Key Developments: Steiner Leisure Ltd (STNR.O)
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2:44pm EDT
$0.48 (+0.94%)
$51.03
$50.89
$51.55
$50.81
3,897
47,670
$52.85
$40.01
Latest Key Developments (Source: Significant Developments)
Steiner Leisure Ltd Issues FY 2013 Guidance; EPS Guidance Below Analysts' Estimates; Issues Q1 2013 Guidance Below Analysts' Estimates-Conference Call
Steiner Leisure Ltd announced that for fiscal 2013, it expects revenue in the range of $830-$850 million with resulting earnings per share (EPS) guidance at $3.20 to $3.40. Negatively impacting full-year earnings is the aforementioned SEG first quarter impact and the [tail] of the Ideal Image locations that opened in 2012, combined with the drag from the 31 locations that anticipate opening in 2013. For the first quarter of 2013, the Company expects revenue to be in the range of $190-$200 million with EPS forecast at $0.70 to $0.75, negative impacting the first quarter earnings by approximately $0.18, while lower populations in school group from lower enrollments in 2012, exacerbated by Super Storm Sandy, that had significant negative impact on the enrollments towards the end of 2012. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $842 million and EPS of $3.62 for fiscal 2013; and revenue of $207 million and EPS of $0.81 for the first quarter of 2013. Full Article
Steiner Leisure Ltd Announces Entry Into New Beauty and Spa Services Agreement With Crystal Cruises
Steiner Leisure Ltd announced that it has renewed its agreement with Crystal Cruises for a five-year term commencing January 2013. This new agreement covers Crystal's two existing ships, Crystal Symphony and Crystal Serenity, and any additional ships coming into service during the term. Full Article
Steiner Leisure Ltd Lowers FY 2012 Guidance; Issues Q4 2012 Guidance Below Analysts' Estimates-Conference Call
Steiner Leisure Ltd announced that its prior fiscal 2012 guidance had revenue of $800 million to $820 million and resulting fiscal 2012 earnings per share (EPS) of $3.70 to $3.90. The Company announced that it is lowering its fiscal 2012 to account for the impact of opening additional laser hair removal locations, weakness in the school segment, and the continued softness from vessels sailing in European itineraries. Fiscal 2012 revenue guidance is now $790 million to $800 million, while fiscal 2012 earnings per share guidance is $3.42 to $3.47. For the fourth quarter of 2012, therefore, the Company expect revenue to be in the range of $190 million to $200 million with earnings per share estimated at $0.70 to $0.75. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $805 million and EPS of $3.83 for fiscal 2012; and revenue of $209 million and EPS of $1.06 for the fourth quarter of 2012. Full Article
Steiner Leisure Limited Issues Q3 2012 Guidance Below Analysts' Estimates; Reaffirms FY 2012 Guidance-Conference Call
Steiner Leisure Limited announced that for the third quarter of 2012, it expects revenue to be in the range of $192-$197 million and earnings per share (EPS) at $0.85 to $0.90. For fiscal 2012, guidance remains unchanged, with revenue at $800-$820 million with resulting earnings-per-share (EPS) guidance at $3.70 to $3.90. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $1.02 on revenues of $210 million for the third quarter of 2012; EPS of $3.88 on revenues of $811 million for fiscal 2012. Full Article
Steiner Leisure Limited Issues Q1 2012 Guidance Below Analysts' Estimates; Issues FY 2012 Guidance; Revenue Guidance Above Analysts' Estimates-Conference Call
Steiner Leisure Limited announced for first quarter of 2012, it expects revenue to be in the range of $190-$195 million, with earnings per share (EPS) forecast at $0.90-$0.95. For fiscal 2012, it expects revenue at $800-$820 million, with resulting earnings per share (EPS) guidance at $3.70-$3.90. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $1.01 on revenues of $196 million for the first quarter of 2012; EPS of $3.87 on revenues of $784 million for fiscal 2012. Full Article
Steiner Leisure Limited Announces Completion of Acquisition of Assets of Cortiva Group, Inc.
Steiner Leisure Limited announced that it has completed the acquisition of the assets of Cortiva Group, Inc. As announced by Steiner on October 12, 2011, Steiner entered into an agreement to acquire Cortiva, which operates seven post-secondary massage therapy schools with a total of 12 campuses located in Arizona, Florida, Illinois, Massachusetts, New Jersey, Pennsylvania and Washington. The purchase price of the Cortiva acquisition, funded from existing cash and through borrowings under Steiner's credit facility, was $33 million. Full Article
Steiner Leisure Limited Announces Completion Of Acquisition Of Ideal Image
Steiner Leisure Limited announced that it has completed the acquisition of all of the issued and outstanding capital stock of Ideal Image Development, Inc. (Ideal Image). As announced by Steiner earlier, Steiner entered into an agreement to acquire Ideal Image, a national provider of laser hair removal services (Ideal Transaction). The purchase price of the Ideal Transaction, funded from existing cash and through borrowings under Steiner's new credit facility was $175 million. Full Article
Steiner Leisure Limited Issues Q4 2011 Guidance; Revenue Guidance Below Analysts' Estimates; Raises FY 2011 Revenue Guidance; Narrows FY 2011 EPS Guidance-Conference Call
Steiner Leisure Limited announced that for fourth quarter of 2011, it expects revenue to be in the range of $162-$167 million, with earnings per share (EPS) at $0.76 to $0.81. For fiscal 2011, it expects revenue to be in the range of $677-$682 million and earnings per share (EPS) is decreased in order to account for the third quarter acquisition costs related to Ideal Image and Cortiva. The new range is $3.30-$3.35. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenue of $173 million and EPS of $0.81 for fourth quarter of 2011; revenue of $681 million for fiscal 2011. Full Article
Steiner Leisure Limited Agrees To Acquire Ideal Image Development, Inc. And Obtains Related Financing
Steiner Leisure Limited announced that it has entered into an agreement for the acquisition of all of the issued and outstanding capital stock of Ideal Image Development, Inc. Ideal Image is in the important and growing consumer healthcare category of laser hair removal. Ideal Image has a nationwide network of 68 treatment centers across 21 states, delivering a branded medical experience in a convenient upscale retail setting. This transaction, which is expected to be $0.20 to $0.25 accretive to earnings for 2012 and has a purchase price of $175 million payable in cash at closing, and will be paid from existing cash and through borrowings under the new credit facility described below. Closing of the transaction, which is anticipated to take place in November 2011. Absent satisfaction of certain conditions to close, each party may terminate this transaction. In the event of a termination of the agreement by a party other than as permitted by the agreement, a break-up fee of $8.75 million would be payable by such party. In connection with this transaction, Steiner Leisure has commitments with respect to a credit facility with a group of lenders including SunTrust Bank, Steiner's existing lead lender, and SunTrust Robinson Humphrey, Inc., as lead arranger, which would consist of a $60 million revolving credit facility and a new delayed draw term loan facility of $165 million, both of which would mature five years following the initial closing of the Credit Facility. Full Article
Steiner Leisure Limited Announces Entry Into An Agreement For Acquisition Of The Assets Of Cortiva Group, Inc.
Steiner Leisure Limited announced that it has entered into an agreement for the acquisition of the assets of Cortiva Group, Inc. (Cortiva"). Cortiva operates seven post-secondary massage therapy schools with a total of 12 campuses located in Arizona, Florida, Illinois, Massachusetts, New Jersey, Pennsylvania and Washington and which had revenues in 2010 of approximately $24.6 million. Post-closing, Steiner, through its Schools division, would own and operate a total of 30 campuses in 14 states with an anticipated total population of approximately 5,200 students. This transaction has a purchase price of $33.0 million in cash. Closing of the transaction, is anticipated to take place in 2011. Full Article
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