UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

Form10-K

|  X  | Annual report pursuant to Section 13 or 15(d) of the  Securities Exchange  Act of 1934. |
|---------------|-----------------------------------------------------------------------------------------|

For the fiscal year ended December 31, 2003OR

| ___ | Transition report pursuant to section 13 or 15(d) of  the Securities Exchange  Act of 1934. |
|-----|---------------------------------------------------------------------------------------------|

For the transition period from ________ to ________

Commission File Number: 1-7525

** **TheGoldfield Corporation******    **(Exact name of registrant as specified in its charter)

| Delaware(State or other  jurisdiction of  incorporation or organization) | 88-0031580(I.R.S. employer identification no.) |
|--------------------------------------------------------------------------|------------------------------------------------|
|                                                                     |                                           |

| 100 Rialto Place, Suite 500,  Melbourne,  FL(Address of  principal executive offices) | 32901(Zip code) |
|---------------------------------------------------------------------------------------|-----------------|
|                                                                                  |
| (321) 724-1700(Registrant's telephone number, including  area code)                   |

Securities registered pursuant to Section 12(b) of theAct:

| Title of each classCommon Stock,  Par value $.10 per  share
Name of each exchange onwhich registered****The American Stock Exchange

Securities registered pursuant to Section 12(g) of theAct:None

     Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.

Yes  X     No ___

     Indicateby check mark if disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is not contained herein, and will not be contained, to the bestof registrant's knowledge, in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-K or any amendment tothis Form 10-K. [X]

     Indicate by check markwhether the registrant is an accelerated filer. 

Yes        No  X  

     On June 30, 2003, the aggregate market value (based upon the closing price on The American StockExchange) of the common stock held by nonaffiliates was approximately $13.9million.

     As of February 29, 2004, 26,321,777 shares of the Registrant's common stock were outstanding.

Documents Incorporated by Reference

DocumentProxy Statement  for 2004 Annual Meeting

Where IncorporatedPart III

 

THE GOLDFIELDCORPORATION AND SUBSIDIARIES

ANNUAL REPORT ON FORM10-KFOR THE YEAR ENDED DECEMBER 31, 2003

INDEX
      
PageNumber
Part I
          
Item 1.  Item 2.  Item 3.  Item 4.

BusinessPropertiesLegal ProceedingsSubmission of Matters to a Vote of Security Holders

2  6  6  8
       
Part II
       
Item 5.

Market for Registrant's Common Equity and Related    Stockholder Matters

8
Item 6.Selected Financial Data
10
Item 7.Management's Discussion and Analysis of Financial Condition    and Results of  Operations
11Item 8.Financial Statements
28
Item 9.Changes in and Disagreements With  Accountants on   Accounting and Financial Disclosure
49
Item 9A.Controls and Procedures
49
         
Part III
        
Item 10.

Directors and Executive Officers of the Registrant

50
Item 11.Executive Compensation
51Item 12.Security Ownership of Certain Beneficial Owners    and Management
51
Item 13.Certain Relationships and Related Transactions
52
Item 14.
Principal Accounting Fees and Services

52

Part IV
        
Item 15.

Exhibits, Financial Statement Schedules, and Reports on  Form 8-K

53

Signatures

55
** 

 **
1
****
**PART I**

**Forward-Looking Statements**

We make "forward looking statements" within the"safe harbor" provision of the Private Securities Litigation ReformAct of 1995 throughout this document and in the documents we incorporate byreference into this Annual Report on Form 10-K.  You can identify thesestatements by forward-looking words such as "may," "will,""expect," "anticipate," "believe,""estimate," "plan," and "continue" or similarwords.  We have based these statements on our current expectations about futureevents.  Although we believe that our expectations reflected in or suggested byour forward-looking statements are reasonable, we cannot assure you that theseexpectations will be achieved.  Our actual results may differ materially fromwhat we currently expect.  Factors that may affect the results of ourelectrical construction operations include, among others: the level ofconstruction activities by public utilities; the timing and duration ofconstruction projects for which we are engaged; adverse weather; our ability toestimate accurately with respect to fixed price construction contracts;heightened competition in the electrical construction field, includingintensification of price competition; and the availability of skilledconstruction labor. Factors that may affect the results of our real estate developmentoperations include, among others: interest rates; ability to obtain necessarypermits from regulatory agencies; ability to acquire land; adverse weather;natural disasters; and general economic conditions, both nationally and in ourregion. Important factors which could cause our actual results to differmaterially from the forward-looking statements in this document are also setforth in the Management's Discussion and Analysis of Financial Condition andResults of Operations section and elsewhere in this document.

You should read this Annual Report on Form 10-Kcompletely and with the understanding that our actual future results may bematerially different from what we expect.  We may not update theseforward-looking statements, even in the event that our situation changes in thefuture.  All forward-looking statements attributable to us are expresslyqualified by these cautionary statements.

**Item 1.**

**Business.**

The Goldfield Corporation, incorporated in Wyoming in1906 and subsequently reincorporated in Delaware in 1968, is currently engagedin electrical construction, including the placement of fiber optic cable, andreal estate development.  Until November 30, 2002, the Company was also engagedin mining activities.  Unless the context otherwise requires, the terms"Goldfield" and "the Company" as used herein mean TheGoldfield Corporation and its consolidated subsidiaries.  For financial informationby business segment, see note 18 of notes to consolidated financial statementsand "Item 7, Management's Discussion and Analysis of Financial Condition andResults of Operations."

The Company's internet website address is www.goldfieldcorp.com.Within the "Financial Information" section of its website, the Company makesavailable, free of charge, through links to the U.S. Securities and ExchangeCommission ("SEC") website, its Annual Reports on Form 10-K, Quarterly Reportson Form 10-Q, Current Reports on Form 8-K and amendments to those reports filedor furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Actof 1934, as amended, as soon as reasonably practicable, after the Companyelectronically files such material with, or furnishes it to, the SEC.  Theinformation on the Company's website is not incorporated by reference into thisAnnual Report on Form 10-K.

 

2
** 

**ElectricalConstruction**

The Company, through its subsidiary Southeast PowerCorporation ("Southeast Power"), is engaged in the construction andmaintenance of electrical facilities for utilities and industrial customers. The Company also installs fiber optic cable for fiber optic cablemanufacturers, telecommunication companies and electric utilities. The Companyhas primarily performed work in the southeastern United States.  In thebeginning of 2003, the Company established a new electrical constructiondivision in South Carolina to expand its presence into the mid-Atlantic regionof the United States.

The Company's electrical constructionbusiness includes the construction of transmission lines, distribution systemsand substations and other electrical installation services for utility systemsand industrial and specialty projects, including fiber optic cable installationwhich is primarily overhead (Optical Ground Wire and All-Dielectric SelfSupporting Cable).

It is the Company's policy to commit itself only to theamount of work it believes it can properly supervise, equip and complete to thecustomer's satisfaction and schedule.  As a result of this policy and themagnitude of some of the construction projects undertaken by the Company, asubstantial portion of the Company's annual revenue is derived from arelatively small number of customers, the specific identity of which vary fromyear to year. See note 18 of notes to consolidated financial statements fordetail on sales to major customers which exceed 10% of total sales.

Construction is customarilyperformed pursuant to the plans and specifications of customers. The Companygenerally supplies the management, labor, equipment and tools while materialsare primarily supplied by the customers.  Contracts may extend beyond one year,although most projects average a duration of six months or less. 

The electrical construction business is highlycompetitive.  The Company competes with other independent contractors,including larger regional and national firms that may have financial,operational, technical and marketing resources that exceed our own.  TheCompany also faces competition from existing and prospective customersestablishing or augmenting in-house service organizations that employ personnelwho perform some of the same types of service as those provided by us. Competitive factors include: level of technical expertise and experience,industry reputation, quality of work, price, geographic presence,dependability, availability of skilled personnel, worker safety, and financialstability.  The Company's management believes that the Company competesfavorably with its competitors on the basis of these factors.  There can be noassurance, however, that the Company's competitors will not develop theexpertise, experience and resources to provide services that are superior inboth price and quality to the Company's services, or that the Company will beable to maintain or enhance its competitive position. 

The Company enters intocontracts on the basis of either competitive bidding or direct negotiationswith its customers. Competitively bid contracts account for a majority of theCompany's electrical construction revenues.  Although there is considerablevariation in the terms of the contracts undertaken, such contracts typicallyinvolve lump sum, cost plus or unit price contracts.  The magnitude andduration of projects undertaken by the Company vary, which may result insubstantial fluctuations in its backlog from time to time.  At February 29, 2004, the approximate value of uncompleted contracts was $6,500,000, comparedto $14,200,000 at February 28, 2003.

3
**A portion of the electrical construction work requires thatthe Company obtain payment and performance bonds to secure its commitments. TheCompany believes that it has adequate bonding availability.

As of February 29, 2004, electrical construction had astaff of 11 salaried employees, including executive officers, divisionmanagers, superintendents, project managers and administrative personnel.  Asof the same date, electrical construction had 122 hourly-rate employees, noneof whom are affiliated with any trade or labor organization. The number ofhourly-rate employees fluctuates depending upon the number and size of projectsunder construction at any particular time.  The Company believes that theexperience and continuity of its employees has been an important factor in itssuccess.  Management believes its relations with both its salaried andhourly-rate employees are good.

The Company is subject to variousfederal, state and local statutes and rules regarding, among other things,contractor licensing, electrical codes, worker safety and environmentalprotection.  The Company believes that it is in substantial compliance with allapplicable regulatory requirements.

The main administrative andmaintenance facilities of Southeast Power are located on a 13-acre tract ofland near Titusville, Florida, which is owned by the Company. The officebuilding is approximately 6,136 square feet.  The shop and maintenancefacilities are approximately 17,000 square feet.

The newly established South  Carolina division of Southeast Power had leased its administrative andmaintenance facilities, which are located on a 1.2-acre tract of land in Spartanburg, South Carolina, at a monthly rate of $2,733 until March 11, 2004, at which time the Company purchased the property for approximately $234,000. Theoffice building is approximately 1,500 square feet.  The shop and maintenancefacilities are approximately 2,500 square feet.  The Company will continue to lease,at a monthly rate of $500, an adjacent 1.0 acre parcel under a lease withoption to purchase which expires on April 30, 2005. 

The Company believes that theaforementioned properties are currently in good condition and properlymaintained.

**Real Estate**

The primary focus of theCompany's real estate operations is on the development of waterfrontcondominium projects.  To date, the Company has purchased five sites on theeast coast of Central Florida, on all of which the Company has developed orplans to develop condominium complexes.  The Company has developed two of thesites which were subsequently sold, one site is currently under constructionand the remaining two sites are in the permitting/planning stage ofdevelopment. 

The Company acquires landonly after feasibility and environmental testing has been performed. Generally, architectural plans for the projects are outsourced and the projectplans are submitted to general building contractors for competitive fixed-pricebids.  In an effort to limit risk, the Company's policy is to obtain asubstantial number of contracts for sale, backed by customers' non-refundableearnest money deposits, prior to commencing construction on the condominiumprojects. The sales process is conducted by outside real estate agents. 

4
**As of February 29, 2004, the real estate operation's backlog (outstanding real estate contracts for saleexcluding partial revenue already recognized on said contracts under thepercentage of completion method) was approximately $2,300,000, compared toapproximately $4,400,000 as of February 28, 2003.  There can be no assurance thatsettlements of condominiums subject to contracts for sale will occur. 

During July 2001, the Companycommenced construction on its initial condominium development project,"Country Club Point", a twelve-unit riverfront complex in Cocoa Beach, Florida. The project was completed and sold in the third quarter of 2002.

The Company's secondcondominium project, "Riomar", a six-unit oceanfront complex near Cocoa Beach, Floridawas completed and sold in the fall of 2003.

"Cape Club", a sixteen-unitoceanfront condominium project located in Cape Canaveral, Florida is currently underconstruction and its completion is expected in the second quarter of 2004. Allunits are under contract for sale.

"Oak Park", a townhouse-stylecondominium project in Cape Canaveral, Florida is currently in theplanning/permitting phase.  Preliminary plans call for a forty-unit complex tobe built, thirty-three of which have been reserved with refundable deposits.

The Company's most recentplans are to develop a riverview residential complex on a two-acre parcel in Melbourne, Florida, acquired in January 2003 for approximately $1 million.  Initial planscall for a multi-phase development, with the first phase, "Pineapple House", athirty-three--unit luxury riverview condominium complex, currently undergoingthe planning/permitting process.  Commencement of construction is dependentupon the receipt of required permits and obtaining the approval of a VestedRights application which was filed with the City of Melbourne in January 2004. Although the Company believes the Vested Rights application should be approved,there can be no assurance that the City of Melbourne will not deny suchapplication.  Its denial would likely result in the reduction of the number ofunits that could be built on the parcel and the possible profit on the project.

The Company generally purchasesland and pays for architectural, engineering and various other costs with cashreserves.  Construction costs are generally financed with bank financing, asspecified in note 10 of notes to the consolidated financial statements.

The Company does not offerfinancing arrangements to purchasers of its condominiums.

In 1998 and 1999, the Companyacquired single-family lots in the Fawn Lake subdivision near Mims, Florida,which it held for resale.  In 2003, all of the remaining lots were sold.

 

5
**The real estate industry ishighly competitive and fragmented.  The Company competes with numerous nationaland local real estate developers on the basis of a number of interrelatedfactors, including: quality, location, design, perceived value, price andreputation in the marketplace. Competitive advantages of the Company includedesirable locations, attractive designs and higher quality features notgenerally offered by other developers in the market in which we compete.

The Company is subject tofederal, state and local statutes, ordinances, rules and regulations regarding,among other things, zoning, building permits, environmental standards, buildingmoratoriums and building codes.  The Company believes that its real estateoperations are in substantial compliance, in all material respects, with allapplicable regulations. However, the Company's growth and developmentopportunities may be limited and more costly as a result of such regulatoryrequirements.

The real estate operation,located in the Company's principal office in Melbourne, Florida, employs onesalaried employee who manages all real estate operations.  Management of theCompany believes its relationship with this employee is good.** **

**DiscontinuedOperations**

Effective November 30, 2002, the Company completed the sale of the capital stock of its mining subsidiaries, St.Cloud Mining Company and The Goldfield Consolidated Mines Company, to anunrelated party as detailed in note 6 of notes to the consolidated financialstatements.

In September 2003, the Companywas notified by the United States Environmental Protection Agency (the "EPA")that it is a potentially responsible party (a "PRP") with respect to possible investigationand removal activities at a mine previously owned by the Company (see Item 3,Legal Proceedings).

**Item 2.**

**Properties.**

For information with respect tothe principal properties utilized in the Company's operations, see "Item1. Business."

The Company's principal office islocated in Melbourne, Florida, where the Company leases 4,855 square feet ofspace at an annual rental rate of $78,380.  The lease expires on May 31, 2004.  Upon expiration, the Company may relocate to larger rental space in Melbourne,which would likely result in an increase to the Company's annual rentalexpense.

**Item 3.**

**Legal Proceedings.**

**Environmental**

On September 8, 2003, the EPA issued a special notice letter notifying the Company that it is a PRP, along withthree other parties, with respect to possible investigation and removalactivities at the Anderson-Calhoun Mine/Mill Site (the "Site") inStevens County, Washington, which the EPA may request that the Company, alongwith the other PRPs, perform or finance.  The Company sold the Siteproperty in 1964. The Company has commenced investigating the historicoperations that occurred at the Site as well as the nature and scope ofenvironmental conditions at the Site that may present concerns to the EPA. Based upon its investigation to date, the Companyhas determined that its operations at the Site were primarily exploratory andthat the Company never engaged in any milling or other processing activities atthe Site.  At some times from 1950 to 1952, the Company's records reflectthat it extracted a limited amount (111,670 tons) of surface ore from the Sitefor off-site processing.  The Site has changed owners several times sinceit was sold by the Company, and the Company believes that a substantial majorityof the mining activities and all of the milling and related processing andprocess waste disposal activities likely were conducted by subsequent owners.

6
** 

The Company is in discussionswith the other PRPs with respect to negotiating an Administrative Order onConsent with the EPA pursuant to which the PRPs would perform an EngineeringEvaluation/Cost Analysis ("EE/CA") to determine what action, if any,is warranted at the Site.  The Company has reached a tentative agreement withtwo other PRPs at the Site under which the group has offered to the EPA toundertake, finance and perform the EE/CA study at the Site, with the members ofthe group sharing equally the costs of this work, subject to re-allocation ofsuch costs among group members after completion of the EE/CA.  The Companybelieves that completion of the EE/CA process will extend until the winter of2004, whereupon the EPA will decide whether additional response action(remediation) may be necessary.  The EPA has not yet formally responded to thegroup's offer to perform the EE/CA.  Under the Comprehensive EnvironmentalResponse, Compensation and Liability Act, any of the PRPs may be jointly andseverally liable to the EPA for the full amount of any response costs incurredby the EPA, including costs related to investigation and remediation, subjectto a right of contribution from other PRPs.  In practice, PRPs generally agreeto perform such response activities, and negotiate among themselves todetermine their respective contributions to any such multi-party activitiesbased upon equitable allocation factors, including their respectivecontributions to the alleged contamination and their ability to pay.

It is impossible at this stage toestimate the total costs of investigation and remediation at the Site due tovarious factors, including the scope of the EE/CA study to be negotiated withthe EPA, incomplete information regarding the Site and the other PRPs,uncertainty regarding the extent of contamination and the Company's share, ifany, of liability for the contamination and the selection of alternativeremedies and changes in clean-up standards.  In September 2003, inaccordance with Financial Accounting Standards Board Interpretation No. 14,"Reasonable Estimation of the Amount of a Loss - an interpretation of Statementof Financial Accounting Standards No. 5 (Accounting for Contingencies)", andStatement of Position 96-1, "Environmental Remediation Liabilities", the Companyrecognized a provision of $210,976 (within discontinued operations) for thismatter, which represents the current estimate of the Company's share of thecosts associated with an emergency removal action previously undertaken by theEPA, the anticipated cost of the EE/CA study and the anticipated professionalfees associated with the EE/CA study.  Total actual costs to be incurred atthe Site in future periods may vary from this estimate, given inherentuncertainties in evaluating environmental costs.  As of February 29, 2004,the Company incurred actual investigation and professional services costs of$94,048 and its reserve balance for the EE/CA study process is $116,928 (accruedas a current liability within discontinued operations).  The accrual willbe reviewed periodically based upon facts and circumstances available at thetime, which could result in changes to its amount.  The EPA has indicatedthat it has made no determination whether any additional responseaction (remediation) will be required at the Site and will not do so until aftercompletion of the EE/CA process.  At this stage, the Company does not havesufficient information to determine the potential extent and nature of anynecessary future response action (remediation) at the Site, or to estimate thepotential additional future cost of such action or the Company's potentialliability for such costs.  The Company is investigating whether any costincurred would be covered by insurance.

7
** 

** **

**Item 4.**

**Submission of Matters to a Vote of Security Holders.**

No matter was submitted to a voteof security holders during the fourth quarter of 2003.

**PART II**

**Item 5.**

**Market for  Registrant's Common Equity and Related Stockholder  Matters.**

The Common Stock of the Company is traded on The AmericanStock Exchange under the symbol GV. The following table shows the reported highand low sales price at which the Common Stock of the Company was traded in 2003and 2002:
   2003   2002   High   Low   High   Low
First Quarter

$ .47

$.41

$.56

$.46

Second Quarter

.97

.39

.62

.40

Third Quarter

1.19  

.51

.48

.36

Fourth Quarter

.84

.57

.48

.37

As of February 25, 2004, the Company had approximately11,500 holders of record.

The Company has paid no cash dividends on its CommonStock since 1933, and it is not expected that the Company will pay any cashdividends on its Common Stock in the immediate future.

 

 

8

The following table sets forth information regarding theCompany's purchases of its Common Stock on a monthly basis during the fourthquarter of 2003:

**IssuerPurchases of Equity Securities**

Period

** **

Total Number of  Shares  Purchased

** **

Average Price  Paid per Share 

** **

Total Number of  Shares Purchased as Part of Publicly Announced Plans or Programs(1)

** **

Maximum Number  of Shares  that May Yet Be Purchased Under the Plans or Programs

October 1, 2003 through October 31, 2003

--

--

--

1,154,543

November 1, 2003 through November 30, 2003

--

--

--

1,154,543

December 1, 2003 through December 31, 2003

10,512

 0.60

10,512

1,144,031

Total

10,512

$0.60

10,512

1,144,031

** **

(1) On September 17, 2002, the Company's Board ofDirectors approved a Common Stock Repurchase Plan ("the Repurchase Plan")allowing the Company to repurchase up to five percent (approximately 1.3million shares) of its outstanding Common Stock over the twelve-month periodwhich followed.  On June 11, 2003, the Board of Directors approved a one-yearextension of the repurchase period (until September 16, 2004) and increased the total number of shares purchasable under the Repurchase Plan to 2.5million. Over the course of the Plan, through December 31, 2003, the Company has repurchased 1,355,969 shares of its Common Stock at a cost of $675,944(average cost of $0.498 per share). The Company may repurchase its shareseither in the open market or through private transactions.  The volume of theshares to be repurchased is contingent upon market conditions and otherfactors.  

 

 

 9

**Item 6.**

**Selected Financial Data.**

The following table sets forth summary consolidatedfinancial information of the Company for each of the years in the five-yearperiod ended December 31, 2003:

Years Ended December 31,

2003

2002

2001

2000

1999

(In thousands except per share and share amounts)

Continuing operations:

 Total revenues

$32,988    

$22,343   

$21,917     

$22,723    

$18,114 

 Income from    operations

$     500    

   $     354    

     $     945     

  $  2,958    

  $  2,642 

 Preferred stock    dividends

--    

  --   

  (13)(3)

  (24)   

      (24)
  
Income from continuing   operations available   to common stockholders 

500    

  354    

  932     

  2,934    

  2,619 

Discontinued Operations:   (Loss) income from    operations

(134)(1)

  378    

  548     

  724    

  (166)

 Loss on disposal

--    

49(2)

--     

--    

-- 
   
Net income 

$   366    

$   682    

$ 1,480     

$ 3,658(4)

$ 2,452 
   
Earnings (loss) per   share-basic    Continuing operations

  $  0.02    

  $  0.01    

  $  0.03     

  $  0.11    

  $  0.10 

  Discontinued  operations

(0.01)   

0.01    

0.02     

0.03    

(0.01)

  Net income 

$  0.01      

$  0.02    

$  0.05     

$  0.14    

$  0.09 
   
Earnings (loss) per   share-diluted    Continuing operations

  $  0.02    

  $  0.01    

  $  0.03      

  $  0.11    

  $  0.10 

  Discontinued  operations

(0.01)   

0.01    

0.02     

0.03    

(0.01)

  Net income 

$  0.01    

$  0.02    

$  0.05     

$  0.13    

$  0.09 
   
Common shares used in the   calculations of   earnings per share    Basic

26,483,912    

  27,416,395    

  27,298,715     

  26,854,748    

  26,854,748 

  Diluted

26,637,504    

27,543,835    

27,533,229     

  27,914,029    

27,393,528 
   
Total assets

$24,094    

$22,358    

$22,875     

$20,229    

$16,296 

Working capital

10,565    

11,985    

8,528     

8,276    

7,756 

Shareholders' equity

19,975    

20,081    

19,580     

18,311      

14,653 

The total of the abovecategories may differ from the sum of the components due to rounding.

**_____________________________________**

** **

(1)

In September 2003, the  Company recognized a provision for remediation in the pre-tax amount of  $210,976, as described in note 6 of notes to the consolidated financial  statements.

(2)

In December 2002,  the Company completed the sale of the capital stock of its mining  subsidiaries, as described in note 6 of notes to the consolidated financial  statements.

 

10

(3)

In July 2001, all  339,407 shares of the Company's Series A 7% Voting Cumulative Convertible  Preferred Stock were redeemed for the price of $1.00 per share.

** **

(4)

Net income for 2000  included key-man life insurance proceeds of $2,000,000 as the result of a  covered employee's fatal automobile accident.

 

**Item 7.**

**Management's Discussion and Analysis of Financial  Condition and  Results of Operations.**

**Overview**

The Company had higher electrical construction revenuedue to the greater availability of projects.  However, electrical constructionoperating margins were affected by unanticipated costs related to adverseweather conditions.  We can not project the levels of future demand forconstruction services.  To date, the Company has not experienced any significantincrease in demand attributable to increased grid construction stemming fromthe August 2003 blackout in the Northeastern United States.

Revenues and operating income from the real estate developmentoperations were relatively constant over the last two years.  Although theCompany believes the market remains strong for its condominium development projects,the results from the real estate operations may decline in 2004 depending uponthe timing of construction commencement of the Company's projects.

**CriticalAccounting Policies and Estimates**

This discussion and analysisof the Company's financial condition and results of operations are based uponthe Company's consolidated financial statements, which have been prepared inaccordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to makeestimates and judgments that affect the reported amounts of assets,liabilities, revenues and expenses, and related disclosure of contingent assetsand liabilities.  On an on-going basis, the Company evaluates its estimates,including those related to fixed price electrical construction contracts, realestate development projects, deferred income tax assets and environmental remediation. The Company bases its estimates on historical experience and on various otherassumptions that are believed to be reasonable under the circumstances, theresults of which form the basis for making judgments about the carrying valuesof assets and liabilities that are not readily apparent from other sources.Actual results may differ from these estimates under different assumptions orconditions.  For example, for each critical accounting estimate, a hypotheticalscenario of an adverse 5% change to the estimate and its resulting affect onafter-tax income is detailed below.  The Company believes the followingcritical accounting policies affect its more significant judgments andestimates used in the preparation of its consolidated financial statements. TheCompany's management has discussed the selection and development of itscritical accounting policies, estimates and related disclosure below with theAudit Committee of the Board of Directors.

 

 

11

 **Percentage of Completion- Electrical Construction Segment**

A number of factors relatingto our electrical construction segment affect the recognition of contractrevenue.  The Company recognizes revenue when electrical services are performedexcept when work is performed under a fixed price contract.  Revenue from fixedprice electrical construction contracts is recognized on the percentage ofcompletion method.  Under this method, estimated contract income and resultingrevenue is generally accrued based on costs incurred to date as a percentage oftotal estimated costs.  Total estimated costs, and thus contract income, areimpacted by several factors including, but not limited to, changes inproductivity and scheduling, and the cost of labor, subcontracts, materials andequipment.  Additionally, external factors such as weather, client needs,client delays in providing approvals, labor availability and governmentalregulation, may also affect the progress and estimated cost of a project'scompletion and thus the timing of income and revenue recognition.

The Company believes thecurrent assumptions and other considerations used to estimate the total costsare appropriate.  However, if actual experience differs from the assumptionsand other considerations used in estimating total costs, the resulting change couldhave an adverse effect on the Company's results of operations.  For example, ifa 5% unfavorable change in costs were to occur, after-tax income fromcontinuing operations for the year ended December 31, 2003 would have decreased $64,726.

If a currentestimate of total cost indicates a loss on a contract, the projected loss isrecognized in full when determined. Revenue from change orders, extra work,variations in the scope of work and claims is recognized when realization isreasonably assured.

  **Percentage of Completion - Real Estate Development Segment**

Given our limited experiencein condominium development at the time, the initial condominium developmentproject was accounted for under the deposit method, thus deferring therecognition of related revenue and expenses until the project was complete andthe underlying titles were transferred to the buyers.

As of August 2002, commencingwith the second condominium development project, all revenue associated withreal estate development projects that meet the criteria specified by Statementof Financial Accounting Standards ("SFAS") No. 66, "Accounting for Sales ofReal Estate", have been recognized using the percentage of completion method. Under this method, revenue is recognized when (1)construction is beyond apreliminary stage, (2)buyers are unable to receive refunds of down-paymentsexcept in the event of non-delivery, (3)a substantial percentage of thecondominiums are under firm contracts, (4)collection of the sales price isreasonably assured and (5)sales proceeds and costs can be reasonablyestimated.  Revenue recognized is calculated based on the percentage ofcompletion, as determined by the ratio of fixed price construction contractcosts incurred to date to the total fixed price construction contract.  Asignificant majority of the total estimated project costs is attributable tothe fixed price construction contract; the residual estimated costs could varyfrom actual and the variation is recognized in the period it is determined.

Because of the generalinvariability of costs of fixed-price construction contracts, the Companybelieves that a material difference in total actual project costs versus totalestimated project costs is unlikely, although possible.  If the Company were toencounter adverse circumstances which resulted in a 5% increase in totalproject costs, after-tax income from continuing operations for the year endedDecember 31, 2003 would have decreased $79,444.

12

If a currentestimate of total project cost indicates a loss on a project, the projectedloss is recognized in full when determined.  The timing of revenue and expenserecognition is contingent on construction productivity.  Factors possiblyimpeding construction productivity include, but are not limited to, supply oflabor, materials and equipment, scheduling, weather, permitting and unforeseenevents.

If a buyer were to default on the contract for sale, revenues and expenses recognized in prior periods would be adjusted in the period of default.

  **Deferred Tax Assets**

The Companyconsiders future taxable income and ongoing prudent and feasible tax planningstrategies in assessing the need for a valuation allowance for deferred taxassets.  The ultimate realization of deferred tax assets is dependent upon thegeneration of future taxable income during the periods in which the deferredtax assets are expected to be recovered or settled.  Should the Companydetermine that it would not be able to realize all or part of its net deferredtax assets, a valuation allowance would be recorded to reduce its deferred taxassets to the amount that is more likely than not to be realized. In the eventthe Company were to subsequently determine that it would be able to realize itsdeferred tax assets in the future in excess of its net recorded amount, anadjustment to the previously recorded valuation allowance would increase incomein the period such determination was made.

As of the year ended December 31, 2003, the deferred tax asset was largely comprised of net operating loss ("NOL")carryforwards which will expire from 2009 through 2018 (refer to note 5 ofnotes to the consolidated financial statements).  Based on historicalexperience and other various assumptions including forecasts of future taxableincome and tax planning, the Company anticipates being able to generatesufficient taxable income to utilize the NOL carryforwards prior to theirrespective expiration dates and therefore, did not record a valuation allowanceagainst the deferred tax assets.  Had the Company forecasted an inability toutilize 5% of the NOL carryforwards, prior to their respective expirationdates, after-tax income from continuing operations for the year ended December 31, 2003 would have decreased $49,810.

 **Provision forRemediation**

In September 2003, the Company was notified by the UnitedStates Environmental Protection Agency (the "EPA") that it is a potentiallyresponsible party (a "PRP") with respect to possible investigation and removalactivities at a mine that it had formerly owned.  Refer to note 6 of notes tothe consolidated financial statements for a discussion on this matter.

In accordance with FinancialAccounting Standards Board ("FASB") Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement of FinancialAccounting Standards No. 5 (Accounting for Contingencies)", and Statement ofPosition 96-1, "Environmental Remediation Liabilities", during the year endedDecember 31, 2003, the Companyrecognized a provision of $210,976 (within discontinued operations), whichrepresents the Company's current estimate of remediation costs for this matter. Total actual remediation costs to be incurred in future periods may vary fromthis estimate, given inherent uncertainties in evaluating environmental costs. Had the Company estimated the provision for remediation to be 5% in excess ofits current estimate, after-tax income from discontinued operations for the yearended December 31, 2003 would have decreased $6,002.

 

13

**Results of Operations**

**Segment Information**

The table below shows theCompany's consolidated revenue and operating income attributable to each of itsongoing lines of business for each of the years in the three year period ended December 31, 2003:
   
 2003

 2002

 2001
   
Revenue    Electrical construction

$26,475,202

$16,442,396

$21,804,496 
   
  Real  estate development

6,513,213

5,900,864

112,545 
   
    Total

$32,988,415

$22,343,260

$21,917,041 
      
Operating income (loss)    Electrical construction

$ 1,726,789

$ 1,689,686

$ 3,368,685 
   
  Real  estate development

1,186,081

1,229,872

(23,809)
   
    Total

$ 2,912,870

$ 2,919,558

$ 3,344,876 

** **

Operating income is total operating revenue lessoperating expenses inclusive of depreciation and selling, general andadministrative expenses for each segment.  Operating income excludes interestexpense, interest income and income taxes.

**YEAR ENDED  DECEMBER 31, 2003 COMPARED TO YEAR ENDED  DECEMBER 31, 2002**

**Continuing Operations**

**  Revenues**

Total revenues in the year ended December 31, 2003 increased by 47.6% to $32,988,415, compared to $22,343,260 in the year ended December 31, 2002.  This increase in total revenues was primarily the result of asignificant increase in revenues generated by the electrical constructionoperations.

Electrical construction revenue increased by 61.0% in theyear ended December 31, 2003 to $26,475,202 from $16,442,396 in the year ended December 31, 2002.  This increase was primarily attributable to an increase in bothtransmission line construction and fiber optic projects as a result of greateravailability of electrical construction contracts.  The varying magnitude andduration of electrical construction projects may result in substantialfluctuation in the Company's backlog from time to time.  At February 29, 2004, the approximate value of uncompleted contracts was $6,500,000 compared to $14,200,000at February 28, 2003.

Revenues recognized by the real estate developmentoperations for the year ended December 31, 2003 were $6,513,213 compared to$5,900,864 for the year ended December 31, 2002, an increase of 10.4%.  Thisincrease was primarily the result of the units under construction having a higheraverage contract sales price per unit relative to the like period in 2002.

14

As of February 29, 2004, real estate development operation's backlog (outstanding real estate contractsfor sale excluding partial revenue already recognized on said contracts underthe percentage of completion method) was approximately $2,300,000, compared toapproximately $4,400,000 as of February 28, 2003.  There can be no assurancethat settlements of condominiums subject to contracts for sale will occur.

During July 2001, the Companycommenced construction on its initial condominium development project,"Country Club Point", a twelve-unit riverfront complex in Cocoa Beach, Florida.  The project was completed and sold in the third quarter of 2002. Country Club Point was accounted for under the deposit method (as described inthe above Critical Accounting Policies and Estimates).

The Company beganconstruction on its second condominium project, "Riomar", a six-unit oceanfrontcomplex near Cocoa Beach, Florida in August 2002.  Riomar was completed and soldin the fall of 2003 and accounted for under the percentage of completion method.

Construction began on "Cape Club",a sixteen-unit oceanfront condominium project located in Cape Canaveral, Floridain July 2003 and its completion is expected in the second quarter of 2004. Allunits are under contract for sale.  Cape Club is being accounted for under thepercentage of completion method.

"Oak Park", a townhouse-stylecondominium project in Cape Canaveral, Florida is currently in theplanning/permitting phase.  Preliminary plans call for a forty-unit complex tobe built, thirty-three of which have been reserved with refundable deposits. 

The Company's most recentplans are to develop a riverview residential complex on a two-acre parcel in Melbourne, Florida, acquired in January 2003 for approximately $1 million.  Initial planscall for a multi-phase development, with the first phase, "Pineapple House", athirty-three--unit luxury riverview condominium complex, currently undergoingthe permitting process.  Commencement of construction is dependent upon thereceipt of required permits and obtaining the approval of a Vested Rightsapplication which was filed with the City of Melbourne in January 2004. Although the Company believes the Vested Rights application should be approved,there can be no assurance that the City of Melbourne will not deny itsapplication.  Its denial would likely result in the reduction of the number ofunits that could be built on the parcel and the possible profit on the project.

  **Operating Results**

Electrical constructionoperations had an operating income of $1,726,789 in the year ended December 31,2003, compared to an operating income of $1,689,686 during the year endedDecember 31, 2002, an increase of 2.2%.  In 2002, the Company's electricalconstruction operating results were adversely affected by a lower level ofactivity attributable to a general slackening of industry demand.  As apercentage of revenue, operating margins on electrical construction operationsdecreased to 6.5% for the year ended December 31, 2003 from 10.3% for the year ended December 31,2002.  The decrease in the operating margin was primarily a result ofhigher than budgeted costs incurred due to adverse weather conditionsencountered on several large electrical construction projects located in Alabamaand Georgia. The net increase of costs incurred was mainly comprised ofincreases, as a percentage of revenue, in subcontractor, material and equipmentrental expenses, partially offset by decreases, as a percent of revenue, insalaries, depreciation and equipment repairs and maintenance for the year endedDecember 31, 2003, in comparison to the year ended December 31, 2002. 

15

Real estate development operations had an operatingincome of $1,186,081 in the year ended December 31, 2003, compared to anoperating income of $1,229,872 in the year ended December 31, 2002, a decrease of 3.6%.  As a percentage of revenue, operating margins decreased to 18.2% forthe year ended December 31, 2003 from 20.8% for the year ended December 31, 2002. This decrease was primarily the result of a change in the mix of theunits sold and in backlog from mainly high-margin units to a combination ofboth lower-margin and higher-margin units.  Operating margins from real estate developmentoperations are expected to vary due to the type and number of projects underconstruction at any given time and each project's estimated operating margin.

 ** Costs and Expenses**

Total costs and expenses, and the components thereof,increased to $32,153,797 in the year ended December 31, 2003 from $21,700,379 in the year ended December 31, 2002, an increase of 48.2%.

Electrical construction costs increased to $23,054,051 inthe year ended December 31, 2003 from $13,306,542 in the year ended December 31, 2002, an increase of 73.3%.  The increase in costs was primarily attributableto increases in the volume of work performed, insurance premiums due to rateincreases, subcontractor costs incurred as a result of required constructionservices outside the scope of services generally provided by the Company and projectcosts due to adverse weather conditions.

Costs of the real estate development operations increasedto $4,925,379 for the year ended December 31, 2003 from $4,300,019 for the yearended December 31, 2002.  This increase of 14.5% was the result of a change inthe mix of the units sold and in backlog as discussed above in "OperatingResults".

Depreciation and amortization was$1,645,657 in the year ended December 31, 2003, compared to $1,404,405 in theyear ended December 31, 2002.  The increase in depreciation and amortizationfor 2003 was largely a result of an increase in capital expenditures in recentyears, most of which were attributed to upgrading and replacing electricalconstruction equipment.

The following table sets forth selling, general andadministrative ("SG&A") expenses for each segment for the years endedDecember 31, as indicated:

 2003
   
 2002
     
Electrical construction

 $  110,394 
   
$  106,521

Real estate development

   393,161
   
      355,648   

Corporate

 2,025,155
   
 2,227,244

 Total

$2,528,710
   
$2,689,413

16

SG&A expenses of the Company decreasedby 6.0% to $2,528,710 in the year ended December 31, 2003, from $2,689,413 in the year ended December 31, 2002. The decrease was primarily due tohigher legal and professional fees incurred in 2002 as a result of servicesrequired to sell the Company's mining subsidiaries.  SG&A expenses, as apercentage of revenue, decreased to 7.7% for the year ended December 31, 2003 from 12.0% for the year ended December 31, 2002, largely due to increasedrevenue.

  **Income Taxes**

The provision for income taxes was $379,184 in the yearended December 31, 2003, an effective tax rate of 43.1%, as compared to$363,866 in the year ended December 31, 2002, an effective tax rate of 50.7%.The effective tax rate differs from the statutory rate for the year ended December 31, 2003, largely due to the expenses which are non-deductible for tax purposes.For the year ended December 31, 2002, the effective tax rate differs from thestatutory rate, primarily due to state income taxes.

**Discontinued Operations **

On December 4, 2002, effective November 30, 2002, the Company completed the sale of the capital stock of itsmining subsidiaries, St. Cloud Mining Company ("St. Cloud") and The GoldfieldConsolidated Mines Company ("Consolidated Mines"), to an unrelated party.  TheCompany received total cash consideration, net of a post-closing adjustment, inthe amount of $2,497,590.

An after-tax loss on the sale of the mining operationswas recorded in the fourth quarter of 2002 in the amount of $49,443. Net assetsdisposed of approximated $2,022,000 and the related selling costs whichincluded commission, severance and legal expenses were approximately $454,000.

Following the sale, in September 2003, the Company wasnotified by the EPA that it is a PRP with respect to possible investigation andremoval activities at a mine formerly owned by Consolidated Mines.  Please seenote 6 of notes to the consolidated financial statements for a discussion on thismatter and its related provision recognized in the year ended December 31, 2003.

 

 

17
****
Summary operating resultsof discontinued operations for the year ended December 31, 2003 and elevenmonths ended November 30, 2002 are as follows: 
   
2003

2002
      
Net sales

$        -- 

$2,464,017 
   
Cost of sales

-- 

 (2,035,069)
   
Depreciation

-- 

(54,288)
   
  Gross profit 

-- 

    374,660
   
General and 
   
  administrative  expense

-- 

(9,018)
   
Provision for remediation 

(210,976)

-- 
   
Operating (loss) income

(210,976)

 365,642 
   
Other income, net
   
  Interest expense

-- 

(12,416)
   
  Other income,  net (including
   
    gain  on sale of real
   
    estate  of $301,132  
   
    for  the period 
   
    ended  November 30, 2002)

-- 

359,802 
   
-- 

347,386 
   
(Loss) income from  discontinued
   
  operations  before income
   
  taxes and loss on  sale

(210,976)

713,028 
   
Income (taxes) benefit

76,604 

(335,464)
   
(Loss) income from  discontinued
   
  operations, net  of tax

(134,372)

377,564 
   
Loss on sale (net of tax of     $71,701)

-- 

49,443 
   
Net (loss) income from  discontinued operations

$  (134,372)

$  328,121 

     

**YEAR ENDED  DECEMBER 31, 2002 COMPARED TO YEAR ENDED  DECEMBER 31, 2001**

**Continuing Operations**

  **Revenues**

Total revenues in the year ended December 31, 2002 increased by 1.9% to $22,343,260, compared to $21,917,041 in the year ended December 31, 2001.  This increase in total revenues was primarily the result of asignificant increase in revenues generated by the real estate development operations,which were partially offset by a decrease in the electrical constructionoperation's revenue.

Electrical construction revenue decreased by 24.6% in theyear ended December 31, 2002 to $16,442,396 from $21,804,496 in the year ended December 31, 2001.  The decrease was primarily attributable to a decrease in bothtransmission line construction and fiber optic projects as a result of adecline in the demand for the construction and maintenance services provided toelectrical utilities.  There was no revenue earned from fiber optic projectsduring 2002.  At February 28, 2003, the approximate value of uncompletedcontracts was $14,200,000 compared to $10,700,000 at February 28, 2002.

Revenues recognized by the real estate development operationsfor the year ended December 31, 2002 were $5,900,864 compared to $112,545 forthe year ended December 31, 2001, an increase of $5,788,319.  This significantincrease was attributed to the completion and sale of Country Club Point, aswell as partial revenue recognition on Riomar, in 2002.

 

18

As of February 28, 2003, outstanding real estate contracts for sale amounted to approximately $4,400,000,compared to approximately $4,300,000 as of February 28, 2002. 

  **Operating Results**

Electrical construction operations had an operatingincome of $1,689,686 in the year ended December 31, 2002, compared to anoperating income of $3,368,685 during the year ended December 31, 2001, a decrease of 49.8%.  In 2002, the Company's electrical construction operatingresults were adversely affected by a lower level of activity attributable to ageneral slackening of industry demand.  As a percentage of revenue, operatingmargins on electrical construction operations decreased to 10.3% for the yearended December 31, 2002 from 15.4% for the year ended December 31, 2001.  The decrease in the operating margin was a result of a net increase intransmission line construction costs as a percentage of revenue.  The netincrease was comprised of an increase, as a percentage of revenue, in insuranceand depreciation costs, partially offset by a decrease in incentive bonusesincurred due to a lower level of profitability for the year ended December 31, 2002, in comparison to the year ended December 31, 2001.

Real estate development operations had an operatingincome of $1,229,872 in the year ended December 31, 2002, compared to anoperating loss of $23,809 in the year ended December 31, 2001, an increase of $1,253,681.  This significant increase was the result of the completion andthe sale of Country Club Point and the commencement of construction on Riomarduring 2002.  As a percentage of revenue, operating margins increased to 20.8%for the year ended December 31, 2002 from (21.2)% for the year ended December 31, 2001.

  **Costs and Expenses**

Total costs and expenses, and the components thereof,increased to $21,700,379 in the year ended December 31, 2002 from $20,787,006 in the year ended December 31, 2001, an increase of 4.4%.

Electrical construction costs decreased to $13,306,542 inthe year ended December 31, 2002 from $16,969,631 in the year ended December 31, 2001, a decrease of 21.6%.  The decrease in costs was primarily comprised ofdecreases in subcontractor costs and salaries, which was mainly attributable toa lower level of construction activity. 

Costs of the real estate development operations increasedto $4,300,019 for the year ended December 31, 2002 from $82,354 for the yearended December 31, 2001.  This increase of $4,217,665 was the result ofconstruction and other costs associated with both Country Club Point and Riomarthat were recognized during the year ended December 31, 2002.

Depreciation and amortization was$1,404,405 in the year ended December 31, 2002, compared to $1,324,751 in theyear ended December 31, 2001.  The increase in depreciation and amortizationfor 2002 was largely a result of capital expenditures in recent years, most ofwhich have occurred in the Company's electrical construction business.

19

The following table sets forth SG&A expenses for eachsegment for the years ended December 31, as indicated:

 2002
   
 2001
   
Electrical construction

$  106,521
   
$  209,307

Real estate development

      355,648   
   
       49,874   

Corporate

 2,227,244
   
 2,151,089

 Total

$2,689,413
   
$2,410,270

SG&A expenses of the Company increased by 11.6% to $2,689,413in the year ended December 31, 2002, from $2,410,270 in the year ended December 31, 2001. The net increase was primarily a result of increases in sellingexpenses associated with the real estate development operations, professionaland legal expenses related to the unsuccessful initial attempt to sell themining operations, and a one-time completion fee which is due upon theCompany's full release from its third party financial assurance obligations asdescribed in note 11 of notes to the consolidated financial statements.  Theseincreases were partially offset by a decrease in proxy solicitation costs inconnection with the Company's 2002 annual meeting.  SG&A expenses, as apercentage of revenue, increased to 12.0% from 11.0% in the year ended December 31, 2002 as compared to the year ended December 31, 2001.

  **Income Taxes**

The provision for income taxes was $363,866 in the yearended December 31, 2002, an effective tax rate of 50.7%, as compared to$371,891 in the year ended December 31, 2001, an effective tax rate of 28.2%.The effective tax rate differs from the statutory rate for the year ended December 31, 2002, largely due to the state income taxes.  For the year ended December 31, 2001, the effective tax rate differs from the statutory rate, primarily dueto a decrease in the valuation allowance.

The Company had previously recordeda valuation allowance to reduce deferred tax assets to an amount thatrepresented management's best estimate of the amount of deferred tax assetsthat more likely than not would be realized.  The most significant deferred taxassets were NOL carryforwards.  Based on negative evidence, such as successiveyears of tax losses, future income projections and limitations of NOLcarryforwards it was determined, based on all information available at thetime, that the Company either would not use the NOL carryforwards or could notproduce, with reasonable accuracy, information to support their utilization.

As of December 31, 2001, management determined that therewas no need for a valuation allowance and subsequently reversed it in theamount of $155,000. 

 

 

20
****
** **

**Discontinued Operations **

In December 2001, the Companyannounced it was considering a strategic move to maximize shareholder value viathe possible divestiture of its mining operations, thus enabling the Company tostrengthen its focus on its core electrical construction operations.  Inaccordance with SFAS No. 144, "Accounting for the Impairment or Disposal ofLong-Lived Assets", the operating results for December 31, 2001 were restated as discontinued operations.

On December 4, 2002, effective November 30, 2002, the Company completed the sale of the capital stock of itsmining subsidiaries, St. Cloud and Consolidated Mines, to an unrelated party. 

Summary operating resultsof discontinued operations for the eleven months ended November 30, 2002and the year ended December 31, 2001 are as follows: 
   
2002

2001
      
Net sales

$2,464,017 

$2,016,074 
   
Cost of sales

(2,035,069)

(1,853,197)
   
Depreciation

(54,288)

(243,928)
   
  Gross profit  (loss)

374,660 

(81,051)
   
General and 
   
  administrative  expense

(9,018)

(20,634)
   
Operating income (loss)

365,642 

(101,685)
   
Other income, net
   
  Interest expense

(12,416)

(14,884)
   
  Other income,  net (including
   
    gain  on sale of real
   
    estate  of $301,132 and  
   
    $420,014  for the periods 
   
    ended  November 30, 2002
   
    and December 31, 2001,      respectively)

359,802 

465,032 
   
347,386 

450,148 
   
Income from discontinued
   
  operations  before
   
  income taxes and  loss on sale

713,028 

348,463 
   
Income (taxes) benefit

(335,464)

199,578 
   
Income from discontinued
   
  operations,  net of tax

377,564 

548,041 
   
Loss on sale (net of tax of     $71,701)

49,443 

-- 
   
Net income from discontinued    operations

$  328,121 

$  548,041 
   
** **

  **Operating Results**

During the eleven months ended November 30, 2002, mining operations experienced an operating income of $365,642 compared to anoperating loss of $101,685 during the year ended December 31, 2001.  As a percentage of revenue, operating margins in the mining operations improved to 14.8%for the eleven months ended November 30, 2002 from (5.0)% for the year ended December 31, 2001.  Operating income improved as a result of increased volume in theconstruction aggregate business, reductions in per-unit zeolite operating costsand reduced depreciation expense. The operating results from mining includeddepreciation expense of $54,288 during the eleven months ended November 30, 2002, compared to $243,928 during the year ended December 31, 2001.  In accordance with SFAS No. 144, the provision for depreciation expense on themining assets was suspended at the end of March 2002, when the assets wereclassified as held for sale.

 

21

 

St. Cloud sold 14,717 tons ofnatural zeolite during the eleven months ended November 30, 2002, compared to 15,951 tons during the year ended December 31, 2001.

The Lordsburg Mining Company, awholly-owned subsidiary of Consolidated Mines, sold 30,323 tons of constructionaggregate material during the eleven months ended November 30, 2002, compared to 8,138 tons during the year ended December 31, 2001.

**Quarterly Financial Data(Unaudited)**

Selected quarterly financial data (in thousands of dollarsexcept per share and share amounts) follows:

2003

First  Quarter

Second  Quarter

Third  Quarter

Fourth  Quarter

Continuing Operations:

 Revenues

  Electrical  construction

$6,952,899

$ 8,897,680

$4,539,399 

$6,085,224 

  Real estate  development

727,445
   
1,657,762
   
2,274,742 
   
1,853,264 

   Total

$7,680,344
   
$10,555,442
   
$6,814,141 
   
$7,938,488 

 Operating  income (loss)    Electrical construction

 

$  848,998

 

$   466,627

 

$ (141,812)

 

$  552,976 

  Real estate development

42,360

264,757

463,002 

415,962 

 Net income (loss) from    continuing operations    available to common    stockholders

224,962

122,679

(92,118)

244,758 
   
Discontinued Operations:   Loss from operations

  --

  --

  (121,384)

  (12,988)
   
Net income (loss)

224,962

122,679

(213,502)

231,770 
   
Earnings (loss) per share-   basic and diluted    Continuing operations

  0.01

  0.00

  0.00 

  0.01 

  Discontinued operations

0.00

0.00

0.00 

0.00 

  Net income  (loss)

0.01

0.00

(0.01)

0.01 
   
Common shares and    equivalents used in the    calculations of earnings    per share      Basic

26,927,262

26,605,686

 26,207,400 

26,206,261 

    Diluted

27,050,729

   26,744,644

26,377,563 

26,371,669 

 

22

2002

First  Quarter

Second  Quarter

Third  Quarter

Fourth  Quarter

Continuing Operations:

 Revenues

  Electrical  construction

$5,596,776 

$5,293,753

$1,987,085 

$3,564,782 

  Real estate  development

25,749 

74,328

4,960,765 

840,022 

   Total

$5,622,525 
   
$5,368,081
   
$6,947,850 
   
$4,404,804 

 Operating income  (loss)     Electrical construction

 

$  772,823 

 

$1,019,053

 

$ (345,184)

 

$  242,994 

  Real estate  development

(13,561)

55,897

1,059,032 

128,504 

 Net income (loss) from    continuing operations    available to common    stockholders

  212,031 

  260,105

  60,420 

  (178,923)
   
Discontinued Operations:   Income from operations

  128,894 

  141,143

  104,467 

  3,060 

 Loss on disposal

-- 

--

-- 

49,443 
   
Net income (loss)

340,925 

401,248

164,887 

(225,306)
   
Earnings (loss) per share-   basic and diluted    Continuing operations

  0.01 

  0.01

  0.00 

  (0.01)

  Discontinued  operations

0.00 

0.01

0.00 

0.00 

  Net income (loss)

0.01 

0.01

0.01 

(0.01)
   
Common shares and    equivalents used in the    calculations of earnings    per share      Basic

  27,446,079 

  27,460,768

  27,512,631 

  27,247,230

    Diluted

28,057,556 

27,609,686

27,628,772 

27,365,064

The totals for the years 2003 and2002 may differ from the sum of the quarterly information due to rounding.

 

 

23

**Liquidity and Capital Resources**

**Working Capital Analysis**

Cash and cash equivalents at December 31, 2003 were $5,045,463 as compared to $7,405,342 at December 31, 2002. Working capital of continuingand discontinued operations at December 31, 2003 was $10,565,493, compared to$11,985,287 at December 31, 2002.  The Company's ratio of current assets tocurrent liabilities (includes continuing and discontinued operations) decreasedto 3.6:1 at December 31, 2003, from 6.3:1 at December 31, 2002.  This net decrease was primarily attributable to a decrease in cash reserves due to theelectrical construction operations capital expenditures of approximately $3.1million, and various other factors, including increases in accounts payable dueto a higher level of electrical construction activity, and in the real estatedevelopment operation's construction loan (refer to note 10 of notes to theconsolidated financial statements), which was mainly attributable to CapeClub's construction costs.  The foregoing was offset by significant increasesin the electrical construction operation's accounts receivable and accruedbillings due to a higher level of electrical construction activity and in thereal estate development operation's contracts receivable, which was mainlyattributable to revenue recognized on the Cape Club condominium developmentproject, of which all units are under contract for sale.

**Cash Flow Analysis**

Net cash flows for each of thethree years ended December 31 were as follows:

2003

2002

2001

Operating activities

$  (800,821)

$2,956,648 

$  452,243

Investing activities

(1,799,351)

55,818 

295,900

Financing activities

240,293 

(269,250)

732,035

Net (decrease) increase in  cash and cash equivalents

$(2,359,879)

$2,743,216 

$1,480,178

  **OperatingActivities**

Cash flows from operatingactivities are comprised of income from continuing operations adjusted toreflect the timing of cash receipts and disbursements therefrom. 

In 2003, net cashused by operating activities was $800,821, compared to net cash provided byoperating activities of $2,956,648 in 2002.  Changes in the accountsreceivable and accrued billings used $2,851,341 of cash during 2003, compared tocash provided of $2,285,281 in 2002.  Cash used by accounts receivable andaccrued billings was significantly higher in 2003 compared to the prior year,primarily due to a substantial increase in the accounts receivable and accruedbillings of the electrical construction segment, as a result of an increase inrevenue from a higher level of electrical construction activity in 2003. Changes in the contracts receivable of the real estate development operationsused $2,313,513 of cash in 2003, when compared to $1,419,354 of cash used in theprior year.  The increase in cash used by contracts receivable in 2003 whencompared to 2002, was mainly due to an increase in the contracts receivablederived from Cape Club.  During 2003, changes in accounts payable andaccrued liabilities provided cash inthe amount of $924,098, when compared to cash used in the prior year of$737,430.  The cash provided by accounts payable and accrued liabilities in2003 was primarily related to an increase in the electrical constructionsegment's accounts payable due to a higher level of electrical constructionactivity in 2003.  

** **

24

Net cash flows provided by operating activities increasedto $2,956,648 in 2002 from $452,243 in 2001.  The increase was mainly due to adecrease in the accounts receivable and accrued billings of the electricalconstruction segment which resulted from collections on accounts exceedingrevenue earned during 2002 due to a decline in industry demand for electricalconstruction services.  Substantial costs for the construction of Country ClubPoint during 2001 were also a contributing factor to lower cash provided fromoperating activities in 2001 when compared to 2002. 

**  Investing Activities**

Net cash used by investingactivities in 2003 was $1,799,351, compared to net cash provided by investingactivities of $55,818 in 2002. This significant increase in cash usage by theCompany's investing activities during 2003 when compared to 2002, was primarilythe result of a substantial increase of capital expenditures in 2003 to $3,241,064from $1,146,515 in 2002.  The majority of capital expenditures in 2003 wereattributable to purchases of machinery and equipment by the Company'selectrical construction segment which were prompted by an increase in thevolume of work performed and an effort to reduce future equipment rentalexpense. During 2002, unlike 2003, the Company received a large cash inflowfrom the sale of its mining subsidiaries in the amount of $2,497,590.

Net cash flows provided byinvesting activities in 2002 was $55,818 compared to $295,900 in 2001.  Thisdecrease in the cash provided from investing activities was primarily due tothe Company investing its cash in excess of operating requirements inshort-term investment securities in the amount of $1,266,419 in 2002 and thereceipt of nonrecurring life insurance proceeds in the amount of $2,000,000 in2001.  The Company's capital expenditures decreased to $1,146,515 in 2002 from$1,596,884 in 2001 as a result of a lower level of electrical constructionactivity due to a general slackening of industry demand during 2002. 

The Company does not enter into financial instruments fortrading purposes.  Financial instruments consist principally of cash, cashequivalents and short-term, highly liquid U.S. government debt securities withlimited market risk sensitivity.

Capital expenditures in 2004 areexpected to approximate $4.5 million, which the Company anticipates fundingthrough existing cash reserves and its new term loan with Wachovia Bank, N.A.,as described in note 17 of notes to the consolidated financial statements.

On March 11, 2004, the Company's electrical constructionsegment purchased a combination office and shop building on a 1.2 acre parcelof land, which it previously leased, located in Spartanburg, South Carolina,for approximately $234,000 cash.  The property will continue to be used asadministrative and maintenance facilities for the newly established electricaldivision. The Company will continue to lease an adjacent 1.0 acre parcel undera lease with option to purchase which expires on April 30, 2005.

25

**  Financing Activities**

Net cash provided by financing activities in 2003 was$240,293, compared to net cash used in financing activities in 2002 of$269,250. This increase in cash provided by financing activities in 2003,relative to 2002, was primarily due to the Company's increased net borrowingson the real estate construction loan (refer to note 10 of notes to theconsolidated financial statements) for costs related to the construction ofCape Club.  Proceeds from the sale of Cape Club, which is anticipated in thesecond quarter of 2004, will be used to pay down the real estate constructionloan.  The increase in borrowings in 2003 was offset by cash used, in theamount of $471,727, to purchase Treasury Stock (886,359 shares of Common Stockat an average cost of $0.532 per share) pursuant to the Common Stock RepurchasePlan as described in note 16 of notes to the consolidated financial statements.In 2002, the Company spent $204,217 on Treasury Stock (469,610 shares of CommonStock at an average cost of $0.435 per share) pursuant to the Plan. 

Net cash used in financingactivities in 2002 was $269,250 compared to net cash provided by financingactivities in 2001 of $732,035.  Cash provided by financing activities wassignificantly higher in 2001 primarily because of the proceeds received in 2001from the Company's borrowings on the real estate construction loan to financethe construction of Country Club Point.  In 2001, cash provided by theaforementioned net borrowings was offset by cash used in the amount of $339,407to redeem all of its Series A 7% Cumulative Convertible Preferred Stock (referto note 12 of notes to the consolidated financial statements). 

The Company has paid no cash dividends on its CommonStock since 1933, and it is not expected that the Company will pay any cashdividends on its Common Stock in the immediate future.

In January 2004, the Company entered into a term loan inthe amount of $2,600,000, as described in note 17 of notes to the consolidatedfinancial statements, to finance a portion of the anticipated capitalexpenditures discussed above within the "Investing Activities" section. As of February 29, 2004, no draws have been made on the aforementioned loan.

The Company currently has a real estate construction loan(see note 10 of notes to the consolidated financial statements) in favor ofWachovia Bank, N.A.  As of December 31, 2003, borrowings outstanding under saidloan were $1,578,923 and $4,421,077 is available for borrowing, of which$1,500,000 can be used for the working capital needs of the Company. 

The Company's credit facilities require it to comply withvarious covenants, as described in notes 10 and 17 of notes to the consolidatedfinancial statements.  As of December 31, 2003, the Company was in compliancewith all such covenants.  However, there can be no assurance that the Companywill be able to sustain compliance with said covenants and therefore could riskeither a reduction or elimination of its present credit facilities.  TheCompany believes that its present ability to borrow, with the consent of itscurrent lender, is greater than its established credit facilities in place.  However,no assurance can be given as to the terms, availability or cost of any futurefinancing the Company may need.

 

26
****
**Forecast**

The Company anticipates its cash flows from operationsand credit facilities will provide sufficient cash to enable the Company tomeet its working capital needs, debt service requirements and planned capitalexpenditures for at least the next twelve months.  However, the Company'srevenues, results of operations and cash flows as well as its ability to seekadditional financing may be negatively impacted by factors including, but notlimited to, a decline in demand for electrical construction services and/orcondominiums in the markets served and general economic conditions, heightenedcompetition, increased interest rates and adverse weather conditions. 

**Contractual Obligations**

The following table summarizesthe Company's future aggregate contractual obligations at December 31, 2003:

Payments Due By Period

 

Total
Less Than  1 Year

 

1-2 Years

3-5  Years

More Than  5 Years

Operating    leases

$   97,703

$   75,681  

$ 13,091

$  8,931

--

Purchase   obligations(1)

5,385,098

4,537,798(2)

417,389

429,911

--

  Total

$5,482,801

$4,613,479  

$430,480

$438,842

--

 
(1)
Purchase obligations include only agreements topurchase goods or services that are enforceable and legally binding and thatspecify all significant terms.  These amounts largely represent machineryand equipment commitments of the electrical construction operations and aconstruction commitment of the real estate development operations.
       (2)$405,692 is included in the consolidated balance    sheet as of December 31, 2003 within the accounts payable and accrued    liabilities section.
 

 

 

27

**Item 8.**

**Financial Statements.**

** **

**KPMG**

**IndependentAuditors' Report**

The Shareholders and Board of DirectorsThe Goldfield Corporation:

We have audited the consolidatedbalance sheets of The Goldfield Corporation and subsidiaries as of December 31, 2003 and 2002, and the related consolidated statements of operations, cashflows and stockholders' equity for each of the years in the three-year periodended December 31, 2003.  These consolidated financial statements are theresponsibility of the Company's management.  Our responsibility is to expressan opinion on these consolidated financial statements based on our audits.

We conducted our audits inaccordance with auditing standards generally accepted in the United States of  America.  Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement.  An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements.  An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation.  We believe that our audits provide a reasonable basisfor our opinion.

In our opinion, the consolidatedfinancial statements referred to above present fairly, in all material respects,the financial position of The Goldfield Corporation and subsidiaries atDecember 31, 2003 and 2002, and the results of their operations and their cashflows for each of the years in the three-year period ended December 31, 2003,in conformity with accounting principles generally accepted in the UnitedStates of America.

/s/ KPMG LLP    Orlando, Florida   February 6, 2004, except for the second paragraph of    Note 17, as to which the date is February 23, 2004

 

 

 

 

28

      THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS  
December 31,
December 31,
2003
2002
ASSETS
Current assets
      Cash and cash equivalents
 $ 5,045,463 
 $ 7,405,342 
      Short-term investments (Note 2)
         -   
   1,266,419 
      Accounts receivable and accrued billings
   4,043,255 
   1,191,914 
      Contracts receivable (Note 3) 
   3,732,867 
   1,419,354 
      Current portion of notes receivable
      42,969 
      46,625 
      Costs and estimated earnings in excess of 
      billings on uncompleted contracts (Note 4)
     704,413 
   1,330,675 
      Deferred income taxes (Note 5)
     194,492 
     146,297 
      Income taxes recoverable 
      37,658 
      32,155 
      Residential properties under construction
     361,436 
     614,390 
      Prepaid expenses
     514,716 
     790,073 
      Other current assets
       7,132 
      18,837 
      Total current assets
  14,684,401 
  14,262,081 
      Property, buildings and equipment, net (Note 7)
   5,911,013 
   4,432,848 
      Notes receivable, less current portion
     570,061 
     681,915 
      Deferred charges and other assets
      Deferred income taxes, less current portion (Note 5)
   1,058,581 
   1,433,923 
      Land and land development costs
   1,438,965 
   1,126,515 
      Land held for sale
         -   
     117,106 
      Cash surrender value of life insurance 
     309,939 
     303,613 
Other assets 
     121,337 
         -   
      Total deferred charges and other assets
   2,928,822 
   2,981,157 
Total assets
 $24,094,297 
 $22,358,001 
      LIABILITIES AND STOCKHOLDERS' EQUITY
      Current liabilities
   
   
      Accounts payable and accrued liabilities (Note 9)
 $ 2,296,085 
 $ 1,371,987 
      Billings in excess of costs and estimated 
      earnings on uncompleted contracts (Note 4)
     115,520 
      37,904 
      Note payable to bank (Note 10)
   1,578,923 
     866,903 
      Current liabilities of discontinued operations (Note 6)
     128,380 
         -   
      Total current liabilities
   
   4,118,908 
   2,276,794 
      Total liabilities
   4,118,908 
   2,276,794 
      Commitments and contingencies (Note 11)
      Stockholders' equity
      Preferred stock, $1 par value per share, 100,000 
      shares authorized, none issued (Notes 12 and 13)
         -   
         -   
      Common stock, $.10 par value per share, 
      40,000,000 shares authorized; 27,570,104 and 27,570,104
      shares issued at December 31, 2003 and 2002, respectively
      (Notes 14, 15 and 16)
   2,757,010 
   2,757,010 
      Capital surplus 
  18,452,748 
  18,452,748 
      Accumulated deficit
    (539,704)
    (905,613)
Total
  20,670,054 
  20,304,145 
      Less common stock in treasury, at cost; 1,373,327 and 486,968 
      shares at December 31, 2003 and 2002, respectively
     694,665 
     222,938 
      Total stockholders' equity
  19,975,389 
  20,081,207 
      Total liabilities and stockholders' equity
 $24,094,297 
 $22,358,001 
      See accompanying notes to consolidated financial statements
29
 

      THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years Ended December 31,
2003
2002
2001
Revenue
      Electrical construction
 $26,475,202 
$16,442,396 
$21,804,496 
      Real estate development
6,513,213 
5,900,864 
112,545 
Total revenue
32,988,415 
22,343,260 
21,917,041 
      Costs and expenses
      Electrical construction
23,054,051 
13,306,542 
16,969,631 
      Real estate development
4,925,379 
4,300,019 
82,354 
      Depreciation and amortization
1,645,657 
1,404,405 
1,324,751 
      Selling, general and administrative
2,528,710 
2,689,413 
2,410,270 
      Total costs and expenses
32,153,797 
21,700,379 
20,787,006 
      Other income, net 
Interest income
111,473 
97,077 
170,393 
      Interest expense, net
(26,616)
(27,922)
(34,156)
      (Loss) gain on sale of property and equipment
(51,132)
(65)
7,716 
Other
11,122 
5,528 
42,628 
      Total other income, net
44,847 
74,618 
186,581 
      Income from continuing operations 
      before income taxes
879,465 
717,499 
1,316,616 
      Income taxes (Note 5)
379,184 
363,866 
371,891 
      Income from continuing operations
500,281 
353,633 
944,725 
      Preferred stock dividends (Note 12)
         -   
         -   
13,181 
      Income from continuing operations
      available to common stockholders
500,281 
353,633 
931,544 
      (Loss) income from discontinued operations (including
      gain on the sale of real estate of $301,132
      and $420,014 for the years ended 
      December 31, 2002 and 2001, respectively)
      (net of income taxes (benefit) of ($76,604),
      $335,464 and ($199,578)) (Note 6)
(134,372)
377,564 
548,041 
      Loss on disposal of discontinued operations 
      (net of tax of $71,701) (Note 6)
         -   
49,443 
         -   
   
   
      Net income available to common stockholders
 $   365,909 
 $   681,754 
 $ 1,479,585 
      Earnings per share of common stock -
      basic and diluted (Note 15)
      Continuing operations
 $      0.02 
 $      0.01 
 $      0.03 
      Discontinued operations
 $     (0.01)
 $      0.01 
 $      0.02 
Net income 
 $      0.01 
 $      0.02 
 $      0.05 
      Weighted average common shares and 
      equivalents used in the calculations
      of earnings per share
Basic
  26,483,912 
  27,416,395 
  27,298,715 
Diluted
  26,637,504 
  27,543,835 
  27,533,229 
      See accompanying notes to consolidated financial statements
30
      THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,
2003
2002 
2001 
      Cash flows from operating activities
      Income from continuing operations 
 $   500,281 
 $  353,633 
 $  944,725 
      Adjustments to reconcile net income to net
        cash provided by (used in) operating activities
        Depreciation and amortization
1,645,657 
1,404,405 
1,324,751 
        Deferred income taxes
327,147 
725,764 
69,017 
        Loss (gain) on sale of property and equipment
51,132 
65 
(7,716)
        Cash (used by) provided from changes in
           Accounts receivable and accrued billings
(2,851,341)
2,285,281 
(1,200,427)
           Contracts receivable
(2,313,513)
(1,419,354)
               -   
           Costs and estimated earnings in excess
   
             of billings on uncompleted contracts
626,262 
(773,242)
404,756 
           Land and land development costs
(312,450)
386,101 
(642,488)
           Land held for sale
117,106 
          15,077 
            47,704 
           Residential properties under construction
252,954 
895,447 
(1,509,837)
           Recoverable income taxes
(5,503)
(32,155)
55,999 
           Prepaid expenses and other assets
165,725 
(165,263)
73,393 
           Accounts payable and accrued liabilities
     924,098 
        (737,430)
462,785 
           Billings in excess of costs and estimated 
             earnings on uncompleted contracts
77,616 
37,903 
(83,109)
           Income taxes payable
         -   
(19,573)
19,573 
               Net cash (used in) provided by operating activities 
                of continuing operations
(794,829)
2,956,659 
(40,874)
               Net cash (used in) provided by operating activities 
                of discontinued operations
      (5,992)
(11)
493,117 
               Net cash (used in) provided by operating activities
(800,821)
2,956,648 
452,243 
      Cash flows from investing activities
        Proceeds from the disposal of property and equipment
66,110 
87,035 
10,500 
        Proceeds from notes receivable
     132,373 
          95,557 
            64,427 
        Issuance of notes receivable
     (16,863)
             -   
               -   
        Net sales (purchases) of investment securities
   1,266,419 
      (1,266,419)
               -   
        Proceeds on sale of mining subsidiaries
         -   
       2,497,590 
               -   
        Purchases of property and equipment
 (3,241,064)
      (1,146,515)
        (1,596,884)
        Life insurance proceeds
         -   
             -   
2,000,000 
        Cash surrender value of life insurance
(6,326)
(11,918)
(12,029)
          Net cash (used in) provided by investing activities of 
   
            continuing operations
(1,799,351)
255,330 
466,014 
          Net cash used in investing activities of 
            discontinued operations
         -   
(199,512)
(170,114)
          Net cash (used in) provided by investing activities  
  (1,799,351)
                55,818 
                 295,900 
      Cash flows from financing activities
        Proceeds from the exercise of stock options
         -   
          23,333 
129,354 
        Net borrowings (repayments) on note payable to bank
     712,020 
         (88,366)
955,269 
        Redemption of preferred stock 
         -   
             -   
(339,407)
        Payments of preferred stock dividends
         -   
             -   
(13,181)
        Purchase of treasury stock
(471,727)
(204,217)
               -   
             Net cash provided by (used in) by financing activities
                of continuing operations************ |
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