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Steiner Record Financial Results!
Hi Everyone,
I received this press release from Steiner Leisure 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 Fourth Quarter and 2005 Financial Results NASSAU Steiner Leisure Limited (NASDAQ:STNR) today announced financial results for the fourth quarter and year ended December 31, 2005. Financial Results Steiner Leisure's revenues for the fourth quarter ended December 31, 2005 rose 15.6% to $101.1 million from $87.5 million during the comparable quarter in 2004. Income from continuing operations, before discontinued operations for the fourth quarter, was $10.8 million compared with $10.0 million for the same quarter in 2004. The income from continuing operations before discontinued operations for the fourth quarter of 2004 included a gain of approximately $1.5 million related to the sale of the Company's 49% ownership interest in each of two entities that operate resort spas in Thailand and China, respectively, to the 51% owner thereof. During the fourth quarter of 2005, the Company reversed a liability relating to its discontinued day spa operations resulting in a discontinued operations gain of $800,000. Earnings per share before discontinued operations for the fourth quarter ended December 31, 2005 was $0.61 per share, compared with $0.55 per share for the comparable quarter in 2004. The earnings per share before discontinued operations for the fourth quarter of 2004 included $0.08 related to the sale of the Company's ownership interest discussed above. The earnings per share data are presented on a diluted basis. Revenues for the year ended December 31, 2005, rose 16.3% to $397.2 million from $341.5 million in 2004. Income from continuing operations, before discontinued operations for the year ended December 31, 2005, was $40.4 million, compared with $35.9 million in 2004. Earnings per share before discontinued operations for the year ended December 31, 2005 was $2.23 per share compared with $2.03 per share in 2004. The above 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 fourth quarter and annual financial results. The strong execution by our personnel allowed us to generate strong earnings growth and cash flow in 2005." Corporate Overview Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 122 cruise ships, and in 56 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(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 and destination spas. Elemis(R), as well as other Steiner products, including La Therapie(R), 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 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. Conference Call The Company will be holding a conference call at 11:00 am (EST) on Thursday, March 2, 2006. 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 five minutes before the scheduled time. This call is available for replay from Thursday. March 2, 2006 (approximately 3 hours after the call takes place) until Wednesday, March 8, 2006 at 11:00 pm. You may reach it by dialing (706) 645-9291 for both domestic and international calls. The conference ID # is 5180283. SELECTED FINANCIAL DATA ($ in thousands, except per share data) (Unaudited) Fourth Quarter Year Ended Ended December 31, December 31, ----------------------------------- 2005 2004 2005 2004 -------- -------- -------- -------- Revenues: Services $ 67,259 $ 58,912 $268,401 $233,350 Products 33,879 28,546 128,817 108,141 -------- -------- -------- -------- Total revenues 101,138 87,458 397,218 341,491 -------- -------- -------- -------- Cost of Sales: Cost of services 54,316 47,297 214,022 185,294 Cost of products 24,945 21,548 96,588 80,512 -------- -------- -------- -------- Total cost of sales 79,261 68,845 310,610 265,806 -------- -------- -------- -------- Gross profit 21,877 18,613 86,608 75,685 -------- -------- -------- -------- Operating Expenses: Administrative 5,002 5,153 20,837 18,493 Salary and payroll taxes 5,290 4,225 22,348 18,838 -------- -------- -------- -------- Total operating expenses 10,292 9,378 43,185 37,331 -------- -------- -------- -------- Income from continuing operations 11,585 9,235 43,423 38,354 -------- -------- -------- -------- Other Income (Expense): Interest expense (82 ) (47 ) (275 ) (1,525) Equity and minority interest -- -- -- 292 Other income 220 1,593 553 1,679 -------- -------- -------- -------- Total other income (expense) 138 1,546 278 446 -------- -------- -------- -------- Income from continuing operations before provision for income taxes and discontinued operations 11,723 10,781 43,701 38,800 Provision for income taxes 885 753 3,302 2,912 -------- -------- -------- -------- Income from continuing operations before discontinued operations 10,838 10,028 40,399 35,888 Income from discontinued operations (which includes gain on disposal of $239 and $145 for the three months and year ended December 31, 2004), net of taxes 788 210 769 90 -------- -------- -------- -------- Net income $ 11,626 $ 10,238 $ 41,168 $ 35,978 ======== ======== ======== ======== Income per share-Basic: Income before discontinued operations $ 0.63 $ 0.57 $ 2.32 $ 2.12 Income from discontinued operations 0.05 0.02 0.04 0.01 -------- -------- -------- -------- $ 0.68 $ 0.59 $ 2.36 $ 2.13 ======== ======== ======== ======== Income per share-Diluted: Income before discontinued operations $ 0.61 $ 0.55 $ 2.23 $ 2.03 Income from discontinued operations 0.04 0.01 0.04 0.01 -------- -------- -------- -------- $ 0.65 $ 0.56 $ 2.27 $ 2.04 ======== ======== ======== ======== Weighted average shares outstanding: Basic 17,174 17,458 17,401 16,899 Diluted 17,842 18,359 18,159 17,643 STATISTICS Fourth Quarter Ended Year Ended December 31, December 31, ------------ ------------ 2005 2004 2005 2004 ----- ----- ----- ----- Average number of ships served(1): 112 110 115 109 Spa 82 77 83 75 Non-Spa 30 33 32 34 Average total number of staff on ships served: 1,656 1,493 1,653 1,471 Spa 1,443 1,266 1,424 1,242 Non-Spa 213 227 229 229 Revenue per staff per day(2): $ 450 $ 428 $ 455 $ 427 Spa $ 470 $ 451 $ 477 $ 449 Non-Spa $ 315 $ 300 $ 314 $ 306 Average weekly revenues: $ 46,475 $ 40,826 $ 45,721 $ 40,183 Spa $ 57,619 $ 52,227 $ 57,508 $ 51,791 Non-Spa $ 15,681 $ 14,411 $ 15,571 $ 14,420 Average number of land- based spas operated(3) 53 51 50 52 Average weekly land- based spas revenues $ 25,524 $ 24,129 $ 26,441 $ 24,303 Total schools revenues(4) $ 4,393,000 $3,613,000 $17,750,000 $16,866,000 Total wholesale and retail product revenues $10,481,000 $8,728,000 $36,294,000 $29,019,000 (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) 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. (4) Includes $130,000 and $156,000 for the three months ended December 31, 2005 and 2004, respectively, and $670,000 and $747,000 for the year ended December 31, 2005 and 2004, respectively, relating to the Steiner training school near London, England. |
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Steiner Record Financial Results!
Thus spake Ray Goldenberg :
Hi Everyone, I received this press release from Steiner Leisure and thought it would be of interest. If you have missed any of my news' postings, they are available on my web site. Worth $1,57 on the stock price today. -- dillon Could have been is in the past Could be is in the future There is only the now |
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