Hhgregg's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Hhgregg Inc. (HGG)

Q2 2012 Earnings Call

July 31, 2012 2:00 PM ET


Mike Smith – Chairman

Jeremy Aguilar – CFO

Dennis May – President and CEO


Mike Conley



Please go ahead.

Mike Smith

Good afternoon and welcome. My name is Mike Smith, and I am the Chairman of the Board of Directors of Hhgregg Inc. With me at the front of the room is Dennis May, our President and Chief Executive Officer, as well as Jeremy Aguilar, our Chief Financial Officer.

I’ll be presiding this meeting, and Jeremy will serve as our secretary. It is 2:00 p.m. or very near 2:00 p.m. and in accordance with the notice of the meeting, I call to order the Fifth Annual Meeting of Stockholders’ of Hhgregg.

Let me start by reviewing a few of the meeting procedures. There is a registration desk at the door, and we ask that all stockholders and all persons who have brought proxies in person to register and turn in their proxies. If there are any stockholders who have not registered or if there are persons who have brought proxies in person and have not turned them in, please attend to this matter now and as soon as possible so that we will have an accurate count of the number of shares represented at the meeting.

Before proceeding into the business of the meeting I would like to make certain introductions. I would like to introduce the current Directors of the company. The Directors in addition to myself or Larry Castellani, Benjamin Geiger, Catherine Langham, Dennis May, John Roth, Pete Starrett, Gregg Throgmartin, Kathleen Tierney, Gene Zink and Chuck Rullman, who could not be with us today.

I would also like to introduce those officers of the company who are in attendance. Jeremy Aguilar, who I previously introduced, Mike Stout, who is our Chief Administrative Officer, Trent Tailor, Chief Information officer, Charlie Young, our Chief Human Resource Officer and Mike Larimer, our Chief Merchandizing Officer.

Also present with us today is Mr. Paul Coates, a partner with the company’s independent auditors KPMG LLP. Paul will be available to respond to appropriate questions during the Q&A session of today’s meeting.

We’ll now conduct the business portion of our meeting, and vote on the two matters to be considered by the stockholders. Then following the conclusion of the business portion of the meeting, we will be available with a question-and-answer period.

We have two proposals to address today. First, the election of 11 directors, and second to ratify the appointment by the Audit Committee of the Board of Directors of KPMG, as the company’s independent auditors for the fiscal year ending March 13, 2013. These items have been more fully described on our notice of Annual Meeting and proxy statement, a copy of which is made available to all stockholders and is also available at this meeting.

Mrs. Jeanine Simon joins us today from Computershare, our registrar and transfer agent. Jeanine has been appointed as Inspector for the purpose of verifying and tabulating the votes of this Annual Meeting and has taken an oath to execute her duties, which will be filed with the minutes as a part of the record of the meeting.

The Secretary, Jeremy Aguilar has a list of all the stockholders of the company entitled to vote at the meeting. The list is available for your inspection during the meeting and has been made available at the company’s headquarters for the past 10 days. It was prepared by Computershare, and shows each shareholder of record and the number of shares earned by each shareholder on June 08, 2012 which was the record date for this meeting.

This meeting is being held pursuant to the notice of Annual Meeting and notice of internet availability of proxy material that was mailed on or about June 29, 2012 to stockholders of record as of June 08, 2012. A copy of the notice and the affidavit as to the mailing of the notice for the meeting will be filed with the minutes of the meeting.

Well, Secretary please report on the number of shares represented at the meeting either in person or by proxy.

Jeremy Aguilar

Mr. Chairman, as of the close of business from June 08, 2012, there were 36,087,226 shares of common stock of Hhgregg Inc outstanding and entitled to vote at the Annual Meeting. There are present in person to represent it by proxy. 29,039,858 shares of common stock out of the 36,087,226 shares of common stock entitled to vote at the meeting. This represents approximately 80% of the outstanding common stock of the company.

Mike Smith

I hereby declare a quorum is present and on behalf of the Board of Directors of the company, I would like to express my appreciation to all stockholders who returned their proxies. To facilitate the conduct of the meeting, we have asked certain stockholders prior to the meeting that they would propose and second motion for action.

I’d also like to point out that most of you are return proxies, authorized the person’s name in that proxies then film, and Jeremy J Aguilar to vote on all matters coming before the meeting.

Anyone who is voting their shares in person at this meeting must have registered at the door and obtained the ballot that will be used to record those votes. Anyone who owes proxies should identify the stockholder whose proxy is able and the number of shares which they are authorized to vote. If you’ve already voted, and you do not wish to change your vote, it will not be necessary for you to vote again at the meeting.

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