Coinstar adjusts Q4 earnings after settlement

Bellevue-based Coinstar has adjusted its fourth-quarter and fiscal 2009 earnings results following a legal settlement related to its E-Payment business.

The company said Apparel Sales Inc. has settled a 2005 action filed against one of its E-Payment subsidiaries for $4 million, dismissing the complaint with prejudice.

Coinstar, which operates coin-counting machines and video rental kiosks, has already collected $500,000 of the $4 million settlement and said the latest settlement expense will be reflected as a write-off of 7 cents per diluted share in its fourth-quarter results.

Fourth-quarter and fiscal 2009 revenues will remain the same, but fourth-quarter net income will be $3.4 million, or 11 cents per diluted share, compared with the $5.5 million, or 18 cents per diluted share, announced earlier this month.

Coinstar will report a net income of $53.7 million, or $1.76 per diluted share, for fiscal 2009, compared with its previously reported $55.6, or $1.83 per diluted share.