The leading provider of DVD rental kiosks generated 2Q profits of $26.7M, double what it delivered in the same period last year, on revenues of $435.2M, up 27%. Earnings at continuing operations came in a 98 cents a share, beating the 95 cents that analysts expected. But they also thought that revenues would be slightly higher at $437.7M. That contributed to a 1.6% drop for Coinstar shares in after-market trading even though the company also authorized a $250M stock buyback. “Our solid financial position enables us to prudently invest in our business and opportunistically return capital to our shareholders,” CFO J. Scott Di Valerio says. Redbox said today that it will rent video games at 5,000 additional kiosks beginning Aug. 1 bringing its total to 27,000.
Coinstar Shares Down Slightly In After-Hours Trading As Revenues For Redbox Owner Miss Analysts' Target
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