updated 2/23/2011 4:16:43 PM ET 2011-02-23T21:16:43

NASSAU, The Bahamas, Feb. 23, 2011 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the fourth quarter and year ended December 31, 2010.

Steiner Leisure's revenues for the fourth quarter ended December 31, 2010 increased 30.0% to $162.3 million from $124.9 million during the comparable quarter in 2009. Net income for the fourth quarter of 2010 was $12.9 million compared with $10.9 million for the same quarter in 2009. 

Earnings per share for the fourth quarter ended December 31, 2010 was $0.86 per share, compared with $0.73 per share for the comparable quarter in 2009. The earnings per share data are presented on a diluted basis.

Revenues for the year ended December 31, 2010 increased 26.5% to $620.4 million from $490.6 million in 2009. Net income for the year ended December 31, 2010 was $44.3 million compared with $38.0 million in 2009. 

Earnings per share for the year ended December 31, 2010 was $2.94 per share, compared with $2.56 per share in 2009.   The above earnings per share data are presented on a diluted basis.

Steiner Leisure Limited is a worldwide provider of spa services.  The Company's operations include shipboard and land-based spas and salons.  We provide our services on 151 cruise ships and 70 land-based spas.  Our land-based spas include resort spas, urban hotel spas and day spas and are operated under our Elemis(r), Mandara(r), Chavana(r), Bliss(r) and Remede(r) brands.  In addition, a total of 28 resort and hotel spas are operated under our brands by third parties pursuant to license agreements with the Company.  Our cruise line and land-based resort customers include Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, Harrah's Entertainment, Hilton Hotels, Holland America Line, InterContinental Hotels and Resorts, Kerzner International, Loews Hotels, Marriott Hotels, Nikko Hotels, Norwegian Cruise Line, Planet Hollywood, Princess Cruises, Royal Caribbean Cruises, Seabourn Cruise Lines, Sofitel Luxury Hotels, St. Regis Hotels and Resorts, W Hotels and Resorts and Westin Hotels and Resorts.  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, as well as our Bliss and Remede brands, are also distributed worldwide to exclusive hotels, salons, health clubs, department stores and destination spas.  Our products are also available at www.timetospa.com and www.blissworld.com.

Steiner Leisure also owns and operates five post secondary schools (comprised of a total of 17 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; Westminster and Aurora, Colorado; and Groton, Newington and Westport, Connecticut. 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 (EST) on Thursday, February 24, 2011. 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". The call is available for replay from Thursday, February 24, 2011 (approximately 3 hours after the call takes place) through Thursday, March 3, 2011 at approximately 5:00 pm (EST). You may reach it by dialing (203) 369-0034 for both domestic and international calls. 

 SELECTED FINANCIAL DATA
 ($ and shares in thousands, except per share data)
(Unaudited)
         
  Fourth Quarter Ended Year Ended
  December 31, December 31,
  2010 2009 2010 2009
Revenues:        
 Services $105,884 $87,146 $410,857 $343,545
 Products 56,390 37,794 209,528 147,032
 Total revenues 162,274 124,940 620,385 490,577
         
Cost of Sales:        
 Cost of services 85,900 70,138 335,118 277,371
 Cost of products 37,705 25,584 140,956 106,817
 Total cost of sales 123,605 95,722 476,074 384,188
 Gross profit 38,669 29,218 144,311 106,389
         
Operating Expenses:        
 Administrative 9,355 7,003 36,133 25,032
 Salary and payroll taxes 13,578 9,386 53,325 38,218
 Total operating expenses 22,933 16,389 89,458 63,250
 Income from operations 15,736 12,829 54,853 43,139
         
Other Income (Expense):        
 Interest expense (738) (248) (3,388) (349)
 Other income 16 31 151 216
 Total other income (expense) (722) (217) (3,237) (133)
         
Income before provision for income taxes 15,014 12,612 51,616 43,006
         
Provision for income taxes 2,059 1,703 7,293 5,014
         
Net income $12,955 $10,909 $44,323 $37,992
         
Income per share:        
 Basic $0.87 $0.75 $2.99 $2.61
 Diluted(1) $0.86 $0.73 $2.94 $2.56
         
Weighted average shares outstanding:        
 Basic 14,878 14,640 14,832 14,577
 Diluted 15,031 14,923 15,069 14,764
         
Notes:        
1. Reflects the impact of outstanding options with respect to a subsidiary's common stock of $244,000 for the year ended December 31, 2009. In July 2009, the Company entered into a transaction with the holders of these stock options in which those stock options were exchanged for restricted share units of the Company.
 
 STATISTICS

  Fourth Quarter Ended Year Ended
  December 31, December 31,
  2010 2009 2010 2009
         
Average number of ships served1: 132 122 128 124
Spa 107 100 104 99
Non-Spa 25 22 24 25
         
Average total number of staff on ships served:

2,350


2,089


2,242


2,080
Spa 2,140 1,918 2,046 1,887
Non-Spa 210 171 196 193
         
Revenue per staff per day2: $408 $397 $422 $408
Spa $420 $407 $434 $423
Non-Spa $292 $278 $293 $269
         
Average weekly revenues: $51,013 $47,412 $51,680 $47,920
Spa $58,903 $54,470 $59,521 $56,524
Non-Spa $17,235 $15,180 $16,986 $14,397
Average number of land-based spas operated3

70


51


68


50
         
Average weekly land-based spas revenues $27,700 $21,514 $27,710 $21,630
         
Total schools revenues $16,888,000 $16,624,000 $66,630,000 $61,612,000
         
Total wholesale and retail product revenues $31,743,000 $17,617,000 $110,034,000 $62,100,000
         
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 year 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 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.
CONTACT: Leonard I. Fluxman, President and Chief Executive Officer
         (305) 358-9002, ext. 215

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