Coinstar sees profit spike in Q4

Redbox parent projects '12 revenue to top $2 bil

Redbox parent Coinstar, fresh off its announcement of a streaming partnership with Verizon, said Monday that its net income surged last quarter to $31 million from $12 million the year before.

The company that manages 35,000 DVD rental kiosks nationwide also said it struck a deal to acquire assets of NCR, including that company’s self-service DVD kiosks, DVD inventory, intellectual property, and certain related contracts. It will pay NCR up to $100 million, according to Coinstar’s SEC filing.

Coinstar revenue rose to $520 million from $391 million for the fourth quarter. For the full year 2011, it jumped 33% to $1.8 billion, and the company said it expects the figure to top $2.2 billion this year.

“The strength of our core businesses provides a solid foundation that enables us to focus on key growth initiatives in 2012, including our joint venture with Verizon,” said CEO Paul Davis.

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