12
THE DAVEY BULLETIN
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May/June 2019
DAVEY EXCEEDS $1 BILLION, EMPLOYEE-OWNERSHIP
HISTORY CELEBRATED AT SHAREHOLDERS' MEETING
Growth and success defined the Davey Company in 2018,
as the company surpassed a record-setting $1 billion in
annual revenue.
Davey President and CEO Pat Covey explained to attendees
of the 2019 Davey Shareholders' Meeting, held at the Davey
Institute in May, that all the company's operations grew
their sales to contribute to the historic revenue figure.
"We reached $1 billion two years earlier than planned,"
he said.
Vision 20/20, the company's strategic plan introduced in
2013, originally set a goal of reaching $1 billion in annual
revenue by 2020. Davey saw $108 million in annual
revenue growth in 2018 to reach $1,024,791,000.
40-YEAR ANNIVERSARY
This year Davey celebrates 40 years of employee-ownership.
Davey Chairman Karl Warnke and Joe Paul, executive vice
president, chief financial officer and secretary, both
touched on the value and importance of Davey remaining
an employee-owned firm.
Paul said Davey shares have split 192-1 since the employee
acquisition in 1979, when shares were valued at $22.50
at the time of the sale from the Davey family to
the employees.
"The $22.50 offering price in 1979 multiplied by 192
would be $4,320," Paul said. "Management's view on this
is we've been given a legacy we want to continue, and
that is an employee-owned company which is great for
all who participate in employee-ownership. We want to
promote this and continue the stock price appreciation."
Two men in attendance at the shareholders' meeting
also were present at the March 15, 1979, signing when
ownership of the company officially transferred to the
employees. Warnke recognized William Ginn, Sr., and
R. Douglas Cowan. Ginn is a retired director of the
company who served as legal counsel during the employee-
acquisition. Cowan, retired chairman, president and CEO,
served on the employee-ownership committee that
facilitated the employee acquisition.
2019 FIRST-QUARTER SUCCESS
Covey said that for the first time in five years the company
finished the first quarter of this year with a positive operating
profit of 1.4 percent.
"During the first quarters we consistently lose money,
MISSION
