Address: 1 HSN Drive, St. Petersburg, FL 33729; (727) 872-1000; www.hsn.com/
Business: Multichannel retailer with nation's second largest TV shopping channel, a growing online presence and a half-dozen mail order catalogs
Ticker symbol, market: HSNI, NASDAQ
CEO: Mindy Grossman
Employees: 5,137 full time, 836 part time
Revenue: $2.8 billion, down 3 percent
Net loss: ($2.4 billion)
Per share: ($42.54)
Return on equity: (149 percent)
Biggest challenge: Back on its own as a public company for the second half of 2008 after 13 years in Barry Diller's InterActiveCorp, the nimble TV shopping pioneer led its industry in sales gains through a recessionary slump with a new look and by shifting air time to what people were buying. Results were dragged on by home furnishings and fashion catalogs and huge goodwill writedowns left over from Diller days. "Our business has stabilized, but going forward we have to maximize our business model, managing inventory in real time to changes in customer behavior," said chief executive Mindy Grossman.
HSN's first annual meeting in 12 years a closely held affair
HSNÕs first annual meeting in 12 years was a sparsely attended private affair. Held at the TV shopping networkÕs St. Petersburg headquarters May 19, only shareholders with proxy cards in hand were waved through the guardhouse gate.
The press and other outsiders were barred.
"It's standard practice to limit annual meetings to shareholders and, since this was our first as a public company again, we decided weeks ago to make it shareholders only,Ó said Mindy Grossman, chief executive officer of HSN Inc.
In addition to shareholder votes on corporate governance, most public companies use their required annual meetings as a forum to field shareholdersÕ questions about performance and strategy while staging a media event for the press and securities analysts.
HSNÕs last annual meeting drew only a half-dozen individual investors and a lone reporter. It was the second one presided over by former chairman and chief executive Barry Diller. The first, staged in the network call center/studios, drew 200 to hear his plans for the network. The following year, Diller, who controlled three-quarters of the companyÕs shares, saw no need even for other directors to show up for the session in a small conference room, but he did take questions.
At HSN on Tuesday, the whole affair lasted about 15 minutes, Grossman said. Attending were fewer than two dozen people, 10 of them directors who were re-elected, and most of HSNÕs top executives. No rank-and-file employees or other investors made it. But people there represented voting power of 93 percent of outstanding shares.
Will Grossman open the meeting next time?
ÒIÕll consider it,Ó Grossman replied. ÒBut I have a whole year.Ó
—Mark Albright, Times Staff Writer
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