Press Release: Steiner Leisure Limited
January 15, 2002
NASSAU, THE BAHAMAS -- Steiner Leisure Limited (Nasdaq:STNR) announced yesterday that its fourth quarter 2001 earnings
will be significantly lower than the guidance it previously issued on its November 2, 2001 conference call. The
terrorist attacks of September 11 and their aftermath have had a far more significant impact on the fourth quarter
than was originally anticipated. This greater impact was reflected during the quarter in significant discounting
by the cruise lines and lower occupancy rates, which have caused revenue declines on the ships' spas that we operate.
In addition, our resort and day spas continued to be severely impacted by declines in occupancy at the related
hotels and lower levels of customer traffic. As a result we expect earnings to be in the range of $0.05 - $0.08
per fully diluted share for the fourth quarter.
Leonard I. Fluxman, President and Chief Executive Officer of Steiner Leisure Limited, commented, ``During the fourth
quarter we continued to operate in a very difficult business environment. It is difficult to predict the continuing
impact that the terrorist attacks of September 11 and their aftermath will have on our operations. However, we
noted that the year end seasonal revenue increases occurred as they have historically. We are continuing to focus
all divisions on increasing revenues and improving operating efficiencies.''
About Steiner:
Steiner Leisure Limited is the leading worldwide provider of spas. Steiner provides its services on 103 cruise
ships, and at 50 resort spas and 18 luxury day spas. Steiner's customers include Carnival Cruise Lines, Royal Caribbean
Cruise Lines, Princess Cruises, Disney Cruises, Celebrity Cruises, Norwegian Cruise Lines, Holland America Lines,
Marriott, Park Place Entertainment and Sun International. Our Elemis Limited subsidiary develops many of the high-quality
beauty products and treatments offered through our Steiner Spa Network. Our Elemis® 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 La Therapie®, Ionithermie, and Steiner Hair Care products, are available on our
website http://www.steinerleisure.com.
Steiner Leisure also owns and operates three post secondary schools (comprised of a total of nine campuses) located
in Florida, Virginia, Pennsylvania and Maryland, offering degrees in massage, advanced therapy and skin care. These
schools train and qualify spa professionals for health and beauty positions within the Steiner family of companies
or other industry entities.
This press release contains ``forward-looking'' statements within the meaning of the private securities litigation
Reform Act that involve risks and uncertainties including, but not limited to, business and financial risks. Our
statement above related to our revised expected earnings range for the fourth quarter of 2001 is such a forward-looking
statement. Factors that could cause our actual results to differ materially from that estimated earnings information
include the continuing effect on the economy in general and the travel and leisure segment in particular of the
events of September 11, 2001 and its aftermath. Actual results may differ materially from those expressed or implied
by such forward-looking statements. In addition, Steiner Leisure details other risk factors in its Registration
Statement on Form S-3 filed with the Securities and Exchange Commission on January 8, 2002 and in other filings
it has made with the Securities and Exchange Commission.
--------------------------------------------------
Contact:
Steiner Leisure Limited, Nassau
Leonard I. Fluxman, 305/358-9002