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
October 31, 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 third quarter ending September 30, 2007 was issued after the close of regular trading on the Nasdaq National Market on October 31, 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 October 31, 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: October 31, 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

Third Quarter 2007 Financial Results

NASSAU, THE BAHAMAS, October 31, 2007 - Steiner Leisure Limited (NASDAQ: STNR) today announced financial results for the third quarter and nine months ended September 30, 2007.

Steiner Leisure's revenues for the third quarter ended September 30, 2007 rose 11.2% to $140.4 million from $126.3 million during the comparable quarter in 2006. Income from continuing operations for the third quarter was $11.4 million in both 2007 and 2006.

Earnings per share for the third quarter ended September 30, 2007 was $0.68 per share, compared with $0.66 per share for the comparable quarter in 2006. The earnings per share data are presented on a diluted basis.

Revenues for the nine months ended September 30, 2007 rose 13.2% to $394.0 million from $348.1 million during the comparable nine months in 2006. Income from continuing operations, before discontinued operations for the nine months ended September 30, 2007 was $33.7 million compared with $32.8 million for the same nine months in 2006.

Earnings per share before discontinued operations for the nine months ended September 30, 2007 was $1.96 per share compared with $1.85 per share for the comparable nine 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 "The maritime business executed very well and the rest of the business performed in line with our expectations."

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 132 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 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, November 1, 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". The call is available for replay from Thursday, November 1, 2007 (approximately 3 hours after the call takes place) through Thursday, November 8, 2007 at approximately 9:00 pm. You may reach it by dialing (800) 731-6039 for both domestic and international calls.

SELECTED FINANCIAL DATA

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

(Unaudited)

	Third Quarter Ended						Nine Months Ended
	September 30,						September 30,
			2007		2006			2007		2006(1)
Revenues:
Services		$	92,682	$	85,942	$		263,498	$	236,759
Products			47,749		40,350			130,509		111,308
Total revenues			140,431		126,292			394,007		348,067
Cost of Sales:
Cost of services			75,269		68,586			212,253		188,516
Cost of products			35,185		29,901			93,901		81,909
Total cost of sales			110,454		98,487			306,154		270,425
Gross profit			29,977		27,805			87,853		77,642
Operating Expenses:
Administrative			8,332		6,903			23,841		19,091
Salary and payroll taxes			9,452		8,521			28,092		24,278
Total operating expenses			17,784		15,424			51,933		43,369
Income from continuing operations			12,193		12,381			35,920		34,273
Other Income (Expense):
Interest expense			(132	)	(164	)		(280	)	(249)
Other income			397		340			1,352		1,609
Total other income (expense)			265		176			1,072		1,360
Income from continuing operations before provision for income taxes and discontinued operations			12,458		12,557			36,992		35,633
Provision for income taxes			1,085		1,167			3,278		2,883
Income from continuing operations before discontinued operations			11,373		11,390			33,714		32,750
Income from discontinued operations, net of taxes			--		--			--		225
Net income		$	11,373	$	11,390	$		33,714	$	32,975
Income per share-Basic:
Income before discontinued operations		$	0.69	$	0.67	$		2.00	$	1.91
Income from discontinued operations			--		--			--		0.01
		$	0.69	$	0.67	$		2.00	$	1.92
Income per share-Diluted (2):
Income before discontinued operations		$	0.68	$	0.66	$		1.96	$	1.85
Income from discontinued operations			--		--			--		0.01
		$	0.68	$	0.66	$		1.96	$	1.86
Weighted average shares outstanding:
Basic			16,519		16,956			16,818		17,217
Diluted			16,837		17,344			17,182		17,691

Notes:

1. Includes post acquisition results of 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 $29,000 for the three months ended September 30, 2006 and $37,000 and $95,000 for the nine months ended September 30, 2007 and 2006, respectively. The impact was anti-dilutive for the three months ended September 30, 2007.

STATISTICS

		Third Quarter Ended						Nine Months Ended
		September 30,						September 30,
		2007			2006				2007			2006
Average number of ships served1:		129		123			127				119
Spa		95		90			94				86
Non-Spa		34		33			33				33
Average total number of staff on ships served:		2,021		1,875			1,976				1,781
Spa		1,784		1,648			1,737				1,553
Non-Spa		237		227			239				228
Revenue per staff per day2:	$	503	$	485		$	477			$	471
Spa	$	523	$	505		$	498			$	494
Non-Spa	$	357	$	339		$	331			$	319
Average weekly revenues:	$	55,213	$	51,694		$	52,058			$	49,186
Spa	$	68,395	$	64,441		$	64,773			$	62,013
Non-Spa	$	17,684	$	16,455		$	16,533			$	15,501
Average number of land-based spas served 3		53		56			54				56
Average weekly land-based spas revenues	$	25,880	$	24,944		$	26,191			$	26,356
Total schools revenues4,5	$	11,804,000	$	11,725,000		$	35,154,000			$	27,884,000
Total wholesale and retail product revenues	$	16,892,000	$	12,788,000		$	46,099,000			$	33,882,000

_____________

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 $53,000 and $126,000 for the three months ended September 30, 2007 and 2006, respectively, and $212,000 and $421,000 for the nine months ended September 30, 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.