8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549
FORM 8-K
CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
April 26, 2006
Date of report (date of earliest event reported)
STEINER LEISURE LIMITED
(Exact Name of Registrant as Specified in Its Charter)
Commonwealth of The Bahamas
(State or other Jurisdiction of Incorporation)
0-28972	98-0164731
(Commission File Number)	(IRS Employer Identification No.)
Suite 104A, Saffrey Square
Nassau, The Bahamas	Not Applicable
(Address of Principal Executive Offices)	(Zip Code)
(242) 356-0006
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.  Results of Operations and Financial Condition

Disclosure under this Item 2.02 is furnished to comply with the SEC requirement that the earnings press release of the registrant be furnished to the SEC under cover of Form 8-K. The Company's earnings press release for the first quarter and fiscal year ending March 31, 2006 was issued after the close of regular trading on the Nasdaq National Market on April 26, 2006.

The information in this Form 8-K, including the exhibit, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general language in such filing, unless it is specifically identified therein as being incorporated therein by reference.

Item 9.01.  Financial Statement and Exhibits

3. Exhibits

99.1 - Press Release issued by Steiner Leisure Limited on April 26, 2006.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	STEINER LEISURE LIMITED
Date: April 26, 2006	/s/ Leonard I. Fluxman
	Leonard I Fluxman
	President and Chief Executive Officer

EX-99

EXHIBIT 99.1

STEINER LEISURE LIMITED
Post Office Box N-9306
Suite 104A
Nassau, The Bahamas

For Release: IMMEDIATELY

Contact:    Leonard I. Fluxman, President and Chief Executive Officer (305) 358-9002, ext. 215

Steiner Leisure Limited Announces First Quarter 2006 Financial Results

NASSAU, THE BAHAMAS, April 26, 2006 - Steiner Leisure Limited (NASDAQ: STNR) today announced financial results for the first quarter ended March 31, 2006.

Financial Results

Steiner Leisure's revenues for the first quarter ended March 31, 2006 rose 10.3% to $104.5 million from $94.7 million during the comparable quarter in 2005. Income from continuing operations, before discontinued operations for the first quarter, was $10.6 million compared with $9.1 million for the same quarter in 2005. The income from continuing operations for the first quarter of 2006 includes $557,000 of stock based compensation expense related to the adoption of SFAS No. 123(R) effective January 1, 2006 under the modified prospective method and $440,000 of insurance proceeds received related to the Tsunami that hit various Asian regions in December 2004 and damaged most of our operations in the Maldive Islands.

Earnings per share before discontinued operations for the first quarter ended March 31, 2006 was $0.59 per share, compared with $0.48 per share for the comparable quarter in 2005. The earnings per share data are presented on a diluted basis.

Leonard I. Fluxman, President and Chief Executive Officer of Steiner Leisure, commented "We are very pleased with our first quarter results. The momentum from 2005 has continued into the first quarter of 2006 as most of the key elements of our businesses performed very well."

Corporate Overview

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 124 cruise ships, and in 57 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® 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®, as well as other Steiner products, including La Therapie®, Ionithermie, and Steiner Hair Care, are available at www.timetospa.com.

Steiner Leisure owns and operates four post secondary schools (comprised of a total of 14 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; and Westminster and Aurora, Colorado. 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.

Conference Call

The Company will be holding a conference call at 11:00 am (EST) on Thursday, April 27, 2006. Clive E. Warshaw, Chairman of the Board, and Leonard I. Fluxman, President and Chief Executive Officer, will discuss the contents of this press release.

If you wish to participate in this conference call, please call (706) 679-5917 for domestic and international calls approximately ten minutes before the scheduled time. This call is available for replay from Thursday, April 27, 2006 (approximately 3 hours after the call takes place) until Tuesday, May 2, 2006 at 5:00 pm. You may reach it by dialing (706) 645-9291 for both domestic and international calls. The conference ID # is 7855768.

SELECTED FINANCIAL DATA

($ in thousands, except per share data)

(Unaudited)

		First Quarter Ended
		March 31,
			2006		2005
Revenues:
Services	$		70,946	$	65,326
Products			33,603		29,418
Total revenues			104,549		94,744
Cost of Sales:
Cost of services			56,503		51,292
Cost of products			24,377		22,355
Total cost of sales			80,880		73,647
Gross profit			23,669		21,097
Operating Expenses:
Administrative			5,795		5,630
Salary and payroll taxes			7,355		5,695
Total operating expenses			13,150		11,325
Income from continuing operations			10,519		9,772
Other Income (Expense):
Interest expense			(12	)	(51	)
Other income			925		148
Total other income (expense)			913		97
Income from continuing operations before provision for income taxes and discontinued operations			11,432		9,869
Provision for income taxes			851		773
Income from continuing operations before discontinued operations			10,581		9,096
Income (loss) from discontinued operations, net of taxes			225		(14	)
Net income	$		10,806	$	9,082
Income per share-Basic:
Income before discontinued operations	$		0.61	$	0.51
Income from discontinued operations			0.01		--
	$		0.62	$	0.51
Income per share-Diluted:
Income before discontinued operations	$		0.59	$	0.48
Income from discontinued operations			0.01		--
	$		0.60	$	0.48
Weighted average shares outstanding:
Basic			17,370		17,999
Diluted			17,959		18,886

STATISTICS

			First Quarter Ended
			March 31,
		2006			2005
Average number of ships served1:			116			115
Spa			83			82
Non-Spa			33			33
Average total number of staff on ships served:			1,695			1,617
Spa			1,465			1,382
Non-Spa			230			235
Revenue per staff per day2:	$		460	$		447
Spa	$		483	$		475
Non-Spa	$		311	$		287
Average weekly revenues:	$		47,128	$		43,878
Spa	$		59,957	$		56,255
Non-Spa	$		15,120	$		13,973
Average number of land based spas served3			55			47
Average weekly land based spas revenues	$		27,869	$		28,404
Total schools revenues4	$		5,108,000	$		4,426,000
Total wholesale and retail product revenues	$		9,559,000	$		7,924,000

_____________

1 Average number of ships served reflects the fact that during the period ships were in and out of service and, accordingly, the number of ships served during the period 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 or closed and, accordingly, the number of spas served during the period varied.

4 Includes $169,000 and $217,000 for the three months ended March 31, 2006 and 2005, respectively, relating to the Steiner training school near London, England.