NASSAU, The Bahamas, Feb. 25, 2009 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the fourth quarter and year ended December 31, 2008.
Steiner Leisure's revenues for the fourth quarter ended December 31, 2008 decreased 8.5% to $123.7 million from $135.2 million during the comparable quarter in 2007. Net income for the fourth quarter of 2008 was $11.8 million compared with $11.0 million for the same quarter in 2007. Net income for the fourth quarter of 2008 includes a net $3.5 million pre-tax gain resulting from the strengthening of the U.S. dollar against the British pound and the Euro.
Earnings per share for the fourth quarter ended December 31, 2008 was $0.79 per share, compared with $0.67 per share for the comparable quarter in 2007. The earnings per share data are presented on a diluted basis.
Revenues for the year ended December 31, 2008 rose 2.2% to $540.8 million from $529.2 million in 2007. Net income for the year ended December 31, 2008 was $45.9 million compared with $44.7 million in 2007. Net income for 2008 includes a net $5.3 million pre-tax gain resulting from the strengthening of the U.S. dollar against the British pound and the Euro.
Earnings per share for the year ended December 31, 2008 was $2.96 per share compared with $2.63 per share 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 131 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.
The Company will be holding a conference call at 11:00 am (EST) on Thursday, February 26, 2009.
