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Coinstar 1st-Quarter Net Fell 58% As Redbox Slowdown Continues

Coinstar Inc.'s (CSTR) first-quarter profit fell 58% as the company continued to record decelerating growth in its Redbox DVD-rental business and expenses increased.Coinstar also plans to seek approval from shareholders to change its name to Outerwall Inc.Shares jumped 6.3% after hours to $58.50, however, as the company's adjusted earnings topped expectations, though revenue fell short. Through the close, the stock was up 5.8% since the start of the year.The company also raised its full-year earnings outlook while narrowing its revenue view. It now sees a profit of $5.05 to $5.55 a share on revenue of $2.39 billion to $2.55 billion, compared with its previously targeted earnings of $4.91 to $5.51 a share on revenue of $2.38 billion to $2.56 billion.For the current quarter, Coinstar targeted per-share earnings of 90 cents to $1.05 on revenue of $555 million to $580 million, while analysts predited a profit of $1.21 a share and revenue of $580 million. The company said the second quarter...

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