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.
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.
Director, Investor Relations
Vice President, Corporate Communications & Public Affairs
Joele Frank, Wilkinson Brimmer Katcher
Matthew Sherman / James Golden / Matthew Gross
SOURCE Outerwall Inc.