Steiner Record Financial Results!

Hi Everyone,

I received this press release from Steiner Leisure Limited and thought
it would be of interest. If you have missed any of my news' postings,
they are available on my web site.

Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com


Steiner Leisure Limited Announces Record First Quarter 2004 Financial
Results

NASSAU, The Bahamas April 28, 2004
Steiner Leisure Limited (Nasdaq:STNR) today announced financial
results for the first quarter ended March 31, 2004.
Steiner Leisure's revenues for the first quarter ended March 31, 2004
rose 24.2% to $80.9 million from $65.2 million during the comparable
quarter in 2003 (excluding our discontinued day spa operations).
Income from continuing operations, before discontinued operations, was
$8.1 million compared with $5.2 million for the same quarter in 2003.

Earnings per share before discontinued operations for the first
quarter ended March 31, 2004 was $0.48 per share, compared with $0.32
per share for the comparable quarter in 2003. The earnings per share
data are presented on a diluted basis.

Leonard I. Fluxman, President and Chief Executive Officer of Steiner
Leisure, commented, "We are very pleased with our record financial
results. Performance in each one of our segments exceeded our
expectations. These results reflect solid execution in an improving
leisure industry."

Steiner Leisure Limited is a worldwide provider of spa services. The
Company's operations include spas and salons on 111 cruise ships, and
in 64 resort spas and two luxury day spas. Our cruise line and
land-based resort customers include Carnival Cruise Line, 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 private label
products, including La Therapie®, Ionithermie, and Steiner Hair Care,
are available at www.timetospa.com.

Steiner Leisure also owns and operates three post secondary schools
(comprised of a total of seven campuses) located in Miami, Fort
Lauderdale, Orlando and Sarasota, Florida; Baltimore, Maryland; York,
Pennsylvania and Charlottesville, Virginia. Offering degree and
non-degree programs in massage therapy and 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 10:00 am (EST) on
Thursday, April 29, 2004. 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
706/679-5917 for domestic and international calls approximately ten
minutes before the scheduled time and the moderator is Clive Warshaw.
This call is available for replay from Friday, April 30, 2004 until
Thursday, May 6, 2004 at 5:00 pm. You may reach it by dialing
706/645-9291 for both domestic and international calls. The Conference
ID# is 6833652.

SELECTED FINANCIAL DATA
($ in thousands, except per share data)
(Unaudited)

First Quarter Ended
March 31,
--------------------
2004 2003
--------- ---------
Revenues:
Services $ 55,967 $ 45,875
Products 24,938 19,290
--------- ---------
Total revenues 80,905 65,165
--------- ---------

Cost of Sales:
Cost of services 44,249 36,732
Cost of products 18,262 14,468
--------- ---------
Total cost of sales 62,511 51,200
--------- ---------
Gross profit 18,394 13,965
--------- ---------

Operating Expenses:
Administrative 4,304 3,368
Salary and payroll taxes 4,827 4,220
--------- ---------
Total operating expenses 9,131 7,588
--------- ---------
Income from continuing operations 9,263 6,377
--------- ---------

Other Income (Expense):
Interest expense (654) (967)
Equity and minority interest 116 104
Other income 16 13
--------- ---------
Total other income (expense) (522) (850)
--------- ---------

Income from continuing operations before
provision for income taxes and discontinued
operations 8,741 5,527

Provision for income taxes 613 333
--------- ---------

Income from continuing operations before
discontinued operations 8,128 5,194

Loss from discontinued operations (which includes
loss on disposal in 2004 and 2003 of $5 and
$833, respectively), net of taxes (72) (1,831)
--------- ---------

Net income $ 8,056 $ 3,363
========= =========

Income (loss) per share-Basic:
Income before discontinued operations $ 0.49 $ 0.32
Loss from discontinued operations -- (0.11)
--------- ---------
$ 0.49 $ 0.21
========= =========

Income (loss) per share-Diluted:
Income before discontinued operations $ 0.48 $ 0.32
Loss from discontinued operations -- (0.12)
--------- ---------
$ 0.48 $ 0.20
========= =========
Weighted average shares outstanding:
Basic 16,479 16,386
Diluted 16,947 16,470



STATISTICS

First Quarter Ended
March 31,
--------------------
2004 2003
--------- ---------
Average number of ships served(1): 106 102
Spa 73 66
Non-Spa 33 36

Average total number of staff on ships served: 1,421 1,283
Spa 1,196 1,048
Non-Spa 225 235

Revenue per staff per day(2): $ 409 $ 382
Spa $ 432 $ 413
Non-Spa $ 286 $ 243

Average weekly revenues: $ 38,262 $ 33,545
Spa $ 49,560 $ 45,941
Non-Spa $ 13,534 $ 11,028

Average number of land based spas served(3,4,5) 52 48

Average weekly land based spas revenues(5) $ 24,774 $ 20,886

Total schools revenues(6) $4,546,000 $4,170,000

Total wholesale and retail product revenues $6,788,000 $3,996,000


(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 period 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) Excludes the effect of a total of fourteen land-based resort spas
that we operate through joint ventures in which we own a 49%
interest.

(4) Average number of land-based day spas served reflects the fact
that during the period spas were opened or closed and,
accordingly, the number of spas served during the period varied.

(5) Includes resort spas and two spas formally referred to as "day
spas" in prior statistical presentations.

(6) Includes $189,000 and $165,000 for the three months ended March
31, 2004 and 2003, respectively, related to the Steiner training
school near London, England.

Interesting. Thanks for posting.

Ray Goldenberg wrote in message . ..
Hi Everyone,

I received this press release from Steiner Leisure Limited and thought
it would be of interest. If you have missed any of my news' postings,
they are available on my web site.

Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com


Steiner Leisure Limited Announces Record First Quarter 2004 Financial
Results

NASSAU, The Bahamas April 28, 2004
Steiner Leisure Limited (Nasdaq:STNR) today announced financial
results for the first quarter ended March 31, 2004.
Steiner Leisure's revenues for the first quarter ended March 31, 2004
rose 24.2% to $80.9 million from $65.2 million during the comparable
quarter in 2003 (excluding our discontinued day spa operations).
Income from continuing operations, before discontinued operations, was
$8.1 million compared with $5.2 million for the same quarter in 2003.

Earnings per share before discontinued operations for the first
quarter ended March 31, 2004 was $0.48 per share, compared with $0.32
per share for the comparable quarter in 2003. The earnings per share
data are presented on a diluted basis.

Leonard I. Fluxman, President and Chief Executive Officer of Steiner
Leisure, commented, "We are very pleased with our record financial
results. Performance in each one of our segments exceeded our
expectations. These results reflect solid execution in an improving
leisure industry."

Steiner Leisure Limited is a worldwide provider of spa services. The
Company's operations include spas and salons on 111 cruise ships, and
in 64 resort spas and two luxury day spas. Our cruise line and
land-based resort customers include Carnival Cruise Line, 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 private label
products, including La Therapie®, Ionithermie, and Steiner Hair Care,
are available at www.timetospa.com.

Steiner Leisure also owns and operates three post secondary schools
(comprised of a total of seven campuses) located in Miami, Fort
Lauderdale, Orlando and Sarasota, Florida; Baltimore, Maryland; York,
Pennsylvania and Charlottesville, Virginia. Offering degree and
non-degree programs in massage therapy and 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 10:00 am (EST) on
Thursday, April 29, 2004. 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
706/679-5917 for domestic and international calls approximately ten
minutes before the scheduled time and the moderator is Clive Warshaw.
This call is available for replay from Friday, April 30, 2004 until
Thursday, May 6, 2004 at 5:00 pm. You may reach it by dialing
706/645-9291 for both domestic and international calls. The Conference
ID# is 6833652.

SELECTED FINANCIAL DATA
($ in thousands, except per share data)
(Unaudited)

First Quarter Ended
March 31,
--------------------
2004 2003
--------- ---------
Revenues:
Services $ 55,967 $ 45,875
Products 24,938 19,290
--------- ---------
Total revenues 80,905 65,165
--------- ---------

Cost of Sales:
Cost of services 44,249 36,732
Cost of products 18,262 14,468
--------- ---------
Total cost of sales 62,511 51,200
--------- ---------
Gross profit 18,394 13,965
--------- ---------

Operating Expenses:
Administrative 4,304 3,368
Salary and payroll taxes 4,827 4,220
--------- ---------
Total operating expenses 9,131 7,588
--------- ---------
Income from continuing operations 9,263 6,377
--------- ---------

Other Income (Expense):
Interest expense (654) (967)
Equity and minority interest 116 104
Other income 16 13
--------- ---------
Total other income (expense) (522) (850)
--------- ---------

Income from continuing operations before
provision for income taxes and discontinued
operations 8,741 5,527

Provision for income taxes 613 333
--------- ---------

Income from continuing operations before
discontinued operations 8,128 5,194

Loss from discontinued operations (which includes
loss on disposal in 2004 and 2003 of $5 and
$833, respectively), net of taxes (72) (1,831)
--------- ---------

Net income $ 8,056 $ 3,363
========= =========

Income (loss) per share-Basic:
Income before discontinued operations $ 0.49 $ 0.32
Loss from discontinued operations -- (0.11)
--------- ---------
$ 0.49 $ 0.21
========= =========

Income (loss) per share-Diluted:
Income before discontinued operations $ 0.48 $ 0.32
Loss from discontinued operations -- (0.12)
--------- ---------
$ 0.48 $ 0.20
========= =========
Weighted average shares outstanding:
Basic 16,479 16,386
Diluted 16,947 16,470



STATISTICS

First Quarter Ended
March 31,
--------------------
2004 2003
--------- ---------
Average number of ships served(1): 106 102
Spa 73 66
Non-Spa 33 36

Average total number of staff on ships served: 1,421 1,283
Spa 1,196 1,048
Non-Spa 225 235

Revenue per staff per day(2): $ 409 $ 382
Spa $ 432 $ 413
Non-Spa $ 286 $ 243

Average weekly revenues: $ 38,262 $ 33,545
Spa $ 49,560 $ 45,941
Non-Spa $ 13,534 $ 11,028

Average number of land based spas served(3,4,5) 52 48

Average weekly land based spas revenues(5) $ 24,774 $ 20,886

Total schools revenues(6) $4,546,000 $4,170,000

Total wholesale and retail product revenues $6,788,000 $3,996,000


(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 period 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) Excludes the effect of a total of fourteen land-based resort spas
that we operate through joint ventures in which we own a 49%
interest.

(4) Average number of land-based day spas served reflects the fact
that during the period spas were opened or closed and,
accordingly, the number of spas served during the period varied.

(5) Includes resort spas and two spas formally referred to as "day
spas" in prior statistical presentations.

(6) Includes $189,000 and $165,000 for the three months ended March
31, 2004 and 2003, respectively, related to the Steiner training
school near London, England.

Hmmm? Currently trading at $18.41, with a five-year high of about $35.
Perhaps I should put some money into this company. With its near
monopoly on cruise ships, and ripoff prices, it's probably a great
investment. Then again, monopolies are a dangerous investment during
these days of global business competition. And as a very self-indulgent,
spa type, I know that Steiner's product/service sucks.

Howie

On Thu, 29 Apr 2004 17:33:46 -0400, Howie
wrote:

Hmmm? Currently trading at $18.41, with a five-year high of about $35.
Perhaps I should put some money into this company. With its near
monopoly on cruise ships, and ripoff prices, it's probably a great
investment.

Hi Howard,

And what will happen to Steiner if they lose the contract on all
Carnival Corp ships? Princess is experimenting with providing their
own in-house spa operation on 2-ships. They say this experiment is
going well. It could only be a matter of time when Carnival Corp will
cancel all of Steiner's contracts. You know what that will mean if it
works out. Anything successful that Carnival Corp does, can RCL be
far behind?

Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com

Ray Goldenberg wrote:

On Thu, 29 Apr 2004 17:33:46 -0400, Howie
wrote:


Hmmm? Currently trading at $18.41, with a five-year high of about $35.
Perhaps I should put some money into this company. With its near
monopoly on cruise ships, and ripoff prices, it's probably a great
investment.


Hi Howard,

And what will happen to Steiner if they lose the contract on all
Carnival Corp ships? Princess is experimenting with providing their
own in-house spa operation on 2-ships. They say this experiment is
going well. It could only be a matter of time when Carnival Corp will
cancel all of Steiner's contracts. You know what that will mean if it
works out. Anything successful that Carnival Corp does, can RCL be
far behind?

You are absolutely right (IMO), Ray. I would be delighted to see
Steiner lose their contract, and would like to hear from anyone out
their who has recently tried the spa services on a Princess ship that is
providing in-house work. Breaking the Steiner monopoly (assuming that
another contractor does not come in and do work on all the ships), would
force the cruise lines to compete on price and quality for spa services.

Howie

Subject: Steiner Record Financial Results!

Hi Howie:

The only good thing about Steiner is their hairspray.. and that I can order
online.

Steiner is just dreadful.. even on land.

Perhaps some people on the Princess forum over on cruise critic have
experienced the in-house spa operation.

I wonder if the Mandara spa operation on the NCL ships (prior to Steiner buying
them out) was remarkedly different than
Steiner???

Babette

Hey Babette,

My guess is that the Steiner "therapists" spend more time in high
pressure sales training than they do learning the skills for which
customers pay.

And the prices are as outrageous as it gets. For example, at the very
upscale and well equipped spa at Marriotts Harbor Beach in Ft. Laud.,
Eileen paid $85 for me to have a full body massage. The fee also
included access to the entire spa and fitness facility for the whole
day, and my own personal attendant who shadowed me, providing fresh
towels and water. The dude even entered the men's sauna with white
gloves, to offer me such delights as cucumber infused cold water and
other (God help me) exotic beverages. Finally, my full body massage,
which I took at the end of the day, was the best I've ever had.

Howie


OcnGypZ wrote:
Subject: Steiner Record Financial Results!


Hi Howie:

The only good thing about Steiner is their hairspray.. and that I can order
online.

Steiner is just dreadful.. even on land.

Perhaps some people on the Princess forum over on cruise critic have
experienced the in-house spa operation.

I wonder if the Mandara spa operation on the NCL ships (prior to Steiner buying
them out) was remarkedly different than
Steiner???

Babette