STEINER LEISURE Ltd (STNR) [Rocket]

In millions, except per share items	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08	Dec-31-07
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Spa Operations	477.6	500.1	507.3	497.5		209.3
Not connected to a country	388.7	401.7	404.6	395.7	345.3
United States	363.7	348.8	303.2	206.1	183.4
Ideal Image	152.5	132.5	93.6
Other					91.6	281.2
Total revenues [+]	863.5	855.5	811.5	701.6	620.4	490.6	540.8	529.2
Products	265.4	261.7	240.9	230.9	209.5	147.0
Services	598.1	593.7	570.6	470.8	410.9	343.5
Revenue growth [+]	0.9%	5.4%	15.7%	13.1%	26.5%	-9.3%	2.2%	12.6%
Spa Operations	-4.5%	-1.4%	2.0%
Not connected to a country	-3.2%	-0.7%	2.2%	14.6%
United States	4.3%	15.0%	47.1%	12.4%
Ideal Image	15.0%	41.6%
United Kingdom	9.7%	7.7%	5.7%	14.2%
Cost of goods sold [+]	1,426.6	1,411.5	1,328.8	1,143.2	1,005.5	806.6	413.9	410.6
Cost of product sales	175.8	174.0	168.0	160.8	141.0	106.8	119.0	127.0
Cost of services	501.5	495.2	463.6	382.3	335.1	277.4
Labor costs	71.9	73.0	65.6	57.0	53.3	38.2
Gross profit	-563.1	-556.0	-517.3	-441.6	-385.1	-316.0	126.9	118.6
Gross margin	-65.2%	-65.0%	-63.8%	-62.9%	-62.1%	-64.4%	23.5%	22.4%
Selling, general and administrative [+]	64.9	53.7	48.5	41.8	36.1	25.0	34.6	33.1
General and administrative	64.9	53.7	48.5	41.8	36.1	25.0	34.6	33.1
Equity in earnings
Other operating expenses	-677.4	-670.0	-631.6	-543.1	-476.1	-384.2	42.0
EBITDA [+]	73.3	82.5	85.3	75.5	69.6	53.9	62.2	60.1
EBITDA growth	-11.1%	-3.3%	12.9%	8.4%	29.1%	-13.2%	3.4%	6.1%
EBITDA margin	8.5%	9.6%	10.5%	10.8%	11.2%	11.0%	11.5%	11.4%
Depreciation	23.1	21.0	18.2	14.8	14.5	10.8	12.0	12.4
EBITA	50.2	61.5	67.1	60.7	55.2	43.1	50.2	47.7
EBITA margin	5.8%	7.2%	8.3%	8.7%	8.9%	8.8%	9.3%	9.0%
Amortization of intangibles	0.9	1.1	1.3	1.0	0.3
EBIT [+]	49.3	60.4	65.8	59.7	54.9	43.1	50.2	47.7
EBIT growth	-18.4%	-8.2%	10.1%	8.9%	27.2%	-14.1%	5.3%	2.5%
EBIT margin	5.7%	7.1%	8.1%	8.5%	8.8%	8.8%	9.3%	9.0%
Non-recurring items [+]	212.4	0.8
Asset impairment	212.4	0.8
Interest expense	2.9	4.2	6.2	2.7	3.4	0.3	0.3	0.4
Interest expense	2.9	4.2	6.2	2.7	3.4	0.3	0.3	0.4
Other income (expense), net	1.1	0.9	0.8	0.7	0.2	0.2	0.5	1.6
Pre-tax income	-164.9	56.3	60.4	57.7	51.6	43.0	50.4	48.9
Income taxes	-6.8	6.8	7.3	6.7	7.3	5.0	4.5	4.2
Tax rate	4.1%	12.1%	12.1%	11.7%	14.1%	11.7%	8.9%	8.6%
Net income	-158.1	49.4	53.1	50.9	44.3	38.0	45.9	44.7
Net margin	-18.3%	5.8%	6.5%	7.3%	7.1%	7.7%	8.5%	8.4%

Basic EPS [+]	($11.26)	$3.37	$3.57	$3.39	$2.99	$2.61	$3.01	$2.69
Growth	-433.7%	-5.4%	5.2%	13.5%	14.5%	-13.3%	11.9%
Diluted EPS [+]	($11.26)	$3.34	$3.53	$3.35	$2.94	$2.56	$2.96	$2.63
Growth	-437.5%	-5.4%	5.4%	13.8%	14.9%	-13.5%	12.5%

Shares outstanding (basic) [+]	14.0	14.6	14.9	15.0	14.8	14.6	15.2	16.6
Growth	-4.2%	-1.5%	-0.9%	1.2%	1.9%	-4.5%	-8.3%
Shares outstanding (diluted) [+]	14.0	14.8	15.1	15.2	15.1	14.8	15.5	17.0
Growth	-5.3%	-1.6%	-1.1%	1.0%	1.5%	-4.3%	-8.8%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.