MELBOURNE, Fla., Nov. 8 /PRNewswire-FirstCall/ -- The Goldfield
Corporation (AMEX:GV), a leading provider of electrical
construction services in the southeastern United States and a
developer of condominiums on Florida's east coast, today announced
results for the three and nine months ended September 30, 2007.
Revenues for the nine months ended September 30, 2007 were $17.7
million and the Company had an operating loss of $3.0 million,
compared to revenues of $38.4 million and operating income of $4.6
million in the nine months ended September 30, 2006. Revenues for
the three months ended September 30, 2007 were $6.6 million and the
Company had an operating loss of $1.0 million, compared to revenues
of $12.1 million and operating income of $1.2 million in the three
months ended September 30, 2006. The decline in results during the
2007 periods reflects a slowdown in our electrical construction
operations and the continuing weakness in the Florida condominium
market. For the three and nine months ended September 30, 2007, the
electrical construction segment had revenues of $6.5 million and
$20.5 million, respectively, compared to $8.9 million and $30.6
million, respectively, in the comparable prior year periods, and
operating income of $279,000 and $963,000, respectively, compared
to $1.1 million and $4.9 million, respectively, in the comparable
prior year periods. These decreases were primarily due to the
slowdown noted above as well as unanticipated costs associated with
customer-initiated delays arising during the course of certain
projects. The real estate development segment had nominal revenues
for the three months ended September 30, 2007, and negative
revenues of $2.8 million for the nine months ended September 30,
2007, (resulting from the reversal of $7.2 million of previously
recognized revenues) compared to revenues of $3.2 million and $7.8
million, respectively, in the comparable prior year periods, and
operating losses of $635,000 and $1.8 million, respectively,
compared to operating income of $819,000 and $1.8 million,
respectively, in the comparable prior year periods. These decreases
were due to the reversal of previously recognized revenues and
income as a result of customer defaults on contracts to purchase
condominium units, as well as a re-valuation of our unsold
condominium units. Net loss for the nine months ended September 30,
2007 was $1.7 million or $0.07 per share, compared to net earnings
of $3.0 million or $0.12 per share in the comparable prior year
period. Net loss for the three months ended September 30, 2007 was
$271,000 or $0.01 per share, compared to net earnings of $913,000
or $0.04 per share in the comparable prior year quarter. John H.
Sottile, Goldfield's President and Chief Executive Officer
commented, "Recent developments indicate that we are seeing a
rebound in our electrical construction operations. As we previously
announced, Southeast Power was recently selected to partner with a
major utility in a multi-year project involving the upgrading of
46.2 miles of transmission line to support load growth in central
Florida. Work has commenced on this project in the fourth quarter.
In addition, three other construction projects on which work had
been suspended are being resumed in the fourth quarter." Mr.
Sottile continued, "With respect to our real estate development
operations, our recently commenced marketing efforts and price
reductions at Pineapple House have met with early success. With the
project completed and a number of the units already occupied,
prospective purchasers can now see for themselves the project's
high quality. These new efforts have resulted in the sales of five
additional condominium units in recent weeks, one of which has
already been closed." About Goldfield Goldfield is a leading
provider of electrical construction and maintenance services in the
energy infrastructure industry in the southeastern United States.
The company specializes in installing and maintaining electrical
transmission lines for a wide range of electric utilities.
Goldfield is also involved in the development of high-end
condominium projects on Florida's east coast. For additional
information, please visit http://www.goldfieldcorp.com/. This press
release includes forward looking statements based on our current
expectations. Our actual results may differ materially from what we
currently expect. Factors that may affect the results of our
electrical construction operations include, among others: the level
of construction activities by public utilities; the timing and
duration of construction projects for which we are engaged; adverse
weather; our ability to estimate accurately with respect to fixed
price construction contracts; heightened competition in the
electrical construction field, including intensification of price
competition, and the availability of skilled construction labor.
Factors that may affect the results of our real estate development
operations include, among others: interest rates; ability to obtain
necessary permits from regulatory agencies; adverse legislation or
regulations; ability to acquire land; our ability to maintain or
increase historical revenues and profit margins; our ability to
collect contracts receivable and close homes in backlog,
particularly related to buyers purchasing homes as investments;
availability of labor and materials and material increases in labor
and material costs; ability to obtain additional construction
financing; increases in interest rates and availability of mortgage
financing; increases in construction and homeowner insurance and
the availability of insurance; the level of consumer confidence;
the negative impact of claims for contract rescission or
cancellation by unit purchasers due to various factors including
the increase in the cost of condominium insurance; adverse weather;
natural disasters; changes in generally accepted accounting
principles; the continued weakness in the Florida condominium
market and general economic conditions, both nationally and in our
region. Important factors which could cause our actual results to
differ materially from the forward-looking statements in this press
release are detailed in the Company's Risk Factors and Management's
Discussion and Analysis of Financial Condition and Results of
Operation sections of our Annual Report on Form 10-K and
Goldfield's other filings with the Securities and Exchange
Commission, which are available on Goldfield's website:
http://www.goldfieldcorp.com/. For further information, please
contact: The Goldfield Corporation Phone: (321) 724-1700 Email: The
Goldfield Corporation and Subsidiaries Consolidated Statements Of
Operations (Unaudited) Three Months Ended Nine Months Ended
September 30, September 30, 2007 2006 2007 2006 Revenue Electrical
construction $6,518,999 $8,903,823 $20,531,121 $30,582,150 Real
estate development 41,042 3,244,927 (2,807,828) 7,794,414 Total
revenue 6,560,041 12,148,750 17,723,293 38,376,564 Costs and
expenses Electrical construction 5,496,723 7,189,242 17,244,833
23,772,776 Real estate development 46,293 2,187,300 (1,729,933)
5,336,218 Selling, general and administrative 841,222 965,393
2,498,556 2,883,523 Depreciation 757,846 607,185 2,265,963
1,834,595 Write down of inventory 473,227 - 473,227 - (Gain) loss
on sale of assets (6,927) 4,439 (17,220) (24,884) Total costs and
expenses 7,608,384 10,953,559 20,735,426 33,802,228 Total operating
income (loss) (1,048,343) 1,195,191 (3,012,133) 4,574,336 Other
income (expense), net Interest income 53,779 90,525 166,664 142,210
Interest expense, net (235,381) (61,430) (414,085) (161,386) Other
515,282 19,683 577,795 133,304 Total other income (expense), net
333,680 48,778 330,374 114,128 Income (loss) from operations before
income taxes (714,663) 1,243,969 (2,681,759) 4,688,464 Income tax
expense (benefit) (456,444) 479,434 (955,027) 1,806,967 Income
(loss) from continuing operations (258,219) 764,535 (1,726,732)
2,881,497 Gain (loss) from discontinued operations, net of tax
(12,661) 148,637 (12,661) 148,637 Net income (loss) $(270,880)
$913,172 $(1,739,393) $3,030,134 Earnings (loss) per share of
common stock - basic and diluted Continuing operations $(0.01)
$0.03 $(0.07) $0.11 Discontinued operations $- $0.01 $- $0.01 Net
income (loss) $(0.01) $0.04 $(0.07) $0.12 Weighted average number
of common shares outstanding - basic and diluted 25,451,354
25,572,159 25,451,354 25,572,181 The Goldfield Corporation and
Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)
September 30, December 31, ASSETS 2007 2006 Current assets Cash and
cash equivalents $4,134,995 $6,801,600 Accounts receivable and
accrued billings, net 4,317,650 4,908,511 Contracts receivable -
10,623,909 Remediation insurance receivable 253,049 329,888 Current
portion of notes receivable 43,675 41,453 Construction inventory
30,209 216,989 Real estate inventories 10,232,940 801,411 Costs and
estimated earnings in excess of billings on uncompleted contracts
3,298,477 2,358,738 Residential properties under construction -
3,784,165 Prepaid expenses and other current assets 1,924,729
1,022,377 Total current assets 24,235,724 30,889,041 Property,
buildings and equipment, at cost, net 10,425,164 9,465,378 Notes
receivable, less current portion 363,821 407,409 Deferred charges
and other assets 1,654,684 1,142,348 Total assets $36,679,393
$41,904,176 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities Accounts payable and accrued liabilities $2,973,529
$5,359,893 Billings in excess of costs and estimated earnings on
uncompleted contracts - 24,444 Notes payable 7,208,453 8,663,768
Capital leases, due within one year 321,233 317,160 Current
liabilities of discontinued operations 112,813 208,221 Total
current liabilities 10,616,028 14,573,486 Deferred income taxes
412,165 861,400 Other accrued liabilities 25,654 20,821 Notes
payable, less current portion 2,363,776 1,207,745 Capital leases,
less current portion 655,415 894,976 Total liabilities 14,073,038
17,558,428 Commitments and contingencies Stockholders' equity
Common stock 2,781,377 2,781,377 Capital surplus 18,481,683
18,481,683 Retained earnings 2,651,482 4,390,875 Common stock in
treasury, at cost (1,308,187) (1,308,187) Total stockholders'
equity 22,606,355 24,345,748 Total liabilities and stockholders'
equity $36,679,393 $41,904,176 DATASOURCE: The Goldfield
Corporation CONTACT: The Goldfield Corporation, +1-321-724-1700,
Web site: http://www.goldfieldcorp.com/
Copyright
Goldfield (AMEX:GV)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Goldfield (AMEX:GV)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024