NASSAU, The Bahamas--(BUSINESS WIRE)--Feb. 28, 2002--Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the fourth quarter and year ended December 31, 2001. These results reflect the completion in the third quarter of the acquisitions of Mandara Spa LLC and Mandara Spa Asia Limited, Greenhouse Day Spas and C.Spa, Inc. These transactions were accounted for under the purchase method and as a result the financial results below include the results of the acquired entities subsequent to their acquisitions.
Steiner Leisure's revenues for the fourth quarter ended December 31, 2001 rose 26% to $52.7 million from $41.9 million during the comparable quarter in 2000. Net income for the quarter was $1.4 million compared with $6.2 million for the same quarter in 2000.
Earnings per share for the quarter ended December 31, 2001 was $0.08 per share compared with $0.40 per share for the comparable quarter in 2000. The above earnings per share data are presented on a diluted basis.
Revenues for the year ended December 31, 2001 rose 20% to $194.4 million from $161.8 million in 2000. Net income for the year ended December 31, 2001 was $16.9 million compared with $23.7 million in 2000.
Earnings per share for the year ended December 31, 2001 was $1.06 per share compared with $1.50 per share in 2000. The above earnings per share data are presented on a diluted basis.
Clive E. Warshaw, Chairman of the Board of Steiner Leisure, commented, The terrorist attacks of September 11 and their aftermath continued to have a dramatic impact on our operating results during the fourth quarter. However, we have employed revenue and cost strategies in the weeks following September 11 that we believe should contribute to improved performance. During the quarter we substantially completed the integration of the land-based spa businesses we acquired in the third quarter and will continue to focus these divisions on increasing revenues and improving operating efficiencies.
Steiner Leisure Limited is the leading worldwide provider of spa services. The Company's operations include spas and salons on 104 cruise ships, 50 resort spas and 19 luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Line, Royal Caribbean Cruise Lines, Princess Cruises, Disney Cruises, Celebrity Cruises, Norwegian Cruise Lines, Holland America Lines, Marriott, Park Place Entertainment and Sun International. Elemis Limited, a dedicated spa therapy company, manufactures its Elemis(R) brand for use on board Steiner cruise ships spas. This top quality European line of beauty products is also distributed worldwide to some of the most exclusive five star hotels, salons, health clubs and destination spas. Elemis(R), as well as other Steiner private label 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 nine campuses) located in Miami, Fort Lauderdale, Orlando and Sarasota, Florida; Baltimore, Maryland; and Charlottesville, Blacksburg and Winchester, Virginia. Offering degrees in massage, advanced 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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements reflect our current views about future events and are subject to risks and uncertainties which may cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements relate to: the continuing effect on the economy in general and the travel and leisure segment in particular of the events of September 11, 2001; our dependence on cruise line concession agreements of specified terms and that are terminable by cruise lines with limited or no advance notice under certain circumstances; terminability with limited or no advance notice under certain circumstances of land-based spa agreements; negotiations with cruise lines or land-based spa lessors resulting in agreements which may not be as beneficial to us as anticipated or non-renewals of agreements; our dependence on the continued viability of the cruise lines we serve and the resorts where we operate our land-based spas; our dependence on the cruise industry and the resort industry and our being subject to the risks of those industries; our obligation to make minimum payments to certain cruise lines and, possibly, to lessors of land-based spas that we may operate in the future, irrespective of the revenues received by us from customers; increase in rent payments accompanying renewals of, or new cruise line agreements and land-based spa agreements; our dependence on a limited number of cruise companies and on a single product manufacturer; economic downturns that could reduce the number of customers on cruise ships and at resorts and that could otherwise reduce consumer demand for our products and services; our dependence for success on our ability to recruit and retain qualified personnel; changes in the taxation of our Bahamas subsidiaries; changing competitive conditions, including increased competition from providers of shipboard spa services; our limited experience in land-based operations, including with respect to the integration of acquired businesses; uncertainties beyond our control that could effect our ability to timely and cost-effectively construct land-based spa facilities; operation of facilities in countries with histories of economic and/or political instability; product liability or other claims against us by customers of our products or services; restrictions on us as a result of our credit facility; and changes in laws and government regulations applicable to us and the cruise industry.
These risk factors are described in greater detail in Steiner Leisure's Registration Statement on Form S-3 filed with the Securities Exchange Commission on January 8, 2002 and in other filings we have made with the Securities Exchange Commission.
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