Goldfield Stock Repurchase Plan Extended
18 Septembre 2008 - 6:17PM
PR Newswire (US)
MELBOURNE, Fla., Sept. 18 /PRNewswire-FirstCall/ -- The Goldfield
Corporation (AMEX:GV), a leading provider of electrical
construction and maintenance services in the southeastern United
States and a developer of condominiums on the east coast of
Florida, announced that its Board of Directors approved an
extension of Goldfield's stock repurchase plan until September 30,
2009. As of September 15, 2008, the Company has repurchased
2,345,060 shares pursuant to the plan, at an average cost of $0.55
per share, and is authorized to purchase an additional 1,154,940
pursuant to the plan. Goldfield, as of September 15, 2008, had
25,451,354 shares outstanding. 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; our ability to estimate accurately with respect to fixed
price construction contracts; and heightened competition in the
electrical construction field, including intensification of price
competition. Factors that may affect the results of our real estate
development operations include, among others: the level of consumer
confidence; the continued weakness in the Florida condominium
market; our ability to obtain necessary permits from regulatory
agencies; our ability to acquire land; our ability to collect
contracts receivable and close homes in backlog, particularly
related to buyers purchasing homes as investments; increases in
interest rates and availability of mortgage financing to our
buyers; increases in construction and homeowner insurance and the
availability of insurance. Factors that may affect the results of
all of our operations include, among others: adverse weather;
natural disasters; changes in generally accepted accounting
principles; our ability to maintain or increase historical revenues
and profit margins; and general economic conditions, both
nationally and in our region; adverse legislation or regulations;
the availability of skilled construction labor and materials and
material increases in labor and material costs; and our ability to
obtain additional and/or renew financing. 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: DATASOURCE: The Goldfield Corporation CONTACT: The
Goldfield Corporation, +1-321-724-1700, Web site:
http://www.goldfieldcorp.com/
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