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Previous: DEFINED ASSET FUNDS MUNICIPAL INVT TR FD MON PYMT SER 77, 497, 1996-11-15 |
Next: JANUS INVESTMENT FUND, DEFS14A, 1996-11-15 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q/A
Quarterly Report Pursuant to Section 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 28, 1996 Commission File No. 0-11917
THE DAVEY TREE EXPERT COMPANY
(Exact name of Registrant as specified in its charter)
OHIO 34-0176110
(State of Incorporation) (IRS Employer Identification No.)
1500 North Mantua Street
P. O. Box 5193
Kent, OH 44240-5193
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (330) 673-9511
Number of Common Shares Outstanding as of November 11, 1996: 4,499,306
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months and (2) has been subject to such filing requirements for
the past ninety (90) days.
YES X NO
--------- ---------
*This 10-Q/A is being submitted to amend the Registrant's 3rd quarter 1996 10-Q
net earnings per common share from continuing operations, net earnings per
common share, and the weighted average number of common shares outstanding,
including common stock equivalents for the quarter and year to date, 1996.
Page 1
<PAGE> 2
THE DAVEY TREE EXPERT COMPANY
CONSOLIDATED STATEMENTS OF NET EARNINGS
THREE MONTHS ENDED SEPTEMBER 28, 1996 AND SEPTEMBER 30, 1995
(DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
SEPTEMBER 28, 1996 SEPTEMBER 30, 1995
---------------------------------- -------------------------------
REVENUES $ 70,337 100.0% $ 61,972 100.0%
----------- ------------ ----------- ------------
COSTS AND EXPENSES
<S> <C> <C> <C> <C>
Operating 47,604 67.7 42,391 68.4
Selling 9,290 13.2 8,188 13.2
General and Administrative 4,148 5.9 3,477 5.6
Depreciation and Amortization 3,736 5.3 3,428 5.6
----------- ------------- ----------- ------------
TOTAL COSTS AND EXPENSES 64,778 92.1 57,484 92.8
----------- ------------- ----------- ------------
EARNINGS FROM OPERATIONS 5,559 7.9 4,488 7.2
INTEREST EXPENSE (558) (0.8) (634) (1.0)
OTHER EXPENSE - NET (18) (24)
----------- ------------- ----------- ------------
EARNINGS BEFORE INCOME TAXES 4,983 7.1 3,830 6.2
INCOME TAXES 1,957 2.8 1,570 2.5
----------- ------------- ----------- ------------
NET EARNINGS $ 3,026 4.3% $ 2,260 3.7%
=========== ============= =========== ============
NET EARNINGS PER COMMON SHARE
FROM CONTINUING OPERATIONS $ 0.61 $ 0.46
=========== ===========
NET EARNINGS PER COMMON SHARE $ 0.61 $ 0.46
=========== ===========
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING, INCLUDING
COMMON STOCK EQUIVALENTS 4,955,874 4,869,440
=========== ===========
</TABLE>
See Notes to Consolidated Financial Statements
Page 2
<PAGE> 3
THE DAVEY TREE EXPERT COMPANY
CONSOLIDATED STATEMENTS OF NET EARNINGS
NINE MONTHS ENDED SEPTEMBER 28, 1996 AND SEPTEMBER 30, 1995
(DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
September 28, 1996 September 30, 1995
-------------------------------- ------------------------------
<S> <C> <C> <C> <C>
REVENUES $ 204,629 100.0% $ 169,631 100.0%
----------- ------------- ----------- -------------
COSTS AND EXPENSES
Operating 141,932 69.3 119,353 70.4
Selling 26,113 12.8 22,113 13.0
General and Administrative 12,654 6.2 10,829 6.4
Depreciation and Amortization 10,767 5.3 9,742 5.8
----------- ------------- ----------- -------------
TOTAL COSTS AND EXPENSES 191,466 93.6 162,037 95.6
----------- ------------- ----------- -------------
EARNINGS FROM OPERATIONS 13,163 6.4 7,594 4.4
INTEREST EXPENSE (1,638) (0.8) (1,866) (1.1)
OTHER INCOME/(EXPENSE) - NET 134 0.1 (65)
----------- ------------- ----------- -------------
EARNINGS BEFORE INCOME TAXES 11,659 5.7 5,663 3.3
INCOME TAXES 4,582 2.2 2,322 1.4
----------- ------------- ----------- -------------
EARNINGS FROM CONTINUING OPERATIONS 7,077 3.5 3,341 1.9
DISCONTINUED OPERATIONS - NET 236 0.1
----------- ------------- ----------- -------------
NET EARNINGS $ 7,077 3.5% $ 3,577 2.0%
=========== ============= =========== =============
NET EARNINGS PER COMMON SHARE
FROM CONTINUING OPERATIONS $ 1.47 $ 0.68
=========== ===========
NET EARNINGS PER COMMON SHARE $ 1.47 $ 0.73
=========== ===========
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING, INCLUDING
COMMON STOCK EQUIVALENTS 4,830,028 4,894,092
=========== ===========
</TABLE>
See Notes to Consolidated Financial Statements
Page 3
<PAGE> 4
THE DAVEY TREE EXPERT COMPANY
PART II: OTHER INFORMATION
--------------------------
ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
On May 21, 1996, the Registrant held its annual meeting of
shareholders. The shareholders voted to:
a. Elect the following persons to serve as directors for a term
to expire on the date of the annual meeting in 1999:
John W. Joy
R. Douglas Cowan
ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter for which
this report is filed.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
THE DAVEY TREE EXPERT COMPANY
BY: /s/David E. Adante
------------------------------
David E. Adante
Executive Vice President, CFO and
Secretary-Treasurer
BY: /s/Bradley L. Comport
------------------------------
Bradley L. Comport
Corporate Controller
November 15, 1996
Page 4
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