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LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com
Steiner Leisure Limited Announces First Quarter 2008 Financial Results
NASSAU, The Bahamas
Steiner Leisure Limited (NASDAQ:STNR - News) today announced financial
results for the first quarter ended March 31, 2008.
Financial Results
Steiner Leisure's revenues for the first quarter ended March 31, 2008
rose 10.5% to $136.7 million from $123.7 million during the comparable
quarter in 2007. Net income for the first quarter ended March 31,
2008, was $9.7 million compared with $10.8 million for the same
quarter in 2007.
Earnings per share for the first quarter ended March 31, 2008 was
$0.61 per share, compared with $0.62 per share for the comparable
quarter in 2007. The earnings per share data are presented on a
diluted basis.
Corporate Overview
Steiner Leisure Limited is a worldwide provider of spa services. The
Company’s operations include spas and salons on 127 cruise ships, and
in 51 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® 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®, as well as other Steiner products,
including La Therapie®, Ionithermie, and Steiner Hair Care, are
available at www.timetospa.com.
Steiner Leisure owns and operates four post secondary schools
(comprised of a total of 14 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; and
Westminster and Aurora, Colorado. 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.
Conference Call
The Company will be holding a conference call at 11:00 am (EST) on
Thursday, May 1, 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”. This
call is available for replay from Thursday, May 1, 2008 (approximately
3 hours after the call takes place) until Thursday, May 8, 2008 at
approximately 5:00 pm. You may reach it by dialing (402) 220-5070 for
both domestic and international calls.
SELECTED FINANCIAL DATA
($ in thousands, except per share data)
(Unaudited)
First Quarter Ended
March 31,
2008(2) 2007
Revenues:
Services $ 91,163 $ 84,247
Products 45,553 39,490
Total revenues 136,716 123,737
Cost of Sales:
Cost of services 73,884 67,487
Cost of products 33,393 27,754
Total cost of sales 107,277 95,241
Gross profit 29,439 28,496
Operating Expenses:
Administrative 8,122 7,862
Salary and payroll taxes 10,755 9,285
Total operating expenses 18,877 17,147
Income from operations 10,562 11,349
Other Income (Expense):
Interest expense (100
)
(44 )
Other income 138 569
Total other income (expense) 38 525
Income from operations before provision for income taxes
10,600 11,874
Provision for income taxes 897 1,095
Net income $ 9,703 $ 10,779
Income per share:
Basic $ 0.62 $ 0.63
Diluted(1) $ 0.61 $ 0.62
Weighted average shares outstanding:
Basic 15,736 17,023
Diluted 15,915 17,387
Notes:
(1) Considers the impact of stock options outstanding of a
subsidiary’s common stock of $3,000 and $42,000 as of March 31, 2008
and 2007, respectively.
(2) Included in both Products Revenues and Cost of products is
approximately $1.9 million relating to travel kits sold to British
Airways. Excluding this amount would have resulted in a Gross Margin
on Product Revenues of approximately 28%.
STATISTICS
First Quarter Ended
(Unaudited)
March 31,
2008 2007
Average number of ships served1:
128 125
Spa 96 92
Non-Spa 32 33
Average total number of staff on ships served:
2,008
1,938
Spa 1,772 1,695
Non-Spa 236 243
Revenue per staff per day2: $ 471 $ 455
Spa $ 493 $ 475
Non-Spa $ 303 $ 317
Average weekly revenues: $ 51,895 $ 49,443
Spa $ 64,073 $ 61,525
Non-Spa $ 15,595 $ 16,207
Average number of land-based spas served3 54
55
Average weekly land-based spas revenues $ 29,470 $
26,484
Total schools revenues $ 11,732,000 $ 11,943,000
Total wholesale and retail product revenues $ 18,080,000
$ 13,875,000
1 Average number of ships served reflects the fact that during the
periods ships were in and out of service and, accordingly, the number
of ships served during the periods 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 day spas operated reflects the fact
that during the period spas were opened and closed and, accordingly,
the number of spas served during the period varied. |
761712. Steiner Financial Results!
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