April 26, 2007 09:00 AM Eastern Daylight Time
New relationship gives consumers convenient way to turn loose change
into something of value
NEW YORK & BELLEVUE, Wash.--(BUSINESS WIRE)--Duane Reade, the leading drug store chain in metropolitan New York, and
Coinstar, Inc. (NASDAQ:CSTR), the leader in self-service coin counting,
today announced the planned installations of more than 140 Coinstar
Centers ® in the
metropolitan New York City area this year.
With an estimated amount of more than $650 million in idle change in the
greater New York City area, Duane Reade has installed Coinstar Centers
in its drug stores to offer consumers a convenient way to turn their
loose change into cash or a voucher that can be used towards in-store
purchases. In addition, consumers can choose to place the full value of
their change onto a gift card or eCertificate from a variety of
retailers including Amazon.com, iTunes, Circuit City, Starbucks and more.
“ We are pleased to offer our customers a
convenient and immediate way to turn their change into cash, ”
said Chuck Newsom, senior vice president of store operations for Duane
Reade. “ By installing Coinstar Centers in
Duane Reade stores, we are delivering on our promise to enhance the
shopping experience by providing our customers with more convenient
services. ”
“ We are thrilled to be working with Duane
Reade, ” said Alex Camara, senior vice
president and general manager of worldwide coin at Coinstar, Inc. “ This
new relationship enables us to better serve consumers in the
metropolitan New York area as Duane Reade has some of the most
convenient retail locations for New Yorkers. ”
Coinstar Centers were initially rolled out in Duane Reade stores in
December 2006, and it ’ s expected that the
remaining locations will be installed by mid-year 2007. Consumers may go
to www.coinstar.com (Related) to locate
their nearest Coinstar Center.
About Duane Reade, Inc.
Founded in 1960, Duane Reade is the largest drug store chain in the
metropolitan New York City area, offering a wide variety of prescription
and over-the-counter drugs, health and beauty care items, cosmetics,
greeting cards, photo supplies and photofinishing. As of December 31,
2006, the Company operated 248 stores.
About Coinstar, Inc.
Coinstar, Inc. (NASDAQ:CSTR) is a multi-national company offering a
range of 4th Wall TM solutions for the
retailers' front of store consisting of self-service coin counting,
electronic payment solutions, money transfer, entertainment services and
self-service DVD rental. The company's products and services can be
found at more than 60,000 retail locations including supermarkets, drug
stores, mass merchants, convenience stores, and financial institutions.
For more information, visit www.coinstar.com (Related) .
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. The words "believe," "estimate," "expect," "intend,"
"anticipate," "goals," variations of such words, and similar expressions
identify forward-looking statements, but their absence does not mean
that the statement is not forward-looking. The forward-looking
statements in this release include statements regarding the future
availability of Coinstar Centers in Duane Reade stores. Forward-looking
statements are not guarantees of future performance and actual results
may vary materially from the results expressed or implied in such
statements. Differences may result from actions taken by Coinstar, Inc.,
as well as from risks and uncertainties beyond Coinstar, Inc.'s control.
Such risks and uncertainties include, but are not limited to, the
termination, non-renewal or renegotiation on materially adverse terms of
our contracts with our significant retailers, payment of increased
service fees to retailers, the ability to attract new retailers,
penetrate new markets and distribution channels, cross-sell our products
and services and react to changing consumer demands, the ability to
achieve the strategic and financial objectives for our entry into or
expansion of new businesses, the ability to adequately protect our
intellectual property, and the application of substantial federal,
state, local and foreign laws and regulations specific to our business.
The foregoing list of risks and uncertainties is illustrative, but by no
means exhaustive. For more information on factors that may affect future
performance, please review "Risk Factors" described in Item 1A of Part I
of our most recent Annual Report on Form 10-K filed with the Securities
and Exchange Commission. These forward-looking statements reflect
Coinstar, Inc.'s expectations as of the date of this release. Coinstar,
Inc. undertakes no obligation to update the information provided herein.
Contacts
Coinstar, Inc.
Sarah Jones, 425-943-8121
sjones@coinstar.com (Related)
or
Duane
Reade, Inc.
Financial Dynamics
Melissa Merrill, 212-850-5600
Melissa.merrill@fd.com (Related)
At A Glance
Source: via Business Wire
Updated
10/25/2006
by company
(NASDAQ)
Revenues: $459.7 million (2005) Net Income: $ 22.3 million (2005)
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© Business Wire 2007 (Related)
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