Bellevue coin-counting company says economic turmoil hurt business.
Coinstar, a Bellevue-based owner of coin-counting machines, reported a 50 percent drop in its third-quarter profit today, citing a tough economic environment that includes volatile fuel prices, unpredictable retail traffic and lower consumer confidence.
For the three months that ended Sept. 30, Coinstar said its profit declined to $4.5 million, or 16 cents a share, from $9.1 million, or 32 cents a share, a year ago. Coinstar’s per-share profit was in line with what Wall Street had expected.
The company said its revenues for the quarter rose 68 percent to $240.5 million from $143.3 million a year ago.
For the fourth quarter, Coinstar predicts it will have revenues of between $250 million and $275 million and a per-share profit of 11 cents to 17 cents.
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The company announced its results after the close of regular trading. Shares fell 37 cents, or 1.7 percent, to $21.51 in after-hours trading.
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