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April 25, 2007 04:04 PM Eastern Time

Steiner Leisure Limited Announces First Quarter 2007 Financial Results

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

Financial Results

Steiner Leisure's revenues for the first quarter ended March 31, 2007 rose 18.4% to $123.7 million from $104.5 million during the comparable quarter in 2006. Income from continuing operations, before discontinued operations for the first quarter, was $10.8 million compared with $10.6 million for the same quarter in 2006. The income from continuing operations for the first quarter of 2006 included $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, 2007 was $0.62 per share, compared with $0.59 per share for the comparable quarter in 2006. 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 pleased with our first quarter results. Most of the key elements of our businesses performed well.

Corporate Overview

Steiner Leisure Limited is a worldwide provider of spa services. The Companys operations include spas and salons on 130 cruise ships, and in 54 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

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 (EDT) on Thursday, April 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 for domestic and international calls approximately ten minutes before the scheduled time. The password is Steiner. This call is available for replay from Thursday, April 26, 2007 (approximately 3 hours after the call takes place) until Saturday, May 5, 2007 at approximately 5:00 pm. You may reach it by dialing (203) 369-1075 for both domestic and international calls.


($ in thousands, except per share data)


First Quarter Ended
March 31,
2007(1) 2006 
Services $ 84,247  $ 70,946 
Products 39,490  33,603 
Total revenues 123,737  104,549 
Cost of Sales:
Cost of services 67,487  56,503 
Cost of products 27,754  24,377 
Total cost of sales 95,241  80,880 
Gross profit 28,496  23,669 
Operating Expenses:
Administrative 7,862  5,795 
Salary and payroll taxes 9,285  7,355 
Total operating expenses 17,147  13,150 
Income from continuing operations 11,349  10,519 
Other Income (Expense):
Interest expense





Other income 569  925 
Total other income (expense) 525  913 

Income from continuing operations before provision

for income taxes and discontinued operations



Provision for income taxes 1,095  851 

Income from continuing operations before

discontinued operations



Income from discontinued operations, net of taxes --  225 
Net income $ 10,779  $ 10,806 
Income per share-Basic:
Income before discontinued operations $ 0.63  $ 0.61 
Income from discontinued operations --  0.01 
$ 0.63  $ 0.62 
Income per share-Diluted (2):
Income before discontinued operations $ 0.62  $ 0.59 
Income from discontinued operations --  0.01 
$ 0.62  $ 0.60 
Weighted average shares outstanding:
Basic 17,023  17,370 
Diluted 17,387  17,959 


(1) Includes post acquisition results of Utah College of Massage Therapy (UCMT) and an affiliate which were acquired on April 3, 2006.

(2) Considers the impact of stock options outstanding of a subsidiarys common stock of $42,000 and $13,000 as of March 31, 2007 and 2006, respectively.



First Quarter Ended


March 31,

2007  2006 
Average number of ships served1: 125  116 
Spa 92  83 
Non-Spa 33  33 
Average total number of staff on ships served:



Spa 1,695  1,465 
Non-Spa 243  230 
Revenue per staff per day2: $ 455  $ 460 
Spa $ 475  $ 483 
Non-Spa $ 317  $ 311 
Average weekly revenues: $ 49,443  $ 47,128 
Spa $ 61,525  $ 59,957 
Non-Spa $ 16,207  $ 15,120 
Average number of land based spas served3 55  55 
Average weekly land based spas revenues $ 26,484  $ 27,869 
Total schools revenues4,5 $ 11,943,000  $ 5,108,000 
Total wholesale and retail product revenues $ 13,875,000  $ 9,559,000 

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

4 Includes $80,000 and $169,000 for the three months ended March 31, 2007 and 2006, respectively, relating to the Steiner training school near London, England.

5 Includes post acquisition results of UCMT, which was acquired on April 3, 2006.

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