Redbox 2011 Annual Report Download

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Table of contents

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  • Page 7
    ...2011 (the last business day of the registrant's most recently completed second fiscal quarter), based upon the closing price as reported in the NASDAQ Global Select Market System, was approximately $1.7 billion. The number of shares outstanding of the registrant's Common Stock as of February 3, 2012...

  • Page 8
    ... and Financial Disclosure ... Item 9A. Controls and Procedures ...Item 9B. Other Information ...PART III Item 10. Item 11. Item 12. Item 13. Item 14. Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and...

  • Page 9
    ... and revenue for retailers. Our core offerings in automated retail include our Redbox business, where consumers can rent or purchase movies and video games from self-service kiosks ("Redbox" segment), and our Coin business, where consumers can convert their coin to cash or stored value products at...

  • Page 10
    ... rent or purchase movies and video games. Our Redbox kiosks are available in every state, as well as Puerto Rico and are installed primarily at leading grocery stores, mass retailers, drug stores, restaurants and convenience stores including Walgreens, Walmart and McDonalds. Our Redbox kiosks supply...

  • Page 11
    ..., build and develop innovative new self-service concepts in the automated retail space through organic growth and external investment. Our New Ventures segment consists primarily of our coffee, refurbished electronics and photo self-service concepts. We generate revenue primarily through fees...

  • Page 12
    ... of new movie content due to such things as larger home DVD and downloaded movie libraries. Increased availability of digital movie content inventory through digital video recorders, pay-per-view delivered by cable or satellite providers and similar technologies, online streaming, digital downloads...

  • Page 13
    ... releases of DVDs such that a movie might be less available or unavailable for rental for weeks after the DVD becomes available for purchase at a retail outlet or is available by video-on-demand. However, certain movie studios have changed or are changing and other movie studios could change...

  • Page 14
    ... the DVD releases are available to the general public for home entertainment purposes on either a rental or sell-through basis. In addition, we have licensing arrangements with certain studios that make DVDs available for rent 28 days or more after the street date. Our business, financial condition...

  • Page 15
    ...plan for locating kiosks, or the optimum market density. Because of our limited operating history and because the DVD kiosk market and our business model for Redbox is rapidly evolving, we have limited or incomplete data and track records for predicting kiosk and market performance in future periods...

  • Page 16
    ...such Notes (as well as deliver shares of our common stock if applicable). For example, at December 31, 2010, our Notes became convertible in and for the first quarter of 2011 at the option of each holder because the closing sale price of our common stock for 20 or more trading days in a period of 30...

  • Page 17
    ...including mail-delivery and online retailers, like Netflix or Amazon; traditional video retailers, like Blockbuster and other local and regional video rental providers, and other DVD kiosk businesses; other retailers like Walmart and other chain stores selling DVDs and video games; cable, satellite...

  • Page 18
    ... to operate and service the DVD and coin-counting kiosks used in our business. Severe weather, natural disasters and other events beyond our control can, for extended periods of time, significantly reduce consumer use of our products and services as well as interrupt the ability of our employees and...

  • Page 19
    ..., our revenue and net income. For example, in March 2010, we increased the typical coin-counting transaction fee from 8.9% to 9.8%, and, in October 2011, we increased the daily rental fee for standard definition DVDs from $1.00 to $1.20. In the future, other fee increases or pricing changes may...

  • Page 20
    ... business, financial condition and results of operations. We may be unable to attract new retailers and penetrate new markets and distribution channels. In order to increase our Redbox, coin-counting and other kiosk installations, we need to attract new retailers and develop operational efficiencies...

  • Page 21
    ... service fees paid, or other financial concessions made, to our retailers could significantly increase our direct operating expenses in future periods and harm our business. In addition, we accept payment for DVD and game rentals through debit and credit card transactions. For these payments, we pay...

  • Page 22
    ... of service fees that we pay to our retailers; the transaction fees we charge consumers to use our services; fluctuations in consumer rental patterns, including the number of movies rented per visit, the type of DVDs they want to rent and for how long, and the level of DVD migration between kiosks...

  • Page 23
    ... the market, we are permitted to re-sell it, rent it or otherwise dispose of it. Although the majority of our DVD inventory is licensed directly from studios, and not purchased, if Congress or the courts were to change, or substantially limit, this First Sale Doctrine, our ability to obtain certain...

  • Page 24
    ... in the future seek, to acquire or invest in businesses, products or technologies that we feel could complement or expand our business. For example, in February 2012, Redbox entered into an agreement to acquire certain assets of NCR Corporation related to its self-service DVD kiosk business and also...

  • Page 25
    ...be the case in the NCR asset acquisition if the transaction does not receive applicable governmental anti-trust approval); impairment of relationships with employees, retailers and affiliates of our business and the acquired business; entrance into markets in which we have no direct prior experience...

  • Page 26
    ... complaints were later filed in the same court. Pursuant to an order of the court dated March 14, 2011, these six putative class actions were consolidated as a single action entitled In re Coinstar, Inc. Securities Litigation. On April 19, 2011, the court appointed the Employees' Retirement System...

  • Page 27
    ...' fees, costs, and expenses. Because the complaints are derivative in nature, they do not seek monetary damages from Coinstar. In March 2011, a California resident, Blake Boesky, individually and on behalf of all others similarly situated, filed a putative class action complaint against our Redbox...

  • Page 28
    ... filed in March 2011 in the Superior Court of the State of California, County of San Diego, by a California resident, Richard Schiff. Plaintiffs are seeking compensatory damages and civil penalties, injunctive relief, attorneys' fees, costs of suit, and interest. Redbox removed the Mehrens case to...

  • Page 29
    ... during the quarter ended December 31, 2011: Total Number of Shares Purchased as Part of Publicly Announced Repurchase Plans or Programs Maximum Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs(2) Total Number of Shares Repurchased(1) Average Price Paid per...

  • Page 30
    ... Statements. We are permitted to repurchase shares of our common stock without limitation provided that we are in compliance with certain covenants required under the terms of our credit facility. (2) Dollars in thousands Unregistered Sales of Equity Securities On October 26, 2011, we issued...

  • Page 31
    ... with Management's Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto included elsewhere in this Form 10-K. (In thousands, except per share data) Statement of Net Income Data 2011 Year Ended December 31, 2010 2009...

  • Page 32
    ... of share-based payments made to certain movie studios as part of content agreements from corporate unallocated expenses to direct operating expenses in our Redbox segment beginning in the first quarter of 2011. Overview We are a leading provider of automated retail solutions offering convenient...

  • Page 33
    ... Venture will be accounted for using the equity method of accounting. On February 3, 2012, we announced an agreement between Redbox and NCR Corporation ("NCR") (the "NCR Agreement"), to acquire certain assets of NCR's self-service entertainment DVD kiosk business. The purchase price includes a $100...

  • Page 34
    ... information about the sale see Note 4: Discontinued Operations, Sale of Assets of Businesses and Assets Held for Sale in our Notes to Consolidated Financial Statements. Comparing 2011 to 2010 Revenue increased $409.0 million, or 28.5%, primarily due to new kiosk installations and same store sales...

  • Page 35
    ... been operating for more than 13 months by the end of the reporting period compared with the same locations in the same period of the prior year. Revenue Our Redbox segment generates revenue primarily through fees charged to rent or purchase a movie or video game, and we pay retailers a percentage...

  • Page 36
    ... retailers, (3) credit card fees and coin processing expenses, and (4) field operations support. Variations in the percentage of transaction fees and commissions we pay to our retailers may result in increased expenses. Such variations are based on certain factors, such as total revenue, long-term...

  • Page 37
    Redbox Dollars in thousands, except net revenue per rental amounts Year Ended December 31, 2011 2010 2009 2011 vs. 2010 $ % 2010 vs. 2009 $ % Revenue ...Expenses: Direct operating ...Marketing ...Research and development ...General and administrative ...Segment operating income ...Depreciation and ...

  • Page 38
    ... DVD product costs related to purchases of December 2010 and January 2011 titles, as well as increased game product costs in support of our national video game rollout in June 2011, increased revenue share and payment card processing fees and increased kiosk field operations expenses. Partially...

  • Page 39
    ... in direct operating expenses attributable to the revenue growth, which was primarily due to higher DVD and game product costs, revenue share and payment card processing fees and increased kiosk field operations expenses, as well as increased restricted stock expense due to a higher market price of...

  • Page 40
    ... from revenue growth and increased revenue share rates with certain retail partners as a result of long-term contract renewals; higher kiosk field operations costs primarily from higher gasoline, leased vehicle and parts and supplies expense; and increased allocated expenses from our shared services...

  • Page 41
    ...$10.0 million increase in direct operating expenses from higher revenue share expense paid to our retail partners as a result of the coin-counting fee increase and higher operating costs related to kiosk field operations, bank fees and kiosk property tax expense; $5.5 million increase in general and...

  • Page 42
    ... quarter of 2011; $3.6 million increase in research and development expenses associated with the design and build out of new self-service concepts; and a $1.9 million increase in direct operating expenses due to a $0.7 million charge for purchases of additional prototype kiosks, which we expense...

  • Page 43
    ... in spending related to new self-service concepts and the additional allocated expenses from our shared service functions to support overall business growth; $2.5 million increase in depreciation and amortization expenses due to a $3.2 million charge during the first quarter of 2010 related to the...

  • Page 44
    ... and state research and general business credits and other discrete items; and The increase in our effective tax rate from 2009 to 2010 was primarily attributable to a decrease in our non-controlling interest income after we purchased the remaining non-controlling interests in Redbox in February...

  • Page 45
    ... from continuing operations provides additional information to users of the financial statements regarding our ability to service, incur or pay down indebtedness. In addition, management uses adjusted EBITDA from continuing operations to internally evaluate performance and manage operations. Because...

  • Page 46
    ...use of our services, the timing and number of machine installations, the number of available installable kiosks, the type and scope of service enhancements and the cost of developing potential new product service offerings and enhancements and cash required to fund future acquisitions and investment...

  • Page 47
    ... to pay them up to the full face value of the Notes in cash as well as deliver shares of our common stock for any excess conversion value. The number of potentially issued shares increases as the market price of our common stock increases. As of December 31, 2011, the Conversion Event was not...

  • Page 48
    ... 2012 2013 & 2014 2015 & 2016 2017 & Beyond Long-term debt and other ...Capital lease obligations(1) ...Operating lease obligations(1) ...Purchase obligations(1) ...Asset retirement obligations ...Liability for uncertain tax positions ...Content agreement obligations(1) ...Retailer revenue share...

  • Page 49
    ... future and could have a material affect on our financial statements. Content Library Our content library, which we called our DVD library in prior years, consists of movies and video games available for rent or purchase. We obtain our movie and video game content through revenue sharing agreements...

  • Page 50
    ... in quantifying our income tax positions. We assess our income tax positions and record tax benefits for all years subject to examination based upon management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more...

  • Page 51
    ...inputs and investment categorization. ASU 2011-04 is effective for fiscal years and interim periods beginning after December 15, 2011. We do not believe our adoption of ASU 2011-04 in the first quarter of 2012 will have a material impact on our financial position, results of operations or cash flows...

  • Page 52
    ... quarterly financial data for each of the eight quarters in the two-year period ended December 31, 2011 is as follows: 2011 (In thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Revenue ...Income from continuing operations before income taxes ...Income tax expense...

  • Page 53
    ... charge, respectively, in the first, second and third quarter for additional depreciation expense following the revision of the estimated useful lives of certain DVDXpress kiosks in our Redbox segment; and a $5.4 million charge in the first quarter related to our patent settlement with ScanCoin. 45

  • Page 54
    ... States), the consolidated balance sheets of Coinstar, Inc. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of net income, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2011, and our report dated...

  • Page 55
    ... sheets of Coinstar, Inc. and subsidiaries (the "Company") as of December 31, 2011 and 2010, and the related consolidated statements of net income, stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2011. These consolidated financial statements...

  • Page 56
    ... share data) December 31, 2011 2010 Assets Current Assets: Cash and cash equivalents ...Accounts receivable, net of allowances of $1,586 and $1,131 ...Content library ...Deferred income taxes ...Prepaid expenses and other current assets ...Assets of business held for sale ...Total current assets...

  • Page 57
    COINSTAR, INC. CONSOLIDATED STATEMENTS OF NET INCOME (in thousands, except per share data) 2011 Year Ended December 31, 2010 2009 Revenue ...Expenses: Direct operating(1) ...Marketing ...Research and development ...General and administrative ...Depreciation and other (2) ...Amortization of ...

  • Page 58
    ... of options, net ...1,324,756 31,686 Share-based payments expense ...485,582 16,234 Tax benefit on share-based compensation expense ...- 6,770 Repurchases of common stock ...(1,072,037) - Debt conversion feature ...- (26,854) Net income ...- - Gain on short-term investments, net of tax expense of...

  • Page 59
    ... purchase of non-controlling interest in Redbox ...Excess tax benefits related to share-based payments ...Repurchases of common stock and ASR program ...Proceeds from exercise of stock options ...Net cash flows from financing activities from continuing operations ...Effect of exchange rate changes...

  • Page 60
    ... ...Repurchases of Common Stock ...Share-Based Payments ...Income Taxes ...Earnings Per Share ...Comprehensive Income ...Business Segments and Enterprise-Wide Information ...Retirement Plans ...Derivative Instruments ...Fair Value ...Commitments and Contingencies ...Subsequent Events ... 53 53 59...

  • Page 61
    ... products and services that benefit consumers and drive incremental retail traffic and revenue for retailers. Our core offerings in automated retail include our Redbox and Coin segments. Our Redbox segment consists of self-service kiosks where consumers can rent or purchase movies and video games...

  • Page 62
    ... $ 99 $- Our content library, which we called our DVD library in prior years, consists of movies and video games available for rent or purchase. We obtain our movie and video game content through revenue sharing agreements and license agreements with studios and game publishers, as well as through...

  • Page 63
    ... acquisitions. We used expectations of future cash flows to estimate the fair value of the acquired retailer relationships. We amortize our intangible assets on a straight-line basis over their expected useful lives. Goodwill Goodwill represents the excess purchase price of an acquired enterprise or...

  • Page 64
    ... the related movie or video game has not yet been returned to the kiosk at month-end, revenue is recognized with a corresponding receivable recorded in the balance sheet, net of a reserve for potentially uncollectible amounts. We record revenue, net of refunds and applicable sales taxes collected...

  • Page 65
    .... Shares to be issued upon the exercise of stock options will come from newly issued shares. The expense related to restricted stock granted to movie studios as part of license agreements is adjusted based on the number of unvested shares and market price of our common stock each reporting period...

  • Page 66
    ...available-for-sale securities are marked to fair value on a quarterly basis. The fair value of our revolving line of credit approximates its carrying amount. For additional information see Note 17: Fair Value. Accounting Pronouncements Adopted During the Current Year In September 2009, the Financial...

  • Page 67
    ... into one line item, cash and cash equivalents, on our Consolidated Balance Sheets to better align with how we manage our company. This reclassification had no effect on our consolidated financial position, results of operations, or cash flows. NOTE 3: BUSINESS COMBINATION Redbox On February...

  • Page 68
    ... based on the discounted cash flows of the future note payments and was not an exit price based measure of fair value or the stated value on the face of the Sigue Note. The discount rate used in our fair value estimate was the market rate for similar risk profile companies and represented our best...

  • Page 69
    ... assets held for sale in our Consolidated Balance Sheets and a discontinued operation in our Consolidated Statements of Net Income. The business assets and liabilities held for sale were reported based on their estimated fair value less cost to sell estimated using the market approach. The carrying...

  • Page 70
    ...Net Income: Dollars in thousands Year Ended December 31, 2011 2010 2009 Revenue: Money Transfer Business ...E-Pay Business ...Entertainment Business ...Total revenue ...Pre-tax gain (loss) from discontinued operations: Money Transfer Business ...E-Pay Business ...Entertainment Business ...Total pre...

  • Page 71
    ...of our reporting units was less than its applicable carrying value. Accordingly, it was not necessary to perform the two-step impairment test and no goodwill impairment was recognized in 2011. During 2010, after performing step one of our goodwill impairment test using the income and market approach...

  • Page 72
    ... years Year Ended December 31, 2011 2010 2009 Retailer relationships ...Other ...Total amortization of intangible assets ...Expected future amortization is as follows: Dollars in thousands $2,457 283 $2,740 $3,022 283 $3,305 $3,275 288 $3,563 Relationships Other 2012 ...2013 ...2014 ...2015...

  • Page 73
    ... to pay down the revolving line of credit balance under the prior credit facility of $120.0 million. Fees paid for the New Credit Facility of $4.2 million were included within other long-term assets on our Consolidated Balance Sheets and are being amortized over the 5-year life of the New Credit...

  • Page 74
    ...Notes in cash as well as deliver shares of our common stock for any excess conversion value. The number of potentially issued shares increases as the market price of our common stock increases. As of December 31, 2011, the Conversion Event was not met and the Notes remained classified as a long-term...

  • Page 75
    ... term for the payments made to McDonald's USA under the Rollout Agreement ...Minimum annual payment amount under the Rollout Agreement in 2011 (in thousands) ...Dollars in thousands 5 years $2,300 December 31, 2011 2010 Current portion of debt-Rollout Agreement ...Long term portion of debt...

  • Page 76
    ... shares of our common stock without limitation, provided that we are in compliance with certain covenants required under the terms of the New Credit Facility. See Note 8: Debt and Other Long-Term Liabilities for additional information about the terms of the New Credit Facility. ASR Agreement...

  • Page 77
    Certain information regarding our share-based payments is as follows: Dollars in thousands except per share data Year Ended December 31, 2011 2010 2009 Share-based payments expense: Share-based compensation-stock options ...Share-based compensation-restricted stock ...Share-based payments for ...

  • Page 78
    ...-coupon issues with an equivalent expected term. We have not paid dividends in the past and do not plan to pay any dividends in the foreseeable future. The following table presents a summary of stock option activity for 2011: Weighted Average Exercise Price Shares in thousands Shares OUTSTANDING...

  • Page 79
    ... agreements with certain movie studios. The expense related to these agreements is included within direct operating expenses in our Consolidated Statements of Net Income and is adjusted based on the number of unvested shares and market price of our common stock each reporting period. During 2010...

  • Page 80
    ...31, 2011 2010 2009 Balance, beginning of the year ...Additions based on tax positions related to the current year ...Additions for tax positions related to prior years ...Reductions for tax positions related to prior years ...Reductions from lapse of applicable statute of limitations ...Settlements...

  • Page 81
    ... state tax authorities: Jurisdiction As of December 31, 2011 Open Tax Years U.S. Deferred Income Taxes 2002 through 2010 Deferred income tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting...

  • Page 82
    ...as follows: Dollars in thousands Year Ended December 31, 2011 2010 2009 Excess income tax benefit from stock options exercised ...NOTE 12: EARNINGS PER SHARE $2,548 $6,770 $- Basic earnings per share ("EPS") is computed by dividing the net income for the period by the weighted average number of...

  • Page 83
    ...non-employee directors and employees ("segment operating income"). Segment operating income contains internally allocated costs of our shared service support functions, including corporate executive management, business development, sales, finance, legal, human resources, information technology, and...

  • Page 84
    ... payments made to certain movie studios as part of content agreements from corporate unallocated expenses to direct operating expenses in our Redbox segment beginning in the first quarter of 2011. Our analysis and reconciliation of our segment information to the consolidated financial statements...

  • Page 85
    ... Retailer Relationships Our Redbox and Coin kiosks are primarily located within retailers. The following retailers accounted for 10% or more of our consolidated revenue from continuing operations: 2011 Year Ended December 31, 2010 2009 Wal-Mart Stores Inc...Walgreen Co...The Kroger Company...

  • Page 86
    ... plan for our employees who satisfy certain age and service requirements. Our Redbox subsidiary also sponsors a defined contribution plan to which new contributions were frozen effective January 1, 2010. Our contributions to these plans were $3.2 million, $2.8 million and $1.9 million in 2011, 2010...

  • Page 87
    ... market prices. The fair value of these assets is included in cash and cash equivalents on our Consolidated Balance Sheets. Interest Rate Swap Liability We used a market valuation approach to value our interest rate swap derivative contracts using current market information as of the reporting date...

  • Page 88
    ... million which was added to the balance of the Sigue Note. We estimate the fair value of the Sigue Note based on the future note payments discounted at a market rate for similar risk profile companies, which represented our best estimate of default risk, and was not an exit price based measure of...

  • Page 89
    ... entered into certain license agreements to obtain content for movie and video game rentals. A summary of the estimated commitments in relation to these agreements as of December 31, 2011 is presented in the following table: Dollars in thousands Total 2012 Year Ended December 31, 2013 2014 2015 2016...

  • Page 90
    ... agreement is available for rental on the same day and date as the retail release. (3) Content licensed under the agreement is available for rental after a certain number of days following the retail release. Revenue Share Commitments Certain of our Retailer agreements include minimum revenue share...

  • Page 91
    ... complaints were later filed in the same court. Pursuant to an order of the court dated March 14, 2011, these six putative class actions were consolidated as a single action entitled In re Coinstar, Inc. Securities Litigation. On April 19, 2011, the court appointed the Employees' Retirement System...

  • Page 92
    ... recorded a loss contingency in the amount of $11.6 million related to a supply agreement under which we operated during 2011 and 2010 in our Consolidated Statements of Net Income. During the fourth quarter of 2011, we made payments totaling $7.5 million to the supplier. Based on currently available...

  • Page 93
    ... for using the equity method of accounting. Acquisition of NCR Entertainment Business On February 3, 2012, Redbox entered into a purchase agreement with NCR Corporation ("NCR") (the "NCR Agreement"), to acquire certain assets of NCR related to NCR's self-service entertainment DVD kiosk business. The...

  • Page 94
    ... Exchange Act). Certain functions of our enterprise resource planning ("ERP") system implementation were completed during the fourth quarter of 2011. As a result, there were changes to processes and procedures that impacted internal control over financial reporting during the fourth quarter of 2011...

  • Page 95
    ... warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Annual Report on Form 10-K and the Company's other public filings, which are available without charge through the SEC...

  • Page 96
    .... Restricted Stock Purchase Agreement, dated October 26, 2011, between Coinstar, Inc. and Paramount Home Entertainment Inc. Amended and Restated 1997 Non-Employee Directors' Stock Option Program.(6) Executive Deferred Compensation Plan, as amended and restated on December 31, 2008.(7) 2010 Incentive...

  • Page 97
    ... of Stock Option Grant under 1997 Amended and Restated Equity Incentive Plan For Grants Made to Nonemployee Directors.(13) Summary of Director Compensation.(14) Policy on Reimbursement of Incentive Payments.(7) Amended and Restated Employment Agreement, dated as of April 1, 2009, between Coinstar...

  • Page 98
    ... Long Ridge Office Portfolio, L.P. and Redbox Automated Retail, LLC.(2) Amended and Restated Credit Agreement, dated as of April 29, 2009, amending and restating in its entirety that certain Credit Agreement, dated November 20, 2007, among Coinstar, Inc., as borrower, Bank of America, N.A., as...

  • Page 99
    ... of the Securities Exchange Act of 1934 and otherwise are not subject to liability. (1) Incorporated by reference to the Registrant's Form 8-K filed on October 26, 2010 (File Number 000-22555). (2) Incorporated by reference to the Registrant's Annual Report on Form 10-K for the year ended December...

  • Page 100
    ...for the quarter ended June 30, 2011 (File Number 000-22555). (28) Incorporated by reference to the Registrant's Form 8-K filed on March 7, 2007 (File Number 000-22555). (29) Incorporated by reference to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2010 (File Number 000...

  • Page 101
    ... signed on its behalf by the undersigned thereunto duly authorized. COINSTAR, INC. By: /S/ J. SCOTT DI VALERIO J. Scott Di Valerio Chief Financial Officer February 9, 2012 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons...

  • Page 102
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  • Page 103
    .... All values assume reinvestment of dividends and are plotted below as of December 31 of each fiscal year shown. The stock price performance shown in the graph is historical and not necessarily indicative of future price performance. COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN AMONG COINSTAR, INC...

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