The first Y2k currency shortage?
I thought those lying SOB's at the Federal Reserve &
Department of theTreasury told us there would be NO CURRENCY SHORTAGES! What's the deal boys, pennies ain't currency any more?
All, E'mail Congress & demand Summers supply the currency required to run our economy or STEP DOWN!
Don't all "nation wide banking problems" always start with the smallest denomination of currency?
Look at this:
``During July and August, there was a national shortage of coins in the banking system, particularly pennies. Consequently, many retailers purchased loose coins directly from consumers, creating temporary competition for our service. In addition, some commercial banks were offering consumers a 10% premium for pennies to deal with the shortage,' Molbak continued. ``We also believe the introduction of the new state quarters has renewed consumer interest in coin collecting, thereby increasing the amount of hoarding. Beyond these new marketplace factors, we decided to purchase less costly radio advertising during the third quarter in the face of escalating advertising rates. Radio yielded results that were not as effective as the TV advertising we ran in the same period last year. Finally, the fee increase introduced in the fourth quarter of last year may have dampened the rate of growth of our per unit volumes.'
Wednesday September 15, 8:03 pm Eastern Time
Company Press Release
Coinstar Expects Record Third Quarter Results But Below Analyst Expectations
BELLEVUE, Wash.--(BUSINESS WIRE)--Sept. 15, 1999--Coinstar Inc., (Nasdaq:CSTR <http://finance.yahoo.com/q?s=cstr&d=t> - news </n/c/cstr.html>) a retail-based coin counting and e-services company, today announced preliminary results for the third quarter which ends on September 30, 1999.
For the third quarter of 1999, the company estimates that it will continue its record pace of installations and post record revenues and EBITDA. However, despite the estimated record quarter, revenue and EBITDA will be below analysts' consensus estimates. Coinstar estimates revenue to be in the range of $20 to $22 million, compared with $13.6 million for the same period last year. EBITDA is estimated to be in the range of $3 to $4 million compared with the $1.1 million reported for the third quarter of last year.
The Company estimates that third quarter revenue will increase approximately 50 to 60% compared with the same period last year and be 15 to 20% above previous record revenue results, set in the second quarter of this year. Per unit volumes also continue to increase as the units age. (cont)
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