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The Entertainment Merchants Association |
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VSDA Board of Directors Meeting Summary VSDA Board of Directors Meetings July 13, 2004 - Las Vegas,Nevada
The VSDA Board of Directors discussed the following agenda topics and took the indicated actions at its July 13, 2004 meeting, held in Las Vegas, Nevada. I. Ratification of Minutes The Board unanimously ratified the minutes from its March 19 and June 8, 2004 meetings. II. Ratification of New Members Upon a motion duly made and seconded, the Board voted unanimously to accept 38 membership applications received between March 2 and June 29, 2004. III. Financial Report The Board reviewed the Association's audited financial statements for the year ending December 31, 2003. The audited year-end financial statements showed revenues of $2,892,662, expenses of $2,537,235, and net income in 2003 of $355,427 on an accrual basis. The performance was $346,490 better than the budgeted net income of $8,936. It was noted that the auditors expressed an unqualified opinion on the financial statements, they found the financial statements to be in accord with Generally Accepted Accounting Principles, and there were no advisory comments, internal control matters noted, or material weaknesses identified. Staff reported on the preliminary financial results for the first half of 2004. It was noted that the Association's net revenues were approximately 5% better than budget, with Joint Venture income higher than budget, but offset by shortfalls in interest income and dues revenue. IV. HEE Issues The Board was briefed on the exhibitors, sponsored events, and program elements of VSDA's Home Entertainment 2004. It was forecast that the show would meet or exceed its budget goals. The Board reviewed the plans for the Home Entertainment Retail Expo, to be held in Baltimore on September 21-22. The show will feature two seminar tracks, one on retailer operations and one on home entertainment products, a pre-show half-day program on innovations in home entertainment retailing, and a retreat session presented by IDEA. Attendees at the VSDA were offered pre-registration for the Home Entertainment Retail Expo. It was reported that exhibit sales for the 2005 AVN Adult Entertainment Expo are strong. In addition, the Board was informed that the Expo will feature a trade-only day, an expanded trade-only exhibit area, and a separately branded GAYVN Expo area for gay and lesbian product. V. Independent Dealers of Entertainment Association Members of the Board of Trustees of the Independent Dealers of Entertainment Association (IDEA), formerly known as iGroup, briefed the Board on their progress in establishing the new autonomous division of VSDA. The IDEA Trustees informed the Board that they had developed new benefits and products for independent video retailers, established a communications network, created an organizational structure, refined their budget, and assembled a staff. In addition, they announced their new name, the "Independent Dealers of Entertainment Association." The Trustees stated that their next goal is to recruit more members. VI. Potential Merger with NARM The Board was updated on the ongoing discussions with the National Association of Recording Merchandisers (NARM) regarding a potential merger, which are being conducted through a joint VSDA/NARM Steering Committee. It was noted that, following NARM's approval of the Letter of Intent, the VSDA Executive Committee appointed the VSDA members of the Steering Committee and delegated to them strategic responsibility and negotiating authority. Upon a motion duly made and seconded, the Board unanimously approved a resolution reaffirming its commitment to the Letter of Intent regarding discussions exploring the possibility of a merger of the two associations or other mutually beneficial strategic relationship and the continuation of discussions with NARM through the Steering Committee. VII. Video Piracy The Board discussed the motion picture industry's responses to piracy. Upon a motion duly made and seconded, it unanimously adopted a resolution that affirms VSDA's commitment to fighting video piracy through consumer education, litigation, legislation, technology, and lawful alternatives. The complete text of the resolution is available here. VIII. Data Standardization and NARM/VSDA Joint Database The Board was updated on VSDA's activities with the World Wide Retail Exchange toward the development of a standardized database of information on entertainment products. The Board also reviewed the implementation strategy of the proposed NARM/VSDA joint product information database for CDs, videos, and video games, created as a project of the NARM/VSDA Operations Committee and which is scheduled to begin including DVD data in late 2004. IX. High Definition DVD The Board discussed various roles for the Association in assisting its members in making the transition to high definition DVD. Staff was instructed to outline a plan, possibly including retailer education and communication and retailer-supplier discussions, for presentation to the Board at its next meeting. X. Organizational Meeting of the 2004-2005 Board At the organizational meeting of the 2004-2005 Board of Directors, the following were elected as officers of VSDA for 2004-2005: Bob Geistman, Chairman of the Board Netflix, Inc. and Circuit City Stores, Inc., assumed seats on the Board, to be represented by Ted Sarandos and Leigh Ann Moore, respectively. In addition, Ingram Entertainment, Inc. (represented by Bob Geistman), Hastings Entertainment, Inc. (represented by Steve Hicks), and Amazon.com, Inc. (represented by Jeff Belle) began new terms on the Board. XI. Other Issues The Board received a report on the Association's government affairs activities. The Board thanked outgoing Directors Adrian Hickman and Martha Sims and outgoing chairman Tom Warren for their service and presented a token of appreciation to each.
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