Goldfield Corp (GV)

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President and Chief Executive Officer John H. Sottile said, “Our 2017 first-quarter electrical construction revenue and operating income continued at nearly the same strong level achieved in the fourth quarter of 2016. On a year over year basis, our results declined in the 2017 period because of the inclusion of certain large, higher margin fixed-price projects in the first quarter of 2016, which were substantially completed in the first half of 2016.

“During the first quarter of 2017, we experienced growth in our Texas operations and other master service agreement, or MSA, projects. As of March 31, 2017, our estimated 12-month MSA backlog grew 70 percent to $53 million from $31 million a year ago, and our estimated 12-month combined backlog grew 17.4 percent to $79 million from $68 million a year ago.

“We also significantly increased the level of our capital investments to $6 million this quarter to upgrade our fleet and to support the Company’s future growth and efficiencies. We believe that these investments will build greater long-term shareholder value. With a healthy backlog and long-term customer relationships, we remain confident in Goldfield’s future,” Mr. Sottile concluded.