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 25, 2007
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 ending March 31, 2007 was issued after the close of regular trading on the Nasdaq National Market on April 25, 2007.

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 25, 2007.

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 25, 2007	/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 2007 Financial Results

NASSAU, THE BAHAMAS, April 25, 2007 - Steiner Leisure Limited (NASDAQ: STNR) today announced financial results for the first quarter ended March 31, 2007.

Financial Results

Steiner Leisure's revenues for the first quarter ended March 31, 2007 rose 18.4% to $123.7 million from $104.5 million during the comparable quarter in 2006. Income from continuing operations, before discontinued operations for the first quarter, was $10.8 million compared with $10.6 million for the same quarter in 2006. The income from continuing operations for the first quarter of 2006 included $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, 2007 was $0.62 per share, compared with $0.59 per share for the comparable quarter in 2006. 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 pleased with our first quarter results. Most of the key elements of our businesses performed well."

Corporate Overview

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 130 cruise ships, and in 54 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 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 26, 2007. 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 (517) 308-9020 for domestic and international calls approximately ten minutes before the scheduled time. The password is "Steiner". This call is available for replay from Thursday, April 26, 2007 (approximately 3 hours after the call takes place) until Saturday, May 5, 2007 at approximately 5:00 pm. You may reach it by dialing (203) 369-1075 for both domestic and international calls.

SELECTED FINANCIAL DATA

($ in thousands, except per share data)

(Unaudited)

		First Quarter Ended
		March 31,
			2007(1)		2006
Revenues:
Services	$		84,247	$	70,946
Products			39,490		33,603
Total revenues			123,737		104,549
Cost of Sales:
Cost of services			67,487		56,503
Cost of products			27,754		24,377
Total cost of sales			95,241		80,880
Gross profit			28,496		23,669
Operating Expenses:
Administrative			7,862		5,795
Salary and payroll taxes			9,285		7,355
Total operating expenses			17,147		13,150
Income from continuing operations			11,349		10,519
Other Income (Expense):
Interest expense			(44	)	(12	)
Other income			569		925
Total other income (expense)			525		913
Income from continuing operations before provision for income taxes and discontinued operations			11,874		11,432
Provision for income taxes			1,095		851
Income from continuing operations before discontinued operations			10,779		10,581
Income from discontinued operations, net of taxes			--		225
Net income	$		10,779	$	10,806
Income per share-Basic:
Income before discontinued operations	$		0.63	$	0.61
Income from discontinued operations			--		0.01
	$		0.63	$	0.62
Income per share-Diluted (2):
Income before discontinued operations	$		0.62	$	0.59
Income from discontinued operations			--		0.01
	$		0.62	$	0.60
Weighted average shares outstanding:
Basic			17,023		17,370
Diluted			17,387		17,959

Notes:

1. Includes post acquisition results of Utah College of Massage Therapy ("UCMT") and an affiliate which were acquired on April 3, 2006.
2. Considers the impact of stock options outstanding of a subsidiary's common stock of $42,000 and $13,000 as of March 31, 2007 and 2006, respectively.

STATISTICS

			First Quarter Ended (Unaudited)
			March 31,
		2007			2006
Average number of ships served1:			125			116
Spa			92			83
Non-Spa			33			33
Average total number of staff on ships served:			1,938			1,695
Spa			1,695			1,465
Non-Spa			243			230
Revenue per staff per day2:	$		455	$		460
Spa	$		475	$		483
Non-Spa	$		317	$		311
Average weekly revenues:	$		49,443	$		47,128
Spa	$		61,525	$		59,957
Non-Spa	$		16,207	$		15,120
Average number of land based spas served3			55			55
Average weekly land based spas revenues	$		26,484	$		27,869
Total schools revenues4,5	$		11,943,000	$		5,108,000
Total wholesale and retail product revenues	$		13,875,000	$		9,559,000

_____________

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.

4 Includes $80,000 and $169,000 for the three months ended March 31, 2007 and 2006, respectively, relating to the Steiner training school near London, England.

5 Includes post acquisition results of UCMT, which was acquired on April 3, 2006.