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Steiner Leisure swings to loss on impairment charges

Steiner Leisure swings to loss on impairment charges

Spa provider Steiner Leisure swung to a fourth quarter loss of $185.8m, or $14.01 per share, on impairment charges of $212.4m related to its Ideal Image and schools units and an associated income tax benefit of $14.5m. Revenues decreased 1.4% to $217.8m from $221m a year ago.

Excluding the impairment charges and related tax benefit, Q4 profit was $12m.

In Q4 2013, Steiner posted a $13m profit, or 88 cents per share.

Net loss for the year was $158.1m, or $11.26 per share, compared to the $49.4m profit, or $3.34 per share, in 2013. Revenues for the year rose 1% to $863.5m from $855.5m in 2013.

Excluding the impairment charges and related tax benefit, the 2014 profit was $39.7m.

Steiner's board authorized a new share repurchase plan for up to $100m.

During the quarter, the company served an average of 144 cruise ships, down from 152 a year ago. Revenue per staff day was $398, up from $386.

 

TAGS: financial
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