NASSAU, The Bahamas, Oct. 29, 2008 (GLOBE NEWSWIRE) — Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the third quarter and nine months ended September 30, 2008.
Steiner Leisure’s revenues for the third quarter ended September 30, 2008 rose 3.0% to $144.7 million from $140.4 million during the comparable quarter in 2007. Net income for the third quarter of 2008 was $13.8 million compared with $11.4 million for the same quarter in 2007. Net income for the third quarter of 2008 includes a net $1.4 million gain resulting from the strengthening of the U.S. dollar against the British pound and the Euro.
Earnings per share for the third quarter ended September 30, 2008 was $0.89 per share, compared with $0.68 per share for the comparable quarter in 2007. The earnings per share data are presented on a diluted basis.
Revenues for the nine months ended September 30, 2008 rose 5.9% to $417.1 million from $394.0 million during the comparable nine months in 2007. Net income for the nine months ended September 30, 2008 was $34.1 million compared with $33.7 million for the same nine months in 2007.
Earnings per share for the nine months ended September 30, 2008 was $2.17 per share compared with $1.96 per share for the comparable nine months in 2007. 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 133 cruise ships, and in 48 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(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 and destination spas. Elemis(r), as well as other Steiner products, including La Therapie(r), Ionithermie, and Steiner Hair Care, are available at www.timetospa.com.
Steiner Leisure 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 Newington, Groton 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 (EDT) on Thursday, October 30, 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 ten minutes before the scheduled time. The password is “Steiner”. The call is available for replay from Thursday, October 30, 2008 (approximately 3 hours after the call takes place) through Thursday, November 6, 2008 at approximately 5:00 pm (EST). You may reach it by dialing (203) 369-0247 for both domestic and international calls.