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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. |
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Steiner Record Financial Results!
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. |
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Steiner Record Financial Results!
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 |
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Steiner Record Financial Results!
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 |
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Steiner Record Financial Results!
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 |
#6
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Steiner Record Financial Results!
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 |
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Steiner Record Financial Results!
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 |
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