UNITED STATESSECURITIES AND EXCHANGE COMMISSION  WASHINGTON, 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, 2004OR

| ___ | 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, 2004, 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 March 14, 2005, 25,831,165 shares of the Registrant's common stock were outstanding.

Documents Incorporated by Reference

DocumentProxy Statement  for 2005 Annual Meeting

Where IncorporatedPart III

 

 

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

ANNUAL REPORT ON FORM10-KFOR THE YEAR ENDED DECEMBER 31, 2004

INDEX
Page  Number   
Part I             Item 1.Business2Item 2.Properties7Item 3.Legal Proceedings7Item 4.Submission of Matters to a Vote of Security Holders8    
Part II            Item 5.Market for Registrant's Common Equity, Related Stockholder  Matters and Issuer Purchases of Equity Securities9Item 6.Selected Financial Data
10
Item 7.Management's Discussion and Analysis of Financial Condition and Results of  Operations11Item 7AQuantitative and Qualitative Disclosures about Market Risk
23
Item 8.Financial Statements and Supplementary Data
24

Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial  Disclosure
46
Item 9A.Controls and Procedures
46

Item 9B.

Other Information

47
         
Part III         
Item 10.

Directors and Executive Officers of the Registrant

48
Item 11.Executive Compensation49Item 12.Security Ownership of Certain Beneficial Owners and Management and Related  Stockholder Matters
49
Item 13.
Certain Relationships and Related Transactions
49Item 14.Principal Accountant Fees and Services
49
         
 

Part IV 
   Item 15.Exhibits and Financial Statement Schedules
49

Signatures

52
 
 

1

                         

**PART I**

**Item 1.     Business.        **

**General**

The Goldfield Corporation, incorporated in Wyoming in 1906 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 engaged in 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 15 of notes to consolidated financial statementsand "Item 7, Management's Discussion and Analysis of Financial Condition andResults of Operations."

The Company'sinternet website address is www.goldfieldcorp.com. Within the "FinancialInformation" section of its website, the Company makes available, free ofcharge, through links to the U.S. Securities and Exchange Commission ("SEC") website,its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reportson Form 8-K and amendments to those reports filed or furnished pursuant toSection 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, assoon as reasonably practicable after the Company electronically files suchmaterial with, or furnishes it to, the SEC.  The information on the Company'swebsite is not incorporated by reference into this Annual Report on Form 10-K. Alternatively, you may access these reports at the Securities and ExchangeCommission's website at www.sec.gov.  You may also read and copy any documentwe file with the SEC at the SEC's public reference room located at 450 Fifth Street, NW, Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for furtherinformation on the public reference room. 

**Financial Information About Geographic Areas**

During the years ended December 31, 2002, 2003 and 2004, we operated primarily in the United States.  We derived $107,277 of ourrevenues from foreign operations during the year ended December 31, 2003.  We had no material foreign operations in 2002 and 2004.

**Employees**

As of December 31, 2004, we had approximately 130 employees,including 112 hourly-rate employees.  The number of hourly-rate employeesfluctuates depending upon the number and size of projects under construction atany particular time.  We have no unionized employees and believe that ourrelationship with our employees is good.

**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.

2

                         

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).

Our customers include many ofthe leading companies in the industries we serve.  Representative customersinclude: 

Alabama Power Company               JEAAFLTelecommunications              Florida Power & Light CompanyOrlandoUtilities Commission        Georgia Power Company

A significant portion of ourrevenue comes from two or three different customers each year.  The largestcustomers may change from year to year.  In the year ended December 31, 2004, JEA (formerly Jacksonville Electric Authority) and Florida Power & Light Companyeach accounted for more than 10% of consolidated revenue.  Since thecontribution of a customer may vary from year to year, we cannot predict thefuture effect of the loss of any given customer.

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 15 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. 

Revenues andresults of operations in our electrical construction business can be subject toseasonal variations.  These variations are influenced by weather, customerspending patterns and system loads.  The Company primarily performs work in thesoutheastern United States.  Electric utility customers normally perform theirsystem upgrades and maintenance work during off peak seasons when the demandfor electrical power is reduced, which is in the first two quarters of the yearin the southeast region of the United States.  This pattern is apparent by thereduction in the number of active projects in the third quarter.  However,since hurricane season normally peaks during this period, this pattern can beoffset with storm restoration work resulting from hurricane damage. 

 

3

                         

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 financial stability.  TheCompany's management believes that the Company competes favorably with itscompetitors on the basis of these factors.  There can be no assurance, however,that the Company's competitors will not develop the expertise, experience andresources to provide services that are superior in both price and quality tothe Company's services, or that the Company will be able to maintain or enhanceits 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 considerable variationin the terms of the contracts undertaken, such contracts typically involve lumpsum, cost plus or unit price contracts.  However, many of our contracts do notrequire our clients to purchase a minimum amount of services, and many of ourcontracts are cancelable on short notice.  The magnitude and duration ofprojects undertaken by the Company vary, which may result in substantialfluctuations in its backlog from time to time. 

Backlogrepresents the amount of revenue that we expect to realize from work to beperformed on uncompleted contracts, including new contractual agreements onwhich work has not begun.  Our backlog also includes certain service agreementsthat contain multiple year terms.  The projected backlog amount for theseservice agreement contracts are based on our historical work from thesecustomers.  There can be no assurance, however, as to the customer'srequirements during a particular period or that such estimates at any point intime are accurate.  Our backlog at February 28, 2005 was $6,780,000 compared to $6,500,000 at February 29, 2004.  We expect to complete approximately 74% ofthe February 28, 2005 backlog during fiscal year 2005. 

In certaincircumstances, the Company is required to provide performance and payment bondsissued by a financial institution known as a surety to secure its contractualcommitments.  These bonds provide a guarantee to the customer that we willperform under the terms of a contract and that we will pay subcontractors andvendors.  If we fail to perform under a contract or to pay subcontractors andvendors, the customer may demand the surety make payments or provide servicesunder the bond.  Management is not aware of any performance bonds issued forthe Company that have ever been called by a customer.  We currently believethat we will not have to fund any claims under our surety arrangements in theforeseeable future.  The Company believes that it has adequate bondingavailability.  As of December 31, 2004, outstanding performance bonds issued onbehalf of the Company's electrical construction subsidiary amounted toapproximately $11,816,000.

Generally,our customers supply most or all of the materials required for a particularcontract and we provide the personnel, tools, and equipment to perform theinstallation services.  However, with respect to a portion of our contracts, wemay supply part or all of the materials required.  In these instances, we arenot dependent upon any one source for the materials that we customarily utilizeto complete the job. We are not presently experiencing, nor do we anticipateexperiencing, any difficulties in procuring an adequate supply of materials.

The Company is subject to variousfederal, state and local statutes and rules regarding, among other things, contractorlicensing, electrical codes, worker safety and environmental protection.  TheCompany believes that it is in substantial compliance with all applicableregulatory requirements.

4

                         

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 South Carolina division ofSoutheast Power owns its administrative and maintenance facilities, which arelocated on a 1.2-acre tract of land in Spartanburg, South Carolina. The officebuilding is approximately 1,500 square feet and the maintenance facilities areapproximately 2,500 square feet.  The Company also leases an adjacent one acreparcel of land.

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 residential condominiumprojects.  To date, the Company has purchased five sites on the east coast ofCentral Florida.  The Company has developed, or plans to develop, condominiumcomplexes on all of these sites.  The Company has sold all of the condominiums inthe first three projects; ("Oak Park"), the fourth project, is currently underconstruction; and ("Pineapple House"), the fifth project, is completing thepermitting stage of development and is in the process of acceptingpre-construction deposits and reservations.

Oak Park is a forty-unittownhouse-style condominium project located in Cape Canaveral, Florida.  Pineapple House, the first phase of a multi-phase development, is comprised of aneight-story building containing thirty-three luxury river-view condominium units.

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. 

As of February 28, 2005, the real estate operation's backlog (outstanding real estate contracts for saleexcluding partial revenue already recognized on said contracts under thepercentage of completion method, none of which was recognized at December 31, 2004) was approximately $10,227,000, compared to approximately $2,300,000 asof February 29, 2004.  We expect to complete and deliver 100% of our backlog at February 28, 2005 to our buyers during fiscal year 2005.  There can be noassurance that settlements of condominiums subject to contracts for sale willoccur. 

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 9 of notes to the consolidated financial statements.

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

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 and reputationin the marketplace.  Competitive advantages of the Company include desirablelocations, attractive designs and higher quality features not generally offeredby other developers in the market in which we compete.

Our revenuesand results of operations in real estate can be subject to fluctuations. Factors expected to contribute to this variability include: the timing of the startof construction of new projects; our ability to continue to acquire land onacceptable terms; the timing of receipt of regulatory approvals for developmentand construction; the condition of the real estate market and general economicconditions in Florida; prevailing interest rates and the availability offinancing; weather conditions; and the cost and availability of materials andlabor. 

Ourhistorical financial performance in our real estate construction is notnecessarily a meaningful indicator of future results and, in particular, weexpect financial results to vary from project to project and from quarter toquarter.  Our revenue may therefore fluctuate significantly on a quarterlybasis, and we believe that quarter-to-quarter comparisons of our results shouldnot be relied upon as an indication of future performance. 

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.  Permits and approvals mandated by regulationfor development of any magnitude are often numerous, significantlytime-consuming and onerous to obtain, and not guaranteed.  The Company believesthat its real estate operations are in substantial compliance with allapplicable regulations.  However, the Company's growth and development opportunitiesmay be limited and more costly as a result of such regulatory requirements.

The real estate divisionadministrative offices are located within the corporate offices located in Melbourne, Florida.

**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 5 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 possibleinvestigation and removal activities at the Anderson-Calhoun mine/mill site(the "Site") in Stevens County, Washington which was previously owned by theCompany (see Item 3, Legal Proceedings).

In November 2004, the Companylearned that in October 2003, the State of Washington, as part of its effort tocatalog abandoned mines, issued a report on the Sierra Zinc mine/mill site (the"Sierra Site"), also in Stevens County, Washington, which may have been ownedor operated by the Company, and which may have been used by the Company toprocess a limited amount of ore from the Site.  The report did not address anypotential required remediation or reclamation, and an investigation by the EPAof the Sierra Site determined that further action was not recommended. Althoughthe Company is not aware of any threatened governmental or other action withrespect to the Sierra Site, there can be no assurance that such action will notoccur in the future.

6

                         

**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 a monthly rental rate of $6,926.  The Company is currently leasing thisfacility on a month to month basis while awaiting the completion of a largeroffice also located in Melbourne.  The Company's new principal office,completion of which is expected in April 2005, includes 7,586 square feet ofspace at an annual rental rate of $129,865, including the Company's pro-ratashare of operating expenses (real estate taxes, insurance and common areamaintenance.)  The lease, which expires in April 2012 may be renewed for fiveadditional three-year periods. 

**Item 3.     Legal Proceedings.**

**Environmental**

On September 8, 2003, the UnitedStates Environmental Protection Agency (the "EPA") issued a special noticeletter notifying the Company that it is a potentially responsible party (a"PRP"), along with three other parties, with respect to investigation andremoval activities at the Anderson-Calhoun Mine/Mill Site (the"Site") in Stevens County, Washington, which the EPA may request thatthe Company, along with the other PRPs, perform or finance.  Specifically, theEPA has requested that the Company and three other PRPs undertake, perform, andfinance an Engineering Evaluation and Cost Analysis or "EE/CA" for the Site.  TheEE/CA study is in progress as described below.  The primary purpose of an EE/CAis to determine the nature and scope of contamination, evaluate risks, andidentify and evaluate a range of possible clean-up alternatives.  EPA retainsthe sole discretion to determine what, if any, clean up will ultimately berequired based on the EE/CA.

The Company sold the Siteproperty in 1964. The Company has investigated the historic operations thatoccurred at the Site as well as the nature and scope of environmentalconditions at the Site that may present concerns to the EPA.  Based upon itsinvestigation to date, the Company has determined that its operations at theSite were primarily exploratory and that the Company never engaged in anymilling or other processing activities at the Site.  The Company's recordsreflect that between the years 1950 and 1952 it extracted a limited amount(111,670 tons) of surface ore from the Site for off-site processing.  The Sitehas changed owners several times since it was sold by the Company, and theCompany believes that a substantial majority of the mining activities and allof the milling and related processing and process waste disposal activitieslikely were conducted by subsequent owners.

 

 

7

                         

The Company has entered into aCost Sharing Agreement with two other PRPs (Combustion Engineering and Blue TeeCorp.) (collectively, the "Work Group") through which the Work Grouphas agreed how to perform and finance the EE/CA.  Pursuant to the Cost SharingAgreement, the Work Group has agreed to share equally the costs of the EE/CA,subject to re-allocation of such costs among the Work Group after completion ofthe EE/CA.  The Work Group has also entered into an Administrative Order onConsent ("AOC") with the EPA, wherein the Work Group members haveagreed to perform and finance the EE/CA.  The Work Group members have furtherentered into a fixed fee contract with SECOR International to act as contractorto perform the EE/CA.  SECOR performed field work (sampling) during the monthof October 2004.  Evaluation of data and preparation of an EE/CA Report areexpected to be completed during the spring of 2005.  Completion of the EE/CAprocess will thus extend into the summer of 2005, whereupon the EPA will decidewhether additional response action (remediation) may be necessary at the Site.

Under the ComprehensiveEnvironmental Response, Compensation and Liability Act, any of the PRPs may bejointly and severally liable to the EPA for the full amount of any responsecosts incurred by the EPA, including costs related to investigation andremediation, subject to a right of contribution from other PRPs.  In practice,PRPs generally agree to perform such response activities, and negotiate amongthemselves to determine their respective contributions to any such multi-partyactivities based 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 incomplete information regarding the Site and theother PRPs, uncertainty regarding the extent of contamination and the Company'sshare, if any, of liability for the contamination, EPA's future selection ofcleanup standards for the Site, and, ultimately, EPA's selection of a preferredclean-up remedy.  

In September 2003, in accordancewith Financial Accounting Standards Board Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement ofFinancial 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, in addition, this provision was increased by $111,769 during the twelvemonth period ended December 31, 2004.  This increased the total provision to$322,745, 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 at theSite in future periods may vary from this estimate, given inherentuncertainties in evaluating environmental costs.  As of December 31, 2004, the Company incurred actual investigation and professional services costs of $168,826and its reserve balance for the EE/CA study process is $153,919 (accrued as acurrent liability within discontinued operations).  The accrual will bereviewed periodically based upon facts and circumstances available at the time,which could result in changes to its amount.  The EPA has indicated that it hasmade no determination whether any additional response action (remediation) willbe required at the Site and will not do so until after completion of the EE/CAprocess.  At this stage, the Company does not have sufficient information todetermine the potential extent and nature of any necessary future responseaction (remediation) at the Site, or to estimate the potential additionalfuture cost of such action or the Company's potential liability for suchcosts.  The Company is also investigating whether any cost incurred would becovered by insurance although specific coverage has not yet been identified.

**Item 4.     Submission ofMatters to a Vote of Security Holders.**

No matter was submitted to a voteof security holders during the fourth quarter of 2004.

8

                         

**PART II**

**Item 5.     Market for Registrant's Common Equity,Related Stockholder              Matters and Issuer Purchases of EquitySecurities.             **

** **

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 2004and 2003:

2004

2003

High

Low

High

Low

First Quarter

$0.80 

$0.56 

$0.47

$0.41 

Second Quarter

0.83

0.51

0.97

0.39

Third Quarter

0.58

0.41

1.19

0.51

Fourth Quarter

0.59

0.48

0.84

0.57

As of March 14, 2005, the Company had approximately 11,375holders 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.

The following table sets forth information regarding theCompany's purchases of its Common Stock on a monthly basis during the fourthquarter of 2004:

**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

10/1/04-10/31/04

      -  

      -  

            -  

990,055  

11/1/04-11/30/04

81,419  

$0.52  

81,419  

908,636  

12/1/04-12/31-04

253,800  

0.56  

253,800  

654,836  

Total

335,219  

$0.55  

335,219  

654,836  

** **

(1) On September 17, 2002, the Company's Board of Directors approved a Common Stock Repurchase Plan ("the Repurchase Plan") allowing theCompany to repurchase up to five percent (approximately 1.3 million shares) ofits outstanding Common Stock over the twelve-month period which followed.  On June 11, 2003, the Board of Directors approved an extension of the repurchase period until September 16, 2004 and increased the total number of shares purchasable underthe Repurchase Plan to 2.5 million.  On September 29, 2004, the Board of Directors approved another extension of the repurchase period (until September 29, 2005).  As of December 31, 2004, the Company has repurchased under therepurchase plan 1,845,164 shares of its Common Stock at a cost of $947,335(average cost of $0.513 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, 2004:

**Years Ended December 31,**

**2004**

**2003**

**2002**

**2001**

**2000**
   
**(In thousands except per share and share  amounts)**

**Continuing  operations:**
   
**Total revenues**

** $ 32,688 **

** $ 32,988 **

** $ 22,343 **

** $ 21,917 **

** $ 22,723 **
      
**(Loss) income  from operations**

** (290)**

** 500 **

** 354 **

** 945 **

** 2,958 **
   
**Preferred stock  dividends**

** (13)**

**(3)**

** (24)**
      
**Net (loss)  income from continuing operations available to common stockholders **

** (290)**

** 500 **

** 354 **

** 932 **

** 2,934 **
         
**Discontinued  Operations:**
   
**(Loss) income  from operations**

** (98)**

**(1)**

** (134)**

**(1)**

** 378 **

** 548 **

** 724 **
   
**Loss on disposal**

**      -  **

**      -  **

** (49)**

**(2)**

**      -  **

**      - **
      
**Net (loss)  income**

** $(388)**

** $    366 **

** $    682 **

** $  1,480 **

** $  3,658 **
**(4)**   
**(Loss) earnings  per share - basic**
   
**Continuing  operations**

** $(0.01)**

** $   0.02 **

** $   0.01 **

** $   0.03 **

** $   0.11 **
   
**Discontinued  operations**

**(0.00)**

**(0.01)**

** 0.01 **

** 0.02 **

** 0.03 **
   
**Net (loss)  income**

** $  (0.01)**

** $   0.01 **

** $   0.02 **

** $   0.05 **

** $   0.14 **
      
**(Loss) earnings  per share-diluted**
   
**Continuing  operations**

** $  (0.01)**

** $   0.02 **

** $   0.01 **

** $   0.03 **

** $   0.11 **
   
**Discontinued  operations**

**(0.00)**

**(0.01)**

** 0.01 **

** 0.02 **

** 0.03 **
   
**Net (loss)  income**

** $  (0.01)**

** $   0.01 **

** $   0.02 **

** $   0.05 **

** $   0.13 **
      
**Common shares  used in the**
   
**calculation of  (loss) earnings**
   
**per share**
   
**Basic**

**26,250,350 **

**26,483,912 **

**27,416,395 **

**27,298,715 **

**26,854,748 **
   
**Diluted**

**26,250,350 **

**26,637,504 **

**27,543,835 **

**27,533,229 **

**27,914,029 **
      
**Total assets**

** $ 23,705 **

** $ 24,094 **

** $ 22,358 **

** $ 22,875 **

** $ 20,229 **
   
**Working capital**

**9,489 **

**10,565 **

**11,985 **

**8,528 **

**8,276 **
   
**Shareholders'  equity**

**19,357 **

**19,975 **

**20,081 **

**19,580 **

**18,311 **
       
The total of the above categories may differ from the sum ofthe components due to rounding.

(1)

In 2004 and 2003,  the Company recognized a provision for remediation as described in note 5 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 5 of notes to the consolidated financial  statements.

(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.

 

10

**Item 7.     Management'sDiscussion and Analysis of Financial Condition and Results ofOperation.**

**Introduction **

The Company, through itssubsidiary Southeast Power Corporation, 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 Company is also involvedin the development of residential condominium projects.  To date, the Companyhas purchased five sites on the east coast of Central Florida, on all of whichthe Company has developed or plans to develop condominium complexes.  TheCompany has developed three of the sites which were subsequently sold, one siteis currently under construction and the remaining site is completing thepermitting stage of development

**Overview**

The Company had higher electrical construction revenue forthe year ended December 31, 2004 as compared to the prior year due to the restorationwork performed as a result of the damage caused by the four major hurricaneswhich struck Florida during the third quarter of 2004.  However, electricalconstruction operating margins were negatively affected by unforeseenoperational difficulties primarily attributable to a single electricalconstruction contract (now completed) encountered in the second quarter of 2004and unanticipated costs related to adverse weather conditions experienced onseveral jobs primarily in Georgia and South Carolina duringthe fourth quarter of 2004, which were partially offset by stronger results inthe first and third quarters of the year.

Revenues and operating income from the real estate developmentoperations decreased during the past year due to the completion of our thirdcondominium project in the second quarter of 2004 and having no other projectsunder construction during the second half of the year. The Company believes themarket remains strong for its condominium development projects and the resultsfrom our real estate operations should improve in 2005 with the commencement ofconstruction of Oak Park, the Company's forty-unit townhouse-style condominiumlocated in Cape Canaveral, Florida, in January 2005 and the anticipatedcommencement of construction for the initial phase of the thirty-three unitPineapple House project in late 2005, each of which is largerthan any of the Company's prior condominium projects.  Since the PineappleHouse project is still in the permitting phase, there can be no assurance as tospecific timing with respect to the commencement of construction.** **

**CriticalAccounting Policies and Estimates**

This discussion and analysisof the Company's financial condition and results of operations is based uponthe Company's consolidated financial statements, which have been prepared inaccordance with U.S. generally accepted accounting principles.  The preparationof these financial statements requires the Company to make estimates andjudgments that affect the reported amounts of assets, liabilities, revenues andexpenses, and related disclosure of contingent assets and liabilities.  On anon-going basis, the Company evaluates its estimates, including those related tofixed price electrical construction contracts, real estate developmentprojects, deferred income tax assets and environmental remediation.  TheCompany 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.  The Company's management has discussed the selection anddevelopment of its critical accounting policies, estimates and relateddisclosure  with the Audit 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, site conditionsthat differ from those assumed in the original bid (to the extent contractremedies are unavailable), client needs, client delays in providing approvals, theavailability and skill level of workers in the geographic location of theproject, a change in the availability and proximity of materials andgovernmental regulation, may also affect the progress and estimated cost of aproject's completion and thus the timing of income and revenue recognition.

The accuracy of our revenueand profit recognition in a given period is almost solely dependent on theaccuracy of our estimates of the cost to complete each project.  Due to ourexperience and the detailed approach in determining our cost estimates for allof our significant projects we believe our estimates to be highly reliable.  However,our projects can be complex and in almost every case the profit marginestimates for a project will either increase or decrease to some extent fromthe amount that was originally estimated at the time of bid. Because we have anumber of projects of varying levels of complexity and size in process at anygiven time these changes in estimates can offset each other without materiallyimpacting our overall profitability.  If a current estimate of total costsindicates a loss on a contract, the projected loss is recognized in full whendetermined.  Revenue from change orders, extra work, variations in the scope ofwork and claims is recognized when realization is probable.

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

Our initial condominiumproject was accounted for under the deposit method due to our limitedexperience in condominium development business.  Accordingly, the recognitionof related revenue and expenses was deferred until the project was complete andthe underlying titles were transferred to the buyers.

12

                         

As of August 2002, commencingwith the second condominium development project, revenue associated with realestate development projects that meet the criteria specified by Statement ofFinancial Accounting Standards ("SFAS") No. 66, "Accounting for Sales of RealEstate", have been recognized using the percentage of completion method.  Underthis method, revenue is recognized when (1)construction is beyond a preliminarystage, (2)buyers are unable to receive refunds of down-payments except in theevent of non-delivery, (3)a substantial percentage of the condominiums areunder firm contracts, (4)collection of the sales price is reasonably assuredand (5)sales proceeds and costs can be reasonably estimated.  Revenuerecognized is calculated based on the percentage of completion, as determinedby the construction contract costs incurred to date in relation to the total estimatedconstruction costs.  A significant majority of the total estimated projectcosts is attributable to the fixed price construction contract; the residualestimated costs could vary from actual and the variation is recognized in theperiod it is determined.

The Company believes that amaterial difference in total actual project costs versus total estimatedproject costs is unlikely due to the nature of a fixed-price constructioncontract.  As of December 31, 2004, all real estate condominium projects beingaccounted for under the percentage of completion method of accounting werecomplete.  

If a current estimate oftotal project costs indicates a loss on a project, the projected loss isrecognized 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 December 31, 2004, the deferred tax asset was largely comprised of net operating loss ("NOL")carryforwards which will expire from 2009 through 2024 (refer to note 4 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.  

 **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 5 of notes tothe consolidated financial statements for a discussion on this matter.

13

                         

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", theCompany recognized a provision of $210,976 (within discontinued operations) forthis matter, in addition, this provision was increased by $111,769 during thetwelve month period ended December 31, 2004. This increased the total provisionto $322,745.  Total actual remediation costs to be incurred in future periodsmay vary from this estimate, given inherent uncertainties in evaluatingenvironmental costs.  

**Results of Operations**

**Segment Information**

The table below shows theCompany's consolidated revenue and operating income attributable to its segmentsfor each of the years in the three year period ended December 31, 2004:

2004

2003

2002

Revenue

Electrical construction

 $28,823,061 

 $26,475,202 

 $16,442,396 

Real estate development

   3,864,835	

   6,513,213	

   5,900,864	

Total

 $32,687,896 

 $32,988,415 

 $22,343,260 

Operating income 

Electrical construction

 $   850,612	

 $ 1,726,789 

 $ 1,689,686 

Real estate development

     748,005	

   1,186,081	

   1,229,872	

Total

 $ 1,598,617 

 $ 2,912,870 

 $ 2,919,558 

** **

Operating income is totaloperating revenue less operating expenses inclusive of depreciation andselling, general and administrative expenses for each segment.  Operatingincome excludes interest expense, interest income and income taxes.

**YEAR ENDED DECEMBER 31 , 2004 COMPARED TO YEAR ENDED DECEMBER 31, 2003**

**Continuing Operations**

**  Revenues**

Total revenues in the year ended December 31, 2004 decreased by 0.9% to $32,687,896, compared to $32,988,415 in the year ended December 31, 2003.  This decrease in total revenues was mainly due to a difference in thetiming of real estate construction activities in 2004 and 2003.  

14

                         

Electrical construction revenue increased by 8.9% in theyear ended December 31, 2004 to $28,823,061 from $26,475,202 in the year ended December 31, 2003.  This increase was primarily attributable to restoration work doneduring the third quarter of 2004 as a result of the four major hurricanes thathit the Southeast.  The varying magnitude and duration of electricalconstruction projects may result in substantial fluctuation in the Company'sbacklog from time to time.  At February 28, 2005, the approximate value ofuncompleted contracts was $6,780,000 compared to $6,500,000 at February 29, 2004.  We expect to complete approximately 74% of this backlog during fiscalyear 2005.

Revenues recognized by the real estate developmentoperations for the year ended December 31, 2004 were $3,864,835 compared to$6,513,213 for the year ended December 31, 2003, a decrease of 40.7%.  This decreasewas primarily the result of timing differences in real estate constructionprojects between 2004 and 2003.

As of February 28, 2005, 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 $10,227,000, compared toapproximately $2,300,000 as of February 29, 2004.  We expect to complete anddeliver 100% of our backlog at February 28, 2005 to our buyers during fiscalyear 2005. There can be no assurance that settlements of condominiums subjectto contracts for sale will occur. 

   **Operating Results**

Electrical construction operations had an operating incomeof $850,612 in the year ended December 31, 2004, compared to an operatingincome of $1,726,789 during the year ended December 31, 2003, a decrease of 50.7%. As a percentage of revenue, operating margins on electricalconstruction operations decreased to 3.0% for the year ended December 31, 2004 from 6.5% for the year ended December 31, 2003.  The decrease in the operating margin was primarily a result of the increased labor hours and equipmentcosts required to meet project completion dates due to operational difficultiesfrom one project (now completed) during the second quarter and adverse weatherconditions experienced on several jobs primarily in Georgia and South Carolina during the fourth quarter of the year, both of whichwere partially offset by stronger results in the first and third quarters of theyear.  We cannot project the levels of future demand for construction services.

Real estate development operations had an operatingincome of $748,005 in the year ended December 31, 2004, compared to an operating income of $1,186,081 in the year ended December 31, 2003, a decrease of 36.9%.  This decrease was principally the result of final sales ofcondominium units during the second quarter of 2004, which represented the onlyproject under construction for the year.  Operating margins, as a percentage ofrevenue, increased to 19.4% for the year ended December 31, 2004 from 18.2% for the year ended December 31, 2003. This increase was primarily the result of anincrease in the margins realized on the condominium units. Operating marginsfrom real estate development operations are expected to vary due to the typeand number of projects under construction at any given time and each project'sestimated operating margin. 

  **Costs and Expenses** 

Total costs and expenses, and the components thereof,increased to $33,148,694 in the year ended December 31, 2004 from $32,153,797 in the year ended December 31, 2003, an increase of 3.1%.

15

                         

Electrical construction costs increased to $25,812,330 inthe year ended December 31, 2004 from $23,054,051 in the year ended December 31, 2003, an increase of 12.0%.  The increase in costs was primarily attributableto increased project costs due to the lack of available skilled labor, theavailability of specialized equipment and adverse weather conditions. Theincreased rain experienced in 2004 caused delays in the progression of projectswhich necessitated additional premium labor hours to meet project completiondates. 

Costs of the real estate development operations decreasedto $2,819,506 for the year ended December 31, 2004 from $4,925,379 for the year ended December 31, 2003.  The 42.8% decrease in costs was the result of therescheduled start dates on two new projects; the first of which  beganconstruction in January 2005 and the second is due to begin in late 2005.

Depreciation and amortization was$2,140,724 in the year ended December 31, 2004, compared to $1,645,657 in theyear ended December 31, 2003.  The increase in depreciation and amortizationfor 2004 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 ended December31, as indicated:

2004   

2003   

Electrical construction

 $    100,647

 $    110,394

Real estate development

      284,296

393,161

Corporate

    1,991,191

2,025,155

Total

 $  2,376,134

 $  2,528,710

SG&A expenses of the Company decreased by 6.0% to$2,376,134 in the year ended December 31, 2004, from $2,528,710 in the yearended December 31, 2003. The decrease was primarily attributable to the lowerbonuses and selling costs which were partially offset by an increase in wages andprofessional fees associated with compliance with Section 404 of theSarbanes-Oxley Act of 2002.  SG&A expenses, as a percentage of revenue,decreased to 7.3% for the year ended December 31, 2004 compared to 7.7% in the like period for 2003.

  **Income Taxes**

The income taxes provision (benefit) was $(80,558) in theyear ended December 31, 2004, an effective tax rate of (21.7%), as compared to$379,184 in the year ended December 31, 2003, an effective tax rate of 43.1%.The effective tax rate differs from the statutory rate for the year ended December 31, 2004, largely due to expenses which are non-deductible for tax purposes. Forthe year ended December 31, 2003, the effective tax rate differs from thestatutory rate, due to expenses which are non-deductible for tax purposes andthe effect of 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.

16

                         

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 see note5 of notes to the consolidated financial statements for a discussion on thismatter and the related provision recognized in the year ended December 31, 2004.

Summary operating resultsof discontinued operations for the year ended December 31, 2004 and 2003 are as follows:

2004

2003

Provision for remediation

 $   (111,769)

 $   (210,976)

Loss from discontinued operations before

income taxes and loss on sale

     (111,769)

     (210,976)

Income (taxes) benefit

       13,763

       76,604	

Loss from discontinued operations, net of tax

 $    (98,006)

 $   (134,372)

**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 comparedto $14,200,000 at 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 ahigher average contract sales price per unit relative to the like period in2002.

As of February 29, 2004, real estate development operation's backlog (outstanding real estate contracts forsale excluding 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 assurancethat settlements of condominiums subject to contracts for sale will occur.

17

                         

  **Operating Results**

Electrical construction operations had an operatingincome of $1,726,789 in the year ended December 31, 2003, compared to an operating income of $1,689,686 during the year ended December 31, 2002, an increase of 2.2%.  In 2002, the Company's electrical construction operating results wereadversely affected by a lower level of activity attributable to a generalslackening of industry demand.  As a percentage of revenue, operating marginson electrical construction operations decreased 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 of higher than budgeted costs incurred dueto adverse weather conditions encountered on several large electricalconstruction projects located in Alabama and Georgia. The net increase of costsincurred was mainly comprised of increases, as a percentage of revenue, insubcontractor, material and equipment rental expenses, partially offset bydecreases, as a percent of revenue, in salaries, depreciation and equipmentrepairs and maintenance for the year ended December 31, 2003, in comparison tothe year ended December 31, 2002. 

Real estate development operations had an operatingincome of $1,186,081 in the year ended December 31, 2003, compared to an operating 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 estatedevelopment operations are expected to vary due to the type and number ofprojects under construction at any given time and each project's estimatedoperating 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 andproject costs 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 year ended December 31, 2002.  This increase of 14.5% was the result of a changein the 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.

18

                         

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

SG&A expenses of the Company decreased by 6.0% to$2,528,710 in the year ended December 31, 2003, from $2,689,413 in the yearended December 31, 2002. The decrease was primarily due to higher legal andprofessional fees incurred in 2002 as a result of services required to sell theCompany's mining subsidiaries.  SG&A expenses, as a percentage 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 increased revenue.

**  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 see note5 of notes to the consolidated financial statements for a discussion on thismatter and the related provision recognized in the year ended December 31, 2003.

19

                         

Summary operating results of discontinued operations forthe year ended December 31, 2003 and eleven months 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 expenses

       -  	

      (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 

Total other income, net

       -  	

     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 	

**Liquidity andCapital Resources**

**Working Capital Analysis**

Cash and cash equivalents at December 31, 2004 were $6,858,861 as compared to $5,045,463 at December 31, 2003. Working capital of continuing and discontinued operations at December 31, 2004 was $9,488,878, compared to $10,565,493 at December 31, 2003.  The Company's ratio of currentassets to current liabilities (includes continuing and discontinued operations)increased to 4.4:1 at December 31, 2004, from 3.6:1 at December 31, 2003.  This net increase was primarily attributable to decrease in the notes payable fromthe satisfaction of the construction loan and the reduction in accounts payable.

20

                         

**Cash Flow Analysis**

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

2004

2003

2002

Operating activities

 $ 5,872,686 

 $  (800,821)

 $ 2,956,648 

Investing activities

 (4,664,756)

 (1,799,351)

      55,818 

Financing activities

     574,292 

     240,293 

    (269,250)

Net increase (decrease) in

cash and cash equivalents

 $ 1,782,222 

 $(2,359,879)

 $ 2,743,216 

  **OperatingActivities**

Cash flows fromoperating activities are comprised of income from continuing operations adjustedto reflect the timing of cash receipts and disbursements therefrom. 

In 2004, netcash provided by operating activities was $5,872,686, compared to net cash usedby operating activities of $800,821 in 2003.  Changes in the accountsreceivable and accrued billings provided $902,438 of cash during 2004, comparedto cash used of $2,851,341 in 2003.  Cash provided by accounts receivableand accrued billings was significantly higher in 2004 compared to the prioryear, primarily due to a substantial decrease in the outstanding accountsreceivable and accrued billings of the electrical construction segment. Changes in the contracts receivable of the real estate development operationsprovided $3,732,867 of cash in 2004, when compared to $2,313,513 of cash used inthe prior year.  The increase in cash provided by contracts receivable in2004, when compared to 2003, was due to the satisfaction of all contractsreceivable derived from the most recent condominium project.  During 2004,changes in accounts payable and accrued liabilities used cash in the amount of$493,546, when compared to cash provided in the prior year of $924,098. The cash used by accounts payable and accrued liabilities in 2004 was primarilyrelated to a decrease in the electrical construction segment's accruedliabilities due to a lower level of electrical construction activity in thelater part of 2004.

**  Investing Activities**

Net cash used byinvesting activities in 2004 was $4,664,756, compared to $1,799,351 in 2003.This significant increase in cash usage by the Company's investing activitiesduring 2004 when compared to 2003 was primarily the result of an increase ofcapital expenditures in 2004 to $4,868,972 from $3,241,064 in 2003 and theabsence of the sale of any investment securities in 2004 compared to 2003. Themajority of capital expenditures in 2004 and 2003 were attributable to purchasesof machinery and equipment by the Company's electrical construction segmentwhich were prompted by an increase in the volume of work performed and an effortto increase equipment availability and reduce future equipment rental expense.

The Company does not enter into financialinstruments for trading purposes.  Financial instruments consistprincipally of cash, cash equivalents and short-term, highly liquid U.S.government debt securities with limited market risk sensitivity.

Capitalexpenditures in 2005 are expected to approximate $2.3 million, which the Companyanticipates funding through existing cash reserves.

21

                         

**  Financing Activities**

Net cashprovided by financing activities in 2004 was $574,292, compared to $240,293 in2003. This increase in cash provided by financing activities in 2004, relativeto 2003, was primarily due to the Company's increased borrowings on theCompany's electrical construction subsidiary's equipment loan and a decrease inthe amount of Treasury Stock repurchased in 2004.

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

**Forecast**

The Company anticipates itscash on hand, cash flows from operations and credit facilities will providesufficient cash to enable the Company to meet its working capital needs, debtservice requirements and planned capital expenditures for at least the nexttwelve months.  However, the Company's revenues, results of operations andcash flows as well as its ability to seek additional financing may be negativelyimpacted by factors including, but not limited to, a decline in demand forelectrical construction services and/or condominiums in the markets served andgeneral economic conditions, heightened competition, availability ofconstruction materials, increased interest rates and adverse weather conditions. 

**ContractualObligations**

The followingtable summarizes the Company's future aggregate contractual obligations atDecember 31, 2004:

**Payments Due By Period**

**Total**

**Less Than 1 Year**

**1 - 2 years**

**3 - 5 Years**

**More Than 5 Years**

**Operating leases**

** $1,029,635**

** $  138,377**

** $  138,161**

** $  419,140**

** $    333,957**

**Purchase obligations(1)**

** 1,356,395**

** 481,509**

** 430,978**

** 443,907**

**       - **

**Long-term debt - principal**

** 2,383,334**

** 866,667**

** 866,667**

** 650,000**
  - 
**Long-term debt - interest(2)**

**    378,698**

**    111,482**

**     74,215**

**     90,051**

**      102,950**

**Total**

** $5,148,062**

** $1,598,036**

** $1,510,021**

** $1,603,098**

** $    436,907**

 
(1)
Purchase obligations include onlyagreements to purchase goods or services that are enforceable and legallybinding and that specify all significant terms.  These amounts representthe employment contract of the CEO and leasehold improvement obligations.
(2)
Includes $26,160 per year ofinterest on loans against the cash surrender value of life insurance policiesincluded in other long term assets.

**Inflation**

As a result ofrelatively low levels of inflation experienced during the years ended December31, 2004, 2003 and 2002, inflation did not have a significant effect on ourresults.

22

                         

** **

**Forward-Looking Statements**

We make "forward lookingstatements" within the "safe harbor" provision of the Private SecuritiesLitigation Reform Act of 1995 throughout this document. You can identify thesestatements 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 ourforward-looking statements are reasonable, we cannot assure you that theseexpectations will be achieved.  Our actual results may differ materiallyfrom what 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 estatedevelopment operations include, among others: interest rates; ability to obtainnecessary permits from regulatory agencies; adverse legislation or regulations;ability to acquire land; ability to obtain additional construction financing;adverse weather; natural disasters; and general economic conditions, bothnationally and in our region. Important factors which could cause our actualresults to differ materially from the forward-looking statements in thisdocument are also set forth in the Management's Discussion and Analysis ofFinancial Condition and Results of Operations section and elsewhere in thisdocument.

You should read this reportcompletely 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 7A.Quantitative and Qualitative Disclosures about Market Risk.**

The Company andits subsidiaries are exposed to certain market risks from transactions that areentered into during the normal course of business. The Company's primary marketrisk exposure is related to interest rate risk. At December 31, 2004, weperformed sensitivity analyses to assess the potential effect of this risk andconcluded that a hypothetical change in the interest rates of 100 basis pointswould not materially affect our financial position, results of operations orcash flows.

 

 

23

                         

**Item 8.     Financial Statements andSupplementary Data.**

**KPMG**

Report of IndependentRegistered Public Accounting Firm

The Board ofDirectors and ShareholdersThe Goldfield Corporation:

We have audited theconsolidated balance sheets of The Goldfield Corporation and subsidiaries as ofDecember 31, 2004 and 2003, and the related consolidated statements ofoperations, cash flows and stockholders' equity for each of the years in thethree-year period ended December 31, 2004.  These consolidated financialstatements are the responsibility of the Company's management.  Ourresponsibility is to express an opinion on these consolidated financialstatements based on our audits.

We conducted ouraudits in accordance with the standards of the Public Company AccountingOversight Board (United States).  Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement.  An audit includes examining,on a test basis, evidence supporting the amounts and disclosures in thefinancial statements.  An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation.  We believe thatour audits provide a reasonable basis for our opinion.

In our opinion,the consolidated financial statements referred to above present fairly, in allmaterial respects, the financial position of The Goldfield Corporation andsubsidiaries as of December 31, 2004 and 2003, and the results of theiroperations and their cash flows for each of the years in the three-year periodended December 31, 2004, in conformity with U.S. generally accepted accountingprinciples.

 

Orlando, FloridaFebruary 25, 2005

** **

24

                         

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
          
December 31,

December 31,

2004

2003
ASSETSCurrent assetsCash and cash equivalents $ 6,827,685  $ 5,045,463 	Restricted cash - discontinued operations (Note 5)      31,176          -   Accounts receivable and accrued billings   3,140,817    4,043,255 Contracts receivable (Note 2)          -      3,732,867 Current portion of notes receivable      41,453       42,969 Costs and estimated earnings in excess of billings on uncompleted contracts (Note 3)     903,018      704,413 Deferred income taxes (Note 4)
     993,516 

     194,492 
Income taxes recoverable 
      46,054 

      37,658 
Residential properties under construction         -   
     361,436 
Prepaid expenses     321,865      514,716 Other current assets      13,648        7,132 Total current assets 12,319,232  14,684,401 	Property, buildings and equipment, net (Note 6)   8,487,797    5,911,013 Notes receivable, less current portion     507,136      570,061 Deferred charges and other assets	Deferred income taxes, less current portion (Note 4)     368,890    1,058,581 Land and land development costs
   1,582,882 

   1,438,965 
Cash surrender value of life insurance      316,725      309,939 Other assets      121,855      121,337 Total deferred charges and other assets   2,390,352    2,928,822 Total assets $23,704,517  $24,094,297 LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities      	Accounts payable and accrued liabilities (Note 8) $ 1,802,539  $ 2,296,085 Billings in excess of costs and estimated earnings on uncompleted contracts (Note 3)       7,229      115,520 Note payable to bank (Note 9)
     866,667 

   1,578,923 
	Current liabilities of discontinued operations (Note 5)
     153,919 

     128,380 
Total current liabilities   2,830,354    4,118,908 	Long-term obligations, less current portion (Note 9)   1,516,667          -   Total liabilities   4,347,021    4,118,908 Commitments and contingencies (Note 10)Stockholders' equity	Preferred stock, $1 par value per share, 100,000 shares authorized, none issued (Notes 11)         -            -   Common stock, $.10 par value per share, 	40,000,000 shares authorized; 27,758,771 and 27,570,104	shares issued at December 31, 2004 and 2003, respectively (Notes 12, 13 and 14)   2,775,877    2,757,010 Capital surplus  18,475,152  18,452,748 Accumulated deficit    (927,478)    (539,704)Total 20,323,551  20,670,054 	Less common stock in treasury, at cost; 1,862,522 and 1,373,327	shares at December 31, 2004 and 2003, respectively     966,055      694,665 Total stockholders' equity 19,357,496  19,975,389 Total liabilities and stockholders' equity $23,704,517  $24,094,297 	See accompanying notes to consolidated financial statements 
25

                         

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended December 31,

2004

2003

2002
RevenueElectrical construction $28,823,061  $26,475,202  $16,442,396 Real estate development   3,864,835    6,513,213    5,900,864 Total revenue 32,687,896  32,988,415  22,343,260 Costs and expensesElectrical construction 25,812,330  23,054,051  13,306,542 Real estate development   2,819,506    4,925,379    4,300,019 Depreciation and amortization   2,140,724    1,645,657    1,404,405 Selling, general and administrative   2,376,134    2,528,710    2,689,413 Total costs and expenses 33,148,694  32,153,797  21,700,379 Other income, net Interest income      91,535      111,473       97,077 Interest expense, net     (72,435)     (26,616)     (27,922)Loss on sale of property and equipment      (4,903)     (51,132)        	(65)Other      76,275       11,122        5,528 Total other income, net      90,472       44,847       74,618 (Loss) income from continuing operations before income taxes    (370,326)     879,465      717,499 Income taxes (benefit)(Note 4)     (80,558)     379,184      363,866 (Loss) income from continuing operationsavailable to common stockholders    (289,768)     500,281      353,633 (Loss) income from discontinued operations(including gain on the sale of real estate	of $301,132 for the year ended December 31,	2002)
** **
(net of income taxes (benefit) of ($13,763), ($76,604), and $335,464) (Note 5)     (98,006)    (134,372)     377,564 Loss on disposal of discontinued operations (net of tax of $71,701) (Note 5)        	-  	        	-  	     (49,443)         Net (Loss) income $  (387,774) $  365,909  $   681,754 (Loss) earnings per share of common stock -basic and diluted (Note 13)Continuing operations $     (0.01) $     0.02  $     0.01 Discontinued operations $     (0.00) $    (0.01) $     0.01 Net (loss) income  $     (0.01) $     0.01  $     0.02 Weighted average common shares and equivalents used in the calculationsof earnings per shareBasic 26,250,350  26,483,912  27,416,395 Diluted 26,250,350  26,637,504  27,543,835 See accompanying notes to consolidated	financial statements
 

26

                         

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31,

2004

2003

2002

Cash flows from operating activities

(Loss) income from continuing operations 

 $ (289,768)

 $  500,281 

 $  353,633 

Adjustments to reconcile net (loss)	income to net

cash provided by (used in) operating	activities

Depreciation and amortization

 2,140,724 

 1,645,657 

 1,404,405 

Deferred income taxes

    (95,569)

    327,147 

    318,598 

Loss on sale of property and equipment

      4,903 

     51,132 

        	65 

Cash (used by) provided from changes in

Accounts receivable and accrued billings

    902,438 

 (2,851,341)

 2,285,281 

Contracts receivable

 3,732,867 

 (2,313,513)

 (1,419,354)

Costs and estimated earnings in excess

of billings on uncompleted contracts

   (198,605)

    626,262 

   (773,242)

Land and land development costs

   (143,917)

   (312,450)

    386,101 

Land held for sale

       	-  	

    117,106 

     15,077 

Residential properties under construction

    361,436 

    252,954 

    895,447 

Recoverable income taxes

     (8,396)

     (5,503)

    (32,155)

Prepaid expenses and other assets

    185,817 

    165,725 

   (165,263)

Accounts payable and accrued liabilities

   (493,546)

    924,098 

   (737,430)

Billings in excess of costs and estimated 

earnings on uncompleted contracts

   (108,291)

     77,616 

     37,903 

Income taxes payable

       	-  	

       	-  	

    (19,573)

Net cash (used in) provided by operating

activities of continuing operations

 5,990,093 

   (794,829)

 2,549,493 

Net cash (used in) provided by operating

activities of discontinued operations

   (117,407)

     (5,992)

    407,155 

Net cash provided by (used in) operating	activities

 5,872,686 

   (800,821)

 2,956,648 

Cash flows from investing activities

Proceeds from the disposal of property	and equipment

    146,561 

     66,110 

     87,035 

Proceeds from notes receivable

     65,920 

    132,373 

     95,557 

Issuance of notes receivable

     (1,479)

    (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

 (4,868,972)

 (3,241,064)

 (1,146,515)

Cash surrender value of life insurance

     (6,786)

     (6,326)

    (11,918)

Net cash (used in) provided by investing

activities of continuing operations

 (4,664,756)

 (1,799,351)

    255,330 

Net cash (used in) investing activities	of 

discontinued operations

       	-  	

       	-  	

   (199,512)

Net cash (used in) provided by investing	activities  

 (4,664,756)

 (1,799,351)

     55,818 

Cash flows from financing activities

Proceeds from the exercise of stock	options

     41,271 

       	-  	

     23,333 

Borrowings under lines of credit

 2,048,940 

 3,090,313 

 1,999,851 

Repayment of borrowings under lines of	credit

 (3,627,862)

 (2,378,293)

 (2,088,216)

Proceeds from term debt

 2,600,000 

       	-  	

       	-  	

Repayments on term debt

   (216,667)

       	-  	

       	-  	

Purchase of treasury stock

   (271,390)

   (471,727)

   (204,218)

Net cash provided by (used in) by	financing

activities of continuing operations

    574,292 

    240,293	

   (269,250)

Net increase (decrease) in cash and cash	equivalents

 1,782,222 

 (2,359,879)

 2,743,216 

Cash and cash equivalents at beginning of	period

 5,045,463 

 7,405,342 

 4,662,126 

Cash and cash equivalents at end of	period

 $6,827,685 

 $5,045,463 

 $7,405,342 

Supplemental disclosure of cash flow	information

Income taxes paid

 $   24,646 

 $   26,730 

 $   82,982 

Interest paid

     72,753 

     26,213 

     26,776 

Supplemental disclosure of non-cash	investing activities

Notes receivable in partial payment 

for land held for sale	

       	-  	

       	-  	

    299,006 

Notes receivable reclassified from 

discontinued to continuing operations

       	-  	

       	-  	

    605,813 

See accompanying notes to consolidated	financial statements
 
27

                         

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS'	EQUITY

Years Ended December 31,

2004

2003

2002

STOCKHOLDERS' EQUITY

** **

PREFERRED

Beginning balance

 $        -  	

 $        -  	

 $        -  	

STOCK SERIES A

Redemption of stock

        	-  	

        	-  	

        	-  	

Ending balance

        	-  	

        	-  	

        	-  	

COMMON STOCK

Beginning balance

   2,757,010 

   2,757,010 

   2,746,344 

Exercise of stock options

      18,867 

        	-  	

      10,666 

Ending balance

   2,775,877 

   2,757,010 

   2,757,010 

CAPITAL

Beginning balance

 18,452,748 

 18,452,748 

 18,440,081 

SURPLUS

Exercise of stock options

      22,404 

        	-  	

      12,667 

Ending balance

 18,475,152 

 18,452,748 

 18,452,748 

ACCUMULATED DEFICIT

Beginning balance

    (539,704)

    (905,613)

 (1,587,367)

(Loss) income from continuing

operations

    (289,768)

     500,281 

     353,633 

(Loss) income from 

discontinued operations

     (98,006)

    (134,372)

     377,564 

(Loss) on disposal of	

discontinued operations

        	-  	

        	-  	

     (49,443)

Ending balance

    (927,478)

    (539,704)

    (905,613)

TREASURY STOCK

Beginning balance

    (694,665)

    (222,938)

     (18,720)

Repurchase of common stock

    (271,390)

    (471,727)

    (204,218)

Ending balance

    (966,055)

    (694,665)

    (222,938)

Total stockholders' equity

 $19,357,496 

 $19,975,389 

 $20,081,207 

NUMBER OF SHARES OF CAPITAL STOCK

** **

PREFERRED

Beginning number of shares

        	-  	

        	-  	

        	-  	

STOCK SERIES A

Redemption of stock

        	-  	

        	-  	

        	-  	

Ending number of shares

        	-  	

        	-  	

        	-  	

COMMON STOCK

Beginning number of shares

 27,570,104 

 27,570,104 

 27,463,437 

Exercise of stock options

     188,667 

        	-  	

     106,667 

Ending number of shares

 27,758,771 

 27,570,104 

 27,570,104 

TREASURY STOCK

Beginning balance

   1,373,327 

     486,968 

      17,358 

Repurchase of common stock

     489,195 

     886,359 

     469,610 

Ending number of shares

   1,862,522 

   1,373,327 

     486,968 

See accompanying notes to consolidated	financial statements

28

                         

**THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS December 31, 2004 and 2003**

**Note 1 -Summary of Significant Accounting Policies**

**Basis ofFinancial Statement Presentation -**The accompanying consolidated financialstatements include the accounts of The Goldfield Corporation ("Parent") and itswholly owned subsidiaries (collectively, "the Company").  All significantintercompany balances and transactions have been eliminated.

**Nature ofOperations -**The Company's principal lines of business are electricalconstruction and real estate development.  The principal market for theCompany's electrical construction operation is electric utilities in thesoutheastern and mid-Atlantic region of the United States. The primary focus ofthe Company's real estate operations is on the development of waterfrontcondominium projects.

**Cash and CashEquivalents -**The Company considers highly liquid investments with maturity of three months orless when purchased to be cash equivalents.

**Short-termInvestments****-**Short-term investments are categorized as available-for-sale and carried at fairvalue, which approximates cost.

**Property,Buildings, Equipment and Depreciation -** Property, buildings and equipmentare stated at cost.  The Company provides depreciation for financialreporting purposes over the estimated useful lives of fixed assets using thestraight-line method.

**LeaseholdImprovements and Amortization -** Improvements to leased property are statedat cost.  The Company provides amortization for financial reportingpurposes over the lesser of, the life of the lease or the estimated useful lifeof the improvement, using the straight-line method.

**ElectricalConstruction Revenues -** The Company recognizes revenue when services areperformed except when work is being performed under a fixed price contract. Revenues from fixed price construction contracts are recognized on thepercentage-of-completion method measured by the ratio of costs incurred to dateto the estimated total costs to be incurred for each contract.  The asset,"costs and estimated earnings in excess of billings on uncompleted contracts"represents revenues recognized in excess of amounts billed.  The liability,"billings in excess of costs and estimated earnings on uncompleted contracts"represents billings in excess of revenue recognized.

Contract costsinclude all direct material, direct labor, subcontractor costs and otherindirect costs related to contract performance, such as supplies, tools andequipment maintenance.  General and administrative costs are charged toexpense as incurred.  Provisions for estimated losses on uncompletedcontracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and finalcontract settlements may result in revisions to costs and income and arerecognized in the period in which the revisions are determined.

**Real EstateRevenues -**The Company's initial condominium development project, completedand sold in the third quarter of 2002, was accounted for under the depositmethod, thus deferring the recognition of related revenue until the project wascomplete and the underlying titles were transferred to the buyers. 

29

                         

As of August 2002, commencing with the secondcondominium development project, all revenue associated with real estatedevelopment projects that meet the criteria specified by SFAS No. 66,"Accounting for Sales of Real Estate", is recognized using the percentage ofcompletion method.  Under this method, revenue is recognized when(1)construction is beyond a preliminary stage, (2)buyers are unable to receiverefunds of down-payments except in the event of non-delivery, (3)a substantialpercentage of the condominiums are under firm contracts, (4)collection of thesales price is reasonably assured and (5)sales proceeds and costs can bereasonably estimated.  Revenue recognized is calculated based on thepercentage of completion, as determined by the construction contract costsincurred to date in relation to the total estimated construction costs.  Ifa buyer were to default on the contract for sale, revenues and expensesrecognized in prior periods would be adjusted in the period of default.  Asignificant majority of the total estimated project costs is attributable to thefixed price construction contract; the residual estimated costs could vary fromactual and the variation is recognized in the period it is determined.  Ifa current estimate of total project cost indicates a loss on a project, theprojected loss is recognized in full when determined.  The timing ofrevenue and expense recognition is contingent on construction productivity. Factors possibly impeding construction productivity include, but are not limitedto, supply of labor, materials and equipment, scheduling, weather, permittingand unforeseen events. 

**Land and LandDevelopment Costs and Residential Properties Under Construction -**The costsof a land purchase and any development expenses up to the initial constructionphase of any new condominium development project are recorded under the asset"land and land development costs."  Once construction commences, the costsof construction are recorded under the asset "residential properties underconstruction."  The assets "land and land development costs" and"residential properties under construction" relating to specific projects arerecorded as current assets when the estimated project completion date is lessthan one year from the date of the consolidated financial statements.

**Income Taxes-** The Company accounts for income taxes using the asset and liabilitymethod.  Under the asset and liability method, deferred tax assets andliabilities are recognized for the future tax consequences attributable todifferences between the financial statement carrying amounts of existing assetsand liabilities and their respective tax bases.  Deferred tax assets andliabilities are measured using enacted tax rates expected to apply to taxableincome in the years in which those temporary differences are expected to berecovered or settled.  The effect on deferred tax assets and liabilities ofa change in tax rates is recognized in income in the period that includes theenactment date.

**Executive Long-termIncentive Plan -** The Company applies the intrinsic value-based method ofaccounting prescribed by Accounting Principles Board ("APB") Opinion No. 25,"Accounting for Stock Issued to Employees," and related interpretations, inaccounting for its fixed plan stock options.  As such, compensation expensewould be recorded on the date of grant only if the current market price of theunderlying stock exceeded the exercise price.  SFAS No. 123, "Accountingfor Stock-Based Compensation," established accounting requirements using a fairvalue-based method of accounting for stock-based employee compensation plans. As allowed by SFAS No. 123, the Company has elected to continue to apply theintrinsic value-based method of accounting described above.  The Companyhas adopted the disclosure requirements of SFAS No. 148, "Accounting forStock-Based Compensation-Transition and Disclosure-an amendment of SFAS No.123."

** **

30

                         

**Use ofEstimates -**Management of the Company has made a number of estimates andassumptions relating to the reporting of assets and liabilities and thedisclosure of contingent assets and liabilities to prepare these financialstatements in conformity with accounting principles generally accepted in theUnited States.  Actual results could differ from those estimates. Management considers the most significant estimates in preparing these financialstatements to be the estimated cost to complete electrical constructioncontracts in progress, estimated cost to complete real estate developmentprojects in progress, deferred tax assets and provision for remediation.

**FinancialInstruments Fair Value, Concentration of Business and Credit Risks -**Thecarrying amounts reported in the consolidated balance sheets for cash and cashequivalents, short-term investments, accounts receivable and accrued billings,contracts receivable, and accounts payable and accrued liabilities approximatefair value because of the immediate or short-term maturity of these financialinstruments. The fair value of notes receivable is considered by management toapproximate carrying value.  

Financialinstruments of the electrical construction operations which potentially subjectthe Company to concentrations of credit risk consist principally of accountsreceivable and accrued billings in the amount of $3,140,817 and $4,034,836 as ofthe years ended December 31, 2004 and 2003, respectively, which managementreviews to assess the need to establish an allowance for doubtful accounts.  Asof December 31, 2004 and 2003, upon its review, management determined it was notnecessary to record an allowance for doubtful accounts due to the majority ofelectrical construction accounts receivable and accrued billings being generatedby electrical utility customers which the Company considers creditworthy basedon timely collection history and other considerations.

The real estatedevelopment operations' financial instruments which potentially subject theCompany to concentrations of credit risk consist mainly of contracts receivable.There were no contracts receivable outstanding as of December 31, 2004. As ofDecember 31, 2003, outstanding contracts receivable amounted to $3,732,867. Management of the Company periodically reviews the contracts receivable toassess the need to record an allowance for doubtful accounts.  Upon itsreview, as of the years ended December 31, 2004 and 2003, management determinedit was not necessary to record an allowance for doubtful accounts mainly due tothe low risk of default on the contracts for sale of which the contractsreceivable are derived.  The low risk assessment is based on customers riskingforfeiture of their deposits if they were to default as well as customerslocking into pre-construction pricing, which in general, has historically beenbelow the fair market value of the condominiums at the time of closing.  Todate, no customer has ever defaulted on a contract for sale.

**Reclassifications -**Certain prior period amounts in the consolidatedfinancial statements have been reclassified to conform to the current periodpresentation.

**Recent Accounting Pronouncements -**InDecember 2004, the FASB issued Statement of Financial Accounting Standards No.123 (revised), "Share-Based Payment (Revised 2004)" (SFAS 123R) requiring thatthe compensation cost relating to share-based payment transactions be recognizedin financial statements. The cost is to be measured based on the fair value ofthe equity or liability instruments issued. SFAS 123R is effective as of thefirst interim or annual reporting period beginning after June 15, 2005. TheCompany expects that, upon adoption, this FASB will not have a significantimpact on the financial position or results of operations of the Company.

**DiscontinuedOperations -** Additional significant accounting policies which relatespecifically to the Company's discontinued operations are as follows:

31

                         

**MiningRevenues -** Sales of industrial minerals were recognized as the minerals wereshipped and title transferred. The Company's mining segment provided off-siteconstruction services which utilized existing personnel and equipment.  TheCompany recognized construction revenue when services were performed except whenwork was being performed under a fixed price contract. Revenues from fixed priceconstruction contracts were recognized on the percentage-of-completion methodmeasured by the ratio of costs incurred to date to the estimated total costs tobe incurred for each contract.  The asset, "costs and estimated earnings inexcess of billings on uncompleted contracts" represents revenues recognized inexcess of amounts billed.  The liability, "billings in excess of costs andestimated earnings on uncompleted contracts" represents billings in excess ofrevenue recognized.

Contract costsincluded all direct material, direct labor, subcontractor costs and otherindirect costs related to contract performance, such as supplies, tools andrepairs.  General and administrative costs were charged to expense asincurred.  Provisions for estimated losses on uncompleted contracts weremade in the period in which such losses were determined.  Changes in jobperformance, job conditions, estimated profitability and final contractsettlements that resulted in revisions to costs and income were recognized inthe period in which the revisions were determined.

**ReclamationCosts -**Estimated future reclamation costs are based on legal and regulatoryrequirements.  Such costs related to active mines were accrued and chargedover the expected operating lives of the mines using a straight-line method. Future reclamation costs for inactive mines were accrued based on management'sbest estimate at the end of each period of the costs expected to be incurred ata site. Such cost estimates included, where applicable, ongoing care,maintenance and monitoring costs.  Changes in estimates are reflected inearnings in the period an estimate is revised.

**MineExploration and Development -** Exploration costs and normal development costsat operating mines were charged to operations as incurred.

**Note 2 -Contracts Receivable**

Contractsreceivable represent revenue recognized as a portion of the value of contractsfor sale on condominium units, which establish buyers' commitments to purchasethat are backed by their non-refundable earnest money deposits.  As ofDecember 31, 2004 there was no outstanding balance in contracts receivable ascompared to $3,732,867 as of December 31, 2003.

The Company'sreal estate development operations do not extend financing to buyers andtherefore, sales proceeds will be received in full upon closing.

**Note 3 -Costs and Estimated Earnings on Uncompleted Contracts**

Long-term fixed price electricalconstruction contracts in progress accounted for using thepercentage-of-completion method at December 31 consisted of:

2004

2003

Costs incurred on uncompleted contracts

 $6,900,390  

 $5,915,509 

Estimated earnings

    489,078 

    880,630 

 7,389,468 

 6,796,139 

Less billings to date

 6,493,679 

 6,207,246 

Total

 $  895,789  

 $  588,893 

Included in the balance sheets under the	following captions:

Costs and estimated earnings in excess

of billings on uncompleted contracts

 $ 903,018 

 $  704,413 

Billings in excess of costs and estimated

earnings on uncompleted contracts

     (7,229)

   (115,520)

Total

 $ 895,789 

 $  588,893 

32

                         

The amounts billed but notpaid by customers pursuant to retention provisions of long-term electricalconstruction contracts were $495,610 and $168,224 at December 31, 2004 and 2003,respectively, and are included in the accompanying balance sheets in accountsreceivable and accrued billings.  Retainage is expected to be collectedwithin the next twelve months.

**Note 4 -**

**Income Taxes**

The income tax provisions for the yearsended December 31 consisted of:

2004

2003

2002

Current

Federal

$ 2,946 

$  28,852  

$      - 

State

    12,065 

    23,185 

    45,268 

    15,011 

    52,037 

    45,268 

Deferred

Federal

   (90,934)

   310,362 

   251,088 

State

    (4,635)

    16,785 

    67,510 

   (95,569)

   327,147 

   318,598 

Total

($80,558)

$379,184 

$363,866 

Temporary differences andcarryforwards, which give rise to deferred tax assets and liabilities as ofDecember 31, consisted of:

2004

2003

Deferred tax assets

Accrued vacation and bonuses

$  129,272 

$  108,176 

Contingent salary payments recorded

as goodwill for tax purposes

      19,993 

      23,427 

Contingent completion fee

        	-  	

      37,795 

Remediation provision

      57,920 

      48,521 

Net operating loss carryforwards

   1,128,971 

     996,214 

Accrued warranty costs

      12,191 

        	-  	

Alternative minimum tax credit	carryforwards

     308,874 

     305,928 

Accrued workers' compensation

      22,142 

         - 

Capitalized bidding costs

      15,129 

        	- 

Other

      	5,320 

        	-  	

Total deferred tax assets

   1,699,812 

   1,520,061 

Deferred tax liabilities

Deferred gain on installment notes

     (63,661)

     (64,647)

Tax depreciation in excess of financial

statement depreciation

    (273,744)

    (202,341)

Total net deferred tax assets

$1,362,406 

$1,253,073 

33

                         

In assessing therealizability of deferred tax assets, management considers whether it is morelikely than not that some portion or all of the deferred tax assets will not berealized.  The ultimate realization of deferred tax assets is dependentupon the generation of future taxable income during the periods in which thosetemporary differences become deductible.  Management considers theprojected future taxable income and tax planning strategies in making thisassessment. As of December 31, 2004 and 2003, the Company determined a valuationallowance was unnecessary.

At December 31,2004, the Company had tax net operating loss carryforwards of approximately$3,110,000 available to offset future taxable income, which if unused willexpire from 2009 through 2024.  The Company has alternative minimum taxcredit carryforwards of approximately $309,000 which are available to reducefuture Federal income taxes over an indefinite period.

The differences between theCompany's effective income tax rate and the Federal statutory rate for the yearsended December 31 are reconciled below:

2004

2003

2002

Federal statutory rate

(34.0%)

34.0% 

34.0% 

State income tax

1.3  

3.0 

6.4 

Non-deductible expenses

14.8  

5.5 

5.4 

Other

3.8  

0.6 

4.9 

Total

(21.7%)

43.1% 

50.7% 

**Note 5 -Discontinued Operations**

On December 4,2002, effective November 30, 2002, the Company completed the sale of the capitalstock of its mining subsidiaries.  The Company received total cashconsideration, net of a post-closing adjustment, in the amount of $2,497,590.

An after-tax loss on thesale of the mining operations was recorded in the fourth quarter of 2002 in theamount of $49,443.  Net assets disposed of amounted to $2,021,632 and therelated selling costs totaled $453,700, which was comprised of commission($300,000), severance ($103,513) and legal and professional ($50,187) expenses.

** Commitments and Contingencies Related to Discontinued Operations**

On September 8,2003, the United States Environmental Protection Agency (the "EPA") issued aspecial notice letter notifying the Company that it is a potentially responsibleparty (a "PRP"), along with three other parties, with respect to investigationand removal activities 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.  Specifically, the EPA hasrequested that the Company and three other PRPs undertake, perform, and financean Engineering Evaluation and Cost Analysis or "EE/CA" for the Site. The primarypurpose of an EE/CA is to determine the nature and scope of contamination,evaluate risks, and identify and evaluate a range of possible clean-upalternatives.  EPA retains the sole discretion to determine what, if any,clean up will ultimately be required based on the EE/CA.

The Company soldthe Site property in 1964. The Company has investigated the historic operationsthat occurred at the Site as well as the nature and scope of environmentalconditions at the Site that may present concerns to the EPA.  Based uponits investigation to date, the Company has determined that its operations at theSite were primarily exploratory and that the Company never engaged in anymilling or other processing activities at the Site.  The Company's recordsreflect that between the years 1950 and 1952 it extracted a limited amount(111,670 tons) of surface ore from the Site for off-site processing.  TheSite has changed owners several times since it was sold by the Company, and theCompany believes that a substantial majority of the mining activities and all ofthe milling and related processing and process waste disposal activities likelywere conducted by subsequent owners.

34

                         

The Company hasentered into a Cost Sharing Agreement with two other PRPs (CombustionEngineering and Blue Tee Corp.) (collectively, the "Work Group") through whichthe Work Group has agreed how to perform and finance the EE/CA.  Pursuantto the Cost Sharing Agreement, the Work Group has agreed to share equally thecosts of the EE/CA, subject to re-allocation of such costs among the Work Groupafter completion of the EE/CA. The Work Group has also entered into anAdministrative Order on Consent ("AOC") with the EPA, wherein the Work Groupmembers have agreed to perform and finance the EE/CA.  The Work Groupmembers have further entered into a fixed fee contract with SECOR Internationalto act as contractor to perform the EE/CA.  SECOR performed field work(sampling) during the month of October 2004.  Evaluation of data andpreparation of an EE/CA Report are expected to be completed during the spring of2005.  Completion of the EE/CA process will thus extend into the summer of2005, whereupon the EPA will decide whether additional response action(remediation) may be necessary at the Site.

Under theComprehensive Environmental Response, Compensation and Liability Act, any of thePRPs may be jointly and severally liable to the EPA for the full amount of anyresponse costs incurred by the EPA, including costs related to investigation andremediation, subject to a right of contribution from other PRPs.  Inpractice, PRPs generally agree to perform such response activities, andnegotiate among themselves to determine their respective contributions to anysuch multi-party activities based upon equitable allocation factors, includingtheir respective contributions to the alleged contamination and their ability topay.

It is impossibleat this stage to estimate the total costs of investigation and remediation atthe Site due to various factors, including incomplete information regarding theSite and the other PRPs, uncertainty regarding the extent of contamination andthe Company's share, if any, of liability for the contamination, EPA's futureselection of cleanup standards for the Site, and, ultimately, EPA's selection ofa preferred clean-up remedy.  

In September2003, in accordance with Financial Accounting Standards Board Interpretation No.14, "Reasonable Estimation of the Amount of a Loss - an interpretation ofStatement of Financial Accounting Standards No. 5 (Accounting forContingencies)", and Statement of Position 96-1, "Environmental RemediationLiabilities", the Company recognized a provision of $210,976 (withindiscontinued operations) for this matter, in addition, this provision wasincreased by $111,769 during the twelve month period ended December 31, 2004,increasing the total provision to $322,745, which represents the currentestimate of the Company's share of the costs associated with an emergencyremoval action previously undertaken by the EPA, the anticipated cost of theEE/CA study and the anticipated professional fees associated with the EE/CAstudy.  Total actual costs to be incurred at the Site in future periods mayvary from this estimate, given inherent uncertainties in evaluatingenvironmental costs.  As of December 31, 2004, the Company incurred actualinvestigation and professional services costs of $168,826 and its reservebalance for the EE/CA study process is $153,919 (accrued as a current liabilitywithin discontinued operations).  The accrual will be reviewed periodicallybased upon facts and circumstances available at the time, which could result inchanges to its amount.  The EPA has indicated that it has made nodetermination whether any additional response action (remediation) will berequired at the Site and will not do so until after completion of the EE/CAprocess.  At this stage, the Company does not have sufficient informationto determine the potential extent and nature of any necessary future responseaction (remediation) at the Site, or to estimate the potential additional futurecost of such action or the Company's potential liability for such costs. The Company is also investigating whether any cost incurred would be covered byinsurance although specific coverage has not yet been identified.

35

                         

The followingtable sets forth certain operating results of the discontinued operations:

2004

2003

2002

Net sales

 $     -  	

 $     -  	

 $ 2,464,017 

Cost of sales

       -  	

       -  	

 (2,035,069)

Depreciation

       -  	

       -  	

     (54,288)

Gross profit  

       -  	

       -  	

     374,660 

General and administrative expenses

       -  	

       -  	

      (9,018)

Provision for remediation

 (111,769)

 (210,976)

         -  	

Operating (loss) income

 (111,769)

 (210,976)

     365,642 

Interest expense

       -  	

       -  	

     (12,416)

Other income, net 

       -  	

       -  	

     359,802 

Total other income, net

       -  	

       -  	

     347,386 

(Loss) income from discontinued

operations before income

taxes and loss on sale

 (111,769)

 (210,976)

     713,028 

Income (taxes) benefit

    13,763 

    76,604 

    (335,464)

(Loss) income from discontinued

operations, net of tax

   (98,006)

 (134,372)

     377,564 

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

       -  	

       -  	

     (49,443)

Net (loss) income from

discontinued operations

 $ (98,006)

 $(134,372)

 $   328,121 

The assets and liabilities of discontinuedoperations at December 31 consisted of:

2004

2003

Current assets:

Cash in escrow

 $ 31,176

 $    -  	

Total assets of discontinued

operations

 $ 31,176

 $    -  	

Current liabilities:

Reserve for remediation

 $153,919

 $128,380

Total liabilities of discontinued

operations

 $153,919

 $128,380

 

36

                         

**Note 6 -Property, Buildings and Equipment**

Balances of major classes of properties atDecember 31 consisted of:

2004

2003

Land

 $    97,140	

 $    26,653	

Buildings and improvements

   1,588,139	

   1,237,812	

Leasehold improvements

        	-  	

      74,815	

Machinery and equipment

 18,831,229 

 15,252,082 

Construction in progress

        	-  	

     175,040	

Total

 20,516,508 

 16,766,402 

Less accumulated depreciation	

and amortization

 12,028,711 

 10,855,389 

Net properties, buildings and

equipment

 $ 8,487,797 

 $ 5,911,013 

Managementreviews the net carrying value of all properties, buildings and equipment on aregular basis.  As a result of such review, no impairment write-down wasconsidered necessary during any of the years in the three-year period endedDecember 31, 2004.

**Note 7 -**

**401(k) Employee Benefit Plan**

EffectiveJanuary 1, 1995, the Company adopted The Goldfield Corporation and SubsidiariesEmployee Savings and Retirement Plan, a defined contribution plan that qualifiesunder Section 401(k) of the Internal Revenue Code.  The plan providesretirement benefits to all employees who meet eligibility requirements and electto participate.  Under the plan, participating employees may defer up to15% of their pre-tax compensation per calendar year subject to Internal RevenueCode limits.  The Company's contributions to the plan are discretionary andamounted to approximately $126,000, $117,000 and $110,000 for the years endedDecember 31, 2004, 2003 and 2002, respectively.

**Note 8 -**

**Accounts Payable and Accrued	Liabilities**

Accounts payableand accrued liabilities at December 31 consisted of:

2004

2003

Accounts payable

 $ 1,144,311 

 $ 1,395,344 

Accrued bonus

     256,656	

     548,426	

Accrued payroll costs

     175,326	

      75,110	

Other accrued expenses

     226,246	

     277,205	

Total

 $ 1,802,539 

 $ 2,296,085 

**Note 9 -   Note Payable to Bank**

In April2002, the Company entered into a $6,000,000 construction loan agreement, infavor of Wachovia Bank, N.A., to finance the development of condominiumprojects. A portion of the loan, up to $1,500,000, may be used for the workingcapital needs of the Company.  Under the terms of the loan, interest ispayable monthly at an annual rate equal to the "Monthly LIBOR Index" plus oneand nine-tenths percent (4.3% and 3.07% at December 31, 2004 and 2003,respectively). The proceeds from the sales of the condominiums will be used torepay the loan. At the sole option of the lender, the outstanding principal andinterest is due and payable in full within 30 days of the lender providingwritten notice to the Company.  The loan is guaranteed by the Company'selectrical construction subsidiary and is secured by an agreement not to furtherencumber said condominium projects. No borrowings were outstanding under thisagreement as of December 31, 2004 as compared to $1,578,923 as of December 31,2003. The amount available for additional borrowing at December 31, 2004 was$6,000,000, of which $1,500,000 is available for working capital needs of theCompany. The loan agreement contains various financial covenants including, butnot limited to, minimum tangible net worth, minimum current ratio, and maximumdebt to tangible net worth ratio. Other loan covenants prohibit, among otherthings, incurring additional indebtedness, issuing loans to other entities inexcess of a certain amount, entering into a merger or consolidation, and anychange in the Company's current Chief Executive Officer without prior writtenconsent from the lender.  The Company was in compliance with all suchcovenants as of the years ended December 31, 2004 and 2003.

37

 

On January 30, 2004, theCompany entered into a $2,600,000 term loan agreement, in favor of WachoviaBank, N.A., to finance purchases of electrical construction equipment.  TheCompany was able to borrow funds under the loan during the draw period, January30, 2004 through September 30, 2004. During the draw period, the Company wasobligated to make monthly payments of accrued interest only.  As of the"conversion date" , on September 30, 2004 (the "conversion date"), the loan willbe payable in monthly loan payments included principal equal to 1/36 of theoutstanding principal balance of the loan at the conversion date, plus accruedinterest for 36 consecutive months.  The annual interest rate is equal tothe "LIBOR Market Index Rate" plus one and nine-tenths percent (4.3% at December31, 2004).  The loan is secured by the equipment purchased with theproceeds of the loan, and any replacements, accessions, or substitutions thereofand all cash and non-cash proceeds received thereof. Borrowings outstandingunder this agreement were $2,383,334 as of December 31, 2004. The loan agreementcontains various financial covenants, including, but not limited to, minimumtangible net worth, minimum current ratio, and maximum debt to tangible networth ratio. Other loan covenants prohibit, among other things, a change infiscal year and any change in the Company's current Chief Executive Officerwithout prior written consent from the lender.  The Company was incompliance with all such covenants as of December 31, 2004.

Interest costs related tothe construction of condominiums were capitalized. During the years endedDecember 31, 2004 and 2003, the Company capitalized interest costs of $41,626and $53,374, respectively.

The schedule of principal payments of ourlong-term debt is as follows:

At December 31,

2004

2005

 $   866,667	

2006

     866,667	

2007

     650,000	

Total

 $ 2,383,334 

 

 

38

                         

**Note 10 - Commitments and Contingencies**

The Company leases itsprincipal office space, two small off-site offices and several off-site storagefacilities, used to store equipment and materials, under a month to month leasearrangement.  The Company's principal office space will be relocated to twonew office buildings in the Melbourne area under a new seven-year non-cancelableoperating lease.  Future minimum lease payments under operating leases havinginitial or remaining noncancellable lease terms in excess of one year are asfollows:

At December 31,

2004

2005

 $     108,673	

2006

      	138,161	

2007

      	137,473	

2008

      	139,067	

2009

      	142,600	

Thereafter

      	333,957	

Total

 $     999,931	

Total rentexpense for the operating leases was approximately $121,045, $126,992, and$83,129 for the years ended December 31, 2004, 2003 and 2002, respectively.

In certain circumstances,the Company is required to provide performance bonds to secure its contractualcommitments.  Management is not aware of any performance bonds issued forthe Company that have ever been called by a customer.  As of December 31,2004, outstanding performance bonds issued on behalf of the Company's electricalconstruction subsidiary amounted to approximately $11,816,000.

**Note 11 -Preferred Stock Purchase Rights**

On September 17,2002, the Company announced that its Board of Directors adopted and entered intoa Shareholder Rights Agreement designed to protect and maximize shareholdervalue and to assist the Board of Directors in ensuring fair and equitablebenefit to all shareholders in the event of a hostile bid to acquire theCompany, (the "Rights Agreement").

The Companyadopted this Rights Agreement to protect stockholders from coercive or otherwiseunfair takeover tactics.  In general terms, The Rights Agreement imposes asignificant penalty upon any person or group that acquires 20% or more of theCompany's outstanding common stock without the approval of the Company's Boardof Directors.  The Rights Agreement was not adopted in response to anyknown attempt to acquire control of the Company.

Under the RightsAgreement, a dividend of one preferred Stock Purchase Right (the "Right") wasdeclared for each common share held of record as of the close of business onSeptember 18, 2002.  No separate certificates evidencing the Rights will beissued unless and until they become exercisable.

The Rightsgenerally will not become exercisable unless an acquiring entity accumulates orinitiates a tender offer to purchase 20% or more of the Company's common stock. In that event, each Right will entitle the holder, other than the unapprovedacquirer and its affiliates, to purchase either the Company's common stock orshares in an acquiring entity at one-half of market value.

39

                         

The Rights'initial exercise price, which is subject to adjustment, is $2.20.  TheCompany's Board of Directors generally will be entitled to redeem the Rights ata redemption price of $.001 per Right until an acquiring entity acquires a 20%position. The Rights expire on September 18, 2012.

The completeterms of the Rights are set forth in, and the foregoing description is qualifiedin its entirety by, the Rights Agreement between the Company and American StockTransfer & Trust Company, as Rights Agent, a copy of which was filed with theSecurities and Exchange Commission on September 18, 2002.

**Note 12 - TheGoldfield Corporation 1998 Executive Long-term Incentive Plan**

In 1998, the stockholdersof the Company approved the 1998 Executive Long-term Incentive Plan (the"Plan"), which permits the granting of Nonqualified Stock Options, IncentiveStock Options, Stock Appreciation Rights, Restricted Stock, Restricted StockUnits, Performance Units, Performance Shares and other awards to all officersand key employees of the Company and its subsidiaries. Shares granted pursuantto the Plan may be authorized but unissued shares of Common Stock, Treasuryshares or shares purchased on the open market.  The exercise price undersuch grants will be based on the fair market value of the Common Stock at thedate of grant.  The maximum number of shares available for grant under thePlan is 1,300,000.  The options must be exercised within 10 years of thedate of grant.  On March 9, 1999, the Company granted options to purchase985,000 shares, exercisable at $0.21875 per share, the fair market price of theCommon Stock at the date of grant.  No stock options were granted during2004, 2003 or 2002.  The number of unoptioned shares available at thebeginning and at the close of 2004 under the Plan was 315,000 shares.  Asummary of option transactions follows:

Number of	Shares

Range of	exercise	prices 	per share

Weighted	average	exercise	price

Weighted	average	remaining	contractual	life 	(in years)

Balance outstanding,

December 31, 2001

 350,335  

$0.21875 

$0.21875 

7.18

Exercised

 (106,667) 

 0.21875 

 0.21875 

Balance outstanding,
   
December 31, 2002

 243,668  

 0.21875 

 0.21875 

6.18

No Activity

       	-  

Balance outstanding,

December 31, 2003

 243,668  

 0.21875 

 0.21875 

5.18

Exercised

 (188,667) 

 0.21875 

 0.21875 

Balance outstanding,

December 31, 2004

   55,001  

$0.21875 

$0.21875 

4.18

As permitted bySFAS No. 123, "Accounting for Stock-Based Compensation", as amended by SFAS No.148, "Accounting for Stock-Based Compensation - Transition and Disclosure - anamendment of SFAS No. 123", the Company applies the intrinsic value-based methodof accounting as prescribed by APB Opinion No. 25, "Accounting for Stock Issuedto Employees", in accounting for its Plan.  Accordingly, no compensationcost has been recognized in the consolidated financial statements during theyears ended December 31, 2004, 2003 and 2002.

The per shareweighted average fair value of stock options granted was $0.20 in 1999 on thedate of grant using the Black Scholes option-pricing model with the followingweighted average assumptions: volatility - 101.5%, dividend paid - none,risk-free interest rate - 5.25% and expected life in years - 10.

40

                         

The following table shows the effect on net(loss) income and (loss) earnings per share if the Company had applied the fairvalue-based method of accounting to determine compensation cost for its stockoptions at the grant date under SFAS No. 123, as amended by SFAS No. 148, forthe years ended December 31:

2004

2003

2002

Net (loss) income, as reported

 $ (387,774)

 $  365,909	

 $  681,754	

Deduct: Total stock-based employee

compensation expense determined

under the fair value based	

method for all awards, net of

related tax effects

         	-	

         	-	

         	-	

Pro forma net (loss) income

 $ (387,774)

 $  365,909	

 $  681,754	

(Loss) earnings per share

Basic and Diluted - as reported

 $    (0.01)

 $     0.01	

 $     0.02	

Basic and Diluted - pro forma

 $    (0.01)

       0.01	

       0.02	

**Note 13 -Earnings (loss) Per Share of Common Stock**

Basic earnings(loss) per common share is computed by dividing net income (loss) by theweighted average number of common stock shares outstanding during the period.Diluted earnings per share include additional dilution from potential commonstock equivalents, such as stock options outstanding. The following table setsforth the computation of basic and diluted earnings per share for the periodsindicated:

December 31,

2004

2003

2002
Continuing operations	(Loss) income from continuing operations $  (289,768) $   500,281  $   353,633	Discontinued operations(Loss) income from discontinued operations
(98,006)

(134,372)

328,121 
Net income (loss) available to common	stockholders $  (387,774) $   365,909  $   681,754	Weighted average common shares outstanding 26,250,350  26,483,912  27,416,395 (Loss) earnings per share-basic Continuing operations
 $     (0.01)

 $      0.02 

 $      0.01	
 Discontinued operations      (0.00)      (0.01)       0.01	 Net (loss) income
 $     (0.01)

 $      0.01 

 $      0.02	
Weighted average dilutive shares from stock	option plan        -  	    153,592     127,440	Weighted average common shares outstanding	including dilutive shares 26,250,350  26,637,504  27,543,835 (Loss) earnings per share-dilutedContinuing operations
 $     (0.01)

 $      0.02 

 $      0.01	
Discontinued operations      (0.00)      (0.01)       0.01	Net (loss) income
 $     (0.01)

 $      0.01 

 $      0.02	

Basic (loss)income per share is based on the weighted average number of common sharesoutstanding during the period. Diluted (loss) income per share also gives effectto all potential dilutive common shares outstanding during the period, such asstock options, if dilutive.  Outstanding stock options for 2004 of 55,001 wereexcluded from this calculation, as they would have been anti-dilutive or reducedthe loss per share.  The computation of the weighted average number of commonstock shares outstanding excludes 1,862,522, 1,373,327, and 486,968 shares ofTreasury Stock for each of the years ended December 31, 2004, 2003, and 2002,respectively.  

 

41

                         

**Note 14 -Common Stock Repurchase Plan**

On September 17, 2002, theCompany's Board of Directors approved a Common Stock Repurchase Plan (the"Repurchase Plan") allowing the Company to repurchase up to five percent(approximately 1.3 million shares) of its outstanding Common Stock over thetwelve-month period which followed.  On June 11, 2003, the Board ofDirectors approved an extension of the repurchase period until September 16,2004 and increased the total number of shares purchasable under the RepurchasePlan to 2.5 million. On September 29, 2004 the Board of Directors approvedanother extension of the repurchase period until September 29, 2005.  TheCompany may repurchase its shares either in the open market or through privatetransactions.  The volume of the shares to be repurchased is contingentupon market conditions and other factors.  During each of the years endedDecember 31, 2004 and 2003, pursuant to the Repurchase Plan, the Companyrepurchased 489,195 and 886,359 shares of its Common Stock, respectively, at acost of $271,390 (average cost of $0.555 per share) and $471,727 (average costof $0.532 per share), respectively. As of December 31, 2004, the total number ofshares repurchased under the Repurchase Plan was 1,845,164 at a cost of $947,335(average cost of $0.513 per share) and the remaining number of shares availableto be repurchased under the Repurchase Plan is 654,836. The Company currentlyholds the repurchased stock as Treasury Stock, reported at cost.  Prior toSeptember 17, 2002, the Company had 17,358 shares of Treasury Stock which it hadpurchased at a cost of $18,720.

** **

 

 

 

42

                         

**Note 15 -Business Segment Information**

The Company is currentlyinvolved in two segments, electrical construction and real estate development. There were no material amounts of sales or transfers between segments and nomaterial amounts of foreign sales.  Any intersegment sales have beeneliminated.

The following table setsforth certain segment information for the periods indicated:

2004

2003

2002

**Continuing operations:**

Sales from operations to	

unaffiliated customers

Electrical construction

 $28,823,061 

 $26,475,202 

 $16,442,396 

Real estate development

   3,864,835	

   6,513,213	

   5,900,864	

Total

 $32,687,896 

 $32,988,415 

 $22,343,260 

Operating income

Electrical construction

 $   850,612	

 $ 1,726,789 

 $ 1,689,686 

Real estate development

     748,005	

   1,186,081	

   1,229,872	

Total 

 $ 1,598,617 

 $ 2,912,870 

 $ 2,919,558 

**Identifiable assets:**

Continuing operations

Electrical construction

 $15,183,844 

 $11,988,779 

 $ 9,596,844 

Real estate development

   1,693,624	

   6,157,845	

   3,442,714	

Corporate

   6,791,921	

   5,947,673	

   9,318,443	

Discontinued operations

      35,128	

        	-  	

        	-  	

Total

 $23,704,517 

 $24,094,297 

 $22,358,001 

**Capital expenditures:**

Continuing operations

Electrical construction

 $ 4,731,242 

 $ 3,056,897 

 $ 1,114,719 

Real estate development

      75,355	

      	4,891	

        	-  	

Corporate

      62,375	

     179,276	

      31,796	

Discontinued operations

        	-  	

        	-  	

     114,288	

Total

 $ 4,868,972 

 $ 3,241,064 

 $ 1,260,803 

**Depreciation, amortization and	depletion:**

Continuing operations

Electrical construction

 $ 2,059,473 

 $ 1,583,968 

 $ 1,339,647 

Real estate development

      13,026	

      	8,592	

      15,326	

Corporate

      68,225	

      53,097	

      49,432	

Discontinued operations

        	-  	

        	-  	

      54,288	

Total

 $ 2,140,724 

 $ 1,645,657 

 $ 1,458,693 

Operating incomeis total operating revenue less operating expenses inclusive of depreciation andSG&A expenses for each segment.  Operating income excludes interestexpense, interest income and income taxes.  General corporate expenses arecomprised of general and administrative expenses and corporate depreciationexpense.  Identifiable assets by industry are used in the operations ofeach industry.

43

                         

Sales (inthousands of dollars) to major customers exceeding 10% of total sales follows:

2004

2003

2002

Amount

% of Total Sales

Amount

% of Total Sales

Amount

% of Total Sales

Electrical construction:

Customer A

 $   -  	

   - 

 $3,903 

12%

 $9,371 

42%

Customer B

 11,715 

36%

 7,031 

21%

    -  	

   -  	

Customer C

     -  	

   - 

    -  	

   -  	

 2,741 

12%

Customer D

     -  	

   - 

 4,512 

14%

    -  	

   -  	

Customer E

   5,654 

17%

    -  	

   -  	

    -  	

   -  	

The real estatedevelopment operations did not have sales, from any one customer, which exceeded10% of total sales for each of the years ended December 31, 2004, 2003 and 2002. 

Sales by service/product (in thousands ofdollars) are as follows:

2004

2003

2002

Amount

% of Total Sales

Amount

% of Total Sales

Amount

% of Total Sales

Electrical construction:

Transmission

 $23,699 

73%

 $24,105 

73%

 $16,241 

73%

Fiber optics

   2,262 

7%

   2,253 

7%

     -  	

0%

Miscellaneous

   2,862 

9%

     117	

0%

     201	

1%

Total

 28,823 

88%

 26,475 

80%

 16,442 

74%

Real estate development:

Condominium sales

   3,865 

12%

   6,242 

19%

   5,730 

25%

Lot sales

     -  	

0%

     271	

1%

     171	

1%

Total

   3,865 

12%

   6,513 

20%

   5,901 

26%

Total Sales

 $32,688 

100%

 $32,988 

100%

 $22,343 

100%

** **

 

 

44

                         

**Note 16 - Quarterly FinancialData (unaudited)**

Selected quarterly financial data follows:

2004

First  Quarter

Second Quarter

Third Quarter

Fourth Quarter

Continuing operations:	

Revenues:

Electrical construction

 $ 9,271,934 

 $6,685,343 

 $7,262,905 

 $5,602,879 

Real estate development

   2,988,771	

    876,063 

       	-  	

       	-  	

Total

 $12,260,705 

 $7,561,406 

 $7,262,905 

 $5,602,879 

Operating income (loss):

Electrical construction

 $ 1,228,513 

 $ (714,330)

 $  835,831 

 $ (499,402)

Real estate development

     705,885	

    168,018 

    (45,541)

    (80,357)

Net income (loss) from continuing

operations available to common	stockholders

 839,170  

   (562,473)

 31,644 

   (598,109)

Discontinued operations:

Loss from discontinued operations

     -   

    -   

    (11,897)

    (86,109)

Net income (loss)

 839,170  

   (562,473)

 19,747 

   (684,218)

Earnings (loss) per share - basic and	diluted:

Continuing operations

       	0.03	

      (0.02)

       	-  	

      (0.02)

Discontinued operations

        	-  	

       	-  	

       	-  	

       	-  	

Net income (loss)

       	0.03	

      (0.02)

       	-  	

      (0.03)

Common shares and equivalents used in the

calculations of earnings per share:

Basic

 26,301,631 

 26,336,064 

 26,226,624 

 26,149,668 

Diluted

 26,352,967 

 26,336,064 

 26,271,388 

 26,149,668 

The totals for the year may differ from thesum of the quarterly information due to rounding.

 

 

45

                         

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 discontinued 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	

        	-  	

       	-  	

      	0.01 

Discontinued operations

       	-  	

        	-  	

       	-  	

       	-  	

Net income (loss)

       0.01	

        	-  	

      (0.01)

      	0.01 

Common shares and equivalents used in the calculations of

  earnings per share:

  Basic

 26,927,262 

 26,613,750 

 26,207,400 

 26,206,261 

  Diluted

 27,050,729 

 26,752,708 

 26,207,400 

 26,371,669 

The totals for the year may differ from thesum of the quarterly information due to rounding.

**Item 9. Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure.**

None.

**Item	9A.**

**Controls and Procedures.**

**Evaluation ofdisclosure controls and procedures**John H. Sottile, our Chief Executive Officer ("CEO"), and Stephen R. Wherry,our Chief Financial Officer ("CFO"), have performed an evaluation of theCompany's disclosure controls and procedures, as that term is defined in Rule13a-15(e) of the Securities Exchange Act of 1934, as amended (the "ExchangeAct"), as of December 31, 2004 and each has concluded that such disclosurecontrols and procedures are sufficiently effective to ensure that informationrequired to be disclosed in our periodic reports filed under the Exchange Act isrecorded, processed, summarized and reported, within the time periods specifiedby the Securities and Exchange Commission's rules and regulations.

**Changes in internal controls**No changes in the Company's internal controls over financial reportingoccurred during the fourth quarter of 2004 that have materially affected, or arereasonably likely to materially affect, the Company's internal controls overfinancial reporting.

At the end offiscal 2006, Section 404 of the Sarbanes-Oxley Act will require the Company'smanagement to provide an assessment of the effectiveness of the Company'sinternal control over financial reporting, and the Company's independentregistered public accounting firm will be required to audit management'sassessment. The Company is in the process of performing the necessary system andprocess documentation in preparation for the evaluation and testing required formanagement to make this assessment and for the Company's independent registeredpublic accounting firm to provide their attestation report. The Company has notcompleted this process or its assessment, and this process will requiresignificant amounts of management time and resources. In the course ofevaluation and testing, management may identify deficiencies that will need tobe addressed and remediated. 

 

46

                         

**Limitationsof the effectiveness of controls**A control system, no matter how well conceived and operated, can provideonly reasonable assurance, not absolute assurance that the objectives of thecontrol system are met.  Because of inherent limitations in all controlsystems, no evaluation of controls can provide absolute assurance that allcontrol issues, if any, within a company have been detected.  Theseinherent limitations include the realities that judgments in decision-making canbe faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of somepersons, by collusion of two or more people or by management override of thecontrols.  The design of any system of controls is also based in part uponcertain assumptions about the likelihood of future events, and there can be noassurance that the design will succeed in achieving its stated goals under allpotential future conditions; over time, controls may become inadequate becauseof changes in conditions, or the degree of compliance with policies andprocedures may deteriorate.  Because of the inherent limitations in acost-effective control system, misstatements due to error or fraud may occur andnot be detected.  Accordingly, our disclosure controls and procedures aredesigned to provide reasonable, not absolute, assurance that the objectives ofour disclosure control system are met and, as set forth above, our CEO and CFOhave concluded, based on their evaluation, that our disclosure controls andprocedures were sufficiently effective as of December 31, 2004 to providereasonable assurance that the objectives of the disclosure control system weremet.

**Item 9B.**

**Other Information.**

Not applicable.

47

                         

**PART III**

** **

**Item 10. Directors and Executive Officers of the Registrant.**

Informationconcerning the directors of the Company will be contained under "Election ofDirectors" in the Company's 2005 Proxy Statement, which information isincorporated herein by reference.

The executiveofficers of the Company are as follows:

  	Name and Title(1)

Year in Which  	Service Began  	as Officer
   
  Age
                  
 
John H. Sottile    Chairman of the Board of    Directors, President and    Chief Executive Officer,    Director

1983

57

 
 
Stephen R. Wherry,    Vice President, Treasurer,  Assistant Secretary and 	  Chief Financial Officer

1988

46

_________________________________

	(1)

	As of February 28, 2005

Throughout the past fiveyears John H. Sottile and Stephen R. Wherry have been principally employed asexecutive officers of the Company.

John H. Sottile has servedas Chairman of the Board of Directors since May 1998.

The term ofoffice of all directors is until the next annual meeting and the term of officeof all officers is for one year and until their successors are chosen andqualify.

**Code ofEthics**

In March 2003,the Company's Board of Directors adopted a Code of Ethics (the "Code") that isspecifically applicable to its Chief Executive Officer and Senior FinancialOfficers. The Code incorporates guidelines designed to deter wrongdoing; and topromote honest and ethical conduct, compliance with applicable laws andregulations, prompt internal reporting of Code violations and accountability forCode adherence.  A copy of the Code was filed as an exhibit to the 2003Form 10-K.

The Code is alsoavailable, free of charge, within the "Investor Relations" section of theCompany's website, at www.goldfieldcorp.com.  The Company intends todisclose on its website any amendments to, or waivers from, its Code of Ethicsthat are required to be publicly disclosed pursuant to the rules of theSecurities and Exchange Commission.

**AuditCommittee**

Informationconcerning the Company's Audit Committee including the Audit Committee FinancialExpert will be contained under "Committees and Meetings of the Board ofDirectors" in the Company's 2005 Proxy Statement, which information isincorporated herein by reference.

48

                         

**Item 11.**

**Executive Compensation.**

Informationconcerning executive compensation will be contained under "ExecutiveCompensation" in the Company's 2005 Proxy Statement, which information isincorporated herein by reference.

** **

**Item 12. **

**Security Ownership of Certain	Beneficial Owners and Management and Related Stockholder Matters.**

Information concerning the securityownership will be contained under "Ownership of Voting Securities by CertainBeneficial Owners and Management" and "Equity Compensation Plan Information" inthe Company's 2005 Proxy Statement, which information is incorporated herein byreference.

**Item 13. **

**Certain Relationships and Related	Transactions.**

Informationconcerning certain relationships and related transactions of the directors andofficers of the Company will be contained under "Election of Directors" in theCompany's 2005 Proxy Statement, which information is incorporated herein byreference.

**Item 14. **

**Principal Accountant Fees and	Services.**

Informationconcerning the accounting services performed by the Company's IndependentRegistered Public Accounting Firm, KPMG LLP, and their respective fees for suchservices will be contained under "Audit Committee Report and Fee Information" inthe Company's 2005 Proxy Statement, which information is incorporated herein byreference.

**PART IV**

**Item 15 -**

**Exhibits and Financial Statement	Schedules.**

(a)  Thefollowing documents are filed as part of this report:

** (1) Financial Statements**

Page
   
Report of Independent Registered Public	Accounting Firm

24
   
Consolidated Balance Sheets - December 31,	2004 and 2003

25
   
Consolidated Statements of Operations -	Three Years ended    December 31, 2004

  	26
   
Consolidated Statements of Cash Flows -	Three Years ended    December 31, 2004

  	27
   
Consolidated Statements of Stockholders'	Equity - Three Years ended    December 31, 2004

  	28
   
Notes to Consolidated Financial Statements

29

  **(2) Financial Statement Schedules**

No financial statementschedules are included as all applicable information is included in the notes tothe consolidated financial statements.

49

                         

**  (3)Exhibits**

The followingexhibits are required pursuant to Item 601 of Regulation S-K:
       
3-1

Restated Certificate of Incorporation of	the Company, as amended, is hereby incorporated by reference to Exhibit 3-1	of the Company's Annual Report on Form 10-K for the year ended December 31,	1987, heretofore filed with the Commission (file No. 1-7525).
      
3-2

By-Laws of the Company, as amended, is	hereby incorporated by reference to Exhibit 3-2 of the Company's Current	Report on Form 8-K dated December 19, 2000, heretofore filed with the	Commission (file No. 1-7525).
      
3-3

Amendment to the Amended By Laws of the	Company is hereby incorporated by reference in Exhibit 3-3 of the Company's	Current Report on Form 8-K dated December 19, 2000, heretofore filed with	the Commission (file No. 1-7525).
      
4-1

Specimen copy of Company's Common Stock	certificate is hereby incorporated by reference to Exhibit 4-5 of the	Company's Annual Report on Form 10-K for the year ended December 31, 1987,	heretofore filed with the Commission (file No. 1-7525).
      
4-2

The Goldfield Corporation 1998 Executive	Long-term Incentive Plan is hereby incorporated by reference to Exhibit 4-3	of the Company's Annual Report on Form 10-K for the year ended December 31,	1998, heretofore filed with the Commission (file No. 1-7525).
      
4-3

The Rights	Agreement between The Goldfield Corporation and American Stock Transfer &	Trust Company, as Rights Agent, is hereby incorporated by reference to	Exhibit 4-1 of the Company's Form 8-A filed on September 18, 2002,	heretofore with the Commission (file No. 1-7525).      
10-1

Amended and Restated Employment Agreement	dated November 1, 2001 between The Goldfield Corporation and John H. Sottile	is hereby incorporated by reference to Exhibit 10-2(g) of the Company's	Quarterly Report on Form 10-Q for the period ended September 30, 2001,	heretofore filed with the Commission (file No. 1-7525).
      
10-2

The Loan Agreement dated April 15, 2002	made in favor of Wachovia Bank, N.A. by The Goldfield Corporation and	Southeast Power Corporation is hereby incorporated by reference to Exhibit	10-3 of the Company's Quarterly Report on Form 10-Q for the period ended	March, 31, 2002, heretofore filed with the Commission (file No. 1-7525).
      
10-3

Performance-Based Bonus Plan effective	January 1, 2002 is hereby incorporated by reference	to Exhibit 10-4 of the Company's Quarterly Report on Form 10-Q for the	period ended September 30, 2002, heretofore filed with the Commission (file	No. 1-7525).
      
10-4

The Stock Purchase Agreement for St. Cloud	Mining Company and The Goldfield Consolidated Mines Company between The	Goldfield Corporation and Imagin Minerals, Inc. effective November 30, 2002,	is hereby incorporated by reference to the Company's Current Report on Form	8-K dated December 4, 2002, heretofore filed with the Commission (file No.	1-7525).

50

                         

10-5

The Loan Agreement and related Promissory	Note and Security Agreement dated January 30, 2004 made in favor of Wachovia	Bank, N.A. by The Goldfield Corporation and/or Southeast Power Corporation	is hereby incorporated by reference to Exhibit 10-5 of the Company's Annual	Report on Form 10-K for the year ended December 31, 2003, heretofore	filed with the Commission (file No. 1-7525).
      
10-6

The Lease Agreement dated June 7, 2004	between Hibiscus Office Park, LLC and The Goldfield Corporation is hereby	incorporated by reference to Exhibit 10-1 of the Company's Quarterly Report	on Form 10-Q for the period ended June 30, 2004, heretofore filed with the	Commission (file No. 1-7525).
      
11

For computation of per share earnings, see	note 13 of notes to consolidated financial statements.
      
14

The Goldfield Corporation Code of Ethics	for the Chief Executive Officer and Senior Financial Officers is hereby	incorporated by reference to Exhibit 14 of the Company's Annual Report on	Form 10-K for the year ended December 31, 2003, heretofore filed with the	Commission (file No. 1-7525).
      
*21

Subsidiaries of Registrant 

*23

Consent of Independent	Registered Public Accounting Firm 

*24

Powers of Attorney 

*31-1

Certification Pursuant to Section 302 of	the Sarbanes-Oxley Act of 2002, 15 U.S.C. Section 7241 

*31-2

Certification Pursuant to Section 302 of	the Sarbanes-Oxley Act of 2002, 15 U.S.C. Section 7241 

*32-1

**Certification Pursuant to Section 906 of	the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350 

*32-2

**Certification Pursuant to Section 906 of	the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350

* Filedherewith.

** Theseexhibits are intended to be furnished in accordance with Regulation S-K Item601(b)(32) and shall not be deemed to be filed for purposes of Section 18 of theSecurities Act of 1934 or incorporated by reference into any filing under theSecurities Act of 1933, except as shall be expressly set forth by specificreference.

 

 

51

 

SIGNATURES

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, theRegistrant has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

THE GOLDFIELDCORPORATION

By

/s/ John H. Sottile(John H. Sottile)

Chairman of the Board of Directors,	President,  Chief Executive Officer and Director

Dated:  March31, 2005

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signedbelow by the following persons on behalf of the Registrant and in the capacitiesindicated on March 31, 2005.
SignatureTitle
 

/s/ John H. Sottile     (John H. Sottile)

Chairman of the Board of Directors,  	President, Chief Executive Officer  	and Director.

	 
   
/s/ Stephen R. Wherry   (Stephen R. Wherry)

Vice President, Chief Financial Officer	(Principal  Financial Officer), Treasurer, Assistant Secretary and  Principal Accounting Officer.

         *                (Dwight W. Severs)

  	Director

         *                	(Thomas E. Dewey, Jr.)

  	Director

         *                	(Harvey C. Eads, Jr.)

  	Director

         *                	(John P. Fazzini)

  	Director

         *                	(Danforth E. Leitner)

  	Director

         *                	(Al Marino)

  	Director

*By: /s/ John H. SottileJohn H. SottileAttorney-in-Fact

52

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