Mega Brands triples pay for top 2 execs
Toy maker's profits doubled in 2012
Mega Brands tripled compensation for its top two executives last year following a recovery in the toy maker's financial results.
Chief executive Marc Bertrand and his brother Vic, the chief innovation officer, earned nearly $3.18 million and $2.6 million respectively in 2012, mainly due to large bonuses along with share and option-based awards.
Meanwhile, Mega Brands' profits doubled in 2012 to $16.6 million as revenues grew 11.5 per cent to $420.3 million.
The details were filed with regulators Monday ahead of its annual meeting May 2.
The children's toy company didn't pay any bonuses or option-based awards to the two in 2011.
However, the CEO received $1.36 million in non-equity incentives and $743,673 in options in 2011. That's on top of $355,466 in share-based awards and a $650,903 base salary.
Vic Bertrand received $599,619 in base salary, a $1.16 million bonus, $495,783 worth of options and $245,182 in share-based awards.
The changes raised Marc Bertrand's total compensation 5.8 per cent above the level he received in 2010, while Vic Bertrand's package was 15.8 per cent higher.
Company had earned $8.3 million in 2011
The company earned $8.3 million in 2011 compared to $131.1 million in 2010. The 2010 results included a $144.3 million gain resulting from the recapitalization program.
Excluding one-time adjustments, net earnings increased to $12.3 million or 75 cents per share in 2011 compared to $900,000 or seven cents per share in 2010.
Thomas Prichard, head of stationery and activities, earned $470,632,00, up from $432,034 in 2011.
Chief financial officer Peter Ferrante received $460,580, compared to $358,160 a year earlier. Drew Stevenson, vice-president of North American sales, received $419,754 in his first full year with the company.
Mega Brands says it is looking at further expanding its Canadian toy manufacturing capacity and creating hundreds of jobs as it works on a five-year plan to rebuild the business from near collapse.
The toy maker said it is on the path to achieving its goal of delivering $500 million of annual sales by 2014.
Mega Brands manufactures a variety of toys including building block sets and puzzles.