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.
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
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.
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
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.