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February 27, 2008 04:59 PM Eastern Time 

Steiner Leisure Limited Announces Fourth Quarter and 2007 Financial Results and New Share Repurchase Plan

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NASSAU, The Bahamas--(BUSINESS WIRE)--Steiner Leisure Limited (NASDAQ:STNR) today announced financial results for the fourth quarter and year ended December 31, 2007.

Financial Results

Steiner Leisure's revenues for the fourth quarter ended December 31, 2007 rose 10.8% to $135.2 million from $122.1 million during the comparable quarter in 2006. Income from continuing operations for the fourth quarter of 2007, was $11.0 million compared with $13.2 million for the same quarter in 2006. In the fourth quarter of 2006, the Company adopted Staff Accounting Bulletin 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements ("SAB 108"). The effect of adopting SAB 108 was an income tax benefit of $1.8 million during the fourth quarter of 2006. That adoption had no impact on our results of operations for the year ended December 31, 2006.

Earnings per share for the fourth quarter ended December 31, 2007 was $0.67 per share, compared with $0.75 per share for the comparable quarter in 2006. The earnings per share data are presented on a diluted basis.

Revenues for the year ended December 31, 2007, rose 12.6% to $529.2 million from $470.1 million in 2006. Income from continuing operations, before discontinued operations for the year ended December 31, 2007, was $44.7 million, compared with $45.9 million in 2006. For 2006, we recorded a deferred tax benefit of $2.3 million as a result of implementing certain tax planning strategies.

Earnings per share before discontinued operations for the year ended December 31, 2007 was $2.63 per share compared with $2.60 per share for 2006. The above earnings per share data are presented on a diluted basis.

New Share Repurchase Plan

Steiner Leisure also today announced the approval by its Board of Directors of a new share repurchase plan under which up to $100,000,000 of Steiner Leisure common shares can be purchased. In connection with this new repurchase authorization, the repurchase plan approved by the Board in July 2007 was terminated. A total of approximately 460,000 of our common shares remained authorized to be repurchased under that plan at the time it was terminated.

Under the new share repurchase plan, Steiner Leisure may purchase shares from time to time, at prevailing prices in open market, and possibly other, transactions, subject to market conditions and compliance with certain financial parameters. We cannot provide assurance as to the exact number of shares that will be repurchased under the plan.

Corporate Overview

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 130 cruise ships, and in 51 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 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.

Conference Call

The Company will be holding a conference call at 11:00 am (EST) on Thursday, February 28, 2008. 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 for domestic and international calls approximately five minutes before the scheduled time. The password is "Steiner". This call is available for replay from Thursday, February 28, 2008 (approximately 3 hours after the call takes place) until Thursday, March 6, 2008 at 11:00 pm. You may reach it by dialing (203) 369-3249 for both domestic and international calls.



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