One of the requirements of being an ESOP is you must have an independent ESOP Valuation Team. The Valuation Team is comprised of individuals that are independent from SPAN so they can analyze our performance from an impartial and objective viewpoint. The purpose of the Team is to meet annually and set our company’s stock value. Their yearly analysis is based upon our performance from an operational, financial and future potential viewpoint.

The SPAN Board of Directors met with the Valuation Team last week. I am pleased to announce that the Valuation Team reported that like 2018, our 2019 fiscal year (calendar year) once again exceeded their expectations! The fact that 2019 was our strongest year-to-date financially, our Management Team remained stable and our future work backlog remains strong were key factors in their findings. While the stock price analysis is not yet complete, I think we can expect a favorable outcome in the coming months.

Once again, I want to thank everyone for your contribution toward making SPAN an outstanding employee owned company..

As many of our field personnel know, our need for steel erection supervision and manpower has increased dramatically since the beginning of last year. Until now, the entire burden of managing the field manpower has fallen upon Kenny Wisecup. As mentioned during our recent All Hands Teleconference, that management position has long outgrown one person. Finding the right person to fill that position has been a challenge. However, I am pleased to announce the Matt Hyde has agreed to join our Field Management Team on a full-time basis!

Matt is currently involved in two projects for SPAN in Phoenix. At the conclusion of the Microsoft and Fairlife Milk Products Plant projects, Matt will be dedicating 100% of his time to help manage the field operations. His goal is to help reduce the challenges that we currently face in the field.

Matt’s exact function and responsibilities will be defined and announced in the upcoming quarter.

Please join me in welcoming Matt in his new position. Matt can be reached at matt.hyde@spanconstruction.com.

I know there has been a lot of communication regarding the COVID-19 virus. We are fortunate that due to the nature of our business, we are exempt from the stay-at-home order. 

The COVID-19 virus is a serious matter. We had our first employee test positive for the virus at our jobsite in North Carolina.  I am happy to report that the employee is recovering and has reported they are feeling much better and is eager to get back to work soon.  I am not going to reiterate everything that has been conveyed to you previously, but I want to reemphasize five important points:

• Do not come to work if you are exhibiting symptoms of COVID-19 or have been exposed to someone who has been diagnosed with COVID-19. If you have symptoms of cough, fever, shortness of breath/breathing difficulties, or flu-like symptoms, do not come to work.  Coming to work with any of these symptoms is irresponsible and shows a lack of respect for your co-workers. If you have sick leave or vacation time, we encourage you to use it. If you are out of sick time, please talk to your supervisor and they will review the new paid sick leave act with HR and see what can be arranged for you.
• Whenever possible respect the 6’ social distancing rule.
• Sanitize your hands frequently with an alcohol based cleaner. Carry it with you and use it any time you touch surfaces that are touched by others.
• Refrain from touching your face unless you have sanitized hands.
• When you are not at work, I urge you to follow the shelter-in-place rules and only leave your home or hotel room when absolutely necessary to get food or essentials you may need.  This will help protect your family, those you work with, and help to keep from potentially spreading the virus to others in the community.

We have been given the opportunity to continue working while many others have not.  There are many people outside of SPAN who are worried about how they will pay their bills and support their families because they are unable to work. We are fortunate to have the ability to continue with production. That means we have the responsibility to practice good preventative measures while continuing to work. Let’s do our part to keep each other and our families safe!