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Coinstar Results Boosted As U.S. Game Rental Kiosks Expand

Coinstar Results Boosted As U.S. Game Rental Kiosks Expand

October 29, 2010 | By Kris Graft

October 29, 2010 | By Kris Graft
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More: Console/PC

Redbox parent Coinstar this week reported quarterly sales and profits ahead of analyst expectations, as the company continued to expand its roll-out of video game offerings in its automated kiosks.

Redbox this month said that it would expand its video game rental test program into more U.S. regions, offering game rentals for $2 a night alongside movie releases. Currently, 4,500 of Redbox's total 24,000 automated kiosks hold video games.

"We believe video game rentals and the further rollout of Blu-ray will be incrementally positive to Coinstars results beginning in 2011," said Wedbush analyst Michael Pachter.

For the third fiscal quarter ended September 30, Coinstar reported profits of $19.5 million, down from $41.4 million from the same quarter a year ago, but still enough to exceed analyst estimates, causing a big boost in share prices. Revenues for the quarter were $380.2 million, up from $267.7 million for the same period a year prior, also ahead of estimates.

Redbox is showing revenue growth as former disc rental powerhouse Blockbuster recently filed for bankruptcy. The franchise known best for its walk-in locations struggled to meet competition from Redbox's convenient locations, and mail-based rental company Netflix, which now offers streaming video on desktop computers and major video game consoles.

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