Outerwall profits up as Redbox sees 200M rentals in Q1

redbox-kioskBellevue-based Outerwall today posted its first quarter earnings and saw revenues increase by 4.7 percent to $600 million.

Outerwall, the parent company to the Redbox, Coinstar, and ecoATM device recycling kiosks, also reported profits of $23.2 million, up 2.5 percent from Q1 2013.

The Redbox business, which allows people to rent DVDs from kiosks, brought in $515.7 million last quarter, up 1.5 percent from 2013. Profits from Redbox increased by 11.7 percent and the kiosks also generated about 200 million rentals, up 1.2 percent from Q1 2013.

Meanwhile, Coinstar posted revenue of $68.8 million, up 5.2 percent from last year, and $22.7 million in profit — up 22.1 percent from 2013.

Outerwall slashed three of its emerging kiosk businesses and cut 251 jobs in December. The company also recently began rolling out a new kiosk that turns your old gift cards into cash.

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