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Stock Valuation

Davey 2019 Year-End Stock Valuation

We have completed the 2019 year-end close and filed our Annual Report on Form 10-K with the SEC. I am pleased to report that 2019 produced another record year for sales and provided very good operating performance. 2019 revenues were $1,143,720,000, which is $118,929,000 higher than 2018, or 11.6%. We had $40,797,000 of net income which was substantially higher than the prior year. We will be providing our financial statements to all shareholders later next month in the proxy mailing and I encourage everyone to read our Annual Report for a full review of our financial results and a summary of the year. In 2019, the markets were up but volatile and our financial performance was very good so our stock valuation increased again this year. I am pleased to report that our new stock price is $24.20, which is a 7.1% increase from the mid-year price of $22.60, and an 14.7% increase over last year’s end price of $21.10.

We will reopen stock sales and purchase activity on Monday, March 16th. Congratulations to all on a great performance in 2019!