MELBOURNE, Fla., May 11, 2012 /PRNewswire/ -- The Goldfield
Corporation (NYSE Amex: GV) today announced continued improved
results for the three months ended March
31, 2012. The Goldfield Corporation is a leading
provider of electrical construction services in the Southeast with
operations throughout much of the United States. Goldfield is
also engaged, to a much lesser extent, in real estate development
activities on the east coast of Florida.
Revenue for the three months ended March
31, 2012 nearly doubled, increasing to $17.7 million from $8.9
million in the comparable prior year period. This
increase was attributable to higher electrical construction
revenue.
Because of improved results in the electrical construction
segment, the Company's operating income for the three months ended
March 31, 2012 increased to
$2.7 million from an operating loss
of $1,000 in the same prior year
period.
For the three months ended March 31,
2012, the electrical construction segment's operating
results showed significant improvement, with revenue of
$17.1 million and operating income of
$3.3 million, compared to revenue of
$8.2 million and operating income of
$328,000 in the prior year.
This increase in revenue was largely attributable to an increase in
demand for our electrical construction services, particularly our
transmission work, as a result of our expansion efforts during 2010
and 2011. As previously announced in February of 2012, the
Company's electrical construction segment was awarded a
$52.0 million transmission line
construction contract as part of the Competitive Renewable Energy
Zones ("CREZ") projects. Construction of the CREZ project
commenced last month, and is currently scheduled to be completed on
August 31, 2013. Our results
for the first quarter did not include any revenue from this
project.
For the three months ended March 31,
2012, the real estate development segment had revenue of
$634,000 and operating income of
$124,000, compared to revenue of
$766,000 and operating income of
$225,000, respectively, for
2011. We currently have no condominium projects under
construction, and only have one unit remaining unsold from our
Pineapple House project.
Net income for the three months ended March 31, 2012 was $2.7
million, or $0.10 per share,
compared to a net loss of $11,000, or
($0.00) net loss per share, in the
comparable prior year period.
John H. Sottile, Goldfield's
President and Chief Executive Officer stated, "The prospects for
our electrical construction business are brighter today than at any
time in recent history. Our backlog at March 31, 2012 was $70.6
million, up from $6.2 million
at March 31st last year." Mr.
Sottile also added, "We believe that our recent expansion into
Texas and our new CREZ project
will provide a good opportunity for further growth in this
region."
About Goldfield
Goldfield is a leading provider of electrical construction and
maintenance services in the energy infrastructure industry
throughout much of the United States. The company specializes
in installing and maintaining electrical transmission lines for a
wide range of electric utilities. Goldfield is also involved,
to a much lesser extent, in real estate development activities on
Florida's east coast.
For additional information on our first quarter results, please
refer to our Quarterly Report on Form 10-Q being filed with the
Securities and Exchange Commission and visit the Company's website
at 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 continued weakness in the Florida real estate market; the level of
consumer confidence; our ability to acquire land; increases in
interest rates and availability of mortgage financing to our
buyers; and 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; effects of climate changes; changes in
generally accepted accounting principles; ability to obtain
necessary permits from regulatory agencies; our ability to maintain
or increase historical revenue and profit margins; general economic
conditions, both nationally and in our region; adverse legislation
or regulations; 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.
Other 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:
investorrelations@goldfieldcorp.com
The
Goldfield Corporation and Subsidiaries
|
Consolidated Statements of Operations
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
|
March
31,
|
|
|
|
2012
|
|
2011
|
Revenue
|
|
|
|
|
Electrical
construction
|
$
17,109,940
|
|
$
8,154,530
|
|
Real
estate development
|
633,600
|
|
765,872
|
|
|
Total
revenue
|
17,743,540
|
|
8,920,402
|
|
|
|
|
Costs and
expenses
|
|
|
|
|
Electrical
construction
|
12,924,484
|
|
7,008,979
|
|
Real
estate development
|
393,108
|
|
430,626
|
|
Selling,
general and administrative
|
915,525
|
|
747,065
|
|
Depreciation
|
786,257
|
|
734,135
|
|
(Gain)
loss on sale of assets
|
(10,565)
|
|
714
|
|
|
Total
costs and expenses
|
15,008,809
|
|
8,921,519
|
|
|
Total operating income
(loss)
|
2,734,731
|
|
(1,117)
|
|
|
|
|
|
|
|
|
Other
(expenses) income, net
|
|
|
|
|
Interest
income
|
6,004
|
|
6,634
|
|
Interest
expense
|
(48,253)
|
|
(27,002)
|
|
Other
income, net
|
9,067
|
|
20,381
|
|
|
Total
other (expenses) income, net
|
(33,182)
|
|
13
|
|
|
|
|
Income
(loss) from continuing operations before income taxes
|
2,701,549
|
|
(1,104)
|
|
|
|
|
Income tax
provision
|
51,232
|
|
10,156
|
|
|
|
|
Net income
(loss)
|
$
2,650,317
|
|
$
(11,260)
|
|
|
|
|
Income
(loss) per share of common stock - basic and diluted
|
$
0.10
|
|
$
(0.00)
|
|
|
|
|
Weighted
average 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,
|
|
|
|
2012
|
|
2011
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$
1,886,171
|
|
$
3,319,824
|
|
|
Accounts
receivable and accrued billings, net
|
|
11,730,864
|
|
8,991,109
|
|
|
Real
estate inventory
|
|
161,854
|
|
346,829
|
|
|
Costs and
estimated earnings in excess of
billings
on uncompleted contracts
|
|
2,887,821
|
|
946,525
|
|
|
|
Residential properties under construction
|
|
145,786
|
|
222,818
|
|
|
Prepaid
expenses
|
|
1,624,932
|
|
399,458
|
|
|
Other
current assets
|
|
116,441
|
|
188,033
|
|
|
Total current assets
|
|
18,553,869
|
|
14,414,596
|
|
|
|
|
|
|
|
Property,
buildings and equipment, at cost, net
|
|
13,088,713
|
|
10,481,705
|
|
Notes
receivable, less current portion
|
|
185,739
|
|
196,632
|
|
Deferred
charges and other assets
|
|
1,626,404
|
|
1,518,004
|
|
Total
assets
|
|
$
33,454,725
|
|
$
26,610,937
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities
|
|
$
7,294,686
|
|
$
3,639,919
|
|
|
Current
portion of notes payable
|
|
2,791,366
|
|
1,791,429
|
|
|
Other
current liabilities
|
|
507,643
|
|
934,714
|
|
|
Total current
liabilities
|
|
10,593,695
|
|
6,366,062
|
|
Other
accrued liabilities
|
|
3,989
|
|
1,595
|
|
Notes
payable, less current portion
|
|
4,874,524
|
|
4,911,080
|
|
Total
liabilities
|
|
15,472,208
|
|
11,278,737
|
|
Commitments and contingencies
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
Common
stock
|
|
2,781,377
|
|
2,781,377
|
|
|
Capital
surplus
|
|
18,481,683
|
|
18,481,683
|
|
|
Accumulated deficit
|
|
(1,972,356)
|
|
(4,622,673)
|
|
|
Common
stock in treasury, at cost
|
|
(1,308,187)
|
|
(1,308,187)
|
|
|
Total stockholders'
equity
|
|
17,982,517
|
|
15,332,200
|
|
Total
liabilities and stockholders' equity
|
|
$
33,454,725
|
|
$
26,610,937
|
|
|
|
|
|
|
|
|
|
SOURCE Goldfield Corporation