,5

 

$11,407,000

 

$11,052,000

 

$23,350,000

 

$16,160,000

 
Total wholesale and retail product revenues

 

$15,332,000

 

$11,534,000

 

$29,207,000

 

$21,093,000

 

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 $79,000 and $126,000 for the three months ended June 30, 2007 and 2006, respectively, and $159,000 and $295,000 for the six months ended June 30, 2007 and 2006, respectively, relating to the Steiner training school near London, England.

5 Includes post acquisition results of UCMT and its affiliate which were acquired on April 3, 2006.




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