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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.
Screw it. I am back in for another round.
You never know with this one. I thought it would change course ... but when?
Looks like I should've bought in before today haha!
I am going to watch GV for a while longer..
I just grabbed some at 2.12. I figure mostly upside from here.
I have a feeling this is going under..$2.00 when it does level out.. I would buy.. Very good company..
C'mon GV !!!!!
Sure hope so!
Hey John, I've been watching this one for a few days after Vectorvest recommended it for a nice bounce chance. I'm glad to see you are with it too! Makes me that much surer about them.
not too shabby. seein if i can get some at 2.47 and risk to 2.30
IF this is the bottom. There may be money to be made here ...
I say $2.40 holds ...
I was waiting for this to get back to the 3.15 I paid and then I was going to try to find a new spot to get back in. It never really got there and I thought everyone might start dumping shares. I sold it yesterday for a 4% loss.
I didn't know there was going to be earnings. Which from a quick look, don't seem that bad. People over react so much, I took such a loss when American Railcar released their earnings which were ok.
Any ideas on what the new bottom will be? I would of assumed 2.50 if I saw this in the afternoon.
RSI(14)30.55
We will see if the SP sticks there or climbs off the mat.
I don't think I can message privately, but I would like to add more down here. I just don't know if I can justify at this point.
Unless I am missing something, add back 1mil to consider tax it's still .10 which is flat from last year. They need to report new business otherwise this isn't going anywhere.
Goldfield Reports Improved First Quarter Operating Results
Goldfield (AMEX:GV)
Today : Thursday 9 May 2013
MELBOURNE, Fla., May 9, 2013 /PRNewswire/ -- The Goldfield Corporation (NYSE MKT: GV) today announced improved revenue and operating income for the three months ended March 31, 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.
Revenue for the three months ended March 31, 2013 increased 27.0% to $22.5 million from $17.7 million in the comparable prior year period. This increase was attributable to higher demand for our electrical construction services, primarily our transmission work.
Operating income grew 8.0% to $3.0 million for the three months ended March 31, 2013, from $2.7 million during the same period in 2012.
Net income for the three months ended March 31, 2013 was $1.8 million, or $0.07 per share, compared to net income of $2.7 million, or $0.10 per share, in the comparable prior year period. Net income in the first quarter of 2013 included income tax expense of $1.0 million (36.8%), compared to $51,000 (1.9%) in the first quarter of 2012. The income tax rate for the three months ended March 31, 2012 was lower as a result of the Company's ability to utilize net operating loss carryovers and tax credits.
John H. Sottile, President and Chief Executive Officer of Goldfield said, "With the strong team we have now assembled at Southeast Power and the robust industry environment, we believe we are well positioned to expand our customer base and to take advantage of future opportunities. We are seeing significant prospects developing from both existing and new customers, some of which we believe will likely materialize later in the year," Mr. Sottile added.
2.87's are up !!
So the stock run with Gold Field was all about momentum? They had some pretty good earnings reports.
Could be that next quarterly jump starts GV again ...
looks like they're building it prior to e/r. e/r on the 10th according to TD but I've learned to quit trusting their dates : D
Looks like it found a low yesterday on this pullback at $3
Nice, I'm jealous lol I am getting more patient. But, still learning. Instead of guessing at the bottom. I should of waited to see support like most people that got in around 3.
I would love to see this finish strong going into nrxt week. The sell off every Friday is such a momentum killer. I guess it's part of the game though.
Grabbed more at $3.15 and ready to retest
I ws concernd that if this doesn't close above 3.38 people will panic and start dumping shares. I had an ok flip with this and am going to watch real close for a new spot to jump in again. I feel like I will be able to get them around $3 and from there and then they will finally let it go.
Who knows! I just felt like it was about to tank end of day. And that will make a sketchy chart tomorrow. Either way I am not done with this one. GL guys
Nice reversal !!!
I loaded up today. Lets do this.
Ready to bounce ...
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The Goldfield Corporation provides electrical construction and maintenance services in the energy infrastructure industry in the southeastern and mid-Atlantic region of the United States. Its principal lines of business include electrical construction and real estate development. It constructs transmission lines, distribution systems and substations, and other electrical installation services for utility systems, and industrial and specialty projects. The company also installs fiber optic cable for fiber optic cable manufacturers, telecommunication companies, and electric utilities. It also engages in the development of residential condominium projects on the east coast of Central Florida. The company was incorporated in 1906 and is based in Melbourne, Florida.
http://www.goldfieldcorp.com/
www.southeastpower.com
Here's a partial list of customers:
Florida Power & Light Company
Progress Energy
Lee County Electric Cooperative
JEA
Kissimmee Utilities Authority
Orlando Utilities Commission
Santee Cooper
Central Electric Power Cooperative
Hurricane play angle, here is a bit of info from SEC filing and a company website (cut and paste):
Revenues and results of operations in our electrical construction business can be subject to seasonal variations. These variations are influenced by weather, customer spending patterns and system loads. The Company primarily performs work in the southeastern United States. Electric utility customers normally perform their system upgrades and maintenance work during off-peak seasons when the demand for electrical power is reduced, which is in the first two quarters of the year in the southeast region of the United States. This pattern is apparent by the reduction in the number of active projects in the third quarter.
However, since hurricane season normally peaks during this period, this pattern can be offset with
storm restoration work resulting from hurricane damage.
When disaster strikes, Southeast Power continues to
rise to the challenge. Our personnel and our extensive fleet are prepared to mobilize immediately and operate under the most adverse conditions while ensuring the critical time constraints of our customers are met. Our crews have played a major role in storm restoration activities in and around the Southeast for every major hurricane to strike the
region in recent years.
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