Steiner Record 3rd Quarter!

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 Third Quarter 2003 Financial
Results

NASSAU, The Bahamas Oct. 30, 2003
Steiner Leisure Limited (Nasdaq:STNR) today announced financial
results for the third quarter ended September 30, 2003.
Steiner Leisure's revenues for the third quarter ended September 30,
2003 rose 11.9% to $75.0 million from $67.0 million during the
comparable quarter in 2002 (excluding our discontinued day spa
operations). Income from continuing operations, before discontinued
operations and cumulative effect of a change in accounting principle
for the third quarter, was $7.0 million compared with $6.1 million for
the same quarter in 2002.

Earnings per share before discontinued operations and cumulative
effect of a change in accounting principle for the third quarter ended
September 30, 2003 was $0.41 per share, compared with $0.38 per share
for the comparable quarter in 2002. The earnings per share data are
presented on a diluted basis.

Revenues for the nine months ended September 30, 2003, rose 10.9% to
$206.0 million from $185.8 million during the comparable nine months
in 2002 (excluding our discontinued day spa operations). Income from
continuing operations, before discontinued operations and cumulative
effect of a change in accounting principle for the nine months ended
September 30, 2003 was $17.5 million compared with $17.0 million for
the same nine months in 2002.

Earnings per share before discontinued operations and cumulative
effect of a change in accounting principle for the nine months ended
September 30, 2003 was $1.05 per share, the same as the comparable
nine months in 2002. The above earnings per share data are presented
on a diluted basis.

Leonard I. Fluxman, President and Chief Executive Officer of Steiner
Leisure, commented "Our record third quarter results were achieved by
strong execution and performance in each of our segments. We are
pleased with the recovery of our earnings growth and strong cash flow
generated thus far in 2003."

Steiner Leisure Limited is a worldwide provider of spa services. The
Company's operations include spas and salons on 107 cruise ships, and
in 57 resort spas and two luxury day spas. Our cruise line and
land-based resort customers include Carnival Cruise Line, Celebrity
Cruises, Crystal Cruises, Disney Cruises, Holland America Lines,
Kerzner International, Marriott, Norwegian Cruise Lines, Park Place
Entertainment, Princess Cruises and Royal Caribbean Cruise Lines. 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
http://www.timetospa.com.

Steiner Leisure also owns and operates three post secondary schools
(comprised of a total of eight campuses) located in Miami, Fort
Lauderdale, Orlando and Sarasota, Florida; Baltimore, Maryland; York,
Pennsylvania and Charlottesville and Winchester, 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 11:00 am (EST) on
Friday, October 31, 2003. 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, October 31, 2003
(approximately 3 hours after the call takes place) until Friday,
November 7, 2003 at 5:00 pm. You may reach it by dialing (706)
645-9291 for both domestic and international calls. The Conference ID#
is 3157211.

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

Third Quarter Nine Months
Ended Ended
September 30, September 30,
---------------- ------------------
2003 2002 2003 2002
------- -------- -------- ---------
Revenues:
Services $52,717 $ 45,932 $144,489 $ 127,956
Products 22,246 21,088 61,471 57,844
------- -------- -------- ---------
Total revenues 74,963 67,020 205,960 185,800
------- -------- -------- ---------

Cost of Sales:
Cost of services 42,156 36,664 116,238 101,219
Cost of products 16,631 15,807 46,049 43,384
------- -------- -------- ---------
Total cost of sales 58,787 52,471 162,287 144,603
------- -------- -------- ---------
Gross profit 16,176 14,549 43,673 41,197
------- -------- -------- ---------

Operating Expenses:
Administrative 3,777 3,274 10,482 9,361
Salary and payroll taxes 4,199 3,510 12,616 10,414
------- -------- -------- ---------
Total operating expenses 7,976 6,784 23,098 19,775
------- -------- -------- ---------
Income from continuing
operations 8,200 7,765 20,575 21,422
------- -------- -------- ---------

Other Income (Expense):
Interest expense (832) (946) (2,651) (2,836)
Equity and minority interest 111 (373) 257 (986)
Other income 68 21 493 106
------- -------- -------- ---------
Total other income
(expense) (653) (1,298) (1,901) (3,716)
------- -------- -------- ---------

Income from continuing operations
before provision for income
taxes, discontinued operations
and cumulative effect of a change
in accounting principle 7,547 6,467 18,674 17,706

Provision for income taxes 562 346 1,204 718
------- -------- -------- ---------

Income from continuing operations
before discontinued operations
and cumulative effect of a change
in accounting principle 6,985 6,121 17,470 16,988


Loss from discontinued operations
(which includes loss on disposal
in 2003 of $94 and $1,642 for the
three and nine months ended
September 30, 2003,
respectively), net of taxes (135) (2,083) (3,269) (7,525)

Cumulative effect of a change in
accounting principle, net of
taxes -- -- -- (29,643)
------- -------- -------- ---------

Net income (loss) $ 6,850 $ 4,038 $ 14,201 $ (20,180)
======= ======== ======== =========

Income (loss) per share-Basic:
Income before discontinued
operations and cumulative
effect of a change in
accounting principle $ 0.43 $ 0.38 $ 1.07 $ 1.07
Loss from discontinued
operations (0.01) (0.13) (0.20) (0.48)
Cumulative effect of a change
in accounting principle -- -- -- (1.86)
------- ------- ------- ---------
$ 0.42 $ 0.25 $ 0.87 $ (1.27)
======= ======= ======= =========

Income (loss) per share-Diluted:
Income before discontinued
operations and cumulative
effect of a change in
accounting principle $ 0.41 $ 0.38 $ 1.05 $ 1.05
Loss from discontinued
operations -- (0.13) (0.20) (0.46)
Cumulative effect of a change
in accounting principle -- -- -- (1.83)
------- ------- ------- ---------
$ 0.41 $ 0.25 $ 0.85 $ (1.24)
======= ======= ======= =========

Weighted average shares outstanding:
Basic 16,418 15,980 16,399 15,918
Diluted 16,862 16,061 16,611 16,242



STATISTICS

Third Quarter Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2003 2002 2003 2002
------- ------- ------- -------

Average number of ships
served(1): 105 103 102 100
Spa 69 61 67 59
Non-Spa 36 42 36 41

Average total number of
staff on ships served: 1,381 1,224 1,316 1,176
Spa 1,127 986 1,075 935
Non-Spa 254 239 241 241

Revenue per staff per
day(2): $410 $413 $391 $398
Spa $434 $440 $418 $430
Non-Spa $303 $302 $272 $276

Average weekly revenues: $37,761 $34,339 $35,169 $32,886
Spa $49,642 $49,456 $47,189 $47,773
Non-Spa $14,968 $12,089 $12,786 $11,412

Average number of land-
based spas
operated(3,4,5) 45 48 47 47

Average weekly land-
based spas revenues(5) $22,328 $19,705 $21,085 $18,876

Total schools
revenues(6) $4,120,000 $3,983,000 $12,455,000 $12,668,000

Total wholesale and
retail product
revenues $4,739,000 $3,989,000 $13,623,000 $11,117,000


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

(4) Average number of land-based day spas operated 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 referred to as "day spas" in
statistical presentations prior to 2003.

(6) Includes $215,000 and $371,000 for the three months ended
September 30, 2003 and 2002, respectively, and $530,000 and $560,000
for the nine months ended September 30, 2003 and 2002, respectively,
relating to the Steiner training school near London, England.

Ray

I noticed that the Caribbean and Sapphire Princess' will have the Spas run by
Princess itself, rather than Steiner.

Last time someone tried to go around Steiner (i.e. NCL), Madara Spa was quickly
purchased by Steiner.

Suppose Steiner will make an offer for Princess???

Regards, Keith (with a VBG)