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Steiner Leisure Limited Announces Purchase of Shares from
Clive Warshaw, Chairman of the Board
NASSAU, The Bahamas--(BUSINESS WIRE)--March 15, 2005--Steiner Leisure
Limited (NASDAQ:STNR) today announced that, as part of its previously
announced share repurchase plan, it has agreed to purchase 420,000
shares from Clive Warshaw, Chairman of the Board of the company,
at a purchased price of $35.77 per share, for total consideration
of $15,023,400.
Mr. Warshaw has advised the company that, as a result of this purchase,
he will be discontinuing his Rule 10b5-1 sales plan under which
he has been selling Steiner Leisure common shares on a weekly basis
and that he will otherwise not effectuate any additional sales of
our common shares (including through the exercise of options and
subsequent sale of shares) through December 31, 2005. Mr. Warshaw
also indicated that he expects to continue not selling any of the
Steiner shares he owns for the foreseeable future after that date,
saying that his sales of shares to date have accomplished a significant
portion of his estate planning needs in that regard. However, Mr.
Warshaw said he would consider exercising some of the common share
options he owns and selling the shares obtained thereby beginning
in 2006.
Corporate Overview
Steiner Leisure Limited is a worldwide provider of spa services.
The Company's operations include spas and salons on 118 cruise ships,
and in 50 resort spas and two luxury day spas. Our cruise line and
land-based resort customers include Carnival Cruise Lines, Caesars
Entertainment, Celebrity Cruises, Crystal Cruises, Cunard/Seabourn
Cruise Lines, Hilton Hotels, Holland America Line, Kerzner International,
Marriott Hotels, Norwegian Cruise Lines, Princess Cruises and Royal
Caribbean Cruises. 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
and destination spas. Elemis(R), 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 three post secondary schools
(comprised of a total of seven campuses) located in Miami, Fort
Lauderdale, Orlando and Sarasota, Florida; Baltimore, Maryland;
York, Pennsylvania and Charlottesville, Virginia. Offering degree
and non-degree programs in massage 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.
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