Steiner Leisure Limited Announces Second Quarter 2010 Financial Results
NASSAU, The Bahamas, July 28, 2010 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the second quarter ended June 30, 2010. The quarter and six months ended June 30, 2010 results and statistics below include the results of operations and locations of Bliss World Holdings, Inc. which was acquired on December 31, 2009.
Steiner Leisure's revenues for the second quarter ended June 30, 2010 increased 28.4% to $151.0 million from $117.6 million during the comparable quarter in 2009. Net income for the second quarter was $10.0 million compared with $8.3 million for the same quarter in 2009. In the second quarter of 2009, Cost of products was negatively impacted by a $4.1 million foreign exchange loss resulting from the weakening of the U.S. Dollar against the U.K. Pound Sterling relating to intercompany inventory purchases which was partially offset by a $1.9 million foreign exchange gain in Administrative expenses resulting from the weakening of the U.S. Dollar against the U.K. Pound Sterling and Euro currencies we were holding.
Earnings per share for the second quarter ended June 30, 2010 was $0.66 per share, compared with $0.56 per share for the comparable quarter in 2009. The earnings per share data are presented on a diluted basis.Revenues for the six months ended June 30, 2010 increased 26.5% to $297.0 million from $234.8 million during the comparable six months in 2009. Net income for the six months ended June 30, 2010 was $19.6 million compared with $16.3 million for the same six months in 2009. These 2009 results also include the net foreign exchange loss discussed above. Earnings per share for the six months ended June 30, 2010 was $1.30 per share compared with $1.10 per share for the comparable six months in 2009. The above earnings per share data are presented on a diluted basis.
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