Coinstar, Inc.
Selected Financial and Other Data
(in thousands except for per share and other data)
Three months ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1997 1996 1997 1996
Statement of Operations Data:
Revenue $ 7,957 $ 3,349 $ 25,007 $ 8,312
Expenses
Direct Operating 5,208 2,940 17,899 7,258
Regional sales
and marketing 689 494 3,088 1,505
Product research
and development 1,644 1,533 6,362 3,969
Selling, general
and administrative 3,252 1,987 11,079 5,351
Depreciation
and amortization 2,539 1,741 8,679 4,134
Loss from operations (5,375) (5,346) (22,100) (13,905)
Other income (expense)
Interest income 598 571 2,329 848
Interest expense (2,564) (2,071) (9,822) (2,661)
Net loss before
extraordinary item (6,846) (15,718)
Extraordinary Item - loss
related to early
retirement of debt (249) (249)
Net Loss (7,341) (7,095) (29,593) (15,967)
Net Loss per share (1) ($0.49) ($0.68) ($2.41) ($1.53)
Weighted shares outstanding 15,029 10,460 12,293 10,460
Other Data:
Number of new Coinstar
units installed in period 469 292 1,703 1,234
Installed base of Coinstar
units at end of period 3,204 1,501 3,204 1,501
Number of regional markets 40 23 40 23
Dollar volume of coins
processed (thousands) $ 105,692 $ 44,841 $ 332,541 $ 115,476
Capital
expenditures (thousands) 4,756 5,676 28,188 20,820
Direct
contribution(2) (thousands) 2,749 409 7,108 1,054
Annualized revenue per
average installed unit 10,907 9,623 10,709 9,864
Annualized direct
contribution per average
installed unit 3,768 1,175 3,044 1,250
Average units installed 2,918 1,392 2,344 843
Average age of network
for the period (months) 11.7 7.0 10.0 6.5
(1) Net loss per share amounts are calculated on a proforma basis
assuming the conversion of preferred stock into common stock as if
such a conversion occurred at the beginning of each period presented.
(2) Direct contribution (loss) is defined as revenue less direct
operating expenses. The Company uses direct contribution (loss) as a
measure of operating performance to assist in understanding its
operating results. Direct contribution (loss) is not a measure of
financial performance under generally accepted accounting principals
("GAAP") and should not be considered in isolation or an alternative
to gross margin, income (loss) from operations, net income (loss), or
any other measure of performance under GAAP.
Coinstar, Inc.
Balance Sheets
(In thousands, unaudited)
Dec. 31, Dec. 31,
1997 1996
Assets
Current Assets:
Cash and cash equivalents $ 31,624 $ 23,868
Short term investments available for sale 25,180 32,442
Prepaid expenses and other current assets 1,021 865
Total current assets 57,825 57,175
Property and equipment, net 42,928 22,459
Other assets 2,793 2,897
Total $ 103,546 $ 82,531
---------- ---------
Liabilities and stockholders'
equity (deficit)
Current Liabilities:
Accounts payable $ 3,238 $ 1,779
Accrued liabilities 18,253 7,690
Current portion of long-term debt 1,612 911
Total current liabilities 23,103 10,380
Long-term obligations 77,333 69,155
Manditorily redeemable preferred stock 0 24,972
Total stockholders' equity (deficit) 3,110 (21,976)
Total $ 103,546 $ 82,531
Coinstar, Inc.
Selected Quarterly Financial Data
(Dollars in thousands except per unit data)
Three Months Ended
Dec. Sept. June March
31, 30, 30, 31,
1997 1997 1997 1997
Number of new Coinstar
units installed in period 469 400 406 428
Installed Base of Coinstar
units at end of period 3,204 2,735 2,335 1,929
Average age of network
for the period (months) 11.7 10.6 9.3 8.3
Dollar volume of
coins processed $105,676 $103,442 $70,626 $52,724
Revenue $7,957 $7,762 $5,294 $3,995
Annualized revenue per
average installed unit $10,907 $12,284 $9,939 $9,433
Direct Contribution $2,749 $2,487 $1,328 $545
Direct Contribution
Margin (%) 35% 32% 25% 14%
Annualized direct
contribution per
average installed unit $3,768 $3,935 $2,494 $1,287
EBITDA (1) ($2,836) ($2,617) ($3,913) ($4,054)
As a percent of revenue (36%) (34%) (74%) (101%)
Depreciation
and Amortization $2,539 $2,297 $2,158 $1,684
Interest (Income)
Expense, net $1,966 $1,789 $1,975 $1,764
Net Loss ($7,341) ($6,704) ($8,047) ($7,502)
As percent of revenue (92%) (86%) (152%) (188%)
Three Months Ended
Dec. Sept. June March
31, 30, 30, 31,
1996 1996 1996 1996
Number of new Coinstar
units installed in period 292 413 364 169
Installed Base of Coinstar
units at end of period 1,501 1,209 796 432
Average age of network
for the period (months) 7.0 6.1 6.4 6.6
Dollar volume of
coins processed $44,841 $37,637 $20,692 $12,306
Revenue $3,349 $2,830 $1,388 $746
Annualized revenue per
average installed unit $9,623 $11,021 $9,269 $8,449
Direct Contribution $409 $720 $67 ($142)
Direct Contribution
Margin (%) 12% 25% 5% (19%)
Annualized direct
contribution per
average installed unit $1,175 $2,804 $449 ($1,612)
EBITDA (1) ($3,605) ($2,115) ($2,169) ($1,883)
As a percent of revenue (108%) (75%) (156%) (253%)
Depreciation and
Amortization $1,741 $1,098 $796 $499
Interest (Income)
Expense, net $1,500 $313 $73 ($73)
Net Loss ($7,094) ($3,526) ($3,037) ($2,310)
As percent of revenue (212%) (125%) (219%) (310%)
(1) EBITDA is defined as earnings before interest expense, interest income, income taxes, depreciation, amortization and other
income/expense. The Company uses EBITDA as a measure of operating performance to assist in understanding its operating results.
EBITDA is not a measure of financial performance under generally accepted accounting principles ("GAAP") and should not be considered
in isolation or an alternative to income (loss) from operations, cash flow from operations, net income (loss) or and other measure of
performance under GAAP.
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