Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Volume heating up!
John H. Sottile : We expect that these new MSAs will begin to have a significant impact on our operating results beginning the current quarter.
GV Goldfield Corp 2.45 +0.10 +4.26% +690.32% 3 years performance
What's going on here folks?
And nobody told me GV was getting legs.
Keeping this all to yourselves?
Record 396% Increase in Backlog
John H. Sottile, President - CEO of Goldfield said, "The almost four-fold growth in our electrical construction MSAs during the second and third quarters demonstrates the strength of our electrical construction operation. At September 30th, anticipated 12-month revenue from MSAs stood at about $48 million -- up from about $13 million a year ago. We expect that these new MSAs will begin to have a significant impact on our operating results beginning in the current quarter. Future results should also be favorably impacted by the strong 78% growth in our project specific firm contracts, with anticipated 12-month revenue from such contracts increasing to about $40 million from about $22 million a year ago."
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.
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
119% UPSIDE: my write-up on GV
http://highereturns.wordpress.com/2014/01/25/the-goldfield-corporation-gv-119-upside/
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.
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.
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.
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: (321) 724-1700
Email: investorrelations@goldfieldcorp.com
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
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.
The stock chart tells the story. There has to be better plays out there ...
I sold half of my shares a couple of weeks ago. Do you suggest I should join you and sell the rest?
I was a big fan and investor in Goldfield Corp up until a couple months ago. I wish the company and shareholders well ...
What are you talking about John?
Just added more on the momentum to my existing shares. I'm thinking this hits 2.50 shortly.
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.
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?
Ospreyeye---
Keep working those technical charts and keep us informed. Thanks.
Good job.!
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
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..
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..
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. ;)
Everyone seems to agree. Buy GV $2.00 - $2.10
putting GV back to radar. saw this base attempt when looking through scans
Time to buy GV. Earnings surprise this week
I like that double bottom it seems to have found around $2.08 area.
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.
I'm ready for a huge double bottom bounce
Yeah, wish I got more. This should be a good week.
GV finally showing some life!
nice ... if you still have them
I overpaid this morning and still finished green!
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
Followers
|
25
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
630
|
Created
|
04/20/06
|
Type
|
Free
|
Moderators |
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.
Rule # 1 Everyone has the right to Express Their Opinion. But, Personal Attacks will not be tolerated.
Rule # 2 Be prepared to back your Statements of Fact with Creditable Sources or stay off this Board. ( We don't need no Damn Liars )
This message board is not affiliated with any company or organization. No endorsement of or by any company or organization is implied by the posts on this board.
You are responsible for your own decisions and research before investing.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |