Steiner Leisure Limited (Nasdaq:STNR) today announced financial results for the first quarter ended March 31, 2009.

Steiner Leisure's revenues for the first quarter ended March 31, 2009 decreased 14.3% to $117.1 million from $136.7 million during the comparable quarter in 2008. Net income for the first quarter ended March 31, 2009, was $7.9 million compared with $9.7 million for the same quarter in 2008.

Earnings per share for the first quarter ended March 31, 2009 was $0.54 per share, compared with $0.61 per share for the comparable quarter in 2008. The earnings per share data are presented on a diluted basis.

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 124 cruise ships and in 50 resort spas and two luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, Harrah's Entertainment, Hilton Hotels, Holland America Line, InterContinental Hotels and Resorts, Kerzner International, Loews Hotels, Marriott Hotels, Nikko Hotels, Norwegian Cruise Line, Planet Hollywood, Princess Cruises, Ritz-Carlton, Royal Caribbean Cruises, Seabourn Cruise Lines, Sofitel Luxury Hotels, Starwood Hotels and Resorts and Westin Hotels and Resorts. Our Elemis Limited subsidiary manufactures its Elemis(r) brand products for use in our cruise ship and land-based spas. This top quality European line of beauty products is also distributed worldwide to exclusive hotels, salons, health clubs, department stores and destination spas. Elemis, as well as other Steiner products, including La Therapie(r), Ionithermie, and Steiner Hair Care, are available at www.timetospa.com.

Steiner Leisure also owns and operates five post secondary schools (comprised of a total of 17 campuses) located in Miami, Orlando, Pompano Beach and Sarasota, Florida; Baltimore, Maryland; Charlottesville, Virginia; York, Pennsylvania; Salt Lake City and Lindon, Utah; Las Vegas, Nevada; Tempe and Phoenix, Arizona; Westminster and Aurora, Colorado; and Groton, Newington and Westport, Connecticut. Offering degree and non-degree programs in massage therapy and, in some cases, skin care, these schools train and qualify spa professionals for health and beauty positions within the Steiner family of companies or other industry entities.

SELECTED FINANCIAL DATA

                ($ and shares in thousands, except per share data)
                                (Unaudited)
 
                                                  First Quarter Ended
                                                        March 31,
                                                 ---------------------
                                                   2009         2008
 Revenues:                                       --------     --------
  Services                                       $ 83,338     $ 91,163
  Products                                         33,809       45,553
                                                 --------     --------
   Total revenues                                 117,147      136,716
                                                 --------     --------
 Cost of Sales:
  Cost of services                                 67,483       73,884
  Cost of products                                 25,029       33,393
                                                 --------     --------
   Total cost of sales                             92,512      107,277
                                                 --------     --------
   Gross profit                                    24,635       29,439
                                                 --------     --------
 Operating Expenses:
  Administrative                                    6,311        8,122
  Salary and payroll taxes                          9,616       10,755
                                                 --------     --------
   Total operating expenses                        15,927       18,877
                                                 --------     --------
   Income from operations                           8,708       10,562
                                                 --------     --------
 Other Income (Expense):
  Interest expense                                    (38)        (100)
  Other income                                        114          138
                                                 --------     --------
   Total other income (expense)                        76           38
                                                 --------     --------
 
 Income before provision for income taxes           8,784       10,600
 
 Provision for income taxes                           841          897
                                                 --------     --------
 Net income                                      $  7,943     $  9,703
                                                 ========     ========
 Income per share:
  Basic                                          $   0.55     $   0.62
                                                 ========     ========
  Diluted(1)                                     $   0.54     $   0.61
                                                 ========     ========
 Weighted average shares outstanding:
  Basic                                            14,516       15,736
  Diluted                                          14,591       15,915
 
 Notes:
 
 (1) Considers the impact of outstanding stock options of a
     subsidiary's common stock of $105,000 and $3,000 as of March 31,
     2009 and 2008, respectively.
 
                                     STATISTICS
 
                                               First Quarter Ended
                                                    March 31,
                                             -------------------------
                                                 2009          2008
                                             -----------   -----------
 
 Average number of ships served(1):                  126           128
 Spa                                                  97            96
 Non-Spa                                              29            32
 
 Average total number of staff on ships served:    2,085         2,008
 Spa                                               1,871         1,772
 Non-Spa                                             214           236
 
 Revenue per staff per day(2):               $       391   $       471
 Spa                                         $       409   $       493
 Non-Spa                                     $       237   $       303
 
 Average weekly revenues:                    $    45,437   $    51,895
 Spa                                         $    55,416   $    64,073
 Non-Spa                                     $    12,217   $    15,595
 
 Average number of land-based spas served(3)          50            54
 
 Average weekly land-based spas revenues     $    23,718   $    29,470
 
 Total schools revenues                      $14,705,000   $11,732,000
 
 Total wholesale and retail product revenues $13,768,000   $18,080,000
 
 --------------------
 (1) Average number of ships served reflects the fact that during the
 periods ships were in and out of service and, accordingly, the number
 of ships served during the periods varied.
 (2) Revenue includes all sales of services and products on ships. Staff
 includes all shipboard employees. Per day refers to each day that a 
 cruise ship is in service.
 (3) Average number of land-based day spas operated reflects the fact
 that during the period spas were opened and closed and, accordingly,
 the number of spas served during the period varied.