BELLEVUE, Wash., Feb. 18, 2016 /PRNewswire/ -- Outerwall Inc.
(Nasdaq: OUTR) today issued the following statement in response to
a letter and presentation issued by Engaged Capital, LLC:
Outerwall welcomes the opinions of
its shareholders and remains open to constructive input toward the
goal of enhancing shareholder value. Outerwall's Board of Directors
and management team regularly review the Company's strategic
priorities and opportunities, and assess them against a variety of
strategic options. We are committed to driving value for all
Outerwall shareholders and will continue to take actions to achieve
this objective. The Board takes its fiduciary
responsibilities to shareholders seriously and always considers and
evaluates opportunities to drive shareholder value.
Outerwall has a long history of
open communications with all of our shareholders. While it is
unfortunate that Engaged Capital has chosen to initially share its
views in a public forum without first discussing them with
Outerwall, we will carefully review the Engaged Capital letter and
presentation and will continue to maintain an open dialogue with
Engaged Capital as we do with all of our shareholders.
Indeed, some of Engaged Capital's recommendations are
consistent with many initiatives currently underway at Outerwall,
including managing both Redbox and Coinstar for profitability and
cash flow.
Since learning of Engaged
Capital's ownership position in Outerwall less than two weeks ago,
our Company's executive management team as well as the Chairman of
the Board of Directors have engaged in several discussions with
Engaged Capital in an attempt to foster a constructive dialogue and
understand Engaged Capital's specific recommendations, which it has
declined to provide in our interactions to-date prior to releasing
its public letter.
Outerwall remains focused on
driving value for our shareholders by managing our businesses for
profitability and free cash flow, controlling costs and creating
efficiencies, while returning significant free cash flow to
investors.
About Outerwall
Outerwall Inc. (Nasdaq: OUTR) has more than 20 years of
experience creating some of the most profitable spaces for their
retail partners. The company 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.
Forward Looking Statement
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Words indicating future events,
performance, results and actions, such as "will" and "expect," and
variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that a
statement is not forward-looking. The forward-looking
statements in this press release include, among others, statements
regarding Company interactions with and actions relating to
investors and execution of business strategies.
Forward-looking statements are not guarantees of future actions,
events or performance, which may vary materially from those
expressed or implied in such statements. Differences may
result from, among other things, actions taken by the Company or
investors or other third parties, including those beyond the
Company's control. Such risks and uncertainties include, but
are not limited to, results of interactions with third parties,
including investors, actions by the Company's board and management
and investors, continuation of or changes in strategic and
financial objectives, and the ability to attract new or maintain
retailer relationships, penetrate or maintain markets and
distribution channels, and react to changing consumer
demands. The foregoing list of risks and uncertainties is
illustrative, but by no means exhaustive. For more
information on factors that may affect future performance, results
or actions, please review "Risk Factors" described in our most
recent Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q filed with the Securities and Exchange Commission
("SEC"), as well as other public filings with the SEC. These
forward-looking statements reflect the Company's expectations as of
the date hereof. The Company undertakes no obligation to
update the information provided herein.
Investor Contact:
Rosemary Moothart
Director, Investor Relations
425-943-8140
rosemary.moothart@outerwall.com,
Media Contacts:
Susan Johnston
Vice President, Corporate Communications & Public Affairs
425-943-8993
Susan.Johnston@outerwall.com
Joele Frank, Wilkinson Brimmer
Katcher
Matthew Sherman / James Golden / Matthew
Gross
212-355-4449
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SOURCE Outerwall Inc.