Hooker Furnishings Corporation (HOFT) Earnings Call Transcript & Summary

Okay. Earl, thank you. At this point, I'd like to charge you and [ Jesse Poti ] from American Stock Transfer to secure the number of shares of common stock represented. Can you give a report?

Yes, sir. Proxies were received representing 91.4% of the 11,871,228 votes entitled to be cast as of our record date of April 13, 2020.

All right. So we have a quorum. And the meeting is now officially in order. The stockholders who are present have been handed the minutes from the 2019 Annual Meeting. At this point, I'll ask for a motion to approve those minutes.

So moved.

Anne Jacobsen Smith, thank you for that. Do I have a second?

Paul Huckfeldt, second.

Paul, thank you. All in favor, say aye. [Voting]

I suppose the minutes from last year's meeting are approved. At this point, we only have a handful of executives in the room here, but we have all of our directors and Wayne Smith, the partner in charge of our audit with KPMG, online on the phone to answer any questions. So at this time, I would ask if there are any questions here for Wayne Smith with KPMG?

No question.

No questions.

Being none, we'll move to new business. The first item of business is the election of directors for the following year. The company moves that the following individuals be nominated to serve on the Board of Directors for the next fiscal year: Myself, Paul B. Toms Jr.; W. Christopher Beeler Jr., Paulette Garafalo, Tonya Jackson, Larry Ryder, Ellen Taaffe and Henry Williamson Jr. I'll ask for a second to that motion.

So moved.

Anne Smith, thank you for seconding that. Earl, can you give us the results of the proxy vote?

Yes, sir. The slate of directors was elected. Each director candidate received votes in the affirmative of at least 98.2% of total votes cast.

Right. Thank you. The second item of business on our agenda today is a motion to approve the 2020 amendment and restatement of the Hooker Furniture Corporation's stock incentive plan. And I'll ask for a second to that motion.

I'll second that.

Paul Huckfeldt, thank you. Earl, can you give us the results of the proxy vote on that?

Yes, sir. The amendment and restatement of the stock incentive plan was approved, with 97.9% of votes cast in the affirmative.

Great. Thank you. The third item of business is a motion to ratify the selection of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending January 31, 2021. I'll ask for a second to that motion.

I'll second that motion.

Anne Smith, thank you for that. Earl, what were the results of the vote on the audit firm?

And the selection of KPMG was ratified with 99.1% of votes cast in the affirmative.

Thank you very much. And the fourth item of business on our agenda is the motion for the advisory vote to approve named executive officer compensation. This is a nonbinding advisory vote. May I have a second to that motion?

I'll second that.

Paul Huckfeldt, thank you. Earl, what were the results of the vote on compensation.

The advisory vote on executive officer compensation was approved, with 99.1% of votes cast in the affirmative.

All right. Thank you. Thanks to all the shareholders that approved those 4 motions in -- through your proxies. There is no other items on our agenda, but I would like to take this opportunity to recognize John Gregory's 38 -- 32 years of service since 1988. On our Board. John has been a phenomenal board member, a great legal mind, but also just a great insight into so many of the things that we discuss on the Board. He's chaired several committees. He's been supportive of -- very supportive of the Board, and he's been a great resource for all of us in management as well. So we appreciate his 32 years of service and wish him well. At this point, I'll ask for a motion for adjournment.

Paul Huckfeldt. I second the motion.

Paul, thank you. We have a second to that?

I second.

Anne, thank you. All in favor, say Aye. [Voting]

The meeting is adjourned. Thank you for joining us.