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Steiner Leisure Ltd. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 7, 2012 10:06AM

Steiner Leisure Ltd. (STNR) filed Quarterly Report for the period ended 2012-09-30. Steiner Leisure Ltd has a market cap of $685.5 million; its shares were traded at around $43.84 with a P/E ratio of 12.6 and P/S ratio of 1. Steiner Leisure Ltd had an annual average earning growth of 12.9% over the past 10 years. GuruFocus rated Steiner Leisure Ltd the business predictability rank of 3.5-star.



Highlight of Business Operations:

Cost of products increased $1.8 million to $43.2 million in the third quarter of 2012 from $41.4 million in the third quarter of 2011. Cost of products as a percentage of products revenue increased to 72.3% in the third quarter of 2012 from 68.9% in the third quarter of 2011. These increases were primarily attributable to a difference in the mix of products that were sold onboard the ships in the third quarter of 2012 compared to the third quarter of 2011.

Total revenues increased approximately 16.4%, or $84.7 million, to $600.4 million in the nine months ended September 30, 2012 from $515.7 million in the nine months ended September 30, 2011. Of this increase, $81.9 million was attributable to an increase in services revenues and $2.8 million was attributable to a increase in products revenues.

Cost of services increased $64.4 million to $345.4 million in the nine months ended September 30, 2012 from $280.9 million in the nine months ended September 30, 2011. Cost of services as a percentage of services revenues decreased to 80.9% in the nine months ended September 30, 2012 from 81.4% in the nine months ended September 30, 2011. This decrease was primarily due to the positive impact of Laser Hair Removal activities, which was partially offset by the weak performance of our Schools segment.

Cost of products increased $3.6 million to $122.5 million in the nine months ended September 30, 2012 from $118.9 million in the nine months ended September 30, 2011. Cost of products as a percentage of products revenue increased to 70.6% in the nine months ended September 30, 2012 from 69.6% in the nine months ended September 30, 2011. These increases were primarily attributable to a difference in the mix of products that were sold onboard the ships in the nine months ended September 30, 2012 compared to the nine months ended September 30, 2011.

Operating expenses increased $10.8 million to $82.0 million in the nine months ended September 30, 2012 from $71.2 million in the nine months ended September 30, 2011. Operating expenses as a percentage of revenues decreased to 13.7% in the nine months ended September 30, 2012 from 13.8% in the nine months ended September 30, 2011. This decrease is primarily attributed to the reversal of accruals related to performance based compensation that is not probable of being earned offset partially by the inclusion of Ideal Image and Cortiva in 2012.

Read the The complete Report



Stocks Discussed: STNR,
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