Goldfield Corp (GV)

[apollo1452]

GV 10Q report next week, Bloomberg has Wednesday 11/12/14 listed.
The company reported five-fold backlog growth last quarter.
Stock currently trades at low EV/EBITDA and P/E ratios. GV is among the cheapest in its industry.
Unknown risk is EPA inquiry, should be minor imo.
Strong & experienced mgmt team.

[Dubster watching]

I have always liked this one

[wadegarret]

jamesfinvest- Did you see the Mar qtr report ?

I understand what you said about giving up some profits short term for revenue expansion, but sheesh ! I mean 16% margins, with $.01 EPS on $22.5M revenues. I mean the weather and the C&C aquisition were a hinderance, but $.01 ?
.
OK, so what's happened since then ? The CEO said in the shareholder meeting recently that he expects a significant multipe of the $50M MSA backlog to happen

[jamesfinvest]

119% UPSIDE: my write-up on GV

http://highereturns.wordpress.com/2014/01/25/the-goldfield-corporation-gv-119-upside/

[Guynms26]

We all live and learn my friend. I have 15K in 2 stocks that are worthless now and I'm holding on for a miracle or they will be a tax write off.

[JohnCM]

There are too many opportunities out there to take a flyer on a company like GV. The story is good, but the stock is not.

I am slowly divesting myself of sub 50 cent stocks. Should have done that a year ago and stuck with the IBD top 100. Shame on me.

[Guynms26]

Well I'm out as well. I needed the funds for another stock I'm in that I feel is about to jump with earnings. GV will probably jump now that I sold haha.

[Guynms26]

Report is out,...

MELBOURNE, Fla., Nov. 12, 2013 /PRNewswire/ -- The Goldfield Corporation (NYSE MKT: GV) today announced its earnings for the three and nine months ended September 30, 2013. The Goldfield Corporation headquartered in Florida, through its subsidiary, Southeast Power Corporation, is a leading provider of construction services to electric utilities, with operations primarily in the southeastern, mid-Atlantic, and western regions of the United States.

Nine months ended September 30, 2013

Revenue for the nine months ended September 30, 2013 increased 18.8% to $66.4 million from $55.9 million in the comparable prior year period. This increase was attributable to higher electrical construction revenue.

Income from continuing operations before tax for the nine months ended September 30, 2013, decreased to $5.2 million from $10.5 million in the same period in 2012. This decrease largely resulted from approximately $3.7 million of additional subcontractor and equipment expenses on the South Texas Electric Cooperative ("STEC") project, to make up for delays occasioned by unanticipated weather conditions in order to ensure completion by the August 30th target date. Also contributing to the decrease in operating income were project losses of approximately $1.1 million, resulting from the unsatisfactory performance of a subcontractor which had to be replaced on two other large projects.

Net income for the nine months ended September 30, 2013 was $2.4 million, or $0.09 per share, compared to net income of $7.7 million, or $0.30 per share, in the comparable prior year period. This decrease resulted from the expenses noted above and a special charge of $748,440 (after tax) in discontinued operations in connection with an EPA matter relating to a mining property owned over 50 years ago.

Three months ended September 30, 2013

Revenue for the three months ended September 30, 2013 increased 18.5% to $23.3 million from $19.7 million in the comparable prior year period.

Income from continuing operations before tax for the three months ended September 30, 2013, decreased to $2.2 million from $3.9 million in the same period in 2012. This decrease was mainly due to project losses of approximately $1.1 million, attributable to the unsatisfactory performance of a subcontractor which had to be replaced on two other large projects noted above. In addition, special expenses were incurred to achieve the timely completion of the STEC project in August 2013.

Net income for the three months ended September 30, 2013 was $1.3 million, or $0.05 per share, compared to net income of $2.6 million, or $0.10 per share, in the comparable prior year period. This decrease was mainly due to the aforementioned project losses recognized during the three months ended September 30, 2013, as well as additional expenses on the STEC project.

John H. Sottile, President and Chief Executive Officer of Goldfield said, "The steadily increasing revenues reflect the inherent strength of our electrical construction operation. Our challenge is to avoid, to the extent possible, the sort of special charges that have dampened our results." "We are working on this," Mr. Sottile added.

About Goldfield

Goldfield is a leading provider of electrical construction and maintenance services in the energy infrastructure industry, primarily in the southeastern, mid-Atlantic, and western regions of the United States. The company specializes in installing and maintaining electrical transmission lines for a wide range of electric utilities.

For additional information on our third 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 within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995 throughout this document. You can identify these statements by forward-looking words such as "may," "will," "expect," "anticipate," "believe," "estimate," "plan," and "continue" or similar words. We have based these statements on our current expectations about future events. Although we believe that our expectations reflected in or suggested by our forward-looking statements are reasonable, we cannot assure you that these expectations will be achieved. Our actual results may differ materially from what we currently expect. Factors that may affect the results of our operations include, among others: the level of construction activities by public utilities; the concentration of revenue from a limited number of utility customers; the loss of one or more significant customers; 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. Other factors that may affect the results 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. We may not update these forward-looking statements, even in the event that our situation changes in the future, except as required by law.

For further information, please contact:
The Goldfield Corporation
Phone: [phone]
Email: [e-mail]


The Goldfield Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)



Three Months Ended

Nine Months Ended


September 30,

September 30,


2013

2012

2013

2012
Revenue








Electrical construction

$
23,308,530


$
19,127,906


$
65,955,156


$
54,712,899

Other

1,762


550,510


447,786


1,189,810

Total revenue

23,310,292


19,678,416


66,402,942


55,902,709

Costs and expenses








Electrical construction

18,590,749


13,474,473


53,885,682


39,385,078

Other

1,762


381,956


361,128


780,479

Selling, general and administrative

1,075,834


858,009


2,946,863


2,622,729

Depreciation

1,281,946


953,604


3,693,818


2,573,045

Loss (gain) on sale of property and equipment

27,888


42,757


433


(154,502)

Total costs and expenses

20,978,179


15,710,799


60,887,924


45,206,829

Total operating income

2,332,113


3,967,617


5,515,018


10,695,880

Other income (expenses), net








Interest income

6,238


5,974


17,506


17,300

Interest expense

(159,065)


(106,513)


(444,398)


(207,515)

Other income, net

57,479


605


86,040


21,157

Total other expenses, net

(95,348)


(99,934)


(340,852)


(169,058)

Income from continuing operations before income taxes

2,236,765


3,867,683


5,174,166


10,526,822

Income tax provision

955,108


1,253,117


2,054,808


2,821,728

Income from continuing operations

1,281,657


2,614,566


3,119,358


7,705,094


Loss from discontinued operations, net of tax benefit of
$451,560 in 2013

—


—


(748,440)


—

Net income

$
1,281,657


$
2,614,566


$
2,370,918


$
7,705,094











Net income per share of common stock — basic and diluted








Continuing operations

$
0.05


$
0.10


$
0.12


$
0.30

Discontinued operations

—


—


(0.03)


—

Net income

$
0.05


$
0.10


$
0.09


$
0.30

Weighted average shares outstanding — basic and diluted

25,451,354


25,451,354


25,451,354


25,451,354





The Goldfield Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)



September 30,

December 31,


2013

2012
ASSETS



Current assets




Cash and cash equivalents

$
9,332,522


$
7,845,943

Accounts receivable and accrued billings, net

13,439,389


13,288,812

Real estate inventory

395,062


351,634

Costs and estimated earnings in excess of billings on uncompleted
contracts

5,392,282


7,411,544

Income taxes receivable

949,474


—

Deferred income taxes

474,050


773,307

Residential properties under construction

1,217,179


215,648

Prepaid expenses

764,388


974,278

Other current assets

74,392


193,737

Total current assets

32,038,738


31,054,903






Property, buildings and equipment, at cost, net

30,950,456


23,817,328

Notes receivable, less current portion

115,710


151,861

Deferred charges and other assets

2,586,255


2,094,435

Total assets

$
65,691,159


$
57,118,527






LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities




Accounts payable and accrued liabilities

$
7,745,038


$
6,637,932

Current portion of notes payable

5,894,888


4,219,720

Income taxes payable

—


1,001,062

Accrued remediation costs

228,682


—

Other current liabilities

1,074,753


374,052

Total current liabilities

14,943,361


12,232,766






Deferred income taxes

5,155,933


4,045,820

Other accrued liabilities

20,939


10,556

Notes payable, less current portion

15,006,579


13,535,956

Accrued remediation costs

900,000


—

Total liabilities

36,026,812


29,825,098

Commitments and contingencies




Stockholders' equity




Common stock

2,781,377


2,781,377

Capital surplus

18,481,683


18,481,683

Retained earnings

9,709,474


7,338,556

Common stock in treasury, at cost

(1,308,187)


(1,308,187)

Total stockholders' equity

29,664,347


27,293,429

Total liabilities and stockholders' equity

$
65,691,159


$
57,118,527

[Steponit]

In my opinion, GV is likely to jump when the quarterly report comes out. I hear that it should be coming in sometime this week. I've been following this company since March. They completed the huge CREZ project on time, and during that time they accumulated millions of dollars worth of new equipment that will help them to be able to tackle new large projects. They're also expanding and were in the process of trying to acquire C and C Power Line, Inc.

They had some tough breaks mid year with weather related problems that forced them to pull workers from some other smaller projects so that they could finish up the huge CREZ project on time. They had to bite the bullet and pay subcontractors to finish those smaller projects. By finishing up that project on time, they set themselves up with a good reputation to be able to take on more new large projects, which is very important for their future growth. They also have all that new equipment to work with now. Another bad break they had was getting hit with the charge to clean up the pilings from a 50 year old mining site. That's a one time charge.

So I'm really looking forward to the quarterly report that will be coming out in the next few days, to find out what's been happening there, and to look at that their forward guidance. They don't come out with news near often enough, but what I do see I like and I'm holding on to my shares which I accumulated during their long drawn out slump after looking so great earlier in the year.

[JohnCM]

The stock chart tells the story. There has to be better plays out there ...

[Guynms26]

I sold half of my shares a couple of weeks ago. Do you suggest I should join you and sell the rest?

[JohnCM]

I was a big fan and investor in Goldfield Corp up until a couple months ago. I wish the company and shareholders well ...

[Guynms26]

What are you talking about John?

[JohnCM]

What a shame ...

[Steponit]

GV is bouncing back up towards where it should be.

[Dknz13]

Just added more on the momentum to my existing shares. I'm thinking this hits 2.50 shortly.

[Guynms26]

I haven't seen any news either Dknz13. I know Vectorvest has it a BUY now instead of hold. But that's all I've seen. Sure it doing good tho.

[Dknz13]

It's been a good two weeks for GV, but I don't see any news related to the recent positive movement. Has anyone heard anything?

[Guynms26]

Did I miss some news? Great day we are having today!

[picmol]

Ospreyeye---
Keep working those technical charts and keep us informed. Thanks.
Good job.!

[ospreyeye]

GV Chart: working on filling the gap back to 2.20 zone.....SAR ready to flip to a Buy signal......form a candle above the Middle Bollinger Band @ 1.83 and a new Uptrend should begin.....MACD bullish crossover w/ juice to run......

GV on Gap fill/New Uptrend radar.......$$$

[Durumi]

Time to go up!!!!!

[deadjim]

CEO buys 50,000 at $1.71

[Guynms26]

OK I'M IN! I can't watch on the sideline any longer. It's way oversold today. No doubt we rebound this week. GLTA

[N.C.LUCKY(7)]

Great company.. Refer to My post #369 now that its under $2.00.. Prime picking.. May go lower for a even better entry point.. GO GV..

[N.C.LUCKY(7)]

Great company.. Refer to My post #369 now that its under $2.00.. Prime picking.. May go lower for a even better entry point.. GO GV..

[Guynms26]

I'm still watching on the sidelines. Wow what a drop the past day!! Bad earning statement I see... I've put all my funds into something at the moment hoping for a good outcome but it's stalled temporarily. I'm watching tho. ;)

[JohnCM]

Everyone seems to agree. Buy GV $2.00 - $2.10

[deadjim]

putting GV back to radar. saw this base attempt when looking through scans

[houtheman]

Time to buy GV. Earnings surprise this week

[JohnCM]

All clear ...

[Guynms26]

I like that double bottom it seems to have found around $2.08 area.

[JohnCM]

Might be right, here.

[Guynms26]

I've been watching GV for a month now just debating on when the right time to jump in. Thought I had missed it but looks like I have a second chance at the bottom.

[JohnCM]

GV reminds me of a baby birdie with a broken wing. Having a difficult time flying. C'mon GV ... fly!

[CaptainCaffeine]

I'm ready for a huge double bottom bounce

[JohnCM]

[JohnCM]

The patient is still alive ...

[JohnCM]

Looking to stay above Bolli midrange, and above RSI(14) 50

[CaptainCaffeine]

Yeah, wish I got more. This should be a good week.

[JohnCM]

GV finally showing some life!

[JohnCM]

nice ... if you still have them

[JohnCM]

I overpaid this morning and still finished green!

[JohnCM]

About frickin' time!

[deadjim]

I missed that morning gap.. Looks like a reversal watching in here. this pop should have some consolidation to eye.. so will base it off that if I pop back in

[softballdaddy]

Nice movement today..,.hope it continues









Goldfield (AMEX:GV)
Intraday Stock Chart

Today : Thursday 30 May 2013



MELBOURNE, Fla., May 30, 2013 /PRNewswire/ -- The Goldfield Corporation (NYSE MKT: GV) today released the comments to be made later today by Mr. John H. Sottile, President and Chief Executive Officer, at The Goldfield Corporation's annual meeting of stockholders. The Goldfield Corporation headquartered in Florida, through its subsidiary, Southeast Power Corporation, is a leading provider of construction services to electric utilities, with operations primarily in the southeastern, mid-Atlantic, and western regions of the United States.

THE GOLDFIELD CORPORATION

STATEMENT BY JOHN H. SOTTILE

AT ANNUAL MEETING OF SHAREHOLDERS

May 30, 2013

Welcome to the 106th Annual Shareholders Meeting of the Goldfield Corporation. I would like to give you a snapshot of the Company's activities during 2012, discuss recent business, and outline our strategy to continue maximizing shareholder value in the future. I will be providing some financial specifics but would encourage you to review the more detailed information which can be found in our SEC filings and our Annual Report available on our website at www.goldfieldcorp.com. After the comments, I would be pleased to entertain questions you may have.

2012 was a record year for Goldfield. Revenue more than doubled to $81.6 million from $32.8 million in 2011. Net income grew to $12 million ($0.47 per share) from $874 thousand ($0.03 per share) in the prior year. These results reflect not only markedly increased demand for services by utilities upgrading and expanding their transmission infrastructure, but also the strengthening of the capability of our electrical construction subsidiary, Southeast Power.

In 2012 Southeast Power more than doubled its investment in plant and equipment necessary to service efficiently our higher level of business over an expanded geographic footprint. We invested $16.8 million in new capital equipment to support our expanded operations, enhance productivity and improve safety. I believe that our upgraded equipment and dedicated workforce rival any in the industry. We are lean and nimble in staffing projects. We are now seeing the preliminary impact of our strategy to move beyond our historic Florida base into Texas, the Carolinas and Virginia. Further expansion is planned as projects become available for bid from new customers.

In addition to increased operating income and revenue, we are experiencing strongly improved operating margins. Operating margins at Southeast Power increased to 24.7% in 2012 compared to 10.8% in 2011. We expect quarter to quarter fluctuations in operating margins depending on projects under construction at the time. We believe that improved operating margins have resulted from several factors which promote efficiency: - increased responsibility and accountability of our regional officers; improved market conditions; geographical expansion leading to exposure to a greater number of projects and customers; a revitalized fleet of equipment; and smaller and more flexible crews.

A highlight of 2012 was the selection of Southeast Power to construct a 110 mile 345kV transmission line as part of a Competitive Renewable Energy Zone project in Texas. This project, scheduled to be energized by the end of August, contributed about 34% of our revenue in 2012 and will impact favorably 2013 results. But, the CREZ project was hardly the whole story for 2012. Most significantly, our revenue from other projects increased in 2012 by 68% to $53.2 million from $31.7 million in 2011. Given the continuing strong demand for our services, we believe that we will meet the challenge of replacing the work from the CREZ project.

Southeast Power's excellent reputation in the industry, together with our expansion, has enabled us to attract strong new leadership. John Davis took the helm at Southeast Power as President on January 1 this year. Just last month, John White, formerly Senior Vice President of one of the country's largest electrical construction companies, joined the Southeast Power team with responsibility for new business development. I could not be more pleased with the efforts of Mr. Davis and Mr. White - both on operational and new business development fronts.

A few comments about first quarter 2013 results: Revenue increased 27% to $22.5 million from $17.7 million in first quarter 2012. Operating income grew 8% to $3.0 million from $2.7 million during the same period last year. First quarter this year operating income was negatively impacted by unanticipated delays on the STEC project. We believe the conditions which caused such delays have been rectified. Backlog at March 31, 2013 declined largely because the March 31, 2012 backlog included the entire STEC project of $52 million. Backlog is not necessarily a reliable indicator of future revenue and is volatile depending on the projects under construction at any point in time, many of which are short term. Almost daily we are bidding on new projects, some large and some small. Although we cannot quantify the size or duration of future projects, we are currently seeing opportunities for significant jobs from existing and new customers, some of which should come to fruition later this year.

Industry prospects appear bright. A recent report by a prominent Industry analyst noted that 77% of the shareholder-owned electric utilities surveyed are projecting increased spending on electric transmission and distribution networks over the next two years. Transmission continues to benefit from regulatory drivers such as FERC & NERC reliability standards, growth in renewables, and further migration from coal to natural gas power plants. This report supports the strong demand we are seeing for our services.

In short, Goldfield moved to a new level in 2012. With the strong team we have assembled at Southeast Power and the robust industry environment, I am optimistic that we will continue to move forward.

[JohnCM]

Screw it. I am back in for another round.

[JohnCM]

You never know with this one. I thought it would change course ... but when?

[Guynms26]

Looks like I should've bought in before today haha!

[N.C.LUCKY(7)]

I am going to watch GV for a while longer..