Bottomline execs got big pay raises in 2012

The top three executives of Portsmouth-based Bottomline Technologies earned $5.2 million in compensation in fiscal year 2012 — more than a 50 percent increase over 2011, the company disclosed in its proxy.

The nine members of the board of the cloud-based provider of financial services products paid themselves another $920,000.CEO Robert Eberle's compensation package was slightly more than $3 million, over a million dollars more than in fiscal 2011, with $2.5 million in stock awards. Nigel Savory, managing director in Europe, was paid $1.2 million (a 49 percent increase), followed by chief financial officer.

Kevin Donovan, who was paid $861,000 (a 43 percent raise). Among board members, chairman Joseph Mullen received the highest compensation — $191,000, mostly due to a consulting agreement the former CEO signed in 2010.The increases came despite a drop-off in the company's net income from $35.9 million in 2011 (or $1.07 per diluted share) to $1.7 million, or a nickel a share.

But much of that decrease was due to more than a $1 million swing in taxes.

Last year's income before taxes was $7.3 million, which was still more than $3 million less than the previous year.

In terms of revenue, Bottomline reported some $224.3 million in 2012 — more than an 18 percent increase from the previous year. The company also made three acquisitions in fiscal 2012, including Intuit's commercial banking division, Logical Progression Group and IDT Ltd., all of which cost the company $23.8 million.

Shareholders as of Sept. 26 will get a chance to approve or disapprove the company's executive compensation – by proxy or in person – in a nonbinding advisory vote at the Nov. 15 annual meeting in Portsmouth.

While there have been some protest votes rejecting executive compensation packages since such advisory votes were required two years ago, none have been recorded in votes involving New Hampshire-based public companies.