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Financial Results
Steiner Leisure's revenues for the fourth quarter ended December 31, 2004 rose 17.2% to $87.5 million from $74.6 million during the comparable quarter in 2003. Income from continuing operations, before discontinued operations for the fourth quarter, was $10.0 million compared with $6.5 million for the same quarter in 2003.
During the fourth quarter of 2004, the Company sold its 49% ownership interest in each of two entities that operate resort spas in Thailand and China, respectively, to the 51% owner thereof. The Company recorded a gain of approximately $1.5 million as a result of this transaction, which is included in other income.
Earnings per share before discontinued operations for the fourth quarter ended December 31, 2004 was $0.55 per share, compared with $0.39 per share for the comparable quarter in 2003. The earnings per share data are presented on a diluted basis.
Revenues for the year ended December 31, 2004, rose 21.7% to $341.5 million from $280.6 million in 2003. Income from continuing operations, before discontinued operations for the year ended December 31, 2004 was $35.9 million compared with $24.0 million in 2003.
Earnings per share before discontinued operations for year ended December 31, 2004 was $2.03 per share compared with $1.44 per share in 2003. 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 fourth consecutive quarter of record financial results. The strong execution by our personnel allowed us to generate strong earnings growth and cash flow in 2004."
Share Repurchases
Steiner Leisure also today announced a continuation of its previously adopted share repurchase plan. Under that plan, from 1998 through 2000, the Company purchased a total of 1,902,150 shares out of the 3,187,250 approved by the Board of Directors for repurchase. Accordingly, under the share repurchase plan, Steiner Leisure may purchase up to 1,285,100 shares from time to time at prevailing prices in open market, and possibly other, transactions, subject to market conditions, share price and other considerations. We cannot provide assurance as to the exact number of shares that will be repurchased under this continuation of our repurchase plan.
Corporate Overview
Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 118 cruise ships, and in 50 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.
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.
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