NASSAU, The Bahamas, July 29, 2009 (GLOBE NEWSWIRE) — Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the second quarter ended June 30, 2009.
Steiner Leisure’s revenues for the second quarter ended June 30, 2009 decreased 13.3% to $117.6 million from $135.7 million during the comparable quarter in 2008. Net income for the second quarter, was $8.3 million compared with $10.6 million for the same quarter in 2008. In the second quarter, Cost of products was negatively impacted by a $4.1 million foreign exchange loss resulting from the weakening of the U.S. Dollar against the U.K. Pound Sterling relating to intercompany inventory purchases which was partially offset by a $1.9 million foreign exchange gain in Administrative expenses resulting from the weakening of the U.S. Dollar against the U.K. Pound Sterling and Euro currencies we were holding.
Earnings per share for the second quarter ended June 30, 2009 was $0.56 per share, compared with $0.68 per share for the comparable quarter in 2008. The earnings per share data are presented on a diluted basis.
Revenues for the six months ended June 30, 2009 decreased 13.8% to $234.8 million from $272.4 million during the comparable six months in 2008. Net income for the six months ended June 30, 2009 was $16.3 million compared with $20.3 million for the same six months in 2008.
Earnings per share for the six months ended June 30, 2009 was $1.10 per share compared with $1.29 per share for the comparable six months in 2008. 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 spas and salons on 127 cruise ships and in 50 resort spas and two luxury day spas. 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, Ritz-Carlton, Royal Caribbean Cruises, Seabourn Cruise Lines, Sofitel Luxury Hotels, Starwood Hotels and Resorts and Westin Hotels and Resorts. Our Elemis Limited subsidiary manufactures its Elemis(r) 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, department stores and destination spas. Elemis, as well as other Steiner products, including La Therapie(r), Ionithermie, and Steiner Hair Care, are available at www.timetospa.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.