MELBOURNE, Fla., March 24 /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 twelve months ended December 31, 2007. Revenues for
the year ended December 31, 2007 were $27.3 million and the Company
had an operating loss of $3.2 million, compared to revenues of
$47.5 million and operating income of $4.3 million in the year
ended December 31, 2006. Goldfield's decline in results during 2007
reflects a slowdown in electrical construction operations and the
continuing weakness in the Florida condominium market. For the year
ended December 31, 2007, the electrical construction segment had
revenues of $26.8 million and operating income of $688,000 compared
to revenues of $36.4 million and operating income of $4.7 million
in the prior year. 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. For the year ended December 31, 2007, the real estate
development segment had revenues of $537,000 and an operating loss
of $1.2 million. For 2006, revenues and operating income from this
segment were $11.1 million and $2.6 million, respectively. These
decreases were due to the reversal in 2007 of $7.2 million of
previously recognized revenues and the related income as a result
of customer defaults on contracts to purchase condominium units, as
well as a re-valuation of our unsold units. This was partially
offset by the sale of six units in the last quarter of 2007. Net
loss for the year ended December 31, 2007 was $2.3 million or $0.09
per share, compared to net income of $3.0 million or $0.12 per
share in 2006. Revenues for the quarter ended December 31, 2007
were $9.0 million compared to revenues of $9.1 million in the
comparable prior-year quarter. For the fourth quarter of 2007,
electrical construction revenues were $6.2 million and operating
loss was $275,000, as compared to revenues of $5.8 million and
operating loss of $212,000 in the prior year. In the fourth
quarter, real estate development operations had revenues of $2.8
million and operating income of $9,000, as compared to revenues of
$3.3 million and operating income of $821,000 in the like quarter
last year. The Company's net loss for the fourth quarter of 2007
was $572,000 ($0.02 per share) compared to net loss of $34,000 (nil
per share) in the comparable prior-year quarter. The quarter-to-
quarter declines resulted primarily from adverse market conditions
affecting the real estate segment. Commenting on the Company's
results, John H. Sottile, Chairman, President and Chief Executive
Officer of Goldfield, said, "We are encouraged by the increase in
activity in our electrical construction operations in the beginning
of 2008. We began the year with a backlog of $5.9 million, all of
which is scheduled for completion in 2008, and have since received
additional contracts totaling $12.0 million, $5.5 million of which
we anticipate completing in 2008." Mr. Sottile noted that, "Work
commenced in the fourth quarter on a multi-year project involving
the upgrading of 46.2 miles of transmission line to support load
growth in central Florida." With respect to real estate development
operations, Sottile commented, "Construction has now been completed
on our current project and roughly half of the units have been
sold, many of which are now occupied. Our renewed marketing efforts
and price reductions in the fourth quarter resulted in the sale of
six units in the fourth quarter of 2007, and an additional unit in
February of 2008." 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: -
Tables to Follow - The Goldfield Corporation and Subsidiaries
Consolidated Statements of Operations (Unaudited) Three Months
Ended Twelve Months Ended December 31, December 31, 2007 2006 2007
2006 Revenue Electrical construction $6,230,319 $5,827,401
$26,761,440 $36,409,551 Real estate development 2,779,653 3,291,891
537,135 11,086,306 Total revenue 9,009,972 9,119,292 27,298,575
47,495,857 Costs and expenses Electrical construction 5,636,530
5,324,406 22,881,363 29,097,182 Real estate development 2,524,545
2,221,319 794,612 7,557,537 Selling, general and administrative
779,965 1,133,130 3,278,520 4,016,653 Depreciation and amortization
810,542 700,752 3,076,505 2,535,347 Write down of real estate
inventory - - 473,227 - (Gain) loss on sale of assets 31,699
(29,254) 14,479 (54,139) Total costs and expenses 9,783,281
9,350,353 30,518,706 43,152,580 Total operating income (loss)
(773,309) (231,061) (3,220,131) 4,343,277 Other income (expenses),
net Interest income 131,173 95,251 297,837 237,461 Interest
expense, net (171,859) (77,434) (585,945) (238,821) Other 1,433
19,547 13,918 152,851 Minority interest 5,849 - (3,361) - Total
other income (expenses), net (33,404) 37,364 (277,551) 151,491
Income (loss) from continuing operations before income taxes
(806,713) (193,697) (3,497,682) 4,494,768 Income tax expense
(benefit) (240,401) (66,627) (1,195,428) 1,740,340 Income (loss)
from continuing operations (566,312) (127,070) (2,302,254)
2,754,428 Gain (loss) from discontinued operations, net of tax
(5,858) 93,001 (18,519) 241,638 Net income (loss) $(572,170)
$(34,069) $(2,320,773) $2,996,066 Earnings per share of common
stock - basic and diluted Continuing operations $(0.02) $(0.00)
$(0.09) $0.11 Discontinued operations - - - 0.01 Net income $(0.02)
$(0.00) $(0.09) $0.12 Weighted average shares outstanding: Basic
25,451,354 25,541,908 25,451,354 25,564,550 Diluted 25,451,354
25,541,908 25,451,354 25,564,550 The Goldfield Corporation And
Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)
December 31, 2007 2006 ASSETS Current assets Cash and cash
equivalents $3,984,613 $6,801,600 Accounts receivable and accrued
billings, net 5,881,430 4,908,511 Contracts receivable - 10,623,909
Remediation insurance receivable 176,827 329,888 Current portion of
notes receivable 49,108 41,453 Construction inventory 2,218 216,989
Real estate inventories 7,788,739 801,411 Costs and estimated
earnings in excess of billings on uncompleted contracts 1,658,712
2,358,738 Residential properties under construction - 3,784,165
Prepaid expenses and other current assets 1,933,869 1,022,377 Total
current assets 21,475,516 30,889,041 Property, buildings and
equipment, at cost, net 9,803,794 9,465,378 Notes receivable, less
current portion 352,305 407,409 Deferred charges and other assets
1,235,391 1,142,348 Total assets $32,867,006 $41,904,176
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts
payable and accrued liabilities $1,984,352 $5,359,893 Billings in
excess of costs and estimated earnings on uncompleted contracts -
24,444 Notes payable to bank 5,202,466 8,663,768 Capital leases,
due within one year 315,619 317,160 Current liabilities of
discontinued operations 198,850 208,221 Total current liabilities
7,701,287 14,573,486 Deferred income taxes, noncurrent 346,200
861,400 Other accrued liabilities, noncurrent 26,894 20,821 Notes
payable, less current portion 2,184,932 1,207,745 Capital leases,
less current portion 579,357 894,976 Total liabilities 10,838,670
17,558,428 Commitments and contingencies Minority interest 3,361 -
Stockholders' equity Common stock 2,781,377 2,781,377 Capital
surplus 18,481,683 18,481,683 Retained earnings 2,070,102 4,390,875
Common stock in treasury, at cost (1,308,187) (1,308,187) Total
stockholders' equity 22,024,975 24,345,748 Total liabilities and
stockholders' equity $32,867,006 $41,904,176 DATASOURCE: The
Goldfield Corporation CONTACT: The Goldfield Corporation,
+1-321-724-1700, Web site: http://www.goldfieldcorp.com/
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