America's Car-Mart Execs Do Without Bonuses

America's Car-Mart's disappointing bottom line in its most recent fiscal year was reflected in the compensation its top executives received, the proxy statement filed this week shows.

Car-Mart's net income for the year that ended April 30 was $21.1 million, down 34 percent from the previous fiscal year, despite a 5 percent increase in revenue to $489.2 million.

Neither William H. "Hank" Henderson, CEO, nor CFO Jeffery A. Williams received cash incentive payments in the year that ended April 30, as they had in the two previous years.

Henderson's salary in fiscal 2014 was unchanged at $440,000, and it was augmented by only $27,859 in "other" compensation, including retirement and insurance benefits an $1,010 for Christmas. The previous year he had received a $25,000 bonus and $101,338 in other cash incentives.

Williams got a raise in his base pay, from $330,000 in the year that ended in 2013 to $346,500 in the most recent year. But like Henderson, he got not bonus or incentive pay besides the $26,768 in benefits and reimbursements (including $580 for Christmas).

Eddie L. Hight was paid $232,231 for the seven months that he spent as chief operating officer in fiscal 2014, and he did get a $10,000 bonus. He retired from that position on Nov. 30. Hight also received $59,133 for reimbursement of expenses under the company's executive health insurance plan, and he realized $321,865 by exercising stock options.

Neither Henderson nor Williams exercised stock option during fiscal 2014.

Hight is currently serving as associate development manager, and he is on the slate of board members nominated for re-election at the annual shareholders meeting next month.

Also nominated for a new position on the board is Kenny Gunderman, an executive vice president with Stephens Inc. of Little Rock. His election will expanded the size of the board from six to seven.

The proxy statement filed with the Securities & Exchange Commission on Wednesday revealed several other things:

  • The shareholders meeting will be held at 10 a.m. on July 30 at the corporate headquarters, 802 S.E. Plaza Ave., in Bentonville.
  • Invesco Ltd. of Atlanta has increased its ownership stake in to 17.6 percent in the past year. In June 2013, it owned 10 percent of the chain of buy-here, pay-here used car lots.
  • Bares Capital Management Inc. of Austin, Texas, which wasn't among the major shareholders a year ago, now owns 10.9 percent of the company, and Royce & Associates LLC has pumped up its stake from 7.2 percent last year to 9.1 percent this year.