Outerwall (OUTR) CEO Steps Down; Q4 Guidance Tops Views

Outerwall Inc. (Nasdaq: OUTR) today announced that Nora M. Denzel, a member of Outerwall's Board of Directors since 2013, has been appointed by the Board to serve as interim chief executive officer and that J. Scott Di Valerio has stepped down as Outerwall's chief executive officer and resigned from the Board.

"On behalf of the company, we want to thank Scott for his many contributions to Outerwall. We believe the company is well-positioned due to its strong operating and financial foundation and a deep and talented team of employees. Outerwall continues to capitalize on its market-leading brands to drive profitability and deliver value for shareholders, partners and customers," said Nelson Chan, chair of Outerwall's Board of Directors. "To accelerate the progress we are making, the Board believes that now is the right time for a leadership change.

"We are pleased that Nora has agreed to serve as interim CEO and share her significant technology experience and expertise in this role," continued Chan. "Nora has been an active and valuable contributor to the Outerwall Board since she joined in 2013, including service on the Audit and Compensation Committees. She has a deep understanding of our business, operations and the strategies we are implementing to drive results."

"I look forward to continuing to work alongside the Outerwall Board and management team in this expanded role," said Nora M. Denzel, interim CEO of Outerwall. "With the support of our management team and dedicated employees, I am confident that we will continue to successfully execute on our business priorities."

The Outerwall Board will immediately initiate a search process to identify the next CEO.

Company Narrows Fourth Quarter 2014 Guidance Ranges

Outerwall currently expects consolidated revenue for the fourth quarter of 2014 to be approximately $598 million to $602 million. Core adjusted EBITDA from continuing operations is expected to be approximately $140 million to $142 million, and core diluted EPS from continuing operations is expected to be between $2.40 and $2.52. In addition, Outerwall expects free cash flow for the full-year 2014 to be between $235 million and $240 million.

(Street sees Q4 EPS of $2.06 on revenue of $596.27 million)

Outerwall will provide 2015 annual guidance on its upcoming fourth quarter 2014 earnings conference call. The company currently expects low single-digit revenue growth and cor

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