Steiner Leisure Ltd.

$STNR - Nasdaq - Diversified Services
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Steiner Leisure Limited Announces Fourth Quarter 2012 Financial Results and New Share Repurchase Plan

NASSAU, The Bahamas, Feb. 27, 2013 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the fourth quarter and year ended December 31, 2012.

Steiner Leisure's revenues for the fourth quarter ended December 31, 2012 increased 13.6% to $211.1 million from $185.9 million during the comparable quarter in 2011. Net income for the fourth quarter of 2012 was $11.8 million compared with $12.3 million for the same quarter in 2011.

Earnings per share for the fourth quarter ended December 31, 2012 and 2011 was $0.81 per share. The earnings per share data are presented on a diluted basis.

Revenues for the year ended December 31, 2012 increased 15.7% to $811.5 million from $701.6 million in 2011. Net income for the year ended December 31, 2012 was $53.1 million compared with $50.9 million in 2011.

Earnings per share for the year ended December 31, 2012 was $3.53 per share, compared with $3.35 per share in 2011. The above earnings per share data are presented on a diluted basis.

New Share Repurchase Plan

Steiner Leisure also today announced the approval by its Board of Directors of a new share repurchase plan under which up to $100,000,000 of Steiner Leisure common shares can be purchased. In connection with this new repurchase authorization, the repurchase plan approved by the Board in February 2008 was terminated. A total of approximately $7.2 million remained available for share repurchases under that plan at the time it was terminated.

Under the new share repurchase plan, Steiner Leisure may purchase shares from time to time, at prevailing prices in open market, and possibly other transactions, subject to market conditions and compliance with certain financial parameters. The amounts to be repurchased shall not exceed the limitations on share repurchases set forth in the Company's credit facility. We cannot provide assurance as to the exact number of shares that will be repurchased under the plan.

About Steiner Leisure

Steiner Leisure Limited is a worldwide provider and innovator in the fields of beauty, wellness and education. We are dedicated to maintaining the highest quality standards and continually evolving to include and anticipate new developments within our industry. We aim to maintain and expand our existing diverse portfolio of services, products and brands, as well as to seek out new opportunities to complement our business.

Our services include traditional and alternative massage, body and skin treatment options, fitness, acupuncture, herbal medicine, medi-spa treatments and laser hair removal. We are committed to providing our customers with a wide-ranging assortment of beauty products, including premium quality options developed by us under our own brands, as well as those purchased from third parties.

Our distribution channels include our shipboard and land-based spas and salons, destination spas, health clubs, department stores and third party retail outlets and distributors. We also sell our products on certain British Airways flights, on QVC, by catalog, and online through our websites, including www.timetospa.com and www.blissworld.com.

Our post secondary schools offer programs in massage therapy and skin care, among others, and, along with our recruiting and training operations, prepare spa professionals for careers in the health and wellness industry, including within the Steiner family of companies.

Our cruise line operations are conducted in spas onboard 156 ships, including Azamara Club Cruises, Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, Cunard Cruise Line, Holland America Line, Norwegian Cruise Line, P&O Cruises, Princess Cruises, Royal Caribbean Cruises, Seabourn Cruise Lines, Silversea Cruises, Thomson Cruises and Windstar Cruises.

Our land-based spa operations are carried out under our Elemis®, Mandara®, Chavana®, Bliss® and Remède® brands and take place in 69 locations, including resort spas, urban hotel spas and day spas. 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 land-based customers include Caesar's Entertainment, Hilton Hotels, InterContinental Hotels and Resorts, Kerzner International, Loews Hotels, Marriott Hotels, Nikko Hotels, Planet Hollywood, Sofitel Luxury Hotels, St. Regis Hotels, W Hotels and Resorts and Westin Hotels and Resorts.

Our Ideal Image customized laser hair removal services are provided by highly trained, experienced practitioners through a nationwide network of 97 treatment centers (17 of which are operated by franchisees) across 29 states.

We develop and sell a variety of high quality beauty products under our Elemis, La Thérapie™, Bliss, Remède, Laboratoire Remède® and Jou® brands.

Our schools operations consist of 12 post secondary schools (comprised of a total of 31 campuses) located in Phoenix, Scottsdale, Tempe and Tucson, Arizona; Westminster and Aurora, Colorado; Groton, Newington and Westport, Connecticut; Miami, Orlando, Pompano Beach, Sarasota and Tampa/St. Pete, Florida; Chicago, Crystal Lake and Woodridge, Illinois; Baltimore, Maryland; Boston, Massachusetts; Las Vegas, Nevada; Hoboken and Wall, New Jersey; King of Prussia and York, Pennsylvania; Dallas and Houston, Texas; Salt Lake City and Lindon, Utah; Charlottesville, Virginia; and Federal Way and Seattle, Washington. Offering programs in massage therapy and, in some cases, skin care, these schools train and qualify spa professionals for health and beauty positions within the industry, including our own operations.

As part of our employee recruitment operations for our shipboard spas, we provide education to our shipboard employees through our rigorous training programs, at our primary training facilities near London, England or one of our satellite training centers in South Africa and the Philippines. These employees are sourced primarily from the British Isles, Australia, South Africa, Southeast Asia, Canada, the Caribbean and continental Europe.

Conference Call

The Company will be holding a conference call at 11:00 am (EST) on Thursday, February 28, 2013. 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 28th (approximately 3 hours after the call takes place) through Thursday, March 7, 2013 at approximately 5:00 pm (EST). You may reach it by dialing (203) 369-3299 for both domestic and international calls. The password is "33146."

         
         
SELECTED FINANCIAL DATA
($ and shares in thousands, except per share data)
(Unaudited)
         
         
  Fourth Quarter Ended
December 31,
Year Ended
December 31,
  2012 2011 2012 2011
Revenues:        
 Services  $ 143,660  $ 125,757  $ 570,569  $ 470,756
 Products 67,419 60,128 240,912 230,876
 Total revenues 211,079 185,885 811,481 701,632
         
Cost of Sales:        
 Cost of services 118,271 101,411 463,634 382,341
 Cost of products 45,490 41,878 167,971 160,754
 Total cost of sales 163,761 143,289 631,605 543,095
 Gross profit 47,318 42,596 179,876 158,537
         
Operating Expenses:        
 Administrative 13,176 13,176 48,485 41,776
 Salary and payroll taxes 18,898 14,443 65,619 57,048
 Total operating expenses 32,074 27,619 114,104 98,824
 Income from operations 15,244 14,977 65,772 59,713
         
Other Income (Expense):        
 Interest expense (1,534) (1,138) (6,152) (2,716)
 Other income 347 405 823 682
 Total other income (expense) (1,187) (733) (5,329) (2,034)
         
Income before provision for income taxes 14,057 14,244 60,443 57,679
         
Provision for income taxes 2,222 1,934 7,341 6,744
         
Net income  $ 11,835  $ 12,310  $ 53,102  $ 50,935
         
Income per share:        
 Basic  $ 0.81  $ 0.82  $ 3.57  $ 3.39
 Diluted  $ 0.81  $ 0.81  $ 3.53  $ 3.35
         
Weighted average shares outstanding:        
 Basic 14,571 15,103 14,878 15,013
 Diluted 14,662 15,237 15,052 15,217
         
         
STATISTICS
         
  Fourth Quarter Ended
December 31,
Year Ended
December 31,
  2012 2011 2012 2011
         
Average number of ships served1: 152 149 152 150
Spa 113 115 112 114
Non-Spa 39 34 40 36
         
Average total number of staff on ships served: 2,656 2,665 2,654 2,608
Spa 2,302 2,386 2,281 2,324
Non-Spa 354 279 373 284
         
Revenue per staff per day2:  $ 406  $ 392  $ 417  $ 416
Spa  $ 426  $ 406  $ 438  $ 431
Non-Spa  $ 277  $ 276  $ 284  $ 294
         
Average weekly revenues:  $ 49,886  $ 49,194  $ 50,821  $ 50,562
Spa  $ 60,789  $ 59,106  $ 62,471  $ 61,287
Non-Spa  $ 17,886  $ 15,800  $ 18,384  $ 16,350
         
Average number of land-based spas operated3 68 68 69 68
         
Average weekly land-based spas revenues  $ 28,821  $ 28,565  $ 29,175  $ 29,395
         
Total schools revenues  $ 18,751,000  $ 17,976,000  $ 78,365,000  $ 67,526,000
         
Total wholesale and retail product revenues  $ 40,067,000  $ 34,034,000  $ 129,890,000  $ 122,285,000
         
Average number of Ideal Image locations3, 4 78 58 68 58
         
Average weekly Ideal Image revenues4 $ 26,577 $ 23,335 $ 26,145 $ 23,335
         
Ideal Image revenues  $ 27,194,000  $ 12,104,000  $ 93,591,000  $ 12,104,000
         
Ideal Image cash revenues5  $ 36,637,000  $ 23,736,000  $ 128,587,000  $ 84,392,000
         
         
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 and Ideal Image locations operated reflects the fact that during the period spas and centers were opened or closed and, accordingly, the number of spas and centers served during the period varied.
4 Excludes 17 centers which are operated by franchisees.
5 This represents revenues on a cash basis for the entire period. We did not own Ideal Image until November 2011.
CONTACT: Leonard I. Fluxman
         President and Chief Executive Officer
         (305) 358-9002, ext. 215

Source: Steiner Leisure Limited
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