Steiner Leisure Limited Announces Entry Into an Agreement for the Acquisition of the Stock of Bliss World Holdings, Inc. and Related Financing

NASSAU, The Bahamas, Nov. 2, 2009 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR - News) today announced that it has entered into an agreement for the acquisition of all the issued and outstanding capital stock of Bliss World Holdings, Inc. ("Bliss") from Starwood Hotels and Resorts Worldwide, Inc. ("Starwood") (NYSE:HOT - News). Bliss is a spa and skincare company with free-standing and hotel spa locations, offering services under the "Bliss" and "Remede" brands and products under the "Bliss" and "Labratoire Remede" brands. Bliss also operates an e-commerce and catalog business and distributes its products through Bloomingdale's, Harrods, Harvey Nichols, Macy's, Neiman Marcus, Nordstrom, Saks Fifth Avenue, Sephora and other domestic and international retail locations. This acquisition is expected to be slightly accretive to earnings in 2010. The purchase price is $100 million payable in cash at closing, and will be funded from existing cash and through borrowings under the new credit facility described below. In connection with this agreement, Bliss and Remede spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels, respectively. ...
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Starwood Hotels plans to sell Bliss spas for $100M

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Investors Should Stick With Steiner

The S&P Small Cap 600 stock index is down 22.5% since September 8, 2008. Why is this significant? It was on this day I recommended that investors stay the course with spa operator Steiner Leisure (Nasdaq:STNR), noting "I believe the opportunities are limitless for the Miami-based company ... Once a healthy economy returns, so too will Steiner's stock price." It has. Although not nearly as much as I was anticipating, up just 3.4%. Relative to the benchmark it's fantastic, but I expect much more from this wonderfully run company. For current investors, I suggest you continue to stay the course. IN PICTURES: 10 Biggest Losers In FinanceMaking Things HappenThe economy has made it difficult to maintain growth, forcing Steiner to manufacture some. On November 2, Steiner acquired the Bliss spa business from Starwood Hotels (NYSE:HOT) for $100 million. The acquisition will be slightly accretive to 2010 earnings. The exciting part of this deal isn't the spa operations, but rather the Bliss product line, which is currently sold online and through department stores like Bloomingdale's, Macy's (NYSE:M) and Nordstrom (NYSE:JWN). Steiner's global network of spas ...
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Steiner Leisure Limited Announces the Launch of Chavana Spa in India

NASSAU, The Bahamas, Nov. 5, 2009 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR - News), is proud to announce the release, through its Mandara Spa Asia Limited subsidiary ("Mandara"), of its newest spa brand, Chavana Spa. Chavana offers a simple, understandable and approachable spa concept, intended to launch in 4 star hotels and resorts, allowing guests to enjoy a quality spa experience at a reasonable price. While traveling the globe to meet hoteliers and research opportunities for future associations with spas, Jeff Matthews, President and Chief Operating Officer of Mandara Spa Asia, recognized the need for a simple and understated premium spa concept that would suit the needs of the expanding business and vacation traveler. Deriving its inspiration from Bali, Chavana is fresh, friendly, approachable and comfortable. Chavana is exemplary of Balinese fusion at its best: the ancient roots of Balinese culture and service interpreted in an uncomplicated, contemporary way. It is refreshing. Chavana Spa welcomes all to experience the freshness and energy of the Balinese spa spirit. Frankincense Spa by Chavana at the Marriott Resort in Mirbat Beach on the Salalah Coast, Oman is now scheduled to open in December 2009. Chavana Spa at the Four Points by Sheraton Navi Mumbai, Vashi in India will also open its doors in December 2009. Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 126 cruise ships and in 51 resort spas and tw...
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STEINER LEISURE LTD Files SEC form 8-K, Entry into a Material Definitive Agreement, Creation of a Direct Financial Ob

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant On November 2, 2009, Steiner U.S. Holdings, Inc., a wholly-owned subsidiary of Steiner Leisure Limited (the "Company"), entered into a credit facility (the "Credit Facility") with SunTrust Bank, as Administrative Agent, Bank of America, N.A., as Syndication Agent, Regions Bank, as Documentation Agent, and the lenders who are, or may from time to time become, a party thereto. The Credit Facility consists of a $60,000,000 Revolving Credit Facility with a $5,000,000 swingline sub-facility and a $5,000,000 Letter of Credit sub-facility (collectively, the "Revolving Facility"), with a maturity date of October 30, 2012 and a delayed draw term loan facility (the "Term Facility"), in the aggregate principal amount equal to $50,000,000 with a maturity date of October 30, 2012. The availability of the Term Facility is dependent on certain conditions, which are expected to be satisfied concurrently with the closing of the Acquisition. If the delayed draw does not occur by February 15, 2010, or if the full amount of the Term Facility is not drawn at the time the draw is made, the undrawn portion of the Term Facility shall be cancelled and terminated. Concurrently with the effectiveness of the Credit Facility, the Company's existing facility under the Second Amended and Restated Credit Agreement dated as of June 28, 2007, by and among the Company, SunTrust Bank, as administrative agent, and the lenders party thereto, will be terminated. Extensions of credit under the Credit Facility will be used (i) to finance a portion of the Acquisition described in the Credit Agreement, (ii) to pay certain fees and expenses associated with the Acquisition, (iii) to refinance existing indebtedness, (iv) for capital expenditures, (v) to finance acquisitions permitted under the Credit Agreement and (vi) for working capital and general corporat...
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STEINER LEISURE LTD Files SEC form 10-Q, Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Overview Steiner Leisure Limited is a leading worldwide provider of spa services. We operate our business through three reportable segments: Spa Operations, Products and Schools. Through our Spa Operations segment, we offer massages and a variety of other body treatments, as well as a broad variety of beauty treatments to women, men and teenagers on cruise ships and at resort spas and two day spas. In connection with these services, we have assisted in the design of spa facilities for many of the ships and resorts that we serve. We conduct our activities pursuant to agreements with cruise lines and resort owners that, generally, give us the exclusive right to offer these types of services at those venues. The cruise lines and resort owners, generally, receive compensation based on a percentage of our revenues at these respective locations and, in certain cases, a minimum annual rental or combination of both. Through our Products segment, we develop and sell a variety of high quality beauty products under our Elemis and La Therapie brands, and also sell products of third parties. The raw materials for the products we develop are produced for us by a premier European manufacturer. We sell our products at our shipboard and land-based spas pursuant to the same agreements under which we provide spa services at those locations, as well as through third-party outlets. We believe that having our products featured at our luxury spas at sea and on land has assisted us in securing other distribution channels for our products. As referenced above, we recently entered into an agreement to acquire Bliss, a spa and skincare company with free standing and hotel spa locations and which also operates an e-commerce and catalog business and distributes its products through department stores and other venues. Through our Schools segment, we own and operate five post-secondary sc...
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Steiner Leisure Limited Announces Termination of Agreement to Operate Eau Spa at the Ritz-Carlton, Palm Beach

Steiner Leisure Limited Announces Termination of Agreement to Operate Eau Spa at the Ritz-Carlton, Palm Beach - Yahoo! Finance.gnwlistitemmarginbottom {margin-bottom: 10.0px} .gnwtablebottommargin {margin-bottom: 10.0px} .gnwcellpaddingleft0 {padding-left: 0.0px} .gnwverticalaligntop {vertical-align: top} .gnwtextaligncenter {text-align: center} .gnwcellparagraphmargin {margin-bottom: 0px; margin-top: 0px} .gnwverticalalignbottom {vertical-align: bottom} .gnwwhitespacenowrap {white-space: nowrap} .gnwtextalignright {text-align: right} .gnwcellpaddingright0 {padding-right: 0.0px} .gnwunderlinestyle {text-decoration: underline} .gnwtextalignleft {text-align: left} .gnw_heading {font: 16px Arial; text-align: center} .gnw_subhead {font: 12px Arial; text-align: center} .gnw_colhead {font: 12px Arial; text-align: center} .gnw_colhead_uline {font: 12px Arial; text-align: center; border-bottom: solid black 1.0pt;} .gnw_colhead_dline {font: 12px Arial; text-align: center; border-bottom: double black 2.5pt;} .gnw_label {font: 12px Arial; vertical-align: bottom; text-align: left } .gnw_label_uline {font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: solid black 1.0pt;} .gnw_label_uline_i10 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i15 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i20 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i25 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_uline_i30 {font: 12px Arial; vertical-align: bottom; text-align: right; border-bottom: solid black 1.0pt;} .gnw_label_dline {font: 12px Arial; vertical-align: bottom; text-align: left; border-bottom: double black 2.5pt;} .gnw_label_i10 {font: 12px Arial; vertical-align: bottom; text-align: left; padding-left: 10.0px;} .gnw_label_i15 {font: 12px Arial; verti...
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STEINER LEISURE LTD Financials

PERIOD ENDING30-Sep-0930-Jun-0931-Mar-0931-Dec-08Total Revenue130,864  117,626  117,147  123,697  Cost of Revenue100,009  95,945  92,512  90,200  Gross Profit30,855  21,681  24,635  33,497  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative18,445  12,489  15,927  20,575  Non Recurring -   -   -   -  Others -   -   -   -  Total Operating Expenses -   -   -   -  Operating Income or Loss12,410  9,192  8,708  12,922  Income from Continuing OperationsTotal Other Income/Expenses Net28  43  114  109  Earnings Before Interest And Taxes12,438  9,235  8,822  13,031  Interest Expense33  30  38  22  Income Before Tax12,405  9,205  8,784  13,009  Income Tax Expense1,594  876  841  1,193  Minority Interest -   -   -   -  Net Income From Continuing Ops10,811  8,329  7,943  11,816  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   - ...
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