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Steiner Second Quarter Financials!
Question:
Hi Everyone, I received this press release from Steiner and thought it may be of interest. I see that the massage and seaweed-wrapping business is still booming on cruise ships. If you have missed any of my news’ postings, they are archived on my web site. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com Steiner Leisure Limited Announces Second Quarter 2001 Financial Results and an Agreement to Build and Operate the Spa at the Mohegan Sun in Uncasville, CT NASSAU, The Bahamas July 26, 2001 Steiner Leisure Limited (Nasdaq:STNR – news) today announced financial results for the second quarter ended June 30, 2001. Steiner Leisure’s revenues for the second quarter ended June 30, 2001 rose 8% to $42.5 million from $39.2 million during the comparable quarter in 2000. Net income for the quarter was $6.0 million compared with $5.7 million for the same quarter in 2000. Earnings per share for the quarter ended June 30, 2001 was $0.40 per share compared with $0.36 per share for the comparable quarter in 2000. The above earnings per share data are presented on a diluted basis. Revenues for the six months ended June 30, 2001 rose 8% to $83.5 million from $77.4 million during the comparable six months in 2000. Net income for the six months ended June 30, 2001 was $11.9 million compared with $11.2 million for the same six months in 2000. Earnings per share for the six months ended June 30, 2001 was $0.78 per share compared with $0.70 per share for the comparable six months in 2000. The above earnings per share data are presented on a diluted basis. Clive E. Warshaw, Chairman of the Board of Steiner Leisure, commented, “We are encouraged that the increases over 2000 in revenues and net income in the first quarter of 2001 have continued through the second quarter of 2001. This has been achieved despite the challenges we encounter when one half of the vessels we serve reposition to their summer destinations in Alaska and the Mediterranean during the quarter. These increases continue to be attributable to the introduction of new ships with enlarged and enhanced shipboard spa facilities served by the company and a general increase in the productivity of the company’s shipboard employees over the first six months of 2000. Despite heavily discounted offers by the cruise industry, we have produced positive results. Additionally, three of the spa ships and one of the other ships we serve were in service for only a portion of the quarter due to unscheduled mechanical problems, thus causing 42 days and 14 days of lost productivity on the spa and non spa ships, respectively.” Steiner Leisure Limited to Build and Operate the Spa at Mohegan Sun in Uncasville, CT Steiner Leisure Limited has entered into an agreement to build and operate a luxury spa facility at Mohegan Sun casino in Uncasville, CT. The agreement provides that Steiner Leisure Limited will build out the spa facilities in approximately 20,000 square feet of space at Mohegan Sun. Owned by the Mohegan Tribal Nation, Mohegan Sun is one of the largest, most distinctive and spectacular spa destinations in the United States. It is situated in scenic southeastern Connecticut on 240 acres along the Thames River in the town of Uncasville. Within easy access of New York, Boston, Hartford and Providence, as well as a wealth of popular activities and attractions in Mystic Places, Mohegan Sun is already renowned as a legendary gaming and entertainment center. It is now evolving into a multidimensional destination featuring 1,200 hotel rooms, premier meeting and convention space, a 10,000-seat arena and a world-class spa – making it ideally suited for discerning business and leisure travelers. For information visit http://www.mohegansun.com or call 1-888-226-7711. The terms of Steiner Leisure Limited’s lease of the facilities will be for 10 years with a five year renewal option if certain sales levels are achieved. The spa is proposed to include a variety of treatment rooms, including deluxe spa suites, in-couples spa suite, a hair salon, full service nail salon, steam rooms, sauna, jacuzzi, an aerobic studio and a fitness and weight exercise room equipped with state-of-the-art equipment. Steiner Leisure plans to provide the full compliment of spa services customarily provided at its cruise ship-based spas as well as luxury spas at the Atlantis Resort on Paradise Island in the Bahamas and Paris Hotel in Las Vegas. Steiner Leisure estimates that the build-out will cost approximately $5 million. The company estimates that the spa will open in the second quarter of 2002. Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure, said: “We’re very excited to open a Steiner Spa at Mohegan Sun and to be associated with The Mohegan Tribal Nation in the debut of one of the nation’s most distinctive resorts. Our agreement with Mohegan Sun represents another major step in our strategy of seeking land-based luxury spa opportunities. The Mohegan Sun Spa, together with the spas that we operate at the Atlantis Resort and at the Paris, will provide us with the opportunity to bring additional distribution of services and products that we provide to our cruise ship customers to land-based consumers who enjoy high quality beauty and skin care.” Bill Velardo, President and Chief Executive Officer of Mohegan Sun, said: “We’re delighted to be partnering with Steiner to bring a world-class spa to Mohegan. Their facility will be imaginative and elegant – a perfect fit for us here at Connecticut’s newest resort.” Steiner Leisure Limited is the leading worldwide provider of spa services. The company operates its spas and salons on 111 cruise ships, 50 resort spas and 12 luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Line, Royal Caribbean Cruise Lines, Princess Cruises, Disney Cruises, Celebrity Cruises, Norwegian Cruise Lines, Holland America Lines, Marriott, Park Place Entertainment and Sun International. Elemis Limited, a dedicated spa therapy company, manufactures its Elemis brand for use on board Steiner cruise ships spas. This top quality European line of beauty products is also distributed worldwide to some of the most exclusive five star hotels, salons, health clubs and destination spas. Elemis, as well as other Steiner private label products, including La Therapie, Ionithermie, and Steiner Hair Care, are available at www.timetospa.com. Cautionary Note Regarding Forward-looking Statements Certain statements in this press release and in our other published information may contain forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from results, performance or achievements expressed or implied in such forward-looking statements. Such factors include our dependence on cruise line concession agreements and land-based spa agreements of specified terms and that are terminable by cruise lines and the lessors of land-based spas with limited or no advance notice under certain circumstances; dependence on the financial viability of the cruise lines and land-based resorts we serve; the risk that renewals of an agreement with a cruise line or land-based spa will require reductions in margins on existing agreements, as well as on the renewed agreement, with that cruise line or land-based spa; our dependence on the cruise industry and our being subject to the risks of that industry; uncertainties beyond our control that could affect our ability to timely and cost effectively construct land-based spa facilities; the Company’s limited experience in land-based spas; risks that accompany the acquisition and operation of facilities in countries with histories of economic and/or political instability; the risk that the company will be unable to effectively integrate new acquired businesses or facilities; changes in tax and other laws and regulations affecting Steiner Leisure Limited and other factors described in further detail in Steiner Leisure Limited’s filings with the Securities and Exchange Commission, including the risk factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2000. The company will be holding a conference call at 11:00 am (E.D.T.) on Friday, July 27, 2001. 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 213/683-8900 for domestic and international calls approximately 10 minutes before the scheduled time and reference number 0107200357 and the Chairperson as Leonard Fluxman. This call is available for replay from Friday, July 27, 2001 (approximately 3 hours after the call takes place) until Friday, August 3, 2001 at 5:00 pm. You may reach it by dialing 913/385-6780 for both domestic and international calls. The PIN access code is “2044.” SELECTED FINANCIAL DATA ($ in thousands, except per share data) Second Quarter Six Months ended ended June 30, June 30, 2001 2000 2001 2000 —- —- —- —- Revenues: Services $26,948 $24,427 $53,040 $48,246 Products 15,545 14,780 30,477 29,184 ——- ——- ——- ——- Total revenues 42,493 39,207 83,517 77,430 ——- ——- ——- ——- Cost of Sales: Cost of services
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Response:
>Steiner Leisure Limited to Build and Operate the Spa at Mohegan Sun in >Uncasville, CT
Boy….are they in for a rude awakening at the casino. Does not really attract the "high rollers"… more like the typical bus groups. But it would be nice to have a Steiner outlet within driving distance.. I do like their hair spray and typically run out before the next cruise. Babette
Response:
I booked my next cruise to get the Ionothermie… worth every dollar! > …snip…But it would be nice to have a Steiner outlet within driving distance.. > I do > like their hair spray and typically run out before the next cruise. > Babette
Candy
Response:
Oh man! A conspiracy! First my wife raises their revenues, I assure you she contributed to their net considerably. Now they are going to put a Steiner in her second favorite location ( the first being on ships ) Mohegan Sun. I see their financials going up considerably and mine down considerably 
— George in NY June EXPLORER review and photo’s My cruise old links can be found on my pal and TA’s page http://www.bestweb.net/~travel1/ as well as recent Century review and photos and recent Destiny visit photos. All photo are taken by me and not copyrighted ( page copyrights don’t apply to photo’s ) and are herein declared in public domain for all to use, preferably on non-commercial cruise pages.
– Hide quoted text — Show quoted text ->Steiner Leisure Limited to Build and Operate the Spa at Mohegan Sun in >Uncasville, CT > Boy….are they in for a rude awakening at the casino. Does not really attract > the "high rollers"… more like the typical bus groups. > But it would be nice to have a Steiner outlet within driving distance.. I do > like their hair spray and typically run out before the next cruise. > Babette
Response:
Hi Everyone, I received this press release from Steiner and thought it may be of interest. I see that the massage and seaweed-wrapping business is still booming on cruise ships. If you have missed any of my news’ postings, they are archived on my web site. Best regards, Ray LIGHTHOUSE TRAVEL 800-719-9917 or 805-566-3905 http://www.lighthousetravel.com Steiner Leisure Limited Announces Second Quarter 2001 Financial Results and an Agreement to Build and Operate the Spa at the Mohegan Sun in Uncasville, CT NASSAU, The Bahamas July 26, 2001 Steiner Leisure Limited (Nasdaq:STNR – news) today announced financial results for the second quarter ended June 30, 2001. Steiner Leisure’s revenues for the second quarter ended June 30, 2001 rose 8% to $42.5 million from $39.2 million during the comparable quarter in 2000. Net income for the quarter was $6.0 million compared with $5.7 million for the same quarter in 2000. Earnings per share for the quarter ended June 30, 2001 was $0.40 per share compared with $0.36 per share for the comparable quarter in 2000. The above earnings per share data are presented on a diluted basis. Revenues for the six months ended June 30, 2001 rose 8% to $83.5 million from $77.4 million during the comparable six months in 2000. Net income for the six months ended June 30, 2001 was $11.9 million compared with $11.2 million for the same six months in 2000. Earnings per share for the six months ended June 30, 2001 was $0.78 per share compared with $0.70 per share for the comparable six months in 2000. The above earnings per share data are presented on a diluted basis. Clive E. Warshaw, Chairman of the Board of Steiner Leisure, commented, “We are encouraged that the increases over 2000 in revenues and net income in the first quarter of 2001 have continued through the second quarter of 2001. This has been achieved despite the challenges we encounter when one half of the vessels we serve reposition to their summer destinations in Alaska and the Mediterranean during the quarter. These increases continue to be attributable to the introduction of new ships with enlarged and enhanced shipboard spa facilities served by the company and a general increase in the productivity of the company’s shipboard employees over the first six months of 2000. Despite heavily discounted offers by the cruise industry, we have produced positive results. Additionally, three of the spa ships and one of the other ships we serve were in service for only a portion of the quarter due to unscheduled mechanical problems, thus causing 42 days and 14 days of lost productivity on the spa and non spa ships, respectively.” Steiner Leisure Limited to Build and Operate the Spa at Mohegan Sun in Uncasville, CT Steiner Leisure Limited has entered into an agreement to build and operate a luxury spa facility at Mohegan Sun casino in Uncasville, CT. The agreement provides that Steiner Leisure Limited will build out the spa facilities in approximately 20,000 square feet of space at Mohegan Sun. Owned by the Mohegan Tribal Nation, Mohegan Sun is one of the largest, most distinctive and spectacular spa destinations in the United States. It is situated in scenic southeastern Connecticut on 240 acres along the Thames River in the town of Uncasville. Within easy access of New York, Boston, Hartford and Providence, as well as a wealth of popular activities and attractions in Mystic Places, Mohegan Sun is already renowned as a legendary gaming and entertainment center. It is now evolving into a multidimensional destination featuring 1,200 hotel rooms, premier meeting and convention space, a 10,000-seat arena and a world-class spa – making it ideally suited for discerning business and leisure travelers. For information visit http://www.mohegansun.com or call 1-888-226-7711. The terms of Steiner Leisure Limited’s lease of the facilities will be for 10 years with a five year renewal option if certain sales levels are achieved. The spa is proposed to include a variety of treatment rooms, including deluxe spa suites, in-couples spa suite, a hair salon, full service nail salon, steam rooms, sauna, jacuzzi, an aerobic studio and a fitness and weight exercise room equipped with state-of-the-art equipment. Steiner Leisure plans to provide the full compliment of spa services customarily provided at its cruise ship-based spas as well as luxury spas at the Atlantis Resort on Paradise Island in the Bahamas and Paris Hotel in Las Vegas. Steiner Leisure estimates that the build-out will cost approximately $5 million. The company estimates that the spa will open in the second quarter of 2002. Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure, said: “We’re very excited to open a Steiner Spa at Mohegan Sun and to be associated with The Mohegan Tribal Nation in the debut of one of the nation’s most distinctive resorts. Our agreement with Mohegan Sun represents another major step in our strategy of seeking land-based luxury spa opportunities. The Mohegan Sun Spa, together with the spas that we operate at the Atlantis Resort and at the Paris, will provide us with the opportunity to bring additional distribution of services and products that we provide to our cruise ship customers to land-based consumers who enjoy high quality beauty and skin care.” Bill Velardo, President and Chief Executive Officer of Mohegan Sun, said: “We’re delighted to be partnering with Steiner to bring a world-class spa to Mohegan. Their facility will be imaginative and elegant – a perfect fit for us here at Connecticut’s newest resort.” Steiner Leisure Limited is the leading worldwide provider of spa services. The company operates its spas and salons on 111 cruise ships, 50 resort spas and 12 luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Line, Royal Caribbean Cruise Lines, Princess Cruises, Disney Cruises, Celebrity Cruises, Norwegian Cruise Lines, Holland America Lines, Marriott, Park Place Entertainment and Sun International. Elemis Limited, a dedicated spa therapy company, manufactures its Elemis brand for use on board Steiner cruise ships spas. This top quality European line of beauty products is also distributed worldwide to some of the most exclusive five star hotels, salons, health clubs and destination spas. Elemis, as well as other Steiner private label products, including La Therapie, Ionithermie, and Steiner Hair Care, are available at www.timetospa.com. Cautionary Note Regarding Forward-looking Statements Certain statements in this press release and in our other published information may contain forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from results, performance or achievements expressed or implied in such forward-looking statements. Such factors include our dependence on cruise line concession agreements and land-based spa agreements of specified terms and that are terminable by cruise lines and the lessors of land-based spas with limited or no advance notice under certain circumstances; dependence on the financial viability of the cruise lines and land-based resorts we serve; the risk that renewals of an agreement with a cruise line or land-based spa will require reductions in margins on existing agreements, as well as on the renewed agreement, with that cruise line or land-based spa; our dependence on the cruise industry and our being subject to the risks of that industry; uncertainties beyond our control that could affect our ability to timely and cost effectively construct land-based spa facilities; the Company’s limited experience in land-based spas; risks that accompany the acquisition and operation of facilities in countries with histories of economic and/or political instability; the risk that the company will be unable to effectively integrate new acquired businesses or facilities; changes in tax and other laws and regulations affecting Steiner Leisure Limited and other factors described in further detail in Steiner Leisure Limited’s filings with the Securities and Exchange Commission, including the risk factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2000. The company will be holding a conference call at 11:00 am (E.D.T.) on Friday, July 27, 2001. 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 213/683-8900 for domestic and international calls approximately 10 minutes before the scheduled time and reference number 0107200357 and the Chairperson as Leonard Fluxman. This call is available for replay from Friday, July 27, 2001 (approximately 3 hours after the call takes place) until Friday, August 3, 2001 at 5:00 pm. You may reach it by dialing 913/385-6780 for both domestic and international calls. The PIN access code is “2044.” SELECTED FINANCIAL DATA ($ in thousands, except per share data) Second Quarter Six Months ended ended June 30, June 30, 2001 2000 2001 2000 —- —- —- —- Revenues: Services $26,948 $24,427 $53,040 $48,246 Products 15,545 14,780 30,477 29,184 ——- ——- ——- ——- Total revenues 42,493 39,207 83,517 77,430 ——- ——- ——- ——- Cost of Sales: Cost of services
… read more »
Response:
>Steiner Leisure Limited to Build and Operate the Spa at Mohegan Sun in >Uncasville, CT
Boy….are they in for a rude awakening at the casino. Does not really attract the "high rollers"… more like the typical bus groups. But it would be nice to have a Steiner outlet within driving distance.. I do like their hair spray and typically run out before the next cruise. Babette
Response:
I booked my next cruise to get the Ionothermie… worth every dollar! > …snip…But it would be nice to have a Steiner outlet within driving distance.. > I do > like their hair spray and typically run out before the next cruise. > Babette
Candy
Response:
Oh man! A conspiracy! First my wife raises their revenues, I assure you she contributed to their net considerably. Now they are going to put a Steiner in her second favorite location ( the first being on ships ) Mohegan Sun. I see their financials going up considerably and mine down considerably — George in NY June EXPLORER review and photo’s My cruise old links can be found on my pal and TA’s page http://www.bestweb.net/~travel1/ as well as recent Century review and photos and recent Destiny visit photos. All photo are taken by me and not copyrighted ( page copyrights don’t apply to photo’s ) and are herein declared in public domain for all to use, preferably on non-commercial cruise pages.
– Hide quoted text — Show quoted text ->Steiner Leisure Limited to Build and Operate the Spa at Mohegan Sun in >Uncasville, CT > Boy….are they in for a rude awakening at the casino. Does not really attract > the "high rollers"… more like the typical bus groups. > But it would be nice to have a Steiner outlet within driving distance.. I do > like their hair spray and typically run out before the next cruise. > Babette