BELLEVUE, Wash. -- Coinstar Inc. made headway in prepaid wireless capability during the fourth quarter of 2003, with more than 600 kiosks offering the top-up service.
For the full year ended Dec. 31, 2003, Coinstar achieved revenue of $176.1 million and net income of $19.6 million or 90 cents per fully diluted share. This compares to fiscal 2002 revenue of $155.7 million and net income of $58.5 million or $2.58 per fully diluted share, according to a news release.
During the fourth quarter, Coinstar made progress expanding the prepaid wireless TOP-UP service and the Truth prepaid MasterCard. Retailer acceptance was strong during the fourth quarter, the release said. The company is installing and operating kiosks in more than 600 locations with these services. This result was about 20 percent higher than previously announced 2003 goals.
Dave Cole, chief executive officer of Coinstar, said, "We boosted same-unit-performance significantly and broadened relationships with many of our 280 retail partners. Looking ahead, our goal is to use our market leadership and improved balance sheet to place new units in the field, develop new products and services that complement our existing network, and enhance our value add to our retail partners."
Coinstar entered into a new multi-year agreement with Kroger Co. during the fourth quarter. The company also launched its new payroll debit card service in conjunction with FSV Payment Systems Ltd.
Coinstar plans to expand access to electronic payroll services from FSV to nearly its entire 10,000-plus-machine network, according to the release.
