This message board, as well as trading activity in Atrion's stock, has been nearly comatose of late. Probably an ideal situation for Mr. Battat, who continues to find great ways to enrich himself with this little investment vehicle. Did anyone notice that Mr. Battat recently was given a new employment contract which guarantees he will receive at least a 200% pay increase this year compared to the year 2000 level?
Mr. Battat received compensation of $250,000 in year 2000, according to SEC filings. That level of compensation is fairly typical for CEOs of small medical device firms like Atrion. This year he will get a base salary of $500,000 with an additional bonus that cannot be LESS than $250,000! And yes, the bonus could be increased if the BOD feels its appropriate. Incredible! No matter how poorly the company might perform, his "bonus" is locked in. And here I always thought these things were supposed to be based on results. Do you think the compensation system for the rank and file employees works the same way? Hmmm.
IMO, it is unconscionable for the CEO of a company this small to extract $750,000 per year in guaranteed compensation. This represents nearly 13% of Atrion's 2001 operating income! Amazing.
As I have stated many times before, top management is wringing the value out of this company for all its worth. I hope that long time shareholders are not being played as patsies, and that they're taking a lot of chips off the table.