That led to a disappointing financial performance in the fourth
Lowe regularly commuted to Redbox’s Illinois headquarters from white bandage dress Mill Valley, Calif. He previously was a founding executive at Netflix, which is headquartered close to that Northern California city.
Coinstar said in a statement that Lowe resigned “to pursue entrepreneurial and other interests,” but did not provide more details. The company said he would stay in his post until a new executive had been found and that an external search had already begun.
Together with Netflix, Redbox dominates the DVD rental business. Its growth was a key factor in the bankruptcy of Blockbuster, since acquired by Dish Network, and the shutdown of Hollywood Video.
However, many in Hollywood have become concerned that its $1-per-night rentals undermine more profitable video-on-demand transactions and disc sales. As a result, four of the six major studios either forbid or impose financial incentives discouraging Redbox from renting their until 28 days after the DVD goes on sale.
That led to a disappointing financial performance in the fourth quarter of last year when the company underestimated how big the effect of those delays would be on consumer demand. But Redbox’s business stabilized in the first quarter cheap herve leger dresses of 2011.
The company also announced a $250-million stock buyback and a new $450-million credit facility to pay down debt and for working capital.
Coinstar stock closed down less than 1% at $58.63 on Wednesday before Lowe’s resignation and the preliminary financial results were announced.
The news came on the same day that Dish Network revealed it would keep more than 1,500 Blockbuster stores open out of the approximately 1,700 it took over, more than many had anticipated. It also comes a week after Netflix unexpectedly hiked its prices, leading to a consumer outcry.
By selling two tablets, Lenovo is putting itself in an unenviable position. Rather than simply try to make customers get excited about a single tablet, the hardware maker must try and sell two different products aimed at two separate markets. In order to be successful at that, Lenovo needs to make it abundantly clear to customers that the ThinkPad is for businesses, and the K1 is for consumers. They should also be different enough to convince a tablet buyer that they should buy two tablets, one for their home and another for the office. If they seem too similar, Lenovo’s tablets could have trouble finding a suitable marketplace.
If Lenovo’s tablets shipped with Android 3.0, they would be failures out of the gate. But by offering Android 3.1, the tablets are on the same level as the Galaxy Tab 10.1, which also runs the operating system. Google’s first foray in the tablet space with Android 3.0 was a bit of a misstep, but most critics agree that version 3.1 is a fine improvement. Lenovo should make it clear to customers that unlike some other Android tablets, its products are running the best version yet of Google’s tablet platform.
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