Steiner Leisure Limited Announces Fourth Quarter 2010 Financial Results

/ Source: GlobeNewswire

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. 

CONTACT: Leonard I. Fluxman, President and Chief Executive Officer (305) 358-9002, ext. 215