News

Coinstar's Q3 results: $48.7 million in revenue

October 30, 2003

BELLEVUE, Wash. -- Coinstar Inc. announced results for the three- and nine-month periods ended Sept. 30, 2003. The company also talked about its recent introduction of the Top-Up e-services kiosk for convenience stores.

According to a news release, highlights for the third quarter of 2003 were as follows: quarterly revenue, $48.7 million; 8.4 percent same-store sales growth; EBITDA, $18.0 million; free cash flow, $12.0 million; and total debt down by $9.0 million to $21.5 million.

For the third quarter of 2003, Coinstar reported revenues of $48.7 million and net income of $6.9 million or 32 cents per fully diluted share. This compares to third quarter 2002 revenues of $42.9 million and net income of $8.8 million or 38 cents per fully diluted share.

For the nine months ended Sept. 30, 2003, revenues were $129.8 million versus $114.0 million for the prior period. Net income for the nine months was $15.1 million versus $9.1 million a year ago, while fully diluted earnings were 69 cents versus 40 cents per share.

Net income for the first nine months of 2002 included a $6.3-million charge relating to the early retirement of debt. There was no income tax expense recorded.

Dave Cole, chief executive officer of Coinstar, said in the release, "Our coin business performed well during the quarter, evidenced by the increase in EBITDA. Performance was largely driven by increased consumer usage of existing Coinstar machines and new unit placements."

Coinstar announced during the quarter that it has introduced a Top-Up kiosk that offers prepaid services to consumers but does not count coins. The kiosk units are aimed at locations such as convenience stores, universities, shopping malls and other high-traffic areas. See related story, "Getting the knack of NACS."