Archive for April, 2012

QVC’s Parent To Report First-Quarter Earnings May 8

April 11, 2012

QVC’s parent company, Liberty Interactive Corp., will release its first-quarter earnings May 8 at 11:00 a.m., the company announced Wednesday.

Greg Maffei, Liberty Interactive’s president and CEO, will host the call. He will discuss the company’s financial performance and may discuss the proposed creation of the Ventures Group tracking stock, as well as other forward looking matters.

Please call Premiere Conferencing at (888) 554-1432 or (719) 325-2118 at least 10 minutes prior to the call. Callers will need to be on a touch-tone telephone to ask questions. The conference administrator will provide instructions on how to use the polling feature.

Replays of the conference call can be accessed through 11:00 a.m. (ET) on May 15th, by dialing (888) 203-1112 or (719) 457-0820 plus the passcode 9137419#.

In addition, the first quarter earnings conference call will be broadcast live via the Internet. All interested participants should visit the Liberty Interactive Corporation website at to register for the web cast. Links to the press release and replays of the call will also be available on the Liberty Interactive website. The conference call and related materials will be archived on the website for one year.

About Liberty Interactive Corporation

Liberty Interactive (Nasdaq: LINTA, LINTB) owns interests in a broad range video and online commerce businesses including QVC, Provide Commerce,, Celebrate Interactive,, Evite, and Expedia.

Additional In

HSN To Report First-Quarter Results May 2

April 11, 2012

HSN will release its first-quarter 2012 results May 2 at 8 a.m. before the market opens, the home shopping network announced Wednesday.

CEO Mindy Grossman and Judy Schmeling, executive vice president and chief financial officer, will hold a conference call at 9 a.m. to review these results.

Those interested in participating in the conference call should dial 877-307-0246 or 224-357-2394 at least five minutes prior to the call.

There will also be a simultaneous audio webcast available via the company’s website at A replay of the conference call can be accessed until May 16 by dialing 800-585-8367 or 404-537-3406, plus the pass code 69178033 and will also be hosted on the company’s website for a limited time.

Artist And ShopNBC Vendor Thomas Kinkade Dies At Age 54

April 7, 2012

Artist and ShopNBC vendor Thomas Kinkade has died at the very young age of 54.

Kinkade passed away Friday, apparently of natural causes, in his home in Los Gatos, Calif., according to the Associated Press.

“Kinkade’s sentimental paintings were beloved by middlebrow America but reviled by the art establishment,” AP reported. “They generally depict tranquil scenes, such as country homes with lush landscaping and streams running nearby. Many contain images from Bible passages”

Well, the artsy set may not have liked Kinkade’s work, but ShopNBC did. He sold some of his wares there.

Kinkade apparently called himself the nation’s most collected living artist. He did an estimated $100 million in sales annually, and his works are reportedly in 10 million homes.

RIP Thomas.

HSN Rock God Jay King’s Green Turquoise Bowls — And Wedding Band

April 7, 2012

Sorry we’ve been remiss in posting. Work is a bitch.

But we did find time this week to watch portions of HSN’s Designer Jewelry Day, including rock god Jay King.

Two interesting things on that front. We remember a few year’s back when callers would ask about King’s personal status, and hosts would say that he was “taken,” that he had a girlfriend.

Well, we noticed that King is now wearing a wedding band. Congrats on the marriage Jay!

And even though King’s company, Desert Rose, is in New Mexico, he is apparently living in Vero Beach, Fla.

Secondly, King said that he will be bringing in both blue and green turquoise bowls. He has done bowls made out of blue turquoise and lapis before, and they always sell out in a flash. He’s never had green turquoise.

There will be 500, so keep your eyes peeled. They sell like hotcakes, even though they are several hundred dollars each.

ShopNBC CEO Keith Stewart’s Base Salary Alone Is A Tidy $650,000

April 3, 2012

What the hell is going on over at ValueVision Media Inc., better known as ShopNBC?

ShopNBC made several eye-popping filings with the Securities and Exchange Commission (SEC) Monday.

But here’s bottom line: ShopNBC CEO Keith Stewart’s base salary is $650,000. That would buy a lot of Chuck Clemency jewelry.

The first SEC filing was a copy of a rather ominous letter dated Jan. 26 from the SEC to ShopNBC CEO Keith Stewart, referring to information in a proxy statement.

“Please revise your disclosure to describe the factors that led to the material increase in Mr. Stewart’s compensation in 2010 versus 2009. We note your disclosure on page 22 under ‘Base Salary’ that Mr. Stewart elected to receive restricted stock in lieu of cash for a large portion of his base compensation in fiscal 2009, but this does not appear to
explain the material increase in Mr. Stewart’s compensation,” the SEC said in its letter.

In a Feb. 9 letter, ShopNBC responded to the SEC’s questions regarding Stewart’s salary.

Mr. Stewart was hired by the Company as President and Chief Operating Officer on August 27, 2008. In lieu of his $500,000 annual base salary for his first year of employment, Mr. Stewart elected to receive $500,000 worth of restricted stock, which was awarded in 2008. On January 29, 2009, Mr. Stewart was promoted to Chief Executive Officer. In connection with this promotion, his annual base salary was increased to $650,000 and he was to be awarded 500,000 options to purchase common stock.

Since Mr. Stewart had previously agreed to have $500,000 of compensation payable from August 27, 2008 through August 27, 2009 paid in restricted stock that was granted in 2008, Mr. Stewart effectively received $215,068 of base salary as restricted stock in 2008 and $284,932 of his 2009 base salary as restricted stock, all of which was received in 2008 and reported in the table as received in 2008.

In 2009, Mr. Stewart received an additional $361,539 of cash as base salary bringing his effective 2009 annualized base salary to $650,000, the same as his 2010 base salary.

In the Company’s definitive proxy statement for its 2012 annual meeting of shareholders, the Company will include the $284,932 of restricted stock received in 2008 that constituted Mr. Stewart’s 2009 base salary under the salary column for 2009 compensation bringing his total salary for 2009 to $646,471. The Company will footnote this disclosure to reflect that $284,942 of the 2009 salary was received at the election of Mr. Stewart as restricted stock that was issued in 2008.

As mentioned above, pursuant to his 2009 employment agreement with the Company entered into in connection with his promotion to Chief Executive Officer, Mr. Stewart was entitled to receive a grant of options to purchase 500,000 shares of common stock at the same time as stock options were granted to executive officers of the Company generally.

These options were not granted in 2009. In 2010, Mr. Stewart’s employment agreement was amended so that he was entitled to receive this grant of options to purchase 500,000 shares of common stock if he remained employed by the Company through the date of the earliest of the following events that occurred during the 2010 fiscal year: (1) stock options are granted generally to other executive officers of the Company; (2) the public announcement of the results for a fiscal quarter in which the Company reported a positive adjusted EBITDA for such fiscal quarter or (3) an “Event” as defined under the Company’s 2001 Omnibus Stock Plan.

On November 18, 2010, the Company publicly announced $0.6 million of adjusted EBITDA for its fiscal third quarter ended October 30, 2010 triggering the Company’s obligation to grant Mr. Stewart these 500,000 options, which options had a grant date fair value of $1,083,363 under FASB ASC Topic 718. This was a significant milestone for the Company and reflected the Company’s first quarter of positive adjusted EBITDA since the fourth quarter of fiscal 2007. These options, which were to be granted in 2009, were the sole difference between Mr. Stewart’s 2010 compensation and 2009 compensation.

In the Company’s definitive proxy statement for its 2012 annual meeting of shareholders, the Company will add the disclosure in the prior paragraph to its Compensation Discussion and Analysis.

HSN Catches Some Fireflies: Its Founders Mouth A Quote In Unison

April 3, 2012

HSN Inc. has done a little shopping itself.

The company’s Cornerstone Brands unit has acquired Chasing Fireflies LLC, a direct-to-consumer premium children’s and family lifestyle brand, the company announced Monday. The purchase to meant to allow HSN to participate in a fast-growing business with unique and proprietary products, strong customer loyalty and high digital penetration.

The purchase price wasn’t disclosed.

“We are excited about the opportunity to partner with the innovative team at Chasing Fireflies as we build and diversify our interactive, direct to consumer portfolio of content driven lifestyle businesses,” HSN CEO Mindy Grossman said in a canned statement. “This acquisition will leverage Cornerstone’s strong infrastructure, customer file and digital platform to drive additional growth for the brand.”

According to the press release, Chasing Fireflies co-founders Dina Alhadeff, Amy Grealish and Lori Liddle “stated collectively” that “We are delighted to join HSNI where we can further accelerate the growth in our business. Our entrepreneurial spirit complements HSNI’s culture of driving innovation, creating differentiated brands and content and leveraging multichannel customer experiences to reach new levels of performance.”

Say what? Did they all say this quote in unison? Some PR type was too lazy to draft quotes for all three of them, more likely.

The co-founders will continue to run the business and oversee day-to-day operations from their office in Seattle, while working closely with the Cornerstone team, led by CEO Mark Ethier, to drive growth.

Chasing Fireflies generated net sales of about $39 million last year.

Here is the boilerplate on Chasing Fireflies:

Founded in 2006, by three co-founders, Chasing Fireflies is a leading children’s and family lifestyle brand offering keepsake-quality apparel, gifts, accessories, and unique treasures through both digital commerce and traditional catalog sales channels.

Chasing Fireflies has rapidly developed a market reputation as the go-to provider for premium, differentiated, unique and novel children’s clothing, costumes, and celebration categories. Chasing Fireflies’ mission is to “charm, surprise, and delight” by taking the customer on a treasure hunt within its vast merchandise offering.