-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VFqlAqxaJUO4fiKtHV5eMp3z0J7yGeF0bX1MCqQK/Lhb4tmJUAX+5OzB/NoelauC Ci0N96aPLmsel+ONRRcPMg== 0000277638-99-000005.txt : 19990701 0000277638-99-000005.hdr.sgml : 19990701 ACCESSION NUMBER: 0000277638-99-000005 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAVEY TREE EXPERT CO CENTRAL INDEX KEY: 0000277638 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE SERVICES [0700] IRS NUMBER: 340176110 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 000-11917 FILM NUMBER: 99655817 BUSINESS ADDRESS: STREET 1: 1500 N MANTUA ST STREET 2: P O BOX 5193 CITY: KENT STATE: OH ZIP: 44240-5193 BUSINESS PHONE: 3306739511 MAIL ADDRESS: STREET 1: 1500 NORTH MANTUA STREET STREET 2: P O BOX 5193 CITY: KENT STATE: OH ZIP: 44240-5193 11-K 1 THE DAVEY 401KSOP AND ESOP Financial Statements for the Years Ended December 31, 1998 and 1997; Supplemental Schedules for the Year Ended December 31, 1998, and Independent Auditors' Report THE DAVEY 401KSOP AND ESOP TABLE OF CONTENTS - -------------------------------------------------------------------------------- - ---- PAGE ---- INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997 AND FOR THE YEARS THEN ENDED: Statements of Net Assets Available for Benefits 2-3 Statements of Changes in Net Assets Available for Benefits 4-5 Notes to Financial Statements 6-8 SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 1998: Item 27a - Schedule of Assets Held for Investment Purposes 9 Item 27d - Schedule of Reportable Transactions 10 [DELOITTE & TOUCHE LLP LETTERHEAD] INDEPENDENT AUDITORS' REPORT To the 401KSOP and ESOP Committee The Davey 401KSOP and ESOP Kent, Ohio We have audited the accompanying statements of net assets available for benefits of The Davey 401KSOP and ESOP (the "Plan") as of December 31, 1998 and 1997, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1998 and 1997, and the changes in net assets available for benefits for the years then ended in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) assets held for investment purposes as of December 31, 1998, and (2) schedule of reportable transactions for the year ended December 31, 1998 are presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information by fund in the statements of net assets available for benefits and the statements of changes in net assets available for benefits is presented for the purpose of additional analysis rather than to present the net assets available for benefits and changes in net assets available for benefits of the individual funds. The supplemental schedules and supplemental information by fund are the responsibility of the Plan's management. Such supplemental schedules and supplemental information by fund have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole. /s/ Deloitte & Touche LLP Cleveland, Ohio June 18, 1999 THE DAVEY 401KSOP AND ESOP STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1998 - -------------------------------------------------------------------------------- - ----
SUPPLEMENTAL INFORMATION BY FUND -------------------------------- NON-PARTICIPANT DIRECTED -------------- THE DAVEY TREE TOTAL EXPERT COMPANY PARTICIPANT TOTAL STOCK FUND DIRECTED ----- -------------- ------------ ASSETS: Investments, at fair value: Common stock $ 47,639,232 $ 47,101,888 $ 537,344 Registered investment companies 1,621,143 1,621,143 Collective funds 1,382,597 391,118 991,479 -------------- --------------- ------------ Total investments 50,642,972 47,493,006 3,149,966 Receivables: Employer's contribution 450,144 450,144 Interest receivable 1,163 1,163 -------------- --------------- ------------ Total receivables 451,307 451,307 -------------- --------------- ------------ NET ASSETS AVAILABLE FOR BENEFITS $ 51,094,279 $ 47,944,313 $3,149,966 ============== =============== ============ See notes to financial statements. SUPPLEMENTAL INFORMATION BY FUND ----------------------------------------------------------------------- -------------------------------------------------- PARTICIPANT DIRECTED ----------------------------------------------------------------------- -------------------------------------------------- PRISM MONEY VICTORY EB EQUITY FRANKLIN TEMPLETON THE DAVEY TREE MARKET INTERMEDIATE INDEX SMALL CAP MUTUAL GROWTH EXPERT COMPANY FUND INCOME FUND FUND GROWTH FUND DISCOVERY FUND FUND STOCK FUND ------------- ------------ ------------- ------------ -------------- ------------- -------------- $ 537,344 $ 184,594 $ 577,975 $ 385,524 $ 473,050 $ 193,158 $ 765,842 32,479 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 193,158 184,594 765,842 577,975 385,524 473,050 569,823 ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ $ 193,158 $ 184,594 $ 765,842 $ 577,975 $ 385,524 $ 473,050 $ 569,823 ============ ============ ============ ============ ============ ============ ============ THE DAVEY 401KSOP AND ESOP STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS DECEMBER 31, 1997 - -------------------------------------------------------------------------------- - ---- SUPPLEMENTAL INFORMATION BY FUND -------------------------------- NON-PARTICIPANT DIRECTED --------------- THE DAVEY TREE TOTAL EXPERT COMPANY PARTICIPANT TOTAL STOCK FUND DIRECTED --------------- -------------- ------------ ASSETS: Investments, at fair value: Common stock $41,450,438 $41,231,097 $ 219,341 Registered investment companies 749,730 749,730 Collective funds 780,405 376,785 403,620 ------------- -------------- ----------- Total investments 42,980,573 41,607,882 1,372,691 Receivables: Employer's contribution 404,472 404,472 Participants' contributions 47,763 47,763 Interest receivable 1,448 1,448 ------------- -------------- ----------- Total receivables 453,683 405,920 47,763 ------------- -------------- ----------- NET ASSETS AVAILABLE FOR BENEFITS $43,434,256 $42,013,802 $1,420,454 ============== ============== =========== See notes to financial statements. SUPPLEMENTAL INFORMATION BY FUND ----------------------------------------------------------------------- -------------------------------------------------- PARTICIPANT DIRECTED ----------------------------------------------------------------------- -------------------------------------------------- PRISM MONEY VICTORY EB EQUITY FRANKLIN TEMPLETON THE DAVEY TREE MARKET INTERMEDIATE INDEX SMALL CAP MUTUAL GROWTH EXPERT COMPANY FUND INCOME FUND FUND GROWTH FUND DISCOVERY FUND FUND STOCK FUND ------------ ------------ ------------ ------------ -------------- ---------- -------------- $ 219,341 $ 87,796 $ 252,225 $ 187,203 $ 222,506 $ 90,435 $ 289,982 23,203 ------------ ------------ ------------ ------------ -------------- ---------- -------------- 90,435 87,796 289,982 252,225 187,203 222,506 242,544 2,371 2,410 10,234 9,850 6,890 8,676 7,332 ------------ ------------ ------------ ------------ -------------- ---------- -------------- 2,371 2,410 10,234 9,850 6,890 8,676 7,332 ------------ ------------ ------------ ------------ -------------- ---------- -------------- $ 92,806 $ 90,206 $ 300,216 $ 262,075 $ 194,093 $ 231,182 $ 249,876 ============ ============= ============= ============ ============ ============ ============ THE DAVEY 401KSOP AND ESOP STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1998 - -------------------------------------------------------------------------------- - ---- SUPPLEMENTAL INFORMATION BY FUND -------------------------------- NON-PARTICIPANT DIRECTED --------------- THE DAVEY TREE TOTAL EXPERT COMPANY PARTICIPANT TOTAL STOCK FUND DIRECTED --------------- -------------- ------------ ADDITIONS: Participant contributions $ 1,522,723 $1,522,723 Employer contributions - common shares 450,144 $ 450,144 Net appreciation (depreciation) in fair value of investments 8,959,219 8,818,019 141,200 Dividend and interest income 705,676 608,045 97,631 --------------- ------------- ------------ Total additions 11,637,762 9,876,208 1,761,554 --------------- ------------- ------------ DEDUCTIONS: Distributions to participants: Cash 3,334,526 3,303,593 30,933 Common shares 581,495 581,495 Administrative expenses 61,718 60,609 1,109 --------------- ------------- ------------ Total deductions 3,977,739 3,945,697 32,042 --------------- ------------- ------------ TRANSFERS BETWEEN FUNDS - NET --------------- ------------- ------------ NET ADDITIONS 7,660,023 5,930,511 1,729,512 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 43,434,256 42,013,802 1,420,454 --------------- ------------- ------------ End of year $ 51,094,279 $47,944,313 $3,149,966 ============================= ============ See notes to financial statements. SUPPLEMENTAL INFORMATION BY FUND ----------------------------------------------------------------------- -------------------------------------------------- PARTICIPANT DIRECTED ----------------------------------------------------------------------- -------------------------------------------------- PRISM MONEY VICTORY EB EQUITY FRANKLIN TEMPLETON THE DAVEY TREE MARKET INTERMEDIATE INDEX SMALL CAP MUTUAL GROWTH EXPERT COMPANY FUND INCOME FUND FUND GROWTH FUND DISCOVERY FUND FUND STOCK FUND ------------ ------------ ------------ ------------ -------------- ---------- -------------- $ 78,783 $ 82,450 $ 331,815 $ 310,277 $ 219,907 $ 262,064 $ 237,427 6,741 1,871 130,339 8,711 (37,624) (64,450) 95,612 4 7,203 16 7,904 23,463 53,242 5,799 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 85,528 91,524 462,170 326,892 205,746 250,856 338,838 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 1,631 2,326 7,338 6,474 1,554 5,791 5,819 24 24 89 67 49 61 795 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 1,655 2,350 7,427 6,541 1,603 5,852 6,614 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 16,479 5,214 10,883 (4,451) (12,712) (3,136) (12,277) ------------ ------------ ------------ ------------ ------------ ------------ ------------ 100,352 94,388 465,626 315,900 191,431 241,868 319,947 92,806 90,206 300,216 262,075 194,093 231,182 249,876 ------------ ------------ ------------ ------------ ------------ ------------ ------------ $ 193,158 $ 184,594 $ 765,842 $ 577,975 $ 385,524 $ 473,050 $ 569,823 ============ ============ ============ ============ ============ ============ ============ THE DAVEY 401KSOP AND ESOP STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS YEAR ENDED DECEMBER 31, 1997 - -------------------------------------------------------------------------------- - ---- SUPPLEMENTAL INFORMATION BY FUND -------------------------------- NON-PARTICIPANT DIRECTED --------------- THE DAVEY TREE TOTAL EXPERT COMPANY PARTICIPANT TOTAL STOCK FUND DIRECTED --------------- -------------- ------------ ADDITIONS: Participant contributions $ 1,323,529 $1,323,529 Employer contributions - common shares 404,472 $ 404,472 Net appreciation (depreciation) in fair value of investments 12,535,387 12,496,367 39,020 Dividend and interest income 616,208 557,760 58,448 --------------- ------------- ------------ Total additions 14,879,596 13,458,599 1,420,997 --------------- ------------- ------------ DEDUCTIONS: Distributions to participants: Cash 1,117,208 1,117,208 Common shares 10,373 10,373 Administrative expenses 43,969 43,426 543 --------------- ------------- ------------ Total deductions 1,171,550 1,171,007 543 --------------- ------------- ------------ TRANSFERS BETWEEN FUNDS - NET --------------- ------------- ------------ NET ADDITIONS 13,708,046 12,287,592 1,420,454 NET ASSETS AVAILABLE FOR BENEFITS: Beginning of year 29,726,210 29,726,210 --------------- ------------- ------------ End of year $ 43,434,256 $42,013,802 $1,420,454 ============================= ============ See notes to financial statements. SUPPLEMENTAL INFORMATION BY FUND ----------------------------------------------------------------------- -------------------------------------------------- PARTICIPANT DIRECTED ----------------------------------------------------------------------- -------------------------------------------------- PRISM MONEY VICTORY EB EQUITY FRANKLIN TEMPLETON THE DAVEY TREE MARKET INTERMEDIATE INDEX SMALL CAP MUTUAL GROWTH EXPERT COMPANY FUND INCOME FUND FUND GROWTH FUND DISCOVERY FUND FUND STOCK FUND ------------ ------------ ------------ ------------ -------------- ---------- -------------- $ 91,170 $ 88,208 $ 279,947 $ 251,707 $ 183,698 $ 229,103 $ 199,696 1,652 618 20,718 (1,540) (7,758) (24,539) 49,869 54 2,038 221 10,319 17,061 26,528 2,227 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 92,876 90,864 300,886 260,486 193,001 231,092 251,792 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 543 ------------ ------------ ------------ ------------ ------------ ------------ ------------ 543 ------------ ------------ ------------ ------------ ------------ ------------ ------------ (70) (658) (670) 1,589 1,092 90 (1,373) ------------ ------------ ------------ ------------ ------------ ------------ ------------ 92,806 90,206 300,216 262,075 194,093 231,182 249,876 ------------ ------------ ------------ ------------ ------------ ------------ ------------ $ 92,806 $ 90,206 $ 300,216 $ 262,075 $ 194,093 $ 231,182 $ 249,876 ============= ============ ============ ============ ============ ============ ============ THE DAVEY 401KSOP AND ESOP NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 1998 AND 1997 - -------------------------------------------------------------------------------- - ---- 1. DESCRIPTION OF THE PLAN The following brief description of The Davey 401KSOP and ESOP (the "Plan") (formerly The Davey Tree Company Employee Stock Ownership Plan) is provided for general information purposes only. Participants should refer to the Plan agreement for a more complete description of the Plan's provisions. GENERAL - On March 15, 1979, The Davey Tree Expert Company (the "Employer" or "Company") consummated a plan which transferred control of the Employer to its employees through an Employee Stock Ownership Plan (the "ESOP"). At December 31, 1996, all of the 2,880,000 shares sold to the ESOP had been allocated to the participants in the Plan. Accordingly, effective January 1, 1997, an amendment was adopted which renamed and restated the Plan in its entirety to incorporate a deferred savings plan (401(k) plan) feature. The Plan retained the existing ESOP assets and participant accounts. The Plan is a qualified defined contribution plan covering all domestic employees who have attained age 21, completed one year of continuous service and who are not members of a collective bargaining unit. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Key Trust Company of Ohio, N.A. (the "Trustee") serves as the Plan's trustee. CONTRIBUTIONS - Contributions made by the participants are limited to the amount allowed by the Internal Revenue Service with a weekly minimum contribution of $5. The Company contributes 50 percent of the first 3 percent of compensation that a participant contributes to the Plan. Employer contributions are made in either cash or the Employer's common stock. PARTICIPANT ACCOUNTS - Each participant's account is credited with the participant's contribution and allocations of (a) the Employer's contribution and (b) Plan earnings and charged with an allocation of administrative expenses. Allocations are based on the participant's selected investment mix. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. VESTING - Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company's matching contribution plus actual earnings thereon is based on years of continuous service. A participant is 100 percent vested after five years of continuous service, retirement (at 65 years of age or early retirement), permanent disability or death. INVESTMENT OPTIONS - Upon enrollment in the Plan, a participant may direct employee contributions in any of seven investment options; however, a participant may not elect to invest more than 25 percent of their contribution in The Davey Tree Expert Company Stock Fund. PRISM MONEY MARKET FUND - Based on the prospectus, funds are invested in high-grade money market instruments. VICTORY INTERMEDIATE INCOME FUND - Based on the prospectus, funds are invested in bonds issued by corporations and obligations of the U.S. Government and its agencies or instrumentalities. EMPLOYEE BENEFITS EQUITY INDEX FUND - Based on the prospectus, funds are invested in a diversified portfolio of common stocks included in the Standard and Poor's 500 Index designed to replicate the performance of the Standard & Poor's 500 Index. 1. DESCRIPTION OF THE PLAN (Continued) FRANKLIN SMALL CAP GROWTH FUND - Based on the prospectus, funds are invested in common stocks of small and medium sized companies. FRANKLIN MUTUAL DISCOVERY FUND - Based on the prospectus, funds are invested in common and preferred stocks, debt securities and convertible securities of small sized companies. Approximately 50 percent of the funds are invested in foreign investments. TEMPLETON GROWTH FUND - Based on the prospectus, funds are invested in common stocks and debt obligations of companies and governments in the U.S. and abroad. THE DAVEY TREE EXPERT COMPANY STOCK FUND - Funds are invested in common stock of The Davey Tree Expert Company and can be temporarily invested in the EB Money Market Fund. Participants may change their investment options quarterly. PAYMENT OF BENEFITS - Participants who terminate may elect to receive distributions of vested benefits either in the form of cash or common shares of the Company. Shares are to be distributed in a lump-sum whereas, at the option of the participant, cash may be distributed either in lump-sum or monthly, quarterly, or annual installments over a period not exceeding either the participant's normal life expectancy, or the normal life expectancy of the participant and their beneficiary. Former participants wishing to sell their shares must offer such shares first to the Plan and then to the Employer. FORFEITED ACCOUNTS - During the years ended December 31, 1998 and 1997, forfeited nonvested amounts totaled $165,408 and $7,735, respectively. These amounts are used to reduce future Employer contributions. VOTING RIGHTS - Each participant is entitled to exercise voting rights attributable to the shares allocated to his or her account and is notified by the Trustee at least thirty days prior to the time such rights are to be exercised. The Trustee is not permitted to vote any share for which instructions have not been given by a participant. ESOP - The ESOP was a non-contributory defined contribution plan, the assets of which were invested in common shares of the Employer. Participation and vesting requirements were the same as those of the Plan. The ESOP was funded solely by the Employer's contributions to the ESOP in such an amount, if any, as determined by the Employer's Board of Directors. During the period that the debt under the loan agreement was outstanding, the Employer, as guarantor, agreed to make contributions to the ESOP which would be sufficient, along with all dividends and other earnings of the ESOP, to enable the Trustee to make payments of the principal and interest due under the loan agreement. Allocations of the Employer's common shares were made to participants' accounts as of the Plan's year-end. The number of shares released from collateral and available for allocation was determined by dividing the sum of the current year loan principal and interest payments by the sum of the current and future years principal and interest payments. As of December 31, 1996, all 2,880,000 shares had been released from collateral. Of the 2,880,000 shares released, 242,795 shares have been distributed to participants and 1,010,090 shares have been sold to the Employer primarily to fund cash distributions to terminated participants through December 31, 1996. The remaining 1,627,115 shares were allocated to the participants at a current value of $18.20 per share or $29,613,493 ($1,525,420 at cost) at December 31, 1996. Allocations of shares were made to participants based on the ratio of each participant's W-2 earnings to the earnings of all participants, subject to certain limitations as defined by the ESOP. Participant forfeited nonvested accounts were allocated in the same manner among the remaining eligible participants and former participants. 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING - The financial statements of the Plan are prepared on the accrual basis of accounting. Investment Valuation and Income Recognition - The Plan's investments are stated at fair value. Shares of registered investment companies are valued at quoted market prices which represent the net asset value of shares held by the Plan at year-end. Collective funds are stated at fair value as measured by Key Asset Management, Inc., an affiliate of the Trustee, based on the fair market value of the underlying investments of each collective fund. The fair value of the Employer's common stock is based upon a common stock valuation performed by an independent stock valuation firm. Purchases and sales of securities are recorded on a trade-date basis. Interest and dividend income is recorded on the accrual basis. PAYMENT OF BENEFITS - Benefits are recorded when paid. ADMINISTRATIVE EXPENSES - Costs of administering the Plan are paid by the Employer, except for trustee and recordkeeping fees, Company stock valuation services and audit fees, which are paid by the Plan. USE OF ESTIMATES - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates RECLASSIFICATIONS - Reclassifications have been made to the prior-years financial statements to conform to the current year presentation.. 3.RELATED PARTY TRANSACTIONS Certain plan investments are shares of investment funds managed by Key Trust Company. Key Trust Company is the Trustee and, therefore, these transactions qualify as party-in-interest. Fees paid to the Trustee by the Plan amount to $48,614 and $20,785 for the years ended December 31, 1998 and 1997, respectively. 4. TERMINATION OF THE PLAN Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts. 5. TAX STATUS OF THE PLAN The Internal Revenue Service has determined and informed the Company by a letter dated November 14, 1998 that the Plan is qualified and the trust established under the Plan is tax-exempt under the appropriate sections of the Internal Revenue Code (IRC). The Plan administrator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, they believe that the Plan was qualified and the related trust was tax-exempt as of the financial statement date. * * * * * * THE DAVEY 401KSOP AND ESOP ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES DECEMBER 31, 1998 - -------------------------------------------------------------------------------- - ---- (a) (b) (c) (d) (e) IDENTITY OF ISSUER, BORROWER, CURRENT LESSOR OR SIMILAR PARTY DESCRIPTION OF INVESTMENT COST VALUE ------------------------------------------------------------- -------------- -------------- * Key Trust Company of Ohio, N.A. Prism Money Market Fund - 16,127 units $ 184,819 $ 193,158 * Key Trust Company of Ohio, N.A. Victory Intermediate Income Fund - 18,875 units 182,145 184,594 * Key Trust Company of Ohio, N.A. Employee Benefits Equity Index Fund - 1,562 units 615,669 765,842 * Key Trust Company of Ohio, N.A. Employee Benefits Money Market Fund - 423,597 units 423,597 423,597 Franklin Templeton Franklin Small Cap Growth Fund - 25,608 shares 570,429 577,975 Franklin Templeton Mutual Discovery Fund - 22,427 shares 428,970 385,524 Franklin Templeton Templeton Growth Fund - 28,897 shares 561,381 473,050 * The Davey Tree Expert Company 1,488,726 Common Shares 2,013,943 47,639,232 ------------ $50,642,972 ============ * Represents a party-in-interest. THE DAVEY 401KSOP AND ESOP ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS YEAR ENDED DECEMBER 31, 1998 - -------------------------------------------------------------------------------- - ---- (a) (b) (c) (d) (e) (f) (g) (h) (i) CURRENT VALUE IDENTITY EXPENSE OF ASSET ON OF DESCRIPTION PURCHASE SELLING LEASE INCURRED TRANSACTION NET GAIN OR PARTY OF ASSET PRICE PRICE RENTA WITH COST OF DATE (LOSS) INVOLVED --------- --------- L TRANS
EX-13 2 EXHIBIT 13 INDEPENDENT AUDITORS' CONSENT The Davey Tree Expert Company We consent to the incorporation by reference in Registration Statement No. 333-24155 of The Davey Tree Expert Company on Form S-8 of our report dated June 28, 1999, appearing in this Annual Report on Form 11-K of The Davey 401KSOP and ESOP for the year ended December 31, 1998. /s/ Deloitte & Touche LLP Cleveland, Ohio June 29, 1999 -----END PRIVACY-ENHANCED MESSAGE-----