Attributes Revenue Growth to Focus on Automated Retail Solutions That Make Consumers' Lives Easier
BELLEVUE, Wash., Nov. 14, 2012 /PRNewswire/ -- Coinstar, Inc. (Nasdaq: CSTR) today announced it ranked 152 on Deloitte's 2012 Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America based on revenue growth from 2007 through 2011. During that period, Coinstar, Inc. grew consolidated revenue more than 600 percent.
Coinstar's Chief Executive Officer Paul Davis credits this achievement to the company's focus on its core strengths in automated retail, understanding consumer needs, and its commitment to innovation.
"We are honored to be recognized by Deloitte as one of the fastest growing companies in North America," said Davis. "Since the early days, Coinstar has focused on creating solutions that address the needs of consumers and retailers. We believe automated retail is an enduring channel that satisfies consumers' on-going desire for convenience and value while also contributing to retailers' profitability."
"We are proud to honor the 2012 Technology Fast 500™ companies, and commend them for their outstanding growth," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications (TMT) leader. "These ground-breaking companies have outpaced their competition and are reinventing the way we do business today."
"The companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy," said Bill Ribaudo partner, Deloitte & Touche LLP and national TMT leader for audit and enterprise risk services (AERS). "As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of Coinstar for this impressive accomplishment."
About Deloitte's 2012 Technology Fast 500™
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About Coinstar, Inc.
Coinstar, Inc. (Nasdaq: CSTR) is a leading provider of automated retail solutions offering convenient services that make life easier for consumers and drive incremental traffic and revenue for retailers. The company's core automated retail businesses include the well-known Redbox® self-service DVD and video game rental and Coinstar® self-service coin-counting brands. The company has approximately 42,400 Redbox DVD kiosks and 20,300 coin-counting kiosks in supermarkets, drug stores, mass merchants, financial institutions, convenience stores, and restaurants. Redbox also offers DVD rentals through additional kiosks acquired from NCR Corporation in June 2012. For more information, visit www.coinstarinc.com.
SOURCE Coinstar, Inc.