Steiner Leisure Limited (Nasdaq:STNR) today announced financial
results for the first quarter ended March 31, 2015.
Steiner Leisure's revenues for the first quarter ended March 31,
2015 decreased 0.3% to $216.1 million from $216.7 million during
the comparable quarter in 2014. Net income for the first quarter of
2015 was $8.1 million compared with $7.4 million for the same
quarter in 2014.
Earnings per share for the first quarter ended March 31, 2015
was $0.62 per share, compared with $0.50 per share for the
comparable quarter in 2014. The earnings per share data are
presented on a diluted basis.
Steiner Leisure Limited is a worldwide provider and innovator in
the fields of beauty, wellness and education. We are dedicated to
maintaining the highest quality standards and continually evolving
to include and anticipate new developments within our industry. We
aim to maintain and expand our existing diverse portfolio of
services, products and brands, as well as to seek out new
opportunities to complement our business.
Our services include traditional and alternative massage, body
and skin treatment options, fitness, acupuncture, herbal medicine,
medi-spa treatments and laser hair removal. We are committed to
providing our customers with a wide-ranging assortment of beauty
products, including premium quality options developed by us under
our own brands, as well as those purchased from third parties.
Our distribution channels include our shipboard and land-based
spas and salons, destination spas, health clubs, department stores
and third party retail outlets and distributors. We also sell our
products on certain British Airways flights, on QVC, by catalog,
and online through our websites, including www.timetospa.com and
www.blissworld.com.
Our post-secondary schools offer programs in massage therapy and
skin care, among others, and, along with our recruiting and
training operations, prepare spa professionals for careers in the
health and wellness industry, including within the Steiner family
of companies.
Our cruise line operations are conducted in spas onboard 150
ships, including Azamara Club Cruises, Carnival Australia, Carnival
Cruise Line, Costa Cruises, Crystal Cruises, Cunard Cruise Line,
Holland America Line, Norwegian Cruise Line, P&O Cruises,
Princess Cruises, Pullmantur Cruises, Royal Caribbean Cruises,
Seabourn Cruise Lines, Silversea Cruises, and Windstar Cruises.
Our land-based spa operations are carried out under our Elemis®,
Mandara®, Chavana®, Bliss® and Remède® brands and take place in 63
locations, including resort spas, urban hotel spas and day spas. In
addition, a total of 26 resort and hotel spas are operated under
our brands by third parties pursuant to license agreements with the
company. Our land-based customers include Caesar's Entertainment,
Hilton Hotels, Kerzner International, Loews Hotels, Marriott
Hotels, Mauna Kea Beach Hotel, Planet Hollywood, St.
Regis Hotels and Resorts, W Hotels and Resorts, Westin Hotels
and Resorts and Wyndham Hotels and Resorts.
Our Ideal Image customized laser hair removal services are
provided by highly trained, experienced practitioners through a
nationwide network of 127 treatment centers (17 of which are
operated by franchisees) across 31 states, as well as two locations
in Canada.
We develop and sell a variety of high quality beauty products
under our Elemis, La Thérapie™, Bliss, Remède, Laboratoire Remède®
and Jou® brands.
Our schools operations consist of 12 post-secondary schools
(comprised of a total of 32 campuses) located in Phoenix,
Scottsdale, Tempe and Tucson, Arizona; Westminster and Aurora,
Colorado; Groton, Newington and Westport, Connecticut; Miami,
Orlando, Pompano Beach, Sarasota and Tampa/St. Pete, Florida;
Chicago, Crystal Lake and Joliet, Illinois; Baltimore, Maryland;
Boston, Massachusetts; Las Vegas, Nevada; Hoboken and Wall, New
Jersey; King of Prussia and York, Pennsylvania; Arlington, Houston
and Richardson, Texas; Salt Lake City and Lindon, Utah;
Charlottesville, Virginia; and Federal Way and Seattle, Washington.
Offering programs in massage therapy and, in some cases, skin care,
these schools train and qualify spa professionals for health and
beauty positions within the industry, including our own
operations.
As part of our employee recruitment operations for our shipboard
spas, we provide education to our shipboard employees through our
rigorous training programs, at our primary training facilities near
London, England or one of our satellite training centers in South
Africa and the Philippines. These employees are sourced primarily
from the British Isles, Australia, South Africa, Southeast Asia,
Canada, the Caribbean and continental Europe.
The Company will be holding a conference call at 11:00 am (ET)
on Thursday, April 30, 2015. 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
(517) 308-9020 for domestic and international calls approximately
ten minutes before the scheduled time. The password is "Steiner".
The call is available for replay from Thursday, April 30
(approximately 3 hours after the call takes place) through
Thursday, May 7, 2015 at approximately 5:00 pm (ET). You may reach
it by dialing (203) 369-1549 for both domestic and international
calls. The passcode is "33146".
|
|
|
SELECTED FINANCIAL DATA |
($ and shares in thousands,
except per share data) |
(Unaudited) |
|
|
|
|
First Quarter
Ended |
|
March
31, |
|
2015 |
2014 |
Revenues: |
|
|
Services |
$ 151,805 |
$ 155,294 |
Products |
64,299 |
61,442 |
Total revenues |
216,104 |
216,736 |
|
|
|
Cost of Sales: |
|
|
Cost of services |
126,329 |
129,257 |
Cost of products |
41,645 |
42,568 |
Total cost of sales |
167,974 |
171,825 |
Gross profit |
48,130 |
44,911 |
|
|
|
Operating Expenses: |
|
|
Administrative |
17,994 |
14,912 |
Salary and payroll taxes |
19,946 |
20,438 |
Total operating expenses |
37,940 |
35,350 |
Income from operations |
10,190 |
9,561 |
|
|
|
Other Income (Expense): |
|
|
Interest expense |
(771) |
(756) |
Other income |
278 |
143 |
Total other income
(expense) |
(493) |
(613) |
|
|
|
Income before provision for income taxes |
9,697 |
8,948 |
|
|
|
Provision for income taxes |
1,585 |
1,587 |
|
|
|
Net income |
$ 8,112 |
$ 7,361 |
|
|
|
Income per share: |
|
|
Basic |
$ 0.62 |
$ 0.50 |
Diluted |
$ 0.62 |
$ 0.50 |
|
|
|
Weighted average shares outstanding: |
|
|
Basic |
13,001 |
14,681 |
Diluted |
13,088 |
14,768 |
|
|
|
|
|
|
STATISTICS |
|
|
|
|
First Quarter
Ended |
|
March 31 |
|
2015 |
2014 |
|
|
|
Average number of ships served1: |
146 |
154 |
Spa |
109 |
116 |
Non-Spa |
37 |
38 |
|
|
|
Average total number of staff on ships
served: |
2,589 |
2,766 |
Spa |
2,239 |
2,410 |
Non-Spa |
350 |
356 |
|
|
|
Revenue per staff per day2: |
$ 414 |
$ 408 |
Spa |
$ 439 |
$ 427 |
Non-Spa |
$ 257 |
$ 277 |
|
|
|
Average weekly revenues: |
$ 51,549 |
$ 51,398 |
Spa |
$ 63,313 |
$ 62,266 |
Non-Spa |
$ 16,999 |
$ 18,212 |
|
|
|
Average number of land-based spas
operated3 |
64 |
66 |
|
|
|
Average weekly land-based spas revenues |
$ 27,226 |
$ 29,051 |
|
|
|
Total schools revenues |
$ 20,135,000 |
$ 19,664,000 |
|
|
|
Total wholesale and retail product
revenues |
$ 35,948,000 |
$ 31,984,000 |
|
|
|
Average number of Ideal Image locations3,
4 |
110 |
109 |
|
|
|
Average weekly Ideal Image revenues4 |
$ 29,045 |
$ 27,696 |
|
|
|
Ideal Image revenues |
$ 41,078,000 |
$ 38,814,000 |
|
|
|
Ideal Image cash revenues5 |
$ 48,784,000 |
$ 35,974,000 |
|
|
|
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
spas and Ideal Image locations operated reflects the fact that
during the period spas and centers were opened or closed and,
accordingly, the number of spas and centers served during the
period varied. |
4 Excludes 17 centers which
are operated by franchisees. |
5 "Cash revenues" are
non-generally accepted accounting principles ("non-GAAP") as
defined by the Securities and Exchange Commission. Management
believes that the presentation of cash revenues serves to enhance
the understanding of Ideal Image's performance. This non-GAAP
measure should be considered in addition to and not as a substitute
for, or superior to, measures of financial performance prepared in
accordance with generally accepted accounting principles
("GAAP"). See below for a reconciliation of GAAP results to
the non-GAAP measures. |
|
|
|
|
|
|
Reconciliation of
Non-GAAP Measures |
($ in
thousands) |
|
|
|
|
First Quarter
Ended |
|
March
31, |
|
2015 |
2014 |
|
|
|
Ideal Image revenues |
$ 41,078 |
$ 38,814 |
Accrual to cash adjustments |
7,706 |
(2,840) |
Ideal Image cash revenues |
$ 48,784 |
$ 35,974 |
|
|
|
CONTACT: Leonard I. Fluxman, President and Chief Executive Officer
(305) 358-9002, ext. 1215
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