Friday, July 31, 2015

Outerwall Takes Charge On EcoATM Weakness

Bellevue-based Outerwall said Thursday that it has taken a $85.9M goodwill impairment charge, due to issues with performance at its EcoATM unit. EcoATM--which Outerwall acquired for $350M back in 2013--saw an operating loss increase to $92.8 million in the second quarter, on revenues of only $26.1M. The company said the loss came due to an increase in direct operating expenses associated with the increase in the installed kiosk base. Outerwall's EcoATMs take in tradeins of mobile phones and other electronic devices, and are installed at malls and other public locations.