Premier Laser’s CEO Received Bonus, Raise Prior to Woes

Premier Laser Systems Inc.’s chief executive, Colette Cozean, received a 54% increase in her compensation package for the fiscal year ended March 31, before the company’s recent financial troubles surfaced.

Cozean netted a $100,000 bonus in November, in part for helping the Irvine company win regulatory approval for its dental laser--a milestone that sent its stock soaring to $14 a share last year, according to a report filed with the Securities and Exchange Commission.

She also received a 9% salary hike to $165,000 and options to purchase 1 million shares of stock, which are now worthless because of the stock’s slump this year.

Premier lost its sparkle this spring when the company had to restate its financial results for 1997 and posted unexpected charges. Its auditor also resigned.

Its financial problems are the target of investor lawsuits and investigations by securities regulators. The stock was valued around $4 when trading was suspended in May.

Directors on the compensation committee couldn’t be reached for comment Thursday.

A company spokesman said Cozean received her bonus in November and attributed it to “good management as the board saw it and the major-league home run they hit” in gaining approval from the Food and Drug Administration to sell its laser.

Cozean’s options, which expire in 2008, are exercisable at a price of $7.97.

Premier’s restated and reaudited results for the year ended March 31 show the company posted a loss of $38.2 million, or $3.34 a share, compared with a loss of $6 million, or $1.02, the prior year. Revenue more than doubled in the year to $10.4 million from $5.1 million.