Biolase Technology (NSDQ:BLTI) CEO Federico Pignatelli agreed to another year at a $1 salary as the dental laser maker met Wall Street’s 4th-quarter forecast with a whopping 35% top-line bump.
Pignatelli set his annual pay package at $1 and 35,000 shares of BLTI stock when he took the role of vice chairman in July 2010, a month after he was terminated as president, SEC filings show.
In August 2010, Biolase shareholders voted out the entire slate of directors up for re-election, except Pignatelli. An additional 5 directors resigned shortly thereafter, propelling Pignatelli into the corner office.
Pignatelli called out other corporate chiefs and government representatives to do the same.
"It is my firm belief that a CEO’s compensation should be tied only to the financial performance of the company he leads, and not to arbitrary, extravagant and exorbitant numbers decided by an irresponsible and friendly board of directors," he said in prepared remarks. "I invite the many other CEOs of American companies to follow my example, and I extend the invitation also to the politicians of our country that have brought the U.S. to this unsustainable level of debt and economic under-performance."
Biolase posted losses of $2 million, or 6¢ per share, on $13.2 million in sales during the 3 months ended Dec. 31, 2011. That compares with profits of $174,000, or 1¢ diluted EPS, on sales of $9.7 million during the same period in 2010.
Adjusted for 1-time items, most of which was tied to equity instrument and non-cash compensation, the company posted losses of 4¢ per share, on par with expectations on The Street.
Biolase narrowed its losses by more than 60% and nearly doubled its sales in fiscal year 2011, reporting losses of $4.5 million, or 15¢ per share, on sales of $48.9 million. That compares with losses of $12 million, or 38¢ per share, on sales of $26.2 million in 2010.
The company forecast Q1 2012 revenues at $11 million, a 43% bump from the same period last year, and set its FY2012 sales guidance at between $57 million and $60 million, representing growth of about 36%, according to a press release.
BLTI shares got some love on The Street today, trading 1.2% higher at $2.56 as of about 2:45 p.m.
