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
July 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 second quarter ending June 30, 2007 was issued after the close of regular trading on the Nasdaq National Market on July 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 July 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: July 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

Second Quarter 2007 Financial Results

NASSAU, THE BAHAMAS, July 25, 2007 - Steiner Leisure Limited (NASDAQ: STNR) today announced financial results for the second quarter ended June 30, 2007.

Steiner Leisure's revenues for the second quarter ended June 30, 2007 rose 10.8% to $129.8 million from $117.2 million during the comparable quarter in 2006. Income from operations for the second quarter, was $11.6 million compared with $10.8 million for the same quarter in 2006.

Earnings per share for the second quarter ended June 30, 2007 was $0.67 per share, compared with $0.61 per share for the comparable quarter in 2006. The earnings per share data are presented on a diluted basis.

Revenues for the six months ended June 30, 2007 rose 14.3% to $253.6 million from $221.8 million during the comparable six months in 2006. Income from continuing operations, before discontinued operations for the six months ended June 30, 2007 was $22.3 million compared with $21.4 million for the same six months in 2006.

Earnings per share before discontinued operations for the six months ended June 30, 2007 was $1.28 per share compared with $1.20 per share for the comparable six months in 2006. The above earnings per share data are presented on a diluted basis.

Leonard I. Fluxman, President and Chief Executive Officer of Steiner Leisure, commented "Our second quarter performance was in line with the high end of our guidance. Despite the annual repositioning of certain ships to Alaska and the Mediterranean during this quarter, our execution in our maritime business remained strong."

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 131 cruise ships, and in 52 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, department stores 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..

The Company will be holding a conference call at 11:00 am (EST) on Thursday, July 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, password "Steiner", for domestic and international calls approximately ten minutes before the scheduled time. This call is available for replay from Thursday, July 26, 2007 (approximately 3 hours after the call takes place) until Thursday, August 2, 2007 at 11:00 pm. You may reach it by dialing (203) 369-0121 for both domestic and international calls. No password is required.

SELECTED FINANCIAL DATA

($ and shares in thousands, except per share data)

(Unaudited)

		Second Quarter Ended				Six Months Ended
		June 30,				June 30,
		2007		2006		2007		2006(1)
Revenues:
Services	$	86,569	$	79,871	$	170,816	$	150,817
Products		43,270		37,355		82,760		70,958
Total revenues		129,839		117,226		253,576		221,775
Cost of Sales:
Cost of services		69,497		63,427		136,984		119,930
Cost of products		30,962		27,631		58,716		52,008
Total cost of sales		100,459		91,058		195,700		171,938
Gross profit		29,380		26,168		57,876		49,837
Operating Expenses:
Administrative		7,647		6,393		15,509		12,188
Salary and payroll taxes		9,355		8,402		18,640		15,757
Total operating expenses		17,002		14,795		34,149		27,945
Income from continuing operations		12,378		11,373		23,727		21,892
Other Income (Expense):
Interest expense		(104	)	(73	)	(148	)	(85	)
Other income		386		344		955		1,269
Total other income (expense)		282		271		807		1,184
Income from continuing operations before provision for income taxes and discontinued operations		12,660		11,644		24,534		23,076
Provision for income taxes		1,098		865		2,193		1,716
Income from continuing operations before discontinued operations		11,562		10,779		22,341		21,360
Income from discontinued operations, net of taxes		--		--		--		225
Net income	$	11,562	$	10,779	$	22,341	$	21,585
Income per share-Basic:
Income before discontinued operations	$	0.68	$	0.62	$	1.32	$	1.23
Income from discontinued operations		--		--		--		0.01
	$	0.68	$	0.62	$	1.32	$	1.24
Income per share-Diluted(2):
Income before discontinued operations	$	0.67	$	0.61	$	1.28	$	1.20
Income from discontinued operations		--		--		--		0.01
	$	0.67	$	0.61	$	1.28	$	1.21
Weighted average shares outstanding:
Basic		16,917		17,329		16,970		17,350
Diluted		17,328		17,774		17,357		17,866

Notes:

(1)  Includes post acquisition results of UCMT and its affiliate which were acquired on April 3, 2006.

(2)  Considers the impact of stock options outstanding of a subsidiary's common stock of $20,000 and $27,000 and $63,000 and $46,000 for the three and six months ended June 30, 2007 and 2006, respectively.

STATISTICS

		Second Quarter Ended						Six Months Ended
		June 30,						June 30,
		2007			2006				2007			2006
Average number of ships served1:		127		119			126				118
Spa		93		86			92				85
Non-Spa		34		33			34				33
Average total number of staff on ships served:		1,967		1,771			1,953				1,733
Spa		1,731		1,543			1,713				1,504
Non-Spa		236		228			240				229
Revenue per staff per day2:	$	473	$	468		$	464			$	464
Spa	$	494	$	491		$	484			$	487
Non-Spa	$	318	$	308		$	317			$	310
Average weekly revenues:	$	51,359	$	48,549		$	50,413			$	47,853
Spa	$	64,178	$	61,391		$	62,871			$	60,694
Non-Spa	$	15,690	$	14,924		$	15,946			$	15,022
Average number of land-based spas served 3		54		56			54				56
Average weekly land-based spas revenues	$	26,209	$	26,608		$	26,346			$	27,072
Total schools revenues4,5	$	11,407,000	$	11,052,000		$	23,350,000			$	16,160,000
Total wholesale and retail product revenues	$	15,332,000	$	11,534,000		$	29,207,000			$	21,093,000

_____________

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 $79,000 and $126,000 for the three months ended June 30, 2007 and 2006, respectively, and $159,000 and $295,000 for the six months ended June 30, 2007 and 2006, respectively, relating to the Steiner training school near London, England.

5 Includes post acquisition results of UCMT and its affiliate which were acquired on April 3, 2006.