MELBOURNE, Fla., May 13 /PRNewswire-FirstCall/ -- The Goldfield
Corporation (AMEX:GV), a leading provider of electrical
construction services in the southeastern United States and a
developer of condominiums, today announced results for the three
months ended March 31, 2008. Revenues for the three months ended
March 31, 2008 were $7.3 million and the Company had an operating
loss of $625,000, compared to revenues of $9.8 million and
operating loss of $472,000 in the first quarter of 2007. The real
estate development segment was the principal factor in the decline
in first quarter results. In this quarter, the Company had no
projects under construction, and, because of the current adverse
real estate environment, very limited condominium sales. Revenues
declined in this segment, from $2.5 million in the first quarter of
2007 to $0.5 million in the current quarter, and operating income
declined from $558,000 to a loss of $150,000. In the 2008 quarter,
the electrical construction segment experienced a small revenue
decline from $7.4 million to $6.8 million, but improved operating
income of $257,000, compared to an operating loss of $191,000 in
the like 2007 period. The net loss for the first quarter of 2008
was $470,000 ($0.02 per share), compared to a net loss of $347,000
($0.01 per share) in the like 2007 period. Commenting on first
quarter results, John H. Sottile, President of Goldfield stated
that "despite the current real estate depression in Florida, the
Company's real estate exposure is very manageable, with no projects
under construction and its current project, Pineapple House,
completed and well-received. Roughly half of the units in Pineapple
House have been sold, and many are occupied." With respect to
electrical construction, Mr. Sottile stated that "the general
slowdown in demand for electrical construction services in Florida
has restrained growth, but the Company has benefited from higher
productivity on several current construction jobs." 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 March 31, 2008 2007
Revenue Electrical construction $6,832,183 $7,354,043 Real estate
development 492,341 2,454,432 Total revenue 7,324,524 9,808,475
Costs and expenses Electrical construction 5,634,741 6,801,704 Real
estate development 476,983 1,693,925 Depreciation 855,573 742,347
Selling, general and administrative 978,999 1,050,971 Loss (gain)
on sale of assets 3,617 (8,857) Total costs and expenses 7,949,913
10,280,090 Total operating loss (625,389) (471,615) Other income
(expense), net Interest income 30,485 61,332 Interest expense, net
(125,044) (79,645) Other 6,957 9,149 Minority interest (3,196) -
Total other expenses, net (90,798) (9,164) Loss from continuing
operations before income taxes (716,187) (480,779) Income tax
benefit (245,743) (133,768) Net loss $(470,444) $(347,011) Loss per
share of common stock - basic and diluted $(0.02) $(0.01) Weighted
average number of common shares outstanding - basic and diluted
25,451,354 25,451,354 The Goldfield Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited) March 31,
December 31, 2008 2007 ASSETS Current assets Cash and cash
equivalents $4,276,901 $3,984,613 Accounts receivable and accrued
billings 5,014,197 5,881,430 Remediation insurance receivable
176,827 176,827 Current portion of notes receivable 52,237 49,108
Construction inventory - 2,218 Real estate inventory 7,363,195
7,788,739 Costs and estimated earnings in excess of billings on
uncompleted contracts 1,665,111 1,658,712 Prepaid expenses and
other current assets 2,325,821 1,933,869 Total current assets
20,874,289 21,475,516 Property, buildings and equipment, at cost,
net 9,700,300 9,803,794 Notes receivable, less current portion
340,550 352,305 Deferred charges and other assets 1,451,250
1,235,391 Total assets $32,366,389 $32,867,006 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities Accounts payable and
accrued liabilities $2,746,364 $1,984,352 Billings in excess of
costs and estimated earnings on uncompleted contracts 4,072 -
Current portion of notes payable 4,898,989 5,202,466 Current
portion of capital leases 309,910 315,619 Current liabilities of
discontinued operations 183,258 198,850 Total current liabilities
8,142,593 7,701,287 Deferred income taxes 258,500 346,200 Other
accrued liabilities 28,132 26,894 Notes payable, less current
portion 1,874,322 2,184,932 Capital leases, less current portion
501,754 579,357 Total liabilities 10,805,301 10,838,670 Commitments
and contingencies Minority interest 6,557 3,361 Stockholders'
equity Common stock 2,781,377 2,781,377 Capital surplus 18,481,683
18,481,683 Retained earnings 1,599,658 2,070,102 Common stock in
treasury, at cost (1,308,187) (1,308,187) Total stockholders'
equity 21,554,531 22,024,975 Total liabilities and stockholders'
equity $32,366,389 $32,867,006 DATASOURCE: The Goldfield
Corporation CONTACT: The Goldfield Corporation, +1-321-724-1700,
Web site: http://www.goldfieldcorp.com/
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