8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
FORM 8-K
CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
July 25, 2012
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 second quarter ended June 30, 2012 will be issued after the close of regular trading on the Nasdaq Global Select Market on July 25, 2012.

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.

(d)  Exhibits

99.1 - Press Release issued by Steiner Leisure Limited on July 25, 2012.

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 hereunto duly authorized.

	STEINER LEISURE LIMITED
Date: July 25, 2012	/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 2012 Financial Results

NASSAU, THE BAHAMAS, July 25, 2012 - Steiner Leisure Limited (NASDAQ: STNR) today announced financial results for the second quarter ended June 30, 2012.

Steiner Leisure's revenues for the second quarter ended June 30, 2012 increased 17.3% to $197.5 million from $168.4 million during the comparable quarter in 2011. Net income for the second quarter was $14.1 million compared with $13.2 million for the same quarter in 2011.

Earnings per share for the second quarter ended June 30, 2012 was $0.92 per share, compared with $0.87 per share for the comparable quarter in 2011. The earnings per share data are presented on a diluted basis.

Revenues for the six months ended June 30, 2012 increased 17.7% to $396.0 million from $336.4 million during the comparable six months in 2011. Net income for the six months ended June 30, 2012 was $28.6 million compared with $26.9 million for the same six months in 2011.

Earnings per share for the six months ended June 30, 2012 was $1.87 per share compared with $1.77 per share for the comparable six months in 2011. The above earnings per share data are presented on a diluted basis.

Steiner Leisure Limited is a worldwide provider and innovator in the fields of beauty, wellness and education. We are dedicated to maintaining the highest quality standards and continually evolving to include and anticipate new developments within our industry. We aim to maintain and expand our existing diverse portfolio of services, products and brands, as well as to seek out new opportunities to complement our business.

Our services include traditional and alternative massage, body and skin treatment options, fitness, acupuncture, herbal medicine, medi-spa treatments and laser hair removal. We are committed to providing our customers with a wide-ranging assortment of beauty products, including premium quality options developed by us under our own brands, as well as those purchased from third parties.

Our distribution channels include our shipboard and land-based spas and salons, destination spas, health clubs, department stores and third party retail outlets and distributors. We also sell our products on certain British Airways flights, on QVC, by catalog, and online through our websites, including www.timetospa.com and www.blissworld.com.

Our post secondary schools offer programs in massage therapy and skin care, among others, and, along with our recruiting and training operations, prepare spa professionals for careers in the health and wellness industry, including within the Steiner family of companies.

Our cruise line operations are conducted in spas onboard 156 ships, including Azamara Club Cruises, Carnival Cruise Lines, Celebrity Cruises, Crystal Cruises, Cunard Cruise Line, Holland America Line, Norwegian Cruise Line, P&O Cruises, Princess Cruises, Royal Caribbean Cruises, Seabourn Cruise Lines, Silversea Cruises, Thomson Cruises and Windstar Cruises.

Our land-based spa operations are carried out under our Elemis®, Mandara®, Chavana®, Bliss® and Remède® brands and take place in 69 locations, including resort spas, urban hotel spas and day spas. In addition, a total of 28 resort and hotel spas are operated under our brands by third parties pursuant to license agreements with the company. Our land-based customers include Caesar's Entertainment, Hilton Hotels, InterContinental Hotels and Resorts, Kerzner International, Loews Hotels, Marriott Hotels, Nikko Hotels, Planet Hollywood, Sofitel Luxury Hotels, St. Regis Hotels, W Hotels and Resorts and Westin Hotels and Resorts.

Our Ideal Image customized laser hair removal services are provided by highly trained, experienced practitioners through a nationwide network of 85 treatment centers (17 of which are operated by franchisees) across 26 states. 

We develop and sell a variety of high quality beauty products under our Elemis, La Thérapie™, Bliss, Remède, Laboratoire Remède® and Jou® brands.

Our schools operations consist of 12 post secondary schools (comprised of a total of 31 campuses) located in Phoenix, Scottsdale, Tempe and Tucson, Arizona; Westminster and Aurora, Colorado; Groton, Newington and Westport, Connecticut; Miami, Orlando, Pompano Beach, Sarasota and Tampa/St. Pete, Florida; Chicago, Crystal Lake and Woodridge, Illinois; Baltimore, Maryland; Boston, Massachusetts; Las Vegas, Nevada; Hoboken and Wall, New Jersey; King of Prussia and York, Pennsylvania; Dallas and Houston, Texas; Salt Lake City and Lindon, Utah; Charlottesville, Virginia; and Federal Way and Seattle, Washington.  Offering programs in massage therapy and, in some cases, skin care, these schools train and qualify spa professionals for health and beauty positions within the industry, including our own operations.  

As part of our employee recruitment operations for our shipboard spas, we provide education to our shipboard employees through our rigorous training programs, at our primary training facilities near London, England or one of our satellite training centers in South Africa and the Philippines. These employees are sourced primarily from the British Isles, Australia, South Africa, Southeast Asia, Canada, the Caribbean and continental Europe.  

The Company will be holding a conference call at 11:00 am (ET) on Thursday, July 26, 2012. 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, July 26, 2012 (approximately 3 hours after the call takes place) until Wednesday, August 1, 2012 at approximately 4:00 pm (ET). You may reach it by dialing (203) 369-1517 for both domestic and international calls. The password is "33146".

SELECTED FINANCIAL DATA

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

(Unaudited)

		Second Quarter Ended				Six Months Ended
		June 30,				June 30,
		2012(1)		2011		2012(1)		2011
Revenues:
Services	$	140,803	$	112,715	$	282,245	$	225,744
Products		56,678		55,677		113,769		110,647
Total revenues		197,481		168,392		396,014		336,391
Cost of Sales:
Cost of services		113,086		91,718		225,364		182,965
Cost of products		38,682		38,966		79,295		77,444
Total cost of sales		151,768		130,684		304,659		260,409
Gross profit		45,713		37,708		91,355		75,982
Operating Expenses:
Administrative		12,912		8,622		23,691		16,429
Salary and payroll taxes		15,790		14,377		32,925		28,463
Total operating expenses		28,702		22,999		56,616		44,892
Income from operations		17,011		14,709		34,739		31,090
Other Income (Expense):
Interest expense		(1,537	)	(249	)	(3,124	)	(1,325	)
Other income		92		190		338		217
Total other income (expense)		(1,445	)	(59	)	(2,786	)	(1,108	)
Income before provision for income taxes		15,566		14,650		31,953		29,982
Provision for income taxes		1,495		1,426		3,312		3,129
Net income	$	14,071	$	13,224	$	28,641	$	26,853
Income per share:
Basic	$	0.93	$	0.88	$	1.89	$	1.79
Diluted	$	0.92	$	0.87	$	1.87	$	1.77
Weighted average shares outstanding:
Basic		15,061		14,995		15,124		14,986
Diluted		15,274		15,231		15,326		15,206

Notes:

1. Includes the results of operations of Ideal Image and Cortiva group, Inc. subsequent to their acquisitions in November 2011.

STATISTICS

		Second Quarter Ended						Six Months Ended
		June 30,						June 30,
		2012			2011				2012			2011
Average number of ships served1:		154		149			151				149
Spa		112		113			111				113
Non-Spa		42		36			40				36
Average total number of staff on ships served:		2,651		2,515			2,648				2,527
Spa		2,261		2,241			2,273				2,250
Non-Spa		390		274			375				277
Revenue per staff per day2:	$	408	$	421		$	413			$	419
Spa	$	431	$	437		$	436			$	435
Non-Spa	$	273	$	293		$	275			$	290
Average weekly revenues:	$	49,228	$	49,766		$	50,720			$	49,786
Spa	$	61,128	$	60,728		$	62,682			$	60,512
Non-Spa	$	17,659	$	15,529		$	17,891			$	15,772
Average number of land-based spas served 3		70		67			69				67
Average weekly land-based spas revenues	$	29,577	$	30,641		$	30,184			$	30,628
Total schools revenues	$	19,549,000	$	16,428,000		$	40,679,000			$	33,838,000
Total wholesale and retail product revenues	$	29,650,000	$	28,869,000		$	58,961,000			$	57,715,000
Average number of Ideal Image locations 3,4		65		--			63				--
Average weekly Ideal Image revenues	$	27,425	$	--		$	26,409			$	--
Ideal Image revenues	$	23,056,000		--		$	43,029,000			$	--

_____________

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 and Ideal Image locations operated reflects the fact that during the period spas and centers were opened or closed and, accordingly, the number of spas and centers served during the period varied.

4 Excludes 17 centers which are operated by franchisees.