sotheby's (BID) Key Developments
Sotheby's Presents at 2014 AREAA Global and Luxury Summit, Apr-13-2014 10:30 AM
Apr 9 14
Sotheby's Presents at 2014 AREAA Global and Luxury Summit, Apr-13-2014 10:30 AM. Venue: Waldorf Astoria Hotel, New York, New York, United States. Speakers: C. Hugh Hildesley, Vice Chairman of Advisory Board.
Sotheby's - Shareholder/Analyst Call
Apr 8 14
Sotheby's - Shareholder/Analyst Call
Third Point LLC Files Lawsuit Against Sotheby's
Mar 25 14
Third Point LLC announced that it has sued Sotheby's and its board to fight the auction house's efforts to cap its stake in the company at 10%. The firm is Sotheby's large shareholder with a 9.6% stake. It has been pushing for changes at the company for some time, including shaking up its board. Third Point said in its lawsuit that Sotheby's shareholder rights plan, known as a poison pill, unfairly hampers its efforts to advocate for change. The plan limits activist investors like Third Point to smaller stakes than the 20% that passive investors can acquire. The hedge fund argues that the poison pill is not a reasonable response to prevent a takeover, but an attempt to thwart a proxy contest. Sotheby's, which adopted the plan in 2013, announced that it is similar to those adopted by other publicly traded companies in comparable situations. The company announced that the plan ensures that all its shareholders are treated fairly and limits the ability of anyone to seize control of the company without properly compensating shareholders.
Sotheby's Announces Executive Changes
Mar 13 14
Sotheby's announced that Jessica Bibliowicz, former Chairman and Chief Executive Officer of National Financial Partners Corp., and Kevin C. Conroy, President of Digital and Enterprise Development for Univision Communications Inc., have been nominated for election to Sotheby's Board of Directors at the Company's 2014 Annual Meeting. Ms. Bibliowicz is currently a Senior Advisor of Bridge Growth Partners. Mr. Conroy joins the Sotheby's Board with significant digital, advertising and media experience and an extensive background in managing popular global Web brands, including AOL, AIM and Netscape. Sotheby's also announced that Steven B. Dodge will be retiring from the Board and accordingly not standing for reelection at the 2014 Annual Meeting. In addition, after 14 years of service, Michael I. Sovern will be retiring from the Board and accordingly not standing for reelection at the 2014 Annual Meeting. Mr. Sovern served as Chairman of the Sotheby's Board for 13 years following his appointment in 2000. Since September 2013, Ms. Bibliowicz has served as Senior Advisor to Bridge Growth Partners.
Sotheby's Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
Feb 27 14
Sotheby's announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenues of $339,201,000 against $291,123,000 a year ago. Operating income was $144,935,000 against $124,650,000 a year ago. Income before taxes was $136,846,000 against $96,855,000 a year ago. Net income was $90,753,000 or $1.30 per diluted share against $66,091,000 or $0.96 per diluted share a year ago.
For the full year, the company reported total revenues of $853,678,000 against $768,492,000 a year ago. Operating income was $222,575,000 against $214,419,000 a year ago. Income before taxes was $185,693,000 against $159,436,000 a year ago. Net income was $130,006,000 or $1.88 per diluted share against $108,292,000 or $1.57 per diluted share a year ago. In 2013, Sotheby's reported record Consolidated Sales of $6.3 billion, a $930.5 million (17%) increase versus 2012 and net income of $130.0 million, a $21.7 million (20%) increase from the prior year. This improvement was made possible by a $24.7 million increase in fourth quarter net income as fourth quarter Net Auction Sales increased 28%, reflecting the continuing strength of the global art market as Sotheby's autumn sales of Asian Art in Hong Kong and Impressionist Art in New York significantly exceeded prior year results.