Redbox owner Coinstar had a worse-than-expected fourth quarter as it severely underestimated the impact 28-day delays on movie availability, among other factors, would have on its operation.
The company said yesterday that it expects to make between $78 million and $82 million when it announces fourth-quarter earnings next month. Coinstar initially estimated that it would generate a profit of $84 million to $90 million. Moreover, it has revised its 2011 revenue outlook down from $1.85 billion to $1.70 billion.
"Overall, the performance of the Redbox business during the fourth quarter was not in line with our forecast,&… Read more