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.
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