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Steiner Leisure Limited Announces Fourth Quarter 2012 Financial Results And New Share Repurchase Plan

Stocks in this article: STNR

NASSAU, The Bahamas, Feb. 27, 2013 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the fourth quarter and year ended December 31, 2012.

Steiner Leisure's revenues for the fourth quarter ended December 31, 2012 increased 13.6% to $211.1 million from $185.9 million during the comparable quarter in 2011. Net income for the fourth quarter of 2012 was $11.8 million compared with $12.3 million for the same quarter in 2011.

Earnings per share for the fourth quarter ended December 31, 2012 and 2011 was $0.81 per share. The earnings per share data are presented on a diluted basis.

Revenues for the year ended December 31, 2012 increased 15.7% to $811.5 million from $701.6 million in 2011. Net income for the year ended December 31, 2012 was $53.1 million compared with $50.9 million in 2011.

Earnings per share for the year ended December 31, 2012 was $3.53 per share, compared with $3.35 per share in 2011. The above earnings per share data are presented on a diluted basis.

New Share Repurchase Plan

Steiner Leisure also today announced the approval by its Board of Directors of a new share repurchase plan under which up to $100,000,000 of Steiner Leisure common shares can be purchased. In connection with this new repurchase authorization, the repurchase plan approved by the Board in February 2008 was terminated. A total of approximately $7.2 million remained available for share repurchases under that plan at the time it was terminated.

Under the new share repurchase plan, Steiner Leisure may purchase shares from time to time, at prevailing prices in open market, and possibly other transactions, subject to market conditions and compliance with certain financial parameters. The amounts to be repurchased shall not exceed the limitations on share repurchases set forth in the Company's credit facility. We cannot provide assurance as to the exact number of shares that will be repurchased under the plan.

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