BELLEVUE, Wash., Feb. 5, 2015 /PRNewswire/ -- Outerwall Inc.
(Nasdaq: OUTR) today announced that on February 3, 2015, its board of directors
initiated a new quarterly dividend policy and declared a quarterly
dividend of $0.30 per share of common
stock. The dividend is expected to be paid on
March 18, 2015, to stockholders of record at the close of
business on March 3, 2015. This marks the first cash dividend
paid to stockholders in the company's history. The declaration and
payment of future dividends will be subject to the board's
approval.
(Logo: http://photos.prnewswire.com/prnh/20130701/AQ41388LOGO)
Also on February 3, 2015, the
board of directors approved an additional share repurchase
authorization of up to $250 million
of its common stock, bringing the total available for repurchases
to $413.7 million.
"The board's decisions to initiate a quarterly dividend policy
and increase the share repurchase authorization reflect confidence
in Outerwall's financial strength and long-term prospects and our
commitment to return 75- to-100 percent of annual free cash flow to
stockholders," said Nora M. Denzel,
Outerwall's interim chief executive officer. "Quarterly dividends
and share repurchases are key elements of our capital allocation
strategy that also includes disciplined investments in the
business."
About Outerwall Inc.
Outerwall Inc. (Nasdaq: OUTR) has more than 20 years of
experience creating some of the most profitable spaces for their
retail partners. Outerwall delivers breakthrough kiosk experiences
that delight consumers and generate revenue for retailers. As the
company that brought consumers Redbox® entertainment,
Coinstar® money services, and ecoATM®
electronics recycling kiosks, Outerwall is leading the next
generation of automated retail and paving the way for inventive,
scalable businesses. Outerwall™ kiosks are in neighborhood grocery
stores, drug stores, mass merchants, malls, and other retail
locations in the United States,
Canada, Puerto Rico, the United Kingdom, and Ireland. Learn more at www.outerwall.com.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
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," "will," "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 future dividends and share
repurchases. 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 Outerwall Inc. or its subsidiaries, as
well as from risks and uncertainties beyond Outerwall Inc.'s
control. Such risks and uncertainties include, but are not limited
to,
- competition from other entertainment providers,
- the ability to achieve the strategic and financial
objectives for our entry into new businesses, including ecoATM and
SAMPLEit,
- our ability to repurchase stock and the availability of an
open trading window,
- our declaration and payment of dividends, including our
board's discretion to change the dividend policy,
- the termination, non-renewal or renegotiation on materially
adverse terms of our contracts with our significant retailers and
suppliers,
- payment of increased fees to retailers, suppliers and other
third-party providers, including financial service
providers,
- the timing of new DVD releases and the inability to receive
delivery of DVDs on the date of their initial release to the
general public, or shortly thereafter, or in sufficient quantity,
for home entertainment viewing,
- the effective management of our content library,
- the timing of the release slate and the relative
attractiveness of titles in a particular quarter or year,
- the ability to attract new retailers, penetrate new markets
and distribution channels and react to changing consumer
demands,
- the ability to generate sufficient cash flow to timely and
fully service indebtedness and adhere to certain covenants and
restrictions,
- 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 our most recent Annual Report on Form 10-K
and any subsequent Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission. These forward-looking
statements reflect Outerwall Inc.'s expectations as of the date of
this press release. Outerwall Inc. undertakes no obligation to
update the information provided herein.
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SOURCE Outerwall Inc.