Coinstar Shareholders Approve Changing Name to Outerwall

Coin counter and kiosk movie rental star Coinstar (NASDAQ: OUTR  ) announced yesterday that shareholders at its annual meeting approved a name change for the company, and as of July 2 it will begin trading on the Nasdaq exchange under the name Outerwall, with the stock symbol OUTR.

The choice actually makes sense in a way because most of its coin counting and movie kiosks are located on what it refers to as a store's fourth wall, which is typically at the front of the store and underutilized by many retailers. The new name also reflects Coinstar's growth away from its roots as a coin-operated gaming company to one that is largely dependent on movie rentals through its ubiquitous Redbox kiosks, which accounted for 88% of its revenues last quarter, or more than $507 million. Its big green coin machines represented just 11% of the total. It's also venturing into movie streaming through a partnership with Verizon.

The company also said shareholders approved, on an advisory basis, the compensation of the company's named executive officers; and ratified KPMG as the company's independent registered public accounting firm. 

link


Read/Post Comments (0) | Recommend This Article (4)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2515904, ~/Articles/ArticleHandler.aspx, 8/20/2014 3:40:10 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement