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|Pumpkin Pie Recipe Preheat the oven to 350 degrees F. Place 1 piece of pre made pie dough Moncler MAYA Men Down Jackets Dark Blue Doudoune down into a (9 inch) pie pan and press down along Moncler Book White Hoodies Spring Autumn Men the bottom and all sides. Pinch and crimp the edges together to make a pretty pattern. Put the pie shell back into the freezer for 1 hour to firm up. Fit a piece of aluminum foil to cover the inside of the shell completely. Fill the shell up to the edges with pie weights or dried beans (about 2 pounds) and place it in the oven. Bake for 10 minutes, remove the foil and pie weights and bake for another 10 minutes or until the crust is dried out and beginning to color. For the Moncler Jackets Women Down Gold Belt Zip Black filling, in a large mixing bowl, beat the cream cheese with a hand mixer. Add the pumpkin and beat until combined. Add the sugar and salt, and beat until combined. Add the eggs mixed with the yolks, half and half, and melted butter, and beat until combined. Finally, add the vanilla, cinnamon, and ginger, if using, and beat until incorporated. Pour the filling into the warm prepared pie crust and bake for 50 minutes, or until the center is set. Place the pie on a wire rack and cool to room temperature. Cut into slices and top each piece with a generous amount of whipped cream.
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Q4 2009 Earnings Call Transcript Good day, ladies and gentlemen, and welcome to the Coinstar, Incorporated conference call. My name is Chanel and I ll be your coordinator for today. At this time all participants are in a listen only mode. Later we will conduct a question and answer session. (Operator Instructions). I will now turn the conference to your host for today s call, Miss. Rosemary Moothart, Director of Investor Relations. Please proceed. Thank you, Chanel. Good afternoon everyone and welcome to our 2009 fourth quarter conference call. The speakers on the call will be Coinstar s CEO, Paul Davis; and our COO, Gregg Kaplan. Finance and Treasurer. Paul will provide an overview of Coinstar s key accomplishments in 2009 and discuss how Moncler Womenspring Autumn Long-Sleeved Grey Jacket the company is positioned for continued success in 2010. Gregg will discuss the businesses in more detail including 2010 initiatives. And then turn it back to Paul for a review of financial results and guidance. For the call today we have posted a slide presentation that Paul and Gregg will reference during their remarks. You will find a link on the home page of the investor relations section of our website. We ve also posted the fourth quarter press release which provides a reconciliation of differences between the GAAP and non GAAP financial measures that we may refer to during the call. The investor update we filed as an 8K earlier today is also posted on our website. During this call various remarks we make about future expectations, plans and prospects of the company constitute forward looking statements for the purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from expectations, plans and prospects contemplated in these forward looking statements as a result of various factors including those discussed in our recent 10Q filed with the SEC. And now I will turn the call over to Paul. Thanks Rosemary. Good afternoon and thank you for joining us on the call today. 2009 was the year of significant accomplishments for our company especially in light of some of the headwinds we faced. They are summarized on slide 3 and I would like to review a few of them with you beginning with the key financial highlights. Coinstar achieved an important milestone for the company surpassing $1 billion in revenue for the first time in our history, an increase of 50%. We produced adjusted EBITDA of $203 million up 35% and we generated $0.91 of EPS from continuing operations which includes a non cash impairment charge of $0.15 per share related to our money transfer business that we took in the fourth quarter as a result of our annual goodwill impairment testing. Our business achievements underscore the strong consumer retail partner relationships that position us for long term profitability. We added over 8700 DVD kiosks in 2009 giving us 22,400 kiosks at year end. We had over $365 million rentals and our share of the DVD rental market continued to grow ending the year at 16.8% up from 9% at the beginning go of 2009. In our Coin business we installed over 800 kiosks and completed our Wall Mart rollout and for the fourth year in a row we received a highly coveted 4th Wall Category Manager of the year award from Progressive Grocer. We expanded our partnerships with leading retailers in the supermarket, Moncler MOKA Women Down Coats Brown convenience, mass and drug channels. At Redbox we secured a number of key long term relationships including rollouts at Kroger, ATB and 7/11 stores. In our Coin business, both same Mart and Morrison s entered into new five year contracts and we are working to extend the number of retailers who have coin contract terms longer than three years. Also during 2009 we signed our first formal agreements with studios ensuring content for our consumers from Sony, Lionsgate, Paramount, Summit and Inciricle Entertainment. Following a very successful 2009 I would like to share with you our three areas of focus in 2010 that you see on slide four. Each quarter you can count on us updating you on our progress in these three very important areas. First delight and engage consumers. Our core businesses are built on providing consumers with a convenient and viable experience and we will continue to engage consumers through enhanced new services and offerings the coming year. We believe there is ample opportunity in all of our businesses whether it s DVD or Coin to enhance our consumer engagement. For instance the Redbox, iPhone App is one of the most popular free apps with over 900,000 downloads since its launch in November of 2009. Gregg will share additional details on some of our plans for 2010. Second, strengthened our partner relationships. Our partners include our retailers and our suppliers. We value these relationships and plan to enhance and expand them in 2010. Third, generate profitable growth. As I ve mentioned 2009 was a great financial year for Coinstar and our business is clearly winning with consumers and retailers. In 2010, we plan to continue to drive financial performance exemplified by revenue growth, free cash flow generation, improved ROIC and increased value for our shareholders. Our focus on consumers, partners and profitability will allow us to build on our current momentum and have a very successful 2010. And now I would now like to turn the call over to Gregg to share additional details for the coming year. Thanks Paul and good afternoon everyone. Today I ll discuss the exciting 2010 plans for our core businesses Coin and DVD. Let me begin with coin on slide six. The Coin business is an extremely solid business with healthy cash flow. It is been built over the years leveraging a strong patent portfolio that provides an effective barrier to entry. and Ireland. During the year we processed over $2.9 billion in coin, and generated $258.8 million in revenue and $88.6 million in operating profit equating to a 34% margin. We continue to be the leader in the self service coin processing market by wide margin. In short, the coin business is a strong business which continues to produce healthy and stable cash flow. However, there remains a significant opportunity for the coin business. At any point in time, there is between $7 billion and $10 billion coin circulation which means we don t process approximately 60% of the available coin. If we are to capture this untapped opportunity we need to become more creative, more innovative and more consumer focused. We need to think about our business less as simply coin counting and more as converting coins into commerce. To that end I would like to share our plans for 2010 and beyond. Some of these initiatives are well developed while are others are currently in a testing phase. Regardless of stage we believe this is the most robust pipeline of growth opportunities that Coin business has had for quite a long time. Turning to slide 7, our strategy can be summarized in 6 points of ours. First keep our installed base of machine flat in 2010 and drive growth to increasing transactions and our existing machine rather than relying on adding new machine to support our growth. We believe the key to growth for coin right now is same store sales and ROIC not new locations. Second implement a fee increase across all markets to enable us to drive profitability and to reinvest in the business. Third expand beyond the limited traditional gift card alternatives that formed the basis of our current Coin to Card program and offer broader options to consumers to convert their coins into commerce often in (inaudible). Fourth we refresh the look and feel of the kiosks through improvements in the user interface and the new look for our machines. Fifth market our machines effectively with the goal of driving profitability not just revenue and with greater involvement from our product partners and finally to support these initiatives, strengthen the platform by making strategic investments in our kiosks technology and infrastructure. We believe that in 2010 these initiatives will deliver at least 5% same store sales growth the first positive comp for coin in two years. Let me provide more details on some of these initiatives. Let s discuss the fee increase. fee increased occurred over 10 years ago. In those 10 years we ve seen the CPI increase by over 43% yet our fee has stayed the same. and from 9.8% to 11.9% in Canada. You might ask will we see a volume drop due to the fee increase? We don t believe we will. We have already taken our UK consumer fee from 7.9% to 8.9% following a 12 month market evaluation and all indications in our market tests and research indicate no impact to volume. In addition we have already communicated the fee increase to our retail partners and to date we have had positive support from them. Moving to innovation on slide eight, there are several programs I would like to highlight. We had an excellent fourth quarter in coin to card program in terms of growth yet this portion of our business is still relatively small. We believe we will attract more consumers especially those averse to paying a fee by increasing the options available to them. Given that we re now focusing on three areas, expanded coin to card. We believe that adding more flexible coin to card options has the potential to be a game changer. During the fourth quarter we began according to Albertsons gift card pilot in approximately 75 Albertson stores in the Seattle area. So far it has shown great results. In just 12 weeks this card has become the number one coin to card choice in those locations and has led to an increase in total coin volume with only marginal cannibalization of our existing card offerings. Helping retailers keep a larger portion of the $2.9 million processed in their stores is a significant win for them. We believe other retailer owned card programs like this in which the card offering is spent on everyday necessity such as groceries we ll have the meaningful impact on bringing new consumers to Coinstar. Coin to commerce, we are also looking beyond traditional gift cards to broader consumer commerce opportunities which may hold completely untapped potential. For example we could offer consumers the ability to deposit coin into established financial accounts pay bills or use the coin kiosk as a way of accessing cash from deposit accounts. Stay tune for more details. Greater card partner support; the growing number of our online retail partners who historically relied on credit and debit card transactions have now begun to focus on the cash consumer. During the fourth quarter, Amazon became our first card partner to market Coinstar promotion with both the presence on the website and e mail to their consumers. We expect additional partners to follow suite in 2010. To increase consumer engagement, we recently formed a rapid prototyping team that is responsible for the development of new features and enhance the consumer experience, drive repeat usage. The first enhancement developed by the team was the addition of a simple consumer capture tool. We believe a consumer s e mail address can open the door to providing personalized user experience. Based on pilot results, we would expect to add over 250,000 consumer e mail addresses per month. This team is also developing functionality, we call the split transaction. The Coinstar machine would count the coins first and then allow consumers to split the transaction between options such as cash voucher, gift card, online account or charitable donation. Today consumers must choose how to spend their coin before discounted. We believe the split transaction feature will offer enhanced usability and drive more visits. Turning to slide nine, we re also testing an enhanced kiosk look and feel. Our look has not changed for nearly eight years, and we fear our familiar green machine can sometimes fade into the background. As a result we tasked our design team with the goal of coming up with some out of the box design which will stand Moncler Gilet Men out in the credit grocery store. We will be testing five new kiosk panel designs during the first quarter of 2010 and evaluating the results to determine their potential for roll out. We also plan to increase our focus on consumer marketing as you see in slide 10. We believe that consumer marketing can play an important role as we target new fee resisting consumers and remind current consumers that we are their most convenient coin conversion solution.
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