Coinstar announced its third quarter numbers today, and the report from the Redbox parent was very positive. Overall revenue was up 42% over the same quarter in 2009, and the company turned a profit of $19.5 million. Revenue in the company’s Redbox division was up more than 54%.
Coinstar CFO J. Scott Di Valerio credited his company’s continued success to the following:
“Focus on our consumers, our partners and growing profitably continued to drive strong growth at the top and bottom line . . . Our solid financial and operating performance enables us to invest for the future and focus on returns for our shareholders. Looking to 2011, we are excited about the opportunities ahead across our businesses.”
One thing missing from Coinstar’s report today was any announcement of a streaming partner, which many industry insiders had been expecting. Coinstar CEO Paul Davis coyly offered the following:
“We are at the table in negotiations, discussing the possibility with a number of partners . . . We’re far better off by partnering [for digital distribution], and we can leverage a partner’s technology. We feel that’s the most prudent path. I’ll tell you there’s a lot of interest out there.”
Will Redbox’s Q3 numbers silence naysayers hoping that Hollywood’s 28-day delays would hurt it more than they have? Or do the company’s relatively slim margins still bear watching? When do you think Redbox will finally announce its streaming partner, and who might that be?
(via Home Media Magazine)