Redbox’s parent company, Coinstar, announced its fourth quarter results today, and the numbers were outstanding. The company’s earnings were nearly triple those of the same period the year before. Traders were pleasantly surprised by Coinstar’s performance, which exceeded analysts’ projections, and rewarded the company’s stock by driving up share prices more than 13 percent in after hours trading.
Revenue came in at $520.5 million, which exceeded analyst forecasts by about million.
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Net income rose from $11.7 million in Q4 2010 to $31.5 million in Q4 2011.
Coinstar CFO J. Scott Di Valerio believes that Redbox’s rapid growth can be chalked up to continued adherence to customer preferences and defecting Netflix subscribers:
“I do think we are picking up Netflix customers . . . We have stayed focused on giving the customers what they want.”
Will Redbox’s latest blowout quarter finally silence its critics? How will the company’s Q1 2012 numbers look, which will have to factor in Warner new release workaround costs?
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(via The Washington Post)
John Small RIP….
Redbox had to increase cost by 20% in order to survive. I guess that wasn’t correct. Now with the higher rental cost watch the next profit report!
I know, it’s just 20 cents.