Coinstar (CSTR) Announces Change in Leadership at Redbox; Issues Preliminary Q2 Earnings and FY Guidance

Coinstar, Inc. (NASDAQ: CSTR) announced a leadership transition for the company's redbox business, a wholly-owned subsidiary of Coinstar. Mitch Lowe has resigned as president of redbox to pursue entrepreneurial and other interests, and will continue to serve as president until a successor is named. Coinstar has commenced an external search to identify a new president of redbox.

Also, Coinstar also announced today preliminary results for the second quarter ended June 30, 2011. The company expects to report revenue between $434 million and $436 million, adjusted EBITDA from continuing operations between $97 million and $100 million, and GAAP earnings per share (EPS) from continuing operations on a fully diluted basis between $0.96 and $1.00. (Consensus is $445.94M and $0.81)

The company also updated its guidance for the full year 2011 and now expects:

Consolidated revenue between $1.760 billion and $1.850 billion (Consensus is $1.81B)

GAAP EPS from continuing operations on a fully diluted basis between $2.90 and $3.15 (Consensus is $3.02)

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