Goldfield Posts Record 2012 Results

MELBOURNE, Fla., March 26, 2013 /PRNewswire/ -- The Goldfield Corporation (NYSE MKT: GV) today announced record results for the year ended December 31, 2012, driven by dramatic growth in its electrical construction business.  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. 

Net income increased in 2012 to $12 million ($0.47 per share) from $874 thousand ($0.03 per share) in 2011. Revenue grew to $81.6 million in 2012 from $32.8 million the prior year. 2012 revenue and net income represented record highs in Goldfield's 106 year history.

Net income for the fourth quarter ended December 31, 2012 was $4.2 million ($0.17 per share) compared to $1.6 million ($0.06 per share) for the comparable prior year period. Revenue for the fourth quarter ended December 31, 2012 increased to $25.7 million from $11.4 million in the same period in 2011.

According to John H. Sottile, Goldfield's President and Chief Executive Officer, these results reflect not only markedly increased demand for services by utilities upgrading and expanding their transmission and distribution infrastructure, but also the strengthening of Goldfield's capability in a larger service area. "Our strategy of moving beyond our historic Florida base -- and expanding our operations in Texas, the Carolinas and Virginia -- has paid handsome dividends," Mr. Sottile said. 

"Southeast Power's fine reputation in the industry, together with our growth, has enabled us to attract very experienced and highly regarded new leadership," Mr. Sottile said. As previously announced, John Davis, former Chief Operating Officer of Southeast Power, took over as President of Southeast Power on January 1, 2013.  John E. White, formerly Senior Vice President with one of the country's largest electrical construction companies, is now joining the Southeast Power team, with responsibility for new business development.

"With the strong team we have assembled, we believe we are well positioned to take advantage of future opportunities to build on our record growth," Mr. Davis said.  At December 31, 2012, Southeast Power's construction backlog was $40.9 million, compared to $12.2 million at 2011 year-end. The 2012 backlog included $23.8 million relating to a project scheduled for completion this August. "We believe we will meet the challenge of generating new business more than sufficient to offset completion of this project," Mr. Davis 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 2012 results, please refer to our Annual Report on Form 10-K 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 electrical construction 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; our 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:  [email protected]  

SOURCE Goldfield Corporation