NASSAU, The Bahamas, Dec. 23, 2013 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (the "Company") (Nasdaq:STNR) has been advised by Celebrity Cruises that the Company's agreement to serve Celebrity's vessels would not be renewed after its expiration on December 31, 2013.
The Company is negotiating a transition plan as to the turnover of the ships to the new vendor. We currently estimate that the impact of the termination of this agreement on the fully diluted earnings per share of the Company for 2014 should not be a reduction of greater than $0.24 per share. This estimate is subject to finalization of the transition plan.
As previously disclosed, Steiner Leisure currently has $93.3 million available under its share repurchase plan. Once our trading window reopens, currently scheduled for February 25 , 2014, repurchases will continue to be made in the open market or in privately negotiated transactions, subject to regulatory considerations, market conditions, and the Company's debt agreement.Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure, said, "We, of course, are disappointed with Celebrity's decision, particularly in view of our revenues being at historical highs on Celebrity's ships. We believe that the terms we proposed for renewal contained compelling economics and it also contained a unique brand at sea. It is our understanding that Celebrity's decision was made purely from a marketing perspective. We hope that we will have the opportunity to serve more Celebrity ships at some time in the future." 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV