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Steiner Leisure Limited Announces Third Quarter 2013 Financial Results

NASSAU, The Bahamas, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the third quarter and nine months ended September 30, 2013. Included in the results of operations below for the three and nine months ended September 30, 2013 is an $0.8 million impairment charge related to leasehold improvements of a land-based spa where we elected to not exercise our renewal option because the spa was not performing at an acceptable level.

Steiner Leisure's revenues for the third quarter ended September 30, 2013 increased 5.1% to $214.8 million from $204.4 million during the comparable quarter in 2012. Net income for the third quarter of 2013 was $11.5 million compared with $12.6 million for the same quarter in 2012.

Earnings per share for the third quarter ended September 30, 2013 was $0.77 per share compared with $0.85 per share for the comparable quarter in 2012. Excluding the charge discussed above, earnings per share for the third quarter ended September 30, 2013 would have been $0.82 per share. The earnings per share data are presented on a diluted basis.

Revenues for the nine months ended September 30, 2013 increased 5.7% to $634.5 million from $600.4 million during the comparable nine months in 2012. Net income for the nine months ended September 30, 2013 was $36.5 million compared with $41.3 million for the same nine months in 2012. 

Earnings per share for the nine months ended September 30, 2013 was $2.46 per share compared with $2.72 per share for the comparable nine months in 2012.  Excluding the charge discussed above, earnings per share for the nine months ended September 30, 2013 would have been $2.51 per share. The above 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.

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