-Smart & Final Inc.
Chief Executive Etienne Snollaerts made nearly $1.7 million in 2004 in salary, bonus and other compensation, up 157 percent from $643,667 earned in 2003, according to the company’s annual proxy statement filed with the Securities and Exchange Commission.
The amount included a base salary of $611,721, nearly twice what Snollaerts earned in 2003, plus a bonus of $975,000, more then four times the 2003 bonus of $206,250. Snollaerts didn’t exercise any stock options in 2004 and was granted 150,000 new shares, compared with 100,000 in the prior year.
Snollaerts was promoted from chief operating officer to chief executive last May.
On Wednesday, Smart & Final shares fell as much as 23 percent as investors reacted to its first-quarter results reported after markets closed on Tuesday.
Shares of the City of Commerce-based foodservice warehouse chain closed down 15.6 percent at $10.21 each. The company reported first-quarter net income of 10 cents per diluted share, down from 20 cents per share in the year-ago period.
– Jamdat Mobile Inc.
acquired Blue Lava Wireless LLC for about $137 million and said that its first-quarter revenue would be above its prior outlook.
Jamdat said it would report first quarter revenue of $15 million, above its previous forecast of $14.1 million.
The L.A.-based wireless interactive game company also said the acquisition of Blue Lava, which gives it a 15-year worldwide license for mobile games based on “Tetris,” would add 10 cents per share to its 2005 earnings. According to the Yahoo Finance Web site, analysts on average were expecting the company to earn 53 cents a share this year.
– Mossimo Inc.
said that its board formed a special committee of independent directors to review a bid by founder and majority shareholder Mossimo Giannulli to take the company private. On April 11, Giannulli offered to buy all of the Santa Monica-based apparel company’s outstanding publicly held common shares for $4 per share.
The company said three directors Robert Martini, William Halford and Brett White would consider Giannulli’s bid with Houlihan Lokey Howard & Zukin consulting as a financial advisor. The board also engaged Los Angeles-based law firm Gibson Dunn & Crutcher.
