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 28, 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 third quarter ending September 30, 2009 will be issued after the close of regular trading on the Nasdaq Global Select Market on October 28, 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 October 28, 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: October 28, 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

Third Quarter 2009 Financial Results

NASSAU, THE BAHAMAS, October 28, 2009 - Steiner Leisure Limited (NASDAQ: STNR) today announced financial results for the third quarter and nine months ended September 30, 2009.

Steiner Leisure's revenues for the third quarter ended September 30, 2009 decreased 9.6% to $130.9 million from $144.7 million during the comparable quarter in 2008. Net income for the third quarter of 2009 was $10.8 million compared with $13.8 million for the same quarter in 2008. Net income for the third quarter of 2009 includes $1.2 million of nonrecurring costs relating to a proposed strategic opportunity.

Earnings per share for the third quarter ended September 30, 2009 was $0.73 per share, compared with $0.89 per share for the comparable quarter in 2008. The earnings per share data are presented on a diluted basis.

Revenues for the nine months ended September 30, 2009 decreased 12.3% to $365.6 million from $417.1 million during the comparable nine months in 2008. Net income for the nine months ended September 30, 2009 was $27.1 million compared with $34.1 million for the same nine months in 2008.

Earnings per share for the nine months ended September 30, 2009 was $1.82 per share compared with $2.17 per share for the comparable nine months in 2008. The above 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 126 cruise ships and in 51 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 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 Newington, Groton 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 (EST) on Thursday, October 29, 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". The call is available for replay from Thursday, October 29, 2009 (approximately 3 hours after the call takes place) through Thursday, November 5, 2009 at approximately 5:00 pm (EST). You may reach it by dialing (203) 369-3991 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,
			2009		2008			2009		2008
Revenues:
Services		$	90,292	$	96,400	$		256,399	$	276,843
Products			40,572		48,283			109,238		140,229
Total revenues			130,864		144,683			365,637		417,072
Cost of Sales:
Cost of services			72,559		79,079			207,233		226,514
Cost of products			27,450		31,240			81,233		97,199
Total cost of sales			100,009		110,319			288,466		323,713
Gross profit			30,855		34,364			77,171		93,359
Operating Expenses:
Administrative			7,948		8,667			18,029		24,485
Salary and payroll taxes			10,497		10,578			28,832		31,599
Total operating expenses			18,445		19,245			46,861		56,084
Income from operations			12,410		15,119			30,310		37,275
Other Income (Expense):
Interest expense			(33	)	(32	)		(101	)	(247)
Other income			28		103			185		354
Total other income (expense)			(5	)	71			84		107
Income before provision for income taxes			12,405		15,190			30,394		37,382
Provision for income taxes			1,594		1,398			3,311		3,316
Net income		$	10,811	$	13,792	$		27,083	$	34,066
Income per share:
Basic		$	0.74	$	0.91	$		1.86	$	2.20
Diluted (1)		$	0.73	$	0.89	$		1.82	$	2.17
Weighted average shares outstanding:
Basic			14,585		15,211			14,556		15,451
Diluted			14,837		15,419			14,719		15,649

Notes:

1. Considers the impact of stock options outstanding of a subsidiary's common stock of $34,000 and $76,000 for the three months ended September 30, 2009 and 2008 and $244,000 and $64,000 for the nine months ended September 30, 2009 and 2008, respectively. In July 2009, the Company entered into a transaction with the shareholders of these stock options in which they were exchanged for restricted share units of the Company.

STATISTICS

		Third Quarter Ended						Nine Months Ended
		September 30,						September 30,
		2009			2008				2009			2008
Average number of ships served1:		126		132			125				128
Spa		101		98			98				96
Non-Spa		25		34			27				32
Average total number of staff on ships served:		2,092		2,132			2,077				2,057
Spa		1,898		1,889			1,877				1,821
Non-Spa		194		243			200				236
Revenue per staff per day2:	$	440	$	484		$	412			$	474
Spa	$	454	$	504		$	428			$	495
Non-Spa	$	311	$	325		$	268			$	311
Average weekly revenues:	$	51,302	$	54,822		$	48,088			$	53,320
Spa	$	59,949	$	68,008		$	57,219			$	65,776
Non-Spa	$	16,788	$	16,417		$	14,228			$	16,030
Average number of land-based spas served 3		50		50			50				52
Average weekly land-based spas revenues	$	19,473	$	25,338		$	21,670			$	27,553
Total schools revenues	$	16,067,000	$	13,681,000		$	44,988,000			$	36,503,000
Total wholesale and retail product revenues	$	17,123,000	$	19,771,000		$	44,483,000			$	57,115,000

_____________

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.