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 29, 2009
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
P.O. Box N-9306
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, 2009 will be issued after the close of regular trading on the Nasdaq Global Select Market on April 29, 2009.

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 29, 2009.

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 29, 2009	/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 2009 Financial Results

NASSAU, THE BAHAMAS, April 29, 2009 - Steiner Leisure Limited (NASDAQ: STNR) today announced financial results for the first quarter ended March 31, 2009.

Steiner Leisure's revenues for the first quarter ended March 31, 2009 decreased 14.3% to $117.1 million from $136.7 million during the comparable quarter in 2008. Net income for the first quarter ended March 31, 2009, was $7.9 million compared with $9.7 million for the same quarter in 2008.

Earnings per share for the first quarter ended March 31, 2009 was $0.54 per share, compared with $0.61 per share for the comparable quarter in 2008. The earnings per share data are presented on a diluted basis.

Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 124 cruise ships and in 50 resort spas and two luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, Harrah's Entertainment, Hilton Hotels, Holland America Line, InterContinental Hotels and Resorts, Kerzner International, Loews Hotels, Marriott Hotels, Nikko Hotels, Norwegian Cruise Line, Planet Hollywood, Princess Cruises, Ritz-Carlton, Royal Caribbean Cruises, Seabourn Cruise Lines, Sofitel Luxury Hotels, Starwood Hotels and Resorts and Westin Hotels and Resorts. 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, department stores and destination spas. Elemis, as well as other Steiner products, including La Therapie(r), Ion ithermie, and Steiner Hair Care, are available at www.timetospa.com.

Steiner Leisure also owns and operates five post secondary schools (comprised of a total of 17 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; Westminster and Aurora, Colorado; and Groton, Newington and Westport, Connecticut. 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 (EDT) on Thursday, April 30, 2009. 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 30, 2009 (approximately 3 hours after the call takes place) until Thursday, May 7, 2009 at approximately 5:00 pm. You may reach it by dialing (203) 369-0167 for both domestic and international calls.

SELECTED FINANCIAL DATA

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

(Unaudited)

		First Quarter Ended
		March 31,
			2009		2008
Revenues:
Services	$		83,338	$	91,163
Products			33,809		45,553
Total revenues			117,147		136,716
Cost of Sales:
Cost of services			67,483		73,884
Cost of products			25,029		33,393
Total cost of sales			92,512		107,277
Gross profit			24,635		29,439
Operating Expenses:
Administrative			6,311		8,122
Salary and payroll taxes			9,616		10,755
Total operating expenses			15,927		18,877
Income from operations			8,708		10,562
Other Income (Expense):
Interest expense			(38	)	(100	)
Other income			114		138
Total other income (expense)			76		38
Income before provision for income taxes			8,784		10,600
Provision for income taxes			841		897
Net income	$		7,943	$	9,703
Income per share:
Basic	$		0.55	$	0.62
Diluted(1)	$		0.54	$	0.61
Weighted average shares outstanding:
Basic			14,516		15,736
Diluted			14,591		15,915

Notes:

1. Considers the impact of outstanding stock options of a subsidiary's common stock of $105,000 and $3,000 as of March 31, 2009 and 2008, respectively.

STATISTICS

			First Quarter Ended
			March 31,
		2009			2008
Average number of ships served1:			126			128
Spa			97			96
Non-Spa			29			32
Average total number of staff on ships served:			2,085			2,008
Spa			1,871			1,772
Non-Spa			214			236
Revenue per staff per day2:	$		391	$		471
Spa	$		409	$		493
Non-Spa	$		237	$		303
Average weekly revenues:	$		45,437	$		51,895
Spa	$		55,416	$		64,073
Non-Spa	$		12,217	$		15,595
Average number of land-based spas served3			50			54
Average weekly land-based spas revenues	$		23,718	$		29,470
Total schools revenues	$		14,705,000	$		11,732,000
Total wholesale and retail product revenues	$		13,768,000	$		18,080,000

_____________

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.