UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

Form 10-K

|  X  | ANNUAL REPORT PURSUANT TO  SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE  ACT OF 1934 |
|---------------|---------------------------------------------------------------------------------------------|

For the fiscal year endedDecember 31, 2002

OR

| ___ | TRANSITION REPORT PURSUANT  TO SECTION 13 OR 15 (d) OF THE SECURITIES AND  EXCHANGE ACT OF 1934 |
|-----|-------------------------------------------------------------------------------------------------|

For the transition period________ to ________

Commission File Number:1-7525

** **The Goldfield Corporation******    **(Exact Name of registrant asspecified 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 registeredpursuant to Section 12(b) of the Act:

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

Securities registeredpursuant to Section 12(g) of the Act:

None

     Indicate bycheck 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 ___

     Indicate bycheck 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 mark whether the registrantis an accelerated filer. 

 Yes        No  X  

     On June 30, 2002, theaggregate market value (based upon the closing price on The American StockExchange) of the common stock held by nonaffiliates was approximately $10.8million.

     As of February 28, 2003,26,883,172 shares of the Registrant's common stock were outstanding.

Documents Incorporated byReference

DocumentProxy Statement for 2003 Annual Meeting

Where  IncorporatedPart III

 

 

 

THE GOLDFIELDCORPORATION AND SUBSIDIARIES

ANNUAL REPORT ON FORM10-KFOR THE YEAR ENDED DECEMBER 31, 2002

INDEX
Page  Number   
Part I
            Item 1.Business2Item 2.Properties6Item 3.Legal Proceedings6Item 4.Submission of Matters to a Vote of Security Holders
6
   
Part II            Item 5.Market for Registrant's Common Stock and Related  Stockholder Matters6Item 6.Selected Financial Data7Item 7.Management's Discussion and Analysis of Financial Condition and Results of  Operations8Item 8.Financial Statements21Item 9.Changes in and Disagreements with Accountants on Accounting and Financial  Disclosure40
 
   
Part III
   Item 10.Directors and Executive Officers of the Registrant40Item 11.Executive Compensation41Item 12.Security Ownership of Certain Beneficial Owners and Management41Item 13.Certain Relationships and Related Transactions41         
 
         
Part IV

 
Item 14.Controls and Procedures
42
Item 15.

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

  42

SignaturesCertifications

45  46

 
****
1

 

**PART I**

**Forward-Looking Statements**

We make "forward looking statements" within the"safe harbor" provision of the Private Securities Litigation ReformAct of 1995 throughout this document and in the documents we incorporate byreference into this Annual Report on Form 10-K.  You can identify these statements by forward-looking words suchas "may," "will," "expect,""anticipate," "believe," "estimate,""plan," and "continue" or similar words.  We have based these statements on ourcurrent expectations about future events. Although we believe that our expectations reflected in or suggested byour forward-looking statements are reasonable, we cannot assure you that theseexpectations will be achieved.  Ouractual results may differ materially from what we currently expect.  Factors that may effect our results include,among others: the level of construction activities by public utilities; thetiming and duration of construction projects for which we are engaged; ourability to estimate accurately with respect to fixed price constructioncontracts; heightened competition in the electric construction field, includingintensification of price competition; the availability of skilled constructionlabor; in connection with our real estate development projects, interest ratesand general economic conditions, both nationally and in our region. Importantfactors which could cause our actual results to differ materially from theforward-looking statements in this document are also set forth in theManagement's Discussion and Analysis of Financial Condition and Results ofOperations section and elsewhere in this document.

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

**Item 1.**

**Business.**

The Goldfield Corporation, incorporated in Wyoming in1906 and subsequently reincorporated in Delaware in 1968, is currently engagedin electrical construction, including the placement of fiber optic cable, andreal estate development.  Until November30, 2002, the Company was also engaged in mining activities.  Unless the context otherwise requires, theterms "Goldfield" and "the Company" as used herein mean TheGoldfield Corporation and its consolidated subsidiaries.  For information concerning sales, operating incomeand identifiable assets by business segment, see note 18 of notes toconsolidated financial statements and Item 7, Management's, Discussion andAnalysis - Results of Operations - Segment Information.

**Electrical Construction**

The Company, through its subsidiary Southeast PowerCorporation ("Southeast Power"), is engaged in the construction andmaintenance of electrical facilities for utilities and industrialcustomers.  The Company also installsfiber optic cable for fiber optic cable manufacturers, telecommunicationcompanies and electric utilities. The Company has primarily performed work inthe 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'sconstruction business includes the construction of transmission lines,distribution systems and substations and other electrical installation servicesfor utility systems and industrial and specialty projects.  Fiber optic cable installation is primarilyoverhead (OPGW and ADSS).

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 the magnitude of some of the constructionprojects undertaken by the Company, a substantial portion of the Company'sannual revenue is derived from a relatively small number of customers, thespecific identity of which vary from year to year. See note 18 of notes toconsolidated financial statements.

Construction iscustomarily performed pursuant to the plans and specifications of customers.The Company generally supplies the management, labor, equipment and tools. Generally,materials are supplied by the customers. Contracts may extend beyond one year, although most projects average aduration of six months or less. 

The electrical construction business is highlycompetitive.  The Company competes withother independent contractors, including larger regional and national firmsthat may have financial, operational, technical and marketing resources thatexceed our own.  The Company also facescompetition from existing and prospective customers establishing or augmentingin-house service organizations that employ personnel who perform some of thesame types of service as those provided by us. Competitive factors include: level of technical expertise andexperience, industry reputation, quality of work, price, geographic presence,dependability, availability of skilled personnel, worker safety, and financialstability.  The Company's managementbelieves that the Company competes favorably with its competitors on the basisof these factors.  There can be noassurance, however, that the Company's competitors will not develop theexpertise, experience and resources to provide services that are superior inboth price and quality to the Company's services, or that the Company will beable to maintain or enhance their competitive position. 

The Companyenters into contracts on the basis of either competitive bidding or directnegotiations with its customers. Competitively bid contracts account for amajority of the Company's construction revenues.  Although there is considerable variation in the terms of thecontracts undertaken, such contracts typically involve lump sum, cost plus orunit price contracts.  The magnitude andduration of projects undertaken by the Company vary, which may result insubstantial fluctuations in its backlog from time to time.  At February 28, 2003, the approximate valueof uncompleted contracts was $14,200,000, compared to $10,700,000 at February28, 2002.

A portion of the electrical construction work requirespayment and performance bonds. The Company believes that it has adequatebonding availability.

As of February 1, 2003,electrical construction had a staff of 11 salaried employees, includingexecutive officers, division managers, superintendents, project managers andadministrative personnel.  In addition, at such date, electricalconstruction had 78 hourly-rate employees, none of whom are affiliated with anytrade or labor organization. The number of hourly-rate employees fluctuatesdepending upon the number and size of projects under construction at anyparticular time.  The Company believes that the experience and continuityof its employees has

3

 

been an important factor inits success.  Management of the Company believes its relations with bothits salaried and hourly-rate employees are good.

The Company issubject to various federal, state and local statutes and rules regarding, amongother things, contractor licensing, electrical codes, worker safety andenvironmental protection.  The Companybelieves that it is in substantial compliance with all applicable regulatoryrequirements.

The administrativeand maintenance facilities of Southeast Power are located on a 13-acre tract ofland near Titusville, Florida, which is owned by the Company.  In 2002, a new office building(approximately 6,136 square feet) was built replacing the then existing officebuilding.  The shop and maintenancefacilities are approximately 17,000 square feet.  The Company believes that these properties are currently in goodcondition and properly maintained.

**Real Estate**

The primary focus of the Company's real estate operationsis on the development of small, high-end, waterfront condominium projects.  To date, the Company has purchased fivesites on the east coast of Central Florida, four of which are waterfront. 

The Company acquires land only after feasibility andenvironmental testing has been performed. Generally, architectural plans for the projects are outsourced and theproject plans are submitted to general building contractors for competitivefixed-price bids.  The sales process isconducted by outside real estate agents. 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. 

As of February 28, 2003, outstanding contracts for saleamounted to approximately $4,400,000, compared to approximately $4,300,000 asof February 28, 2002.  There can be noassurance that settlements of condominiums subject to contracts for sale willoccur. 

The Company's initial condominium development project,"Country Club Point", a twelve-unit riverfront complex in Cocoa Beach,was completed and sold in the summer of 2002.

In August 2002, construction began on the Company's secondcondominium project, "Riomar", a six-unit oceanfront complex near CocoaBeach.  Five of the six units are undercontract for sale.  Project completionis anticipated in the summer of 2003.

"Cape Club", a sixteen-unit oceanfront condominium projectin Cape Canaveral, is currently in the permitting/pre-development phase. Eightunits are under contract for sale and three units, which are currentlyreserved, are in the process of being converted to contracts for sale.Construction on Cape Club is expected to commence in spring 2003 and to becompleted in the second quarter of 2004. Commencement of construction isdependent upon the receipt of required permits.

"Oak Park", atownhouse-style condominium project in Cape Canaveral is currently in theplanning/permitting phase.  Preliminary plans call for a forty-unitcondominium project, four

 

4

 

of which have been reservedwith refundable deposits.  Construction is expected to commence in thelatter part of 2003.

The Company's most recent plans are to develop ariverfront combination residential and commercial complex on a two-acre parcelin Melbourne acquired in January 2003 for approximately $1 million.  Initial plans call for a multi-phasedevelopment, with the first phase, "Pineapple House", a thirty-three--unitluxury riverfront condominium project. Additional phases may include additional residential condominiums andcommercial buildings.

The Companypurchases land and pays for architectural, engineering and various other costswith cash reserves.  Construction costsare generally financed with bank financing, as specified in note 9 of notes tothe consolidated financial statements.

The Company doesnot offer financing arrangements to purchasers of its condominiums.

The Company also holds for resale 12 single-family lots,purchased in 1998 and 1999, in the Fawn Lake subdivision near Mims, Florida.

The real estateindustry is highly competitive and fragmented. The Company competes with numerous national and local real estatedevelopers on the basis of a number of interrelated factors, including:quality, location, design, perceived value, price and reputation in themarketplace. Competitive advantages of the Company include desirable locations,unique designs and high quality amenities not generally offered by otherdevelopers in the market in which we compete.

The Company issubject to federal, state and local statutes, ordinances, rules and regulationsregarding, among other things, zoning, building permits, environmentalstandards, building moratoriums and building codes.  The Company believes that its real estate operations are insubstantial compliance, in all material respects, with all applicableregulations. However, the Company's growth and development opportunities may belimited and more costly as a result of such regulatory requirements.

The real estateoperation employs one salaried employee who manages all real estateoperations.  Management of the Companybelieves its relationship with this employee is good.

**Discontinued Operations**

EffectiveNovember 30, 2002, the Company completed the sale of the capital stock of itsmining subsidiaries, St. Cloud Mining Company and The Goldfield ConsolidatedMines Company, to an unrelated party as detailed in note 5 of notes to theconsolidated financial statements.

****

5

**Item 2.**

**Properties.**

For informationwith respect to the principal properties utilized in the Company's operations,see "Item 1. Business."

The Company'sprincipal office is located in Melbourne, Florida, where the Company leases4,855 square feet of space at an annual rental rate of $78,560.  The lease expires on May 31, 2004.

**Item 3.**

**Legal Proceedings.**

There is no material pending legal proceeding, other thanroutine litigation incidental to the business of the Company, to which theCompany or any of its subsidiaries is a party or to which any of their propertyis subject.

**Item 4.**

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

No matter was submitted to a voteof security holders during the fourth quarter of 2002.

**PART II**

**Item 5.**

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

The CommonStock of the Company is traded on The American Stock Exchange under the symbolGV. The following table shows the reported high and low sales price at whichthe Common Stock of the Company was traded in 2002 and 2001:

 2002

2001
High LowHighLow
First Quarter

$.56

$.46

$.75

$.37

Second Quarter

 .62

 .40

 .78

 .43

Third Quarter

 .48

 .36

 .65

 .43

Fourth Quarter

 .48

 .37

 .52

 .43

As of February18, 2003, the Company had approximately 11,600 holders of record.

The Companyhas paid no cash dividends on its Common Stock since 1933, and it is notexpected that the Company will pay any cash dividends on its Common Stock inthe immediate future.

****6

 

 

**Item 6.**

**Selected Financial Data.**

Thefollowing table sets forth summary consolidated financial information of theCompany for each of the years in the five-year period ended December 31, 2002:
   Years  Ended December 31,
  2002   

       2001   
   
2000      
     1999   

    1998   
   (In thousands except per share and share  amounts)Continuing Operations:      
 Total revenues
 $22,343$21,917 $22,723 $18,114  $14,448 
 Income(loss)from  operations 

  $   354

  $   945 
   
$ 2,958 
   
$ 2,642 

   $  (337)
 Preferred stock   dividends
   --  
    (13)
(1)
    (24)
    (24)
    (24)                        
Income (loss)  available    to common  stockholders     from continuing operations

 

       354

 

       932 
   
    

2,934 
   
    

2,619 

   

      (361)

Discontinued Operations:   Income (loss) from     operations
378548    724    (166)(273) Loss on disposal     49   --    --      --      --                           Net income (loss)$   682$ 1,480 $ 3,658 
(2)$ 2,452 $  (633)
Earnings (loss) per share-basic:  Continuing operations  Discontinued operations

   $  0.01        0.01

   $  0.03         0.02 
   
    

    

$  0.11          0.03 
   
   

    

$  0.10   (0.01)

   

   

   $ (0.01)       (0.01)
  Net income (loss)$  0.02$  0.05    $  0.14    
$  0.09 
$ (0.02)                        
Earnings (loss) per    share-diluted:     Continuing operations  Discontinued operations

   $  0.01        0.01

   $  0.03         0.02 
   
$  0.11          0.03 
   
$  0.10   (0.01)

   $ (0.01)       (0.01)
  Net income (loss)$  0.02$  0.05    $  0.13    $  0.09 $ (0.02)                      
Common shares used in the  calculations of    earnings per share   Basic   Diluted 

27,416,395  27,543,835

27,298,715   27,533,229 
   
26,854,748    27,914,029 
   
26,854,748   27,393,528 

26,854,748   27,243,345 
                      Total assets$22,358$22,875 $20,229 $16,296 $14,213 Working capital11,9858,528 8,276 7,756 6,144 
Shareholders' equity

20,081

19,580 

18,311 
   
14,653 

12,200 

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

** **

(1)

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

 

(2)

Net  income for 2000 included key-man life insurance proceeds of $2,000,000 as  described in note 17 of notes to the consolidated financial statements.

 

7

 

**Item 7.**

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

**Critical AccountingPolicies and Estimates**

Thisdiscussion and analysis of the Company's financial condition and results ofoperations are based upon the Company's consolidated financial statements,which have been prepared in accordance with accounting principles generallyaccepted in the United States.  Thepreparation of these financial statements requires the Company to makeestimates and judgments that affect the reported amounts of assets,liabilities, revenues and expenses, and related disclosure of contingent assetsand liabilities.  On an on-going basis,the Company evaluates its estimates, including those related to fixed priceelectrical construction contracts, real estate development projects anddeferred income tax assets.  The Companybases its estimates on historical experience and on various other assumptionsthat are believed to be reasonable under the circumstances, the results ofwhich form the basis for making judgments about the carrying values of assetsand liabilities that are not readily apparent from other sources. Actualresults may differ from these estimates under different assumptions orconditions. The Company believes the following critical accounting policiesaffect its more significant judgments and estimates used in the preparation ofits consolidated financial statements.

A number offactors relating to our electrical construction segment affect the recognitionof contract revenue.  The Companyrecognizes revenue when electrical services are performed except when work isperformed under a fixed price contract. Revenue from fixed price construction contracts is recognized on thepercentage of completion method.  Underthis method, estimated contract income and resulting revenue is generallyaccrued based on costs incurred to date as a percentage of total estimatedcosts.  Total estimated costs, and thuscontract income, are impacted by changes in productivity, scheduling, and theunit cost of labor, subcontracts, materials and equipment.  Additionally, external factors such asweather, client needs, client delays in providing approvals, labor availabilityand governmental regulation, may also affect the progress and estimated cost ofa project's completion and thus the timing of income and revenuerecognition.  If a current estimate oftotal contract cost indicates a loss on a contract, the projected loss isrecognized in full when determined. Revenue from change orders, extra work,variations in the scope of work and claims is recognized when realization isreasonably assured.

Given ourlimited experience in condominium development, the initial condominiumdevelopment project was accounted for under the deposit method, thus deferringthe recognition of related revenue and expenses until the project was completeand the underlying titles were transferred to the buyers.

Commencingwith the second condominium development project, all revenue associated withreal estate development projects that meet the criteria specified by Statementof Financial Accounting Standards ("SFAS") No. 66 "Accounting for Sales ofReal Estate" will be recognized using the percentage of completion method. Under this method, revenue is recognized when (1) construction is beyond apreliminary stage, (2)buyers are unable to receive refunds of down-paymentsexcept in the event of non-delivery, (3)a substantial percentage of thecondominiums are under firm contracts, (4)collection of the sales price isreasonably assured and (5)sales proceeds and costs can be reasonably estimated. Revenue recognized is calculated based on the percentage of completion, asdetermined by the fixed price construction contract costs incurred

 

8

 

 

to date in relation to thetotal fixed price construction contract.  If a buyer were to default on thecontract for sale, revenues and expenses recognized in prior periods would beadjusted in the period of default.  A significant majority of the totalestimated project costs is attributable to the fixed price constructioncontract; the residual estimated costs could vary from actual.  If acurrent 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, permitting andunforeseen events.

The Company considers future taxable income and ongoingprudent and feasible tax planning strategies in assessing the need for avaluation allowance for deferred tax assets. Should the Company determine thatit would not be able to realize all or part of its net deferred tax assets, avaluation allowance would be recorded to reduce its deferred tax assets to theamount that is more likely than not to be realized. In the event the Companywere to subsequently determine that it would be able to realize its deferredtax assets in the future in excess of its net recorded amount, an adjustment tothe previously recorded valuation allowance would increase income in the periodsuch determination was made.

**Results of Operations**

**Segment Information**

Thetable below shows the Company's consolidated revenue and operating incomeattributable to each of its ongoing lines of business for each of the years inthe three year period ended December 31, 2002:

 2002   

      2001   

  2000   

Revenue

  Electrical  construction    Real estate

 $16,442,396     5,900,864

        $21,804,496             112,545 

 $22,696,137         27,233 
     Total$22,343,260$21,917,041 $22,723,370 
Operating income (loss)    Electrical construction    Real estate

 $ 1,689,686     1,229,872

$ 3,368,685           (23,809)

   

 $ 2,078,571         (66,905)
     Total$ 2,919,558$ 3,344,876 $ 2,011,666 
** **

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

**Continuing Operations**

 ** Revenues**

Total revenues in the year endedDecember 31, 2002 increased by 1.9% to $22,343,260, compared to $21,917,041 inthe year ended December 31, 2001.  Thisincrease in total revenues was primarily the result of a significant increasein revenues generated by the real estate operations, which were partially offsetby a decrease in the electrical construction operation's revenue.

Electrical constructionrevenue decreased by 24.6% in the year ended December 31, 2002 to $16,442,396from $21,804,496 in the year ended December 31, 2001.  The decrease wasprimarily

9

 

attributable to a decreasein both transmission line construction and fiber optic projects as a result of adecline in the demand for the construction and maintenance services provided toelectrical utilities.  There was no revenue earned from fiber opticprojects during 2002. During the first quarter of 2003, the Company has beenawarded to date approximately $15.8 million in new energy construction projects.The Company believes that this high level of new contract awards may suggest thebeginning of a rebound in the electrical construction industry.

Revenues recognized by the realestate operations for the year ended December 31, 2002 were $5,900,864 comparedto $112,545 for the year ended December 31, 2001, an increase of$5,788,319.  This significant increasewas attributed to the completion and sale of the Company's first condominiumdevelopment project, a twelve-unit riverfront complex in Cocoa Beach, "CountryClub Point", as well as partial revenue recognition on the second condominiumdevelopment project, a six-unit oceanfront complex near Cocoa Beach, "Riomar".

Country Club Point was accountedfor under the deposit method; accordingly, related revenue and expenses weredeferred until the sale of the condominiums occurred and the underlying titles weretransferred to the buyers.  Riomar isbeing accounted for under the percentage of completion method. 

The Company expects Riomar to becompleted in the summer of 2003.  Fiveof the six units are currently under contract for sale.

"Cape Club", a sixteen-unit oceanfrontcondominium project is currently in the permitting/pre-development phase.  Eight units are under contract for sale andthree units, which are currently reserved, are in the process of beingconverted to contracts for sale. Construction on Cape Club is expected to commence in spring 2003 and tobe completed in the second quarter of 2004. Commencement of construction isdependent upon the receipt of required permits.

"Oak Park", a townhouse-style condominium project in CapeCanaveral, is currently in the planning/permitting phase.  Preliminary plans call for a forty-unitcomplex, four of which have been reserved with refundable deposits.  Construction is expected to commence in thelatter part of 2003.

The Company's most recent plans are to develop a riverfrontcombination residential and commercial complex on a two-acre parcel inMelbourne acquired in January 2003 for approximately $1 million.  Initial plans call for a multi-phasedevelopment, with the first phase, "Pineapple House", a thirty-three--unitluxury riverfront condominium complex. Additional phases may include additional residential condominiums andcommercial buildings.

 ** Operating Results**

Electrical constructionoperations had an operating income of $1,689,686 in the year ended December 31,2002, compared to an operating income of $3,368,685 during the year endedDecember 31, 2001, a decrease of 49.8%.  In 2002, the Company's electricalconstruction operating results were adversely affected by a lower level ofactivity attributable to a general slackening of industry demand.  As apercentage of revenue, operating margins on electrical construction operationsdecreased to 10.3% for the year ended December 31, 2002 from 15.4% for the yearended December 31, 2001.  The decrease in the operating margin was a resultof a net increase in transmission line construction costs as a percentage ofrevenue.  The net increase

 

10

 

was comprised of anincrease, as a percentage of revenue, in insurance and depreciation costs,partially offset by a decrease in incentive bonuses incurred due to a lowerlevel of profitability for the year ended December 31, 2002, in comparison tothe year ended December 31, 2001.  The varying magnitude and duration ofelectrical construction projects may result in substantial fluctuation in theCompany's backlog from time to time.  At February 28, 2003, the approximatevalue of uncompleted contracts was $14,200,000 compared to $10,700,000 atFebruary 28, 2002.  

Real estate operations had anoperating income of $1,229,872 in the year ended December 31, 2002, compared toan operating loss of $23,809 in the year ended December 31, 2001, an increaseof $1,253,681.  This significantincrease was the result of the completion and the sale of Country Club Pointand the commencement of construction on Riomar during 2002.  As a percentage of revenue, operatingmargins increased to 20.8% for the year ended December 31, 2002 from (21.2)%for the year ended December 31, 2001.

As of February 28, 2003, outstanding real estate contractsfor sale amounted to approximately $4,400,000, compared to approximately$4,300,000 as of February 28, 2002. There can be no assurance that settlements of condominiums subject tocontracts for sale will occur. 

 ** Other Income**

Otherincome in the year ended December 31, 2002 was $74,618, compared to $186,581 inthe year ended December 31, 2001,adecrease of 60.0%.  The net decrease wasmainly attributable to decreases in interest income due to lower overallinterest rates.

  **Costs and Expenses**

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

Electrical construction costsdecreased to $13,306,542 in the year ended December 31, 2002 from $16,969,631in the year ended December 31, 2001, a decrease of 21.6%.  The decrease in costs was primarilycomprised of decreases in subcontractor costs and salaries, which was mainlyattributable to a lower level of construction activity. 

Cost of real estate operationsincreased to $4,311,709 for the year ended December 31, 2002 from $95,928 forthe year ended December 31, 2001.  Thisincrease of $4,215,781 was the result of construction and other costsassociated with both Country Club Point and Riomar that were recognized duringthe year ended December 31, 2002.

Depreciation and amortization was$1,404,405 in the year ended December 31, 2002, compared to $1,324,751 in theyear ended December 31, 2001.  Theincrease in depreciation and amortization for 2002 was largely a result ofcapital expenditures in recent years, most of which have occurred in thecompany's electrical construction business.

Selling, general andadministrative expenses of the Company increased to $2,677,723 in the year endedDecember 31, 2002, from $2,396,696 in the year ended December 31, 2001. The netincrease was primarily a result of increases in selling expenses associated withthe real estate operations, professional and legal expenses related to theunsuccessful initial attempt to sell

 

11

 

the mining operations, anda one-time completion fee which is due upon the Company's full release from itsthird party financial assurance obligations as described in note 10 of notes tothe consolidated financial statements.  These increases were partiallyoffset by a decrease in proxy solicitation costs in connection with theCompany's 2002 annual meeting.  Selling, general and administrativeexpenses, as a percentage of revenue, increased to 12.0% from 10.9% in the yearended December 31, 2002 as compared to the year ended December 31, 2001.

  **Income Taxes**

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

The Company had previouslyrecorded a valuation allowance to reduce deferred tax assets to an amount thatrepresented management's best estimate of the amount of deferred tax assetsthat more likely than not would be realized. The most significant deferred tax asset was a net operating loss("NOL") carryforward.  Basedon negative evidence, such as successive years of tax losses, future incomeprojections and NOL carryforward limitations it was determined, based on allinformation available at the time, that the Company either would not use theNOL carryforward or could not produce, with reasonable accuracy, information tosupport utilization of the carryforward.

During 2002 and 2001, managementdetermined that there was no need for a valuation allowance based on thefollowing positive evidence:

Sufficient taxable income wasgenerated during the years that were offset by net operating loss carryforwardsfor which a valuation allowance previously existed.  Management determined that it was more likely than not that asignificant portion of the NOL's would be utilized prior to their expirationdate.  The taxable income resulted fromfavorable operating results of the Company's electrical construction subsidiarythat could not reasonably have been projected in a prior period.

As of December 31, 2001, theresidual of the valuation allowance in the amount of $155,000 was releasedbased on the above positive evidence.

**Discontinued Operations **

InDecember 2001, the Company announced it was considering a strategic move tomaximize shareholder value via the possible divestiture of its miningoperations, thus enabling the Company to strengthen its focus on its coreelectrical construction operations.  Inaccordance with SFAS No. 144 "Accounting for the Impairment or Disposal ofLong-Lived Assets", the operating results for December 31, 2002 and priorperiods have been restated as discontinued operations.

OnDecember 4, 2002, effective November 30, 2002, the Company completed the saleof the capital stock of its mining subsidiaries, St. Cloud Mining Company ("St.Cloud") and The Goldfield Consolidated Mines Company ("Consolidated Mines"), toan unrelated party.  The Companyreceived total cash consideration, net of a post-closing adjustment, in theamount of $2,497,590.

 

12

 

Anafter-tax loss on the sale of the mining operations was recorded in the fourthquarter of 2002 in the amount of $49,443. Net assets disposed of approximated$2,021,000 and the related selling cost which included commission, severanceand legal expenses were approximately $454,000.

Summaryoperating results of discontinued operations for the eleven months endedNovember 30, 2002 and the year ended December 31, 2001 are as follows: 

 

2002    

2001    

 

 

Net sales

$2,464,017 

$2,016,074 

Cost of sales

 (2,035,069)

 (1,853,197)

Depreciation

    (54,288)

   (243,928)

  Gross profit  (loss)

   374,660 

    (81,051)

General and 

 

 

  administrative expense

     (9,018)

    (20,634)

Operating income (loss)

    365,642 

   (101,685)

Other income, net

 

 

  Interest  expense

    (12,416)

    (14,884)

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

   359,802 

    465,032 

   347,386 

    450,148 

Income from discontinued

 

 

  operations before

 

 

  income taxes and loss on sale

   713,028 

    348,463 

Income taxes (benefit)

   335,464 

    (199,578)
         
Income from discontinued operations, net  of tax

   377,564 

    548,041 

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

    49,443 

      --  

Net income from discontinued operations
$  328,121 $  548,041 
** **

  **Operating Results**

During the eleven months endedNovember 30, 2002, mining operations experienced an operating income of$365,642 compared to an operating loss of $101,685 during the year endedDecember 31, 2001.  As a percentage ofrevenue, operating margins in the mining operations improved to 14.8% for theeleven months ended November 30, 2002 from (5.0)% for the year ended December31, 2001.  Operating income improved asa result of increased volume in the construction aggregate business, reductionsin per-unit zeolite operating costs and reduced depreciation expense. Theoperating results from mining included depreciation expense of $54,288 duringthe eleven months ended November 30, 2002, compared to $243,928 during the yearended December 31, 2001.  In accordancewith SFAS No. 144, the provision for depreciation expense on the mining assetswas suspended at the end of March 2002, when the assets were classified as heldfor sale.

 

13

 

St. Cloud sold 14,717 tons ofnatural zeolite during the eleven months ended November 30, 2002, compared to15,951 tons during the year ended December 31, 2001.

The Lordsburg Mining Company("Lordsburg"), a wholly-owned subsidiary of Consolidated Mines, sold 30,323tons of construction aggregate material during the eleven months ended November30, 2002, compared to 8,138 tons during the year ended December 31, 2001.

**YEAR ENDED DECEMBER 31, 2001 COMPARED TOYEAR ENDED DECEMBER 31, 2000**

**ContinuingOperations**

  **Revenues**

Total revenues in the year endedDecember 31, 2001 were $21,917,041, compared to $22,723,370 in the year endedDecember 31, 2000.  This decrease intotal revenues was mainly attributable to lower revenues in the electricalconstruction operations.

Electrical construction revenuedecreased by 3.9% in the year ended December 31, 2001 to $21,804,496 from$22,696,137 in the year ended December 31, 2000 primarily as a result of adecrease in fiber optic construction.

Revenue, operating income andcosts and expenses relating to real estate operations through December 31, 2001were not significant, and were attributable largely to the sale ofsingle-family lots in the Fawn Lake subdivision near Mims, Florida ("FawnLake").  However, at December 31,2001 the Company had investments in real estate of $3,407,180, primarilyrepresenting expenditures made in connection with the Company's condominiumdevelopment projects.

  **Operating Results**

Electrical construction operationshad an operating income of $3,368,685 in the year ended December 31, 2001,compared to an operating income of $2,078,571 during the year ended December31, 2000, an increase of 62.1%.  As apercentage of revenue, operating margins on electrical construction operationsincreased to 15.4% for the year ended December 31, 2001 from 9.2% for the yearended December 31, 2000.  Operating incomewas higher for the year ended December 31, 2001 due primarily to increasedmargins on transmission work resulting from the greater availability ofprojects.

  **Other Income**

Otherincome in the year ended December 31, 2001 was $186,581, compared to $2,318,356in the year ended December 31, 2000. The decrease in other income for 2001 was mainly a result of key-manlife insurance proceeds of $2,000,000 recorded in the fourth quarter of 2000.  (See note 17 of notes to consolidatedfinancial statements).  Interest expenseincreased for 2001 due to the longer duration that certain loans against thecash surrender value of insurance policies were outstanding and the debtincurred for the construction of the first condominium project.  The life insurance policy loans wereinitiated in June 2000.

 

14

 

  **Costs and Expenses**

Totalcosts and expenses, and the components thereof, decreased to $20,787,006 in theyear ended December 31, 2001 from $22,545,978 in the year ended December 31,2000, primarily as a result of decreased electrical construction costs.

Electrical construction costs were$16,969,631 and $19,446,086 in the year ended December 31, 2001 and 2000,respectively.  A $3,859,000 decrease insubcontract costs was partially offset by increases in salary and equipmentrental expenses.  The salary increasewas largely attributable to both an increase in the average number ofelectrical construction field personnel and incentive bonuses incurred due to ahigher level of profitability.  

Depreciation and amortization was$1,324,751 in the year ended December 31, 2001, compared to $996,110 in theyear ended December 31, 2000.  Theincrease in depreciation and amortization for 2001 was largely a result ofrecent capital expenditures, most of which have occurred in the Company'selectrical construction business.

Selling, general andadministrative expenses of the Company increased to $2,396,696 in the yearended December 31, 2001, from $2,111,064 in the year ended December 31,2000.  This increase was primarily a resultof increased proxy solicitation, salary and insurance expense.  Selling, general and administrative expensesin the year ended December 31, 2001 included approximately $430,000 ofadditional expenses related to proxy solicitation in connection with theCompany's 2001 annual meeting. During the year ended December 31, 2000,selling, general and administrative expenses included a $425,311 net expenserelated to payments made under Cancellation and Release Agreements pursuant towhich the Company's Employee Benefit Agreements were terminated. (See note 7 ofnotes to consolidated financial statements). Selling, general and administrative expenses as a percentage of revenueincreased to 10.9% from 9.3% in the year ended December 31, 2001 as compared tothe year ended December 31, 2000.

  **Income Taxes**

The provision for income taxes was$371,891 in the year ended December 31, 2001, an effective tax rate of 28.2%,as compared to an income tax benefit of $462,177 in the year ended December 31,2000, an effective tax rate (benefit) of (18.5)%. The effective tax ratediffers from the statutory rate for the year ended December 31, 2001 largelydue to the release of the remaining deferred tax asset valuation allowance of$155,000.  For the year ended December31, 2000, the effective tax benefit differs from the statutory rate primarilydue to a $744,000 decrease in the valuation allowance and the receipt of$2,000,000 of non-taxable life insurance proceeds.

During the review of thevaluation allowance during 2001 and 2000 it was determined that a total of$155,000 and $744,000, respectively, of the valuation allowance should bereleased based on the following positive evidence:

Sufficient taxable income wasgenerated during the years that was offset by net operating loss carryforwardsfor which a valuation allowance previously existed.  Management determined that it was more likely than not that asignificant portion of the NOL's expiring in 2000 and 2001 would be utilized.  The taxable income resulted from favorableoperating results of the Company's electrical construction subsidiary thatcould not reasonably have been projected in a prior period.

 

15

 

**Discontinued Operations**

Summaryoperating results of discontinued operations for the years ended December 31are as follows: 

 2001

 2000

 

 

Net sales

$2,016,074

$2,508,278

Cost of sales

 (1,853,197)

 (2,206,625)

Depreciation

   (243,928)

   (278,187)

  Gross  profit(loss)

    (81,051)

    23,466

General and 

 

 

  administrative expense

    (20,634)

    (96,027)

Operating loss

   (101,685)

    (72,561)

Other income, net

 

 

  Interest  expense

    (14,884)

     (8,019)

    

 

 

  Other income, net (including    gain on sale of real    estate of $420,014 and    $109,117 for the periods    ended December 31, 2001    and 2000, respectively)

   465,032

       160,629

   450,148

       152,610

Income from discontinued

 

 

  operations  before

 

 

  income taxes

   348,463

    80,049

Income taxes (benefit)

   (199,578)

   (643,882)

 

 

Income from discontinued

 

 

  operations, net of tax

$  548,041

$  723,931

 ** Operating Results**

During the year ended December 31,2001, mining operations experienced an operating loss of $101,685 compared toan operating loss of $72,561 during the year ended December 31, 2000.  As a percentage of revenue, operatingmargins in the mining operations decreased to (5.0)% for the year endedDecember 31, 2001 from (2.9)% for the year ended December 31, 2000.  The increase in the operating loss for 2001was largely due to a single construction aggregate project that was completedduring the second quarter of 2000.  Inaddition, the operating loss from mining included depreciation expense of$243,928 during the year ended December 31, 2001, compared to $278,187 duringthe year ended December 31, 2000.

St. Cloud sold 15,951 tons ofnatural zeolite during the year ended December 31, 2001, compared to 16,422tons during the year ended December 31, 2000.

Lordsburg sold 8,138 tons ofconstruction aggregate material during the year ended December 31, 2001,compared to 8,365 tons during the year ended December 31, 2000.

16

 

**Quarterly Financial Data (Unaudited)**

Selectedquarterly financial data (in thousands of dollars except per share and shareamounts) follows:

2002

   First        Quarter

   Second       Quarter

   Third        Quarter

   Fourth       Quarter

 

 

 

 

Continuing Operations:

 

 

 

 

 Revenues

 

 

 

 

  Electrical  construction

 $5,596,776 

 $5,293,753

 $1,987,085 

 $3,564,782 

  Real estate

     25,749 

     74,328

  4,960,765 

    840,022 

   Total
$5,622,525 $5,368,081
$6,947,850 
$4,404,804                
 Operating income  (loss)     Electrical construction    Real estate

 

  $  772,823        (13,561)

 

 $1,019,053       55,897

 

 $ (345,184)   1,059,032 

 

 $  242,994       128,504 

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

 

 

    212,031 

 

 

    260,105

 

 

     60,420 

 

 

  (178,923)

Discontinued Operations:   Income from  operations   Loss on disposal

 

    128,894       -- 

 

    141,143        -- 

 

    104,467          -- 

 

    3,060      49,443 
               Net income (loss)  340,925 401,248164,887 (225,306)               
Earnings (loss) per  share-    basic and  diluted    Continuing  operations    Discontinued operations    Net income  (loss)

 

       0.01          0.00          0.01 

 

       0.01         0.01         0.01

 

       0.00          0.00          0.01 

     (0.01)       0.00        (0.01)

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

 

 

  27,446,079     28,057,556 

 

 

   27,460,768   27,609,686

 

 

 27,512,631    27,628,772 

 

 

 27,247,230    27,365,064 

17

 

 

2001

FirstQuarter

SecondQuarter

ThirdQuarter

FourthQuarter

 

 

 

 

Continuing Operations:

 

 

 

 

 Revenues

 

 

 

 

  Electrical  construction

$6,450,996 

$4,618,111 

$4,489,015 

$6,246,374 

  Real estate

     9,538 

    66,503 

    12,570 

    23,934 

   Total
$6,460,534 $4,684,614 $4,501,585 $6,270,308                
 Operating income  (loss)    Electrical construction    Real estate

$1,503,511   (26,636)

$  320,717   29,829 

$  489,082   (26,581)

$1,055,375   (421)
               
 Net income (loss)  from  continuing operation  available to common   stockholders

   697,404 

(234,821)

92,695 

376,266 
               Discontinued Operations:   Income from  operations 43,396 21,153 118,526 364,966                Net income (loss)740,800 (213,668)211,221 741,232                
Earnings (loss) per  share-     basic and diluted     Continuing  operations     Discontinued operations     Net income (loss)

0.03   0.00   0.03 

(0.01)  0.00   (0.01)

0.00   0.00   0.01 

0.01   0.01   0.03 
               
Common shares and    equivalents used in the    calculations of earnings    per share      Basic      Diluted

26,891,770      27,538,202 

27,424,413   27,424,413 

27,425,120   27,739,720 

27,446,079   27,654,618 

The totals for theyears 2002 and 2001 may differ from the sum of the quarterly information due torounding.

**Liquidity and CapitalResources**

Cash and cash equivalents atDecember 31, 2002 were $7,405,342 as compared to $4,662,126 as of December 31,2001. Working capital at December 31, 2002 was $11,985,287, compared to$8,528,097 at December 31, 2001.  Cash,cash equivalents and working capital at December 31, 2001, included balancesfrom discontinued operations.  TheCompany's ratio of current assets to current liabilities increased to 6.3:1 atDecember 31, 2002, from 3.6:1 at December 31, 2001.  This net increase was primarily attributable to an increase incash from proceeds received from the sales of the mining operations and theCountry Club Point condominiums as well as a decrease in the electricalconstruction operation's accounts payable and accrued liabilities whichresulted from a lower level of electrical construction activity.

In August 2002, the Company beganinvesting a portion of its cash, in excess of operating requirements, inshort-term highly liquid U.S. government debt securities.  As of December 31, 2002, short-term investmentshad a balance of $1,266,419.

18

 

 

On April 15, 2002, the Companyentered into a new loan agreement with Wachovia Bank, N.A.("Wachovia") for a $6,000,000 line of credit.  On December 31, 2002 the Company had a loanbalance with Wachovia in the amount of $866,903.  This new line of credit replaces the previous line of credit andmortgage note payable provided by SunTrust Bank of Central Florida, N.A.("SunTrust").  The mortgagenote payable with SunTrust, which had a balance of $955,268 at December 31, 2001,was repaid on April 15, 2002 with proceeds from the new credit facility withWachovia.  The new credit facility, asdescribed in note 9 of notes to consolidated financial statements, willprimarily be used to finance the costs of constructing condominium units inFlorida and will subsequently be repaid with the sales proceeds from saidcondominiums.

On December 4, 2002, Companycompleted the sale of the capital stock of its mining subsidiaries, St. Cloudand Consolidated Mines. The Company received total cash consideration, net of apost-closing adjustment, in the amount of $2,497,590. The results of the saleare detailed in note 5 of notes to consolidated financial statements.

The Company's capitalexpenditures for continuing operations the year ended December 31, 2002,decreased to $1,146,515 from $1,596,884 for the year ended December 31,2001.  This decrease in the level ofcapital expenditures was attributable to decreased expenditures at theCompany's electrical construction segment during 2002.  Capital expenditures in 2003 are expected tobe approximately $1,950,000, which the company expects to finance throughexisting cash reserves or credit facilities.

During the years ended December31, 2002 and 2001, the Company received proceeds of $23,333 and $129,354 fromthe exercise of options to purchase 106,667 and 591,331 shares of the Company'sCommon Stock, respectively.  The optionswere exercisable at $0.21875 per share, the fair market value of the CommonStock at the date of the grant. At December 31, 2002 and 2001, 243,668 and350,335 shares, respectively, were reserved for possible exercise of options topurchase Common Stock issued under the 1998 Executive Long-term Incentive Plan.

The Company does not enter intofinancial instruments for trading purposes. Financial instruments consist principally of cash, cash equivalents andshort-term, highly liquid U.S. government debt securities with limited marketrisk sensitivity.

The Company paid cash dividends onits Series A Preferred Stock in the amount of $13,181 and $23,758 during theyears ended December 31, 2001, and 2000, respectively.  On July 20, 2001, the Company redeemed itsSeries A Preferred Stock outstanding for $1 per share.  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.

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 percentof its outstanding Common Stock over the next twelve-month period.  The Company may repurchase its shares eitherin the open market or through private transactions.  The volume of shares to be repurchased is contingent upon marketconditions and other factors.  As ofFebruary 1, 2003, pursuant to the Repurchase Plan, the Company has repurchased603,938 shares of its Common Stock at a cost of $285,771.

19

The following tablesummarizes the Company's future aggregate contractual obligations at December31, 2002:

                                       Payments  Due By  Period            

 

  Total
Less  Than1 Year

 

1-2  Years

After  2Years

 

 

 

 

  Operating  leases

$  113,415

$   80,682

$32,733

--

  Purchase obligations

 1,541,440

 1,541,440

   --  

  --  

 

 

 

 

    Total

$1,654,855

$1,622,122

$32,733

  --  

 

 

 

20

 

 

**Item 8.**

**Financial Statements**

** **

**KPMG**111North Orange Avenue, Suite 1600P.O.Box 3031Orlando,FL 32802

**Independent Auditors' Report**

The Shareholdersand Board of DirectorsThe Goldfield Corporation:

Wehave audited the consolidated balance sheets of The Goldfield Corporation andsubsidiaries as of December 31, 2002 and 2001, and the related consolidatedstatements of operations, cash flows and stockholders' equity for each of theyears in the three-year period ended December 31, 2002.  These consolidated financial statements arethe responsibility of the Company's management.  Our responsibility is to express an opinion on these consolidatedfinancial statements based on our audits.

Weconducted our audits in accordance with auditing standards generally acceptedin the United States of America.  Thosestandards require that we plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of materialmisstatement.  An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements.  An audit alsoincludes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statementpresentation.  We believe that ouraudits provide a reasonable basis for our opinion.

Inour opinion, the consolidated financial statements referred to above presentfairly, in all material respects, the financial position of The GoldfieldCorporation and subsidiaries at December 31, 2002 and 2001, and the results oftheir operations and their cash flows for each of the years in the three-yearperiod ended December 31, 2002, in conformity with accounting principlesgenerally accepted in the United States of America.

 

/s/ KPMG LLP

Orlando, Florida  February 7, 2003

21

 
      THE GOLDFIELD CORPORATION AND SUBSIDIARIES      CONSOLIDATED BALANCE SHEETS     December 31, December 31,2002 2001 (Restated)ASSETS Current assets Cash and cash equivalents $   7,405,342   $   4,434,175 Short-term investments (Note 2)   1,266,419           -   Accounts receivable and accrued billings   2,611,268     3,477,195 Current portion of notes receivable      46,625        36,898 Costs and estimated earnings in excess of              billings on uncompleted contracts (Note 3)   1,330,675       557,433 Deferred income taxes (Note 4)     146,297       242,742 Income taxes recoverable       32,155           -   Residential properties under construction     614,390     1,509,837 Prepaid expenses     790,073       641,373 Other current assets      18,837         2,274       Current assets of discontinued operations (Note 5)         -         888,291           Total current assets  14,262,081    11,790,218       Property, buildings and equipment, net (Note 6)   4,432,848     4,777,838       Notes receivable, less current portion     681,915       181,386       Deferred charges and other assets       Deferred income taxes, less current portion (Note 4)   1,433,923     2,063,241       Land and land development costs, less current portion    1,126,515     1,512,616 Land held for sale     117,106       175,189       Cash surrender value of life insurance (Note 7)     303,613       291,695           Total deferred charges and other assets   2,981,157     4,042,741       Non-current assets of discontinued operations (Note 5)         -       2,083,299 Total assets $ 22,358,001   $ 22,875,482       LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities                Accounts payable and accrued liabilities (Note 8) $  1,371,987   $  2,109,417 Billings in excess of costs and estimated            earnings on uncompleted contracts (Note 3)      37,904           -   Note payable to bank (Note 9)     866,903       955,268       Current portion of deferred gain on installment sales         -           9,983 Income taxes payable          -          19,573       Current liabilities of discontinued operations (Note 5)         -         167,880           Total current liabilities   2,276,794     3,262,121        Deferred gain on installment sales, less current portion         -          33,023 Total liabilities   2,276,794     3,295,144       Commitments and contingencies (Note 10) Stockholders' equity       Preferred stock, $1 par value per share, 100,000            shares authorized, none issued (Note 11 and 12)         -             -   Common stock, $.10 par value per share,            40,000,000 shares authorized; 27,570,104 and 27,463,437           shares issued at December 31, 2002 and 2001, respectively            (Note 13, 14 and 15)   2,757,010     2,746,344 Capital surplus   18,452,748    18,440,081 Accumulated deficit    (905,613)   (1,587,367)     Total  20,304,145    19,599,058       Less common stock in treasury, at cost; 486,968 and 17,358            shares at December 31, 2002 and 2001, respectively     222,938        18,720                Total stockholders' equity  20,081,207    19,580,338       Total liabilities and stockholders' equity $ 22,358,001   $ 22,875,482        See accompanying notes to consolidated financial statements 
 

22

 
    THE GOLDFIELD CORPORATION AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF OPERATIONS    Years Ended December 31,200220012000(Restated)(Restated)Revenue    Electrical construction $16,442,396  $21,804,496  $22,696,137 Real estate5,900,864 112,545 27,233 Total revenue22,343,260 21,917,041 22,723,370 Costs and expenses    Electrical construction13,306,542 16,969,631 19,446,086 Real estate4,311,709 95,928 77,650     Depreciation and amortization1,404,405 1,324,751 996,110     Selling, general and administrative2,677,723 2,396,696 2,111,064     Impairment recovery (Note 16)         -            -   (84,932)    Total costs and expenses21,700,379 20,787,006 22,545,978     Other income, net (Note 17)Interest income97,077 170,393 238,790 Interest expense, net(27,922)(34,156)(16,926)    (Loss) gain on sale of property and equipment(65)       7,716 63,076     Life insurance proceeds          -            -   2,000,000 Other5,528 42,628 33,416     Total other income, net74,618 186,581 2,318,356     Income from continuing operations before income taxes717,499 1,316,616 2,495,748     Income taxes (benefit) (Note 4)363,866 371,891 (462,177)    Income from continuing operations353,633 944,725 2,957,925     Preferred stock dividends (Note 11)         -   13,181       23,758     Income from continuing operations    available to common stockholders353,633 931,544 2,934,167     Income from discontinued operations (including      gain on the sale of real estate of $301,132,     $420,014 and $109,117 for the years ended     December 31, 2002, 2001 and 2000, respectively)    (net of income taxes (benefit) of $335,464,     ($199,578) and ($643,882)) (Note 5)377,564 548,041 723,931     Loss on disposal of discontinued operations     (net of tax of $71,701) (Note 5)49,443          -            -                 Net income available to common stockholders $   681,754  $ 1,479,585  $ 3,658,098     Earnings per share of common stock - basic (Note 14)Continuing operations $      0.01  $      0.03  $      0.11     Discontinued operations $      0.01  $      0.02  $      0.03   Net income $      0.02  $      0.05  $      0.14     Earnings per share of common stock - diluted (Note 14)Continuing operations $      0.01  $      0.03  $      0.11     Discontinued operations $      0.01  $      0.02  $      0.03   Net income $      0.02  $      0.05  $      0.13     Weighted average common shares and     equivalents used in the calculationsof earnings per shareBasic  27,416,395   27,298,715   26,854,748 Diluted  27,543,835   27,533,229   27,914,029     See accompanying notes to consolidated financial statements
23

 
    THE GOLDFIELD CORPORATION AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31,200220012000(Restated)(Restated)    Cash flows from operating activities    Income from continuing operations available   to common stockholders $     353,633  $   944,725  $ 2,957,925     Adjustments to reconcile net income to net      cash provided by (used in) operating activities  Depreciation and amortization1,404,405 1,324,751 996,110   Deferred income taxes725,764 69,017 (1,225,000)      Loss (gain) on sale of property and equipment65 (7,716)(63,076)      Gain on disposition of land held for sale(171,410)(112,546)(27,234)      Cash provided from (used by) changes in         Accounts receivable and accrued billings865,927 (1,200,427)(151,837)         Insurance proceeds receivable           -            -   (2,000,000)         Costs and estimated earnings in excess                   of billings on uncompleted contracts(773,242)404,756 (823,138)         Land and land development costs386,101 (642,488)(870,128)         Residential properties under construction895,447 (1,509,837)         -        Recoverable income taxes(32,155)55,999 (55,999)         Prepaid expenses and other assets(165,263)73,393 (158,778)         Accounts payable and accrued liabilities      (737,430)462,785 392,793 td>         Billings in excess of costs and    estimated             earnings on uncompleted contracts37,903 (83,109)23,135      Income taxes payable(19,573)19,573 (71,639)td>                Net cash provided by (used in) operating activities              of continuing operations2,770,172 (201,124)(1,076,866)td>                Net cash (used in) provided by operating activities              of discontinued operations(11)493,117 571,315              Net cash provided by (used in) operating activities2,770,161 291,993 (505,551)    Cash flows from investing activities      Proceeds from the disposal of property and equipment87,035 10,500      153,419   Proceeds from notes receivable        95,557       64,427       65,236       Net purchases of investment securities    (1,266,419)         -            -         Proceeds on sale of mining subsidiaries     2,497,590          -            -         Purchases of property and equipment    (1,146,515)  (1,596,884)  (2,687,364)      Proceeds from sale of land held for sale186,487      160,250       19,000   Life insurance proceeds           -   2,000,000          -         Cash surrender value of life insurance(11,918)(12,029)313,308 td>          Net cash (used in) provided by investing activities of                            continuing operations441,817 626,264 (2,136,401)td>          Net cash provided by (used in)  investing activities of                     discontinued operations(199,512)(170,114)128,495 td>          Net cash provided by (used in)  investing activities       242,305      456,150   (2,007,906)    Cash flows from financing activities      Proceeds from the exercise of stock options        23,333 129,354          -         Net (repayments) borrowings on note payable to bank       (88,366)955,269          -   td>      Redemption of preferred stock           -   (339,407)         -         Payments of preferred stock dividends           -   (13,181)     (23,758)  Purchase of treasury stock(204,217)         -            -              Net cash (used in) provided by financing activities              of continuing operations      (269,250)     732,035      (23,758)    Net increase (decrease) in cash and cash equivalents2,743,216 1,480,178 (2,537,215)    Cash and cash equivalents at beginning of period4,662,126 3,181,948 5,719,163     Cash and cash equivalents at end of period $   7,405,342  $ 4,662,126  $ 3,181,948     Cash and cash equivalents at end of period   Continuing operations$  7,405,342 $ 4,434,175 $ 3,070,142    Discontinued operations           -   227,951 111,806  $  7,405,342  $ 4,662,126  $ 3,181,948      Supplemental disclosure of cash flow information   Income taxes paid $      82,982  $     27,723  $   246,579   Interest paid26,776 35,357 36,583   Dividends paid to Parent    by subsidiaries3,676,023  2,500,000  -        Supplemental disclosure of non-cash investing activitiestd>      Notes receivable in partial payment td>           for land held for sale299,006 370,124204,727   td>      Notes receivable reclassified from        discontinued to continuing operations605,813          -             -       See accompanying notes to consolidated financial statements 
 

24

 
    THE GOLDFIELD CORPORATION AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Years Ended December 31,200220012000STOCKHOLDERS' EQUITYPREFERREDBeginning balance            -    $       339,407  $      339,407 STOCK SERIES ARedemption of stock            -           (339,407)            -   Ending balance            -                -           339,407 COMMON STOCKBeginning balance $    2,746,344        2,687,211       2,687,211 Exercise of stock options10,666           59,133             -   Ending balance      2,757,010        2,746,344       2,687,211 CAPITALBeginning balance     18,440,081       18,369,860      18,369,860 SURPLUSExercise of stock options12,667           70,221             -   Ending balance     18,452,748       18,440,081      18,369,860 ACCUMULATEDBeginning balance     (1,587,367)      (3,066,952)     (6,725,050)DEFICITIncome from continuing operations        353,633          944,725       2,957,925     Income from discontinued operations        377,564          548,041         723,931 Loss on disposal of discontinued operations         49,443 Cash dividendsSeries A Stock(per share: 7%)            -            (13,181)        (23,758)Ending balance       (905,613)      (1,587,367)     (3,066,952)TREASURY STOCKBeginning balance        (18,720)         (18,720)        (18,720)Repurchase of stock       (204,218)             -               -   Ending balance       (222,938)         (18,720)        (18,720)Total consolidatedstockholders' equity $   20,081,207  $    19,580,338  $   18,310,806     NUMBER OF SHARES OF CAPITAL STOCKPREFERREDBeginning number of shares            -            339,407         339,407 STOCK SERIES ARedemption of stock            -           (339,407)            -   Ending number of shares            -                -           339,407 COMMON STOCKBeginning number of shares     27,463,437       26,872,106      26,872,106 Exercise of stock options106,667          591,331             -   Ending number of shares     27,570,104       27,463,437      26,872,106 TREASURY STOCKBeginning balance        (17,358)         (17,358)        (17,358)Repurchase of stock       (469,610)             -               -   Ending number of shares       (486,968)         (17,358)        (17,358)    See accompanying notes to consolidated financial statements
 

 

25

 
****
**THE GOLDFIELD CORPORATION ANDSUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2002 and 2001**

**Note 1 -**

**Summary of Significant Accounting Policies**

**Basis of Financial Statement Presentation -**The accompanying consolidated financial statements include the accounts ofThe Goldfield Corporation ("Parent") and its wholly owned subsidiaries(collectively, "the Company").  Theconsolidated balance sheet as of December 31, 2001 has been derived from theaudited financial statements at that date as adjusted to reflect the assets andliabilities of the mining operations as discontinued and to reflect all assetsand liabilities, as current and noncurrent (not netted), as required byStatement of Financial Accounting Standards ("SFAS") No. 144"Accounting for the Impairment orDisposal of Long-Lived Assets" adopted January 1, 2002.  In addition, the audited consolidatedfinancial statements for the each of the two years ended December 31, 2001 and2000 have been restated to reflect the operating results of the miningoperations as discontinued operations. All significant intercompany balances and transactions have beeneliminated.

**Nature of Operations -**The Company'sprincipal lines of business are electrical construction and real estatedevelopment.  The principal market forthe Company'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 small, high-end,waterfront condominium projects.

**Cash and Cash Equivalents -** The Companyconsiders highly liquid investments with maturity of three months or less whenpurchased to be cash equivalents.

**Short-term Investments****-**Short-term investments are categorized as available-for-sale and carried atfair value, with unrealized gains or losses, net of tax, to be recorded as aseparate component of stockholders' equity. Realized gains or losses anddeclines in value, if any, judged to be other than temporary, onavailable-for-sale securities are reported in other income or expense.

**Inventories -** Inventories are valued atthe lower of cost or market. Cost is determined by the first-in, first-outmethod.

**Property, Buildings, Equipment and Depreciation-** Property, buildings and equipment are stated at cost.  The Company provides depreciation forfinancial reporting purposes over the estimated useful lives of fixed assetsusing the straight-line and units-of-production methods.

**Electrical Construction Revenues -** TheCompany recognizes revenue when services are performed except when work isbeing performed under a fixed price contract. Revenues from fixed price construction contracts are recognized on thepercentage-of-completion method measured by comparing the costs incurred todate to the estimated total costs to be incurred for each contract.  The asset, "costs and estimatedearnings in excess of billings on uncompleted contracts" represents revenuesrecognized in excess of amounts billed. The liability, "billings in excess of costs and estimated earningson uncompleted contracts" represents billings in excess of revenuerecognized.

Contract costs include alldirect material, direct labor, subcontractor costs and other indirect costsrelated to contract performance, such as supplies, tools and repairs. General and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the periodin which such losses are determined.  Changes

 

26

 

in job performance, jobconditions, estimated profitability and final contract settlements may result inrevisions to costs and income and are recognized in the period in which therevisions are determined.

**Real Estate Revenues -**The Company'sinitial condominium project was accounted for under the deposit method, thusdeferring the recognition of related revenue until the project was complete andthe underlying titles were transferred to the buyers. 

Subsequentcondominium projects are being accounted for under the percentage of completionmethod. Under this method, revenue is recognized when (1) construction isbeyond a preliminary stage, (2)buyers are unable to receive refunds ofdown-payments except in the event of non-delivery, (3)a substantial percentageof the condominiums are under firm contracts, (4)collection of the sales priceis reasonably assured and (5)sales proceeds and costs can be reasonablyestimated.  Revenue recognized iscalculated based on the percentage of completion, as determined by the fixedprice construction contract costs incurred to date in relation to the totalfixed price construction contract.  If abuyer were to default on the contract for sale, revenues and expensesrecognized in prior periods would be adjusted in the period of default.  A significant majority of the totalestimated project costs is attributable to the fixed price constructioncontract; the residual estimated costs could vary from actual and the variationis recognized in the period it is determined. If a current estimate of total project cost indicates a loss on aproject, the projected loss is recognized in full when determined.  The timing of revenue and expenserecognition is contingent on construction productivity.  Factors possibly impeding constructionproductivity include, but are not limited to, supply of labor, materials andequipment, scheduling, permitting and unforeseen events. 

**Land and Land Development Costs andResidential Properties Under Construction -**The costs of the land purchaseand any development expenses up to the initial construction phase of any newcondominium project are recorded under the asset "land and landdevelopment costs."  Onceconstruction commences, the costs of construction are recorded under the asset"residential properties under construction."  The assets "land and land developmentcosts" and "residential properties under construction" relatingto specific projects are recorded as current assets when the estimated projectcompletion date is less than one year from the date of the financial statement.

**Income Taxes -** The Company accounts forincome taxes using the asset and liability method.  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 and liabilities are measured using enactedtax rates expected to apply to taxable income in the years in which thosetemporary differences are expected to be recovered or settled.  The effect on deferred tax assets andliabilities of a change in tax rates is recognized in income in the period thatincludes the enactment date.

**ExecutiveLong-term Incentive Plan** - The Company appliesthe intrinsic value-based method of accounting prescribed by AccountingPrinciples Board ("APB") Opinion No. 25, "Accounting for StockIssued to Employees," and related interpretations, in accounting for itsfixed plan stock options.  As such,compensation expense would be recorded on the date of grant only if the currentmarket price of the underlying stock exceeded the exercise price.  SFAS No. 123, "Accounting forStock-Based Compensation," established accounting requirements using afair value-based method of accounting for stock-based employee compensationplans.  As allowed by SFAS No. 123, theCompany has elected to continue to apply the intrinsic value-based method ofaccounting 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".

27

 

**Use of Estimates -**Management of theCompany has made a number of estimates and assumptions relating to the reportingof assets and liabilities and the disclosure of contingent assets andliabilities to prepare these financial statements in conformity with accountingprinciples generally accepted in the United States.  Actual results could differ from those estimates.  Management considers the most significantestimates in preparing these financial statements to be the estimated cost tocomplete electrical construction contracts in progress, the timing and amountof real estate revenue and costs recognized and the deferred income taxvaluation allowance.

**Financial Instruments Fair Value,Concentration of Business and Credit Risks**The carrying amounts reported inthe balance sheets for cash and cash equivalents, short-term investments,accounts receivable and accrued billings, accounts payable and accruedliabilities approximate fair value because of the immediate or short-termmaturity of these financial instruments. The fair value of notes receivable isconsidered by management to approximate carrying value.  Financial instruments which potentiallysubject the Company to concentrations of credit risk consist principally ofaccounts receivable, accrued billings and retainage in the amount of $1,028,802and $3,461,431 at December 31, 2002 and 2001, respectively, due from electricalutilities pursuant to contract terms. The Company considers these electrical utility customers to becreditworthy. As of December 31, 2002 and 2001, management of the Company,upon review of the trade and note receivable accounts, determined it was notnecessary to record an allowance for doubtful accounts.

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

**Recent Accounting Pronouncements -**InAugust 2001, the Financial Accounting Standards Board ("FASB") issued SFAS No.144 "Accounting for the Impairment or Disposal of Long-LivedAssets."  This Statement addressesfinancial accounting and reporting for the impairment or disposal of long-livedassets.  This Statement supersedes SFASNo. 121, "Accounting for the Impairment of Long-Lived Assets and forLong-Lived Assets to Be Disposed Of," and the accounting and reportingprovisions of Accounting Principles Board Opinion No. 30, "Reporting theResults of Operations--Reporting the Effects of Disposal of a Segment of aBusiness, and Extraordinary, Unusual and Infrequently Occurring Events andTransactions of a Segment of a Business."*** ***This Statement is effective for financial statements with fiscalyears beginning after December 15, 2001. Adoption of this Statement on January 1, 2002 did not have a significantimpact on the financial position or results of operations of the Company.

InJune 2002, FASB issued SFAS No. 146 "Accounting for the Costs Associated withExit or Disposal Activities."  ThisStatement addresses financial and reporting issues associated with exit anddisposal activities and nullifies Emerging Task Force Issue No. 94-3 "LiabilityRecognition for Certain Employee Termination Benefits and Other Costs to Exitan Activity."  This Statement iseffective for exit or disposal activities that are initiated after December 31,2002. Adoption of this Statement is not expected to have a significant impacton the financial position or results of operations of the Company.

InNovember 2002, FASB issued Interpretation No. 45 "Guarantor's Accounting andDisclosure Requirements for Guarantees, Including Indirect Guarantees ofIndebtedness of Others." The Interpretation clarifies the requirements forguarantor's accounting for and disclosures of

 

28

 

certain guarantees issued andoutstanding. This Interpretation also incorporates, without reconsideration,the guidance in FASB Interpretation No. 34 "Disclosure of Indirect Guaranteesof the Indebtedness of Others", which is being superseded.  This Interpretation is effective forguarantees that are initiated after December 31, 2002.  The Company has adopted the disclosurerequirements of the Interpretation as of December 31, 2002 and will apply therecognition and measurement provisions for all guarantees entered into ormodified after December 31, 2002. Adoption of this Interpretation is not expected to have a significantimpact on the financial position or results of operations of the Company.

InDecember 2002, FASB issued SFAS No. 148 "Accounting for Stock-BasedCompensation-Transition and Disclosure." This Statement amends SFAS No. 123"Accounting for Stock-Based Compensation" and provides alternative methods oftransition for a voluntary change to the fair value based method of accountingfor stock-based employee compensation. Additionally, this Statement amendsdisclosure requirements of SFAS No. 123 to require prominent disclosure in bothannual and interim financial statements about the method of accounting forstock-based employee compensation and the effect of the method used on reportedresults. This Statement is effective for financial statements with fiscalyears beginning after December 15, 2002. Adoption of this Statement on December 31, 2002 did not have asignificant impact on the financial position or results of operations of theCompany.

InJanuary 2003, FASB issued Interpretation No. 46 "Consolidation of VariableInterest Entities." The Interpretation clarifies the application of AccountingResearch Bulletin No. 51 "Consolidated Financial Statements", to certainentities in which equity investors do not have the characteristics of acontrolling financial interest or do not have the sufficient equity at risk forthe entity to finance its activities without additional subordinated financialsupport from other parties.  ThisInterpretation is effective for all financial statements issued after January31, 2003.  Adoption of thisInterpretation did not have a significant impact on the financial position orresults of operations of the Company.

**Discontinued Operations -** The followingsignificant accounting policies relate to the Company's discontinued operationswhich are discussed in note 5 below:

**Mining Revenues -** Sales of industrialminerals were recognized as the minerals were shipped and title transferred.The Company's mining segment provided off-site construction services whichutilized existing personnel and equipment. The Company recognized construction revenue when services were performedexcept when work was being performed under a fixed price contract. Revenuesfrom fixed price construction contracts were recognized on thepercentage-of-completion method measured by comparing the costs incurred todate to the estimated total costs to be incurred for each contract.  The asset, "costs and estimatedearnings in excess of billings on uncompleted contracts" representsrevenues recognized in excess of amounts billed.  The liability, "billings in excess of costs and estimatedearnings on uncompleted contracts" represents billings in excess ofrevenue recognized.

Contract costs included all direct material, direct labor, subcontractor costs and other indirect costs related to contract performance, such as supplies, tools and repairs.  General and administrative costs were charged to expense as incurred.  Provisions for estimated losses on uncompleted contracts were made in the period in which such losses were determined.  Changes in job performance, job conditions, estimated profitability and final contract settlements that resulted in revisions to costs and income were are recognized in the period in which the revisions were determined.

29

 

**Reclamation and Remediation Costs -**Estimated future reclamation and remediation costs are based on legal andregulatory requirements.  Such costsrelated to active mines were accrued and charged over the expected operatinglives of the mines using a straight-line method.  Future reclamation and remediation costs for inactive mines wereaccrued based on management's best estimate at the end of each period of thecosts expected to be incurred at a site. Such cost estimates included, whereapplicable, ongoing care, maintenance and monitoring costs. These estimates mayor may not equal the amount of the Financial Assurances, or third partyguarantees, the Company has provided to guarantee approved post minereclamation plans for the Company's mines. Changes in estimates were reflected in earnings in the period an estimatewas revised.

**Mine Exploration and Development -**Exploration costs and normal development costs at operating mines were chargedto operations as incurred.

**Note 2 -**

**Short-term Investments**

In August 2002, the Company beganinvesting in highly liquid U.S. government debt securities.  In Accordance with SFAS No. 115,"Accounting for Certain Investments in Debt and Equity Securities",these securities are categorized as available-for-sale and carried at fairvalue, with unrealized gains or losses, net of tax, to be recorded as aseparate component of stockholders' equity. As of December 31, 2002, short-term investments had a balance of$1,266,419 and unrealized gains or losses incurred were insignificant.

**Note 3 -**

**Costs and Estimated Earnings on Uncompleted Contracts**

Long-termfixed price electrical construction contracts in progress accounted for usingthe percentage-of-completion method at December 31 consisted of:

 2002

 2001

Costs incurred  on uncompleted contracts  Estimated earnings

$2,778,410   452,977

$2,170,959   472,215

 3,231,387

 2,643,174

Less billings  to date

 1,938,616

 2,085,741

$1,292,771

$  557,433
         
Included in the  balance sheets under    the following captions:      Costs and estimated earnings        in excess of billings on        uncompleted contracts

 

 

$1,330,675

$  557,433

    Billings  in excess of costs        and estimated earnings        on uncompleted contracts

    (37,904)

      --   

Total

$1,292,771

$  557,433
         
Theamounts billed but not paid by customers pursuant to retention provisions oflong-term electrical construction contracts were $151,849 and $87,571 atDecember 31, 2002 and 2001, respectively, and is included in the accompanyingbalance sheets in accounts receivable and accrued billings.  Retainage is expected to be collected withinthe next twelve months.

30

 

 

**Note 4 -**

**Income Taxes**

The incometax provisions for the years ended December 31 consisted of:

2002   

2001   

 2000   

Current    Federal    State

    $     --  45,268    45,268

     $ 31,001   72,295    103,296 

   $      --    118,941  118,941 

Deferred    Federal    State

 

 251,088  67,510   318,598

 

 285,956     (17,361) 268,595 

 

 (492,008)  (89,110) (581,118)
Total$363,866$371,891 $(462,177)
Temporarydifferences and carryforwards, which give rise to deferred tax assets andliabilities as of December 31, consisted of:

2002   

     2001    

Deferred tax assets    Accrued vacation and bonuses

 

  $  108,365 

 

   $  242,507
  Depletion, mineral rights and      deferred development and       exploration costs -- 322,000
  Property  and equipment, principally      due to differences in depreciation      and valuation write downs 

      61,464 

      176,683

  Contingent  salary payments recorded      as goodwill for tax purposes    Contingent  completion fee 

      26,657         37,630 

       26,566           --

  Net operating loss carryforwards

     986,931 

       1,174,991

  Alternative  minimum tax credit      carryforwards    Other  Total deferred tax  assets

     363,001            301    1,584,349 

      363,001              235    2,305,983

 

 

Deferred tax  liabilities    Deferred  real estate income accounted       for  under the installment method

 

      (4,129)

 

           --  
Total net deferred tax assets$1,580,220 $2,305,983
Inassessing the realizability of deferred tax assets, management considerswhether it is more likely than not that some portion or all of the deferred taxassets will not be realized.  Theultimate realization of deferred tax assets is dependent upon the generation offuture taxable income during the periods in which those temporary differencesbecome deductible.  Management considersthe projected future taxable income and tax planning strategies in making thisassessment.  As of December 31, 2001,the Company determined a valuation allowance was not necessary and reduced thevaluation allowance to zero.  Again, asof December 31, 2002, the Company determined a valuation allowance wasunnecessary.

 

31

 

AtDecember 31, 2002, the Company had tax net operating loss carryforwards ofapproximately $2,707,000 available to offset future taxable income, which ifunused will expire from 2009 through 2018. The Company has alternative minimum tax credit carryforwards of$363,001, which are available to reduce future Federal income taxes over anindefinite period.

Thedifferences between the Company's effective income tax rate and the Federalstatutory rate for the years ended December 31 are reconciled below:

2002

 2001

2000

Federal  statutory rate

 34.0%

 34.0%

 34.0% 

State  income tax

 6.4 

 2.8 

  .8  

Non-deductible  expenses

 5.4 

 3.2 

 2.1  

Life  insurance proceeds

 -- 

 -- 

(28.1) 

Other

 4.9 

 -- 

 2.5  

Valuation  allowance

  -- 

(11.8)

(29.8) 

Total
 50.7% 28.2% (18.5)%
 

**Note 5 -**

**Discontinued Operations**

OnDecember 4, 2002, effective November 30, 2002, the Company completed the saleof the capital stock of its mining subsidiaries.  The Company received total cash consideration, net of apost-closing adjustment, in the amount of $2,497,590.

Anafter-tax loss on the sale of the mining operations was recorded in the fourthquarter of 2002 in the amount of $49,443. Net assets disposed of amounted to $2,021,632 and the related sellingcost totaled $453,700, which was comprised of commission ($300,000), severance($103,513) and legal and professional ($50,187) expenses.

The following tablesets forth certain audited operating results of the discontinued operations forthe eleven months ended November 30, 2002 and the years ended December 31, 2001and 2000:

 

 

 

2002 `  

2001    

2000   

Net sales

$2,464,017 

$2,016,074 

   $2,508,278 

Cost of sales

 (2,035,069)

 (1,853,197)

   (2,206,625)

Depreciation

    (54,288)

   (243,928)

     (278,187)

  Gross profit  (loss)

   374,660 

    (81,051)

       23,466 

General and 

 

 

 

  administrative expense

     (9,018)

    (20,634)

      (96,027)

Operating income (loss)

   365,642 

   (101,685)

      (72,561)

Other income, net

 

 

  Interest  expense

    (12,416)

    (14,884)

       (8,019)

  Other income, net (including

 

 

 

    gain on sale of real

 

 

 

    estate of $301,132,   

 

 

 

    $420,014 and  $109,117 for the 

 

 

 

    years ended November 30,

 

 

 

    2002, December 31, 2001  and      December  31, 2000,      respectively)

   359,802 

    465,032 

  160,629 

   347,386 

   450,148 

  152,610 

Income from discontinued

 

 

 

  operations before

 

 

 

  income taxes

   713,028 

   348,463 

   80,049 

Income taxes (benefit)

   335,464 

  (199,578)

  (643,882)

 

 

 

Income from discontinued

 

 

 

  operations, net  of tax

     377,564 

   548,041 

  723,931 

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

    49,443 

          --   

         --   

Net income
$  328,121 $  548,041 $  723,931 
32

 

Assets and liabilities of the discontinued operationshave been reflected in the audited consolidated balance sheet as current ornon-current based on the original classification of the accounts.  The assets and liabilities of discontinuedoperations at December 31 consisted of:

    2001

Current assets:

 Cash

$  227,951

 Accounts receivable

   137,728

 Inventories

   341,059

 Other

   181,553

  Total current assets

   888,291

Non-current assets:

Property, buildings and

    equipment,  net

 1,579,982

  Other  non-current assets

   503,317

     Total  non-current assets

 2,083,299

Total assets of discontinued

  operations
$2,971,590
Current  liabilities:

  Accounts payable  and accrued

    liabilities
$  167,880
Total liabilities of discontinued

  operations
$  167,880
** **

**Note 6 -**

**Property, Buildings and Equipment**

Balances of majorclasses of properties at December 31 consisted of:

    2002

    2001

Land

$    26,653

  $    26,653

Buildings  and improvements

1,232,617

654,550

Machinery  and equipment

12,988,688

12,885,245

Construction  in progress

      5,935

      347,766

   Total

14,253,893

13,914,214

Less  accumulated depreciation    and amortization

  9,821,045

  9,136,376

Net  properties, buildings and    equipment

$ 4,432,848

$ 4,777,838

Managementreviews the net carrying value of all properties, buildings and equipment on aperiodic basis.  As a result of suchreview, no write-down was considered necessary during any of the years in thethree-year period ended December 31, 2002.

**Note 7 -**

**Employee Benefit Agreements and 401(k) Plan**

Beginning in 1989, theCompany entered into Employee Benefit Agreements (each, a "Benefit Agreement")with certain employees of the Company.  Under the terms of each BenefitAgreement, the Company owned life insurance policies that accumulated cashsurrender value for the retirement of the employee, at age sixty-five, whilealso providing a life insurance benefit for the employee.  Under the termsof each Benefit Agreement, the Company was entitled to a refund of the lesser ofthe previously paid premiums or the cash surrender value of the insurancepolicy, either upon retirement of the employee, the death of the employee orupon the termination of the Benefit Agreement.  The Company had the rightto terminate the Benefit

 

33

 

Agreement without anyfuture obligation by giving written notice to the employee.  If the BenefitAgreement was terminated, the Company was entitled to receive the lesser of thecash surrender value of the insurance policy or the total of all previously paidpremiums.  In 2000, the Board of Directors reviewed the Benefit Agreementsand related insurance policies and decided it was in the best interest of theCompany to terminate the Benefit Agreements to eliminate the annual insurancepremium obligations. During the second quarter of 2000, the Company entered intoCancellation and Release Agreements pursuant to which the Benefit Agreementswere terminated.  Under the terms of the Cancellation and ReleaseAgreements, the Company not only continued to own the underlying life insurancepolicies that were part of the original Benefit Agreements, but the Companyacquired rights to all of the cash value within the policies, including theportion in excess of the premiums paid.  In consideration of terminatingthe future retirement benefit associated with the Benefit Agreements, theCompany decided to compensate the affected employees.  The net expense tothe Company was $425,311.  Although the Company does not anticipate makingany further cash premium payments, the Company will continue to own the policiesand has granted each employee the right to name the beneficiary for the deathbenefits in excess of premiums previously paid by the Company, less anyoutstanding loans.

EffectiveJanuary 1, 1995, the Company adopted The Goldfield Corporation and SubsidiariesEmployee Savings and Retirement Plan, a defined contribution plan thatqualifies under Section 401(k) of the Internal Revenue Code.  The plan provides retirement benefits to allemployees who meet eligibility requirements and elect to participate.  Under the plan, participating employees maydefer up to 15% of their pre-tax compensation per calendar year subject toInternal Revenue Code limits.  TheCompany's contributions to the plan are discretionary and amounted toapproximately $110,000, $113,000 and $125,000 for the years ended December 31,2002, 2001 and 2000, respectively.

**Note 8 -**

**Accounts Payable and Accrued Liabilities**

Accountspayable and accrued liabilities at December 31 consisted of:

   2002

   2001

Accounts  payable

$  657,984

$1,169,686

Accrued  bonuses

511,127

  742,358

Accrued  payroll costs

56,065

81,063

Other  accrued expenses

   146,811

   116,310

Total

$1,371,987

$2,109,417

** **

**Note 9 -**

**Note Payable to Bank**

In April 2002, the Companyentered into a $6,000,000 loan agreement, of which $4,500,000 can be used forthe construction development costs of the Company's condominium projects and$1,500,000 can be used for the working capital needs of the Company. Under theterms of the loan, interest is payable monthly at an annual rate equal to the"Monthly LIBOR Index" plus one and nine-tenths percent (3.34% at December 31,2002). The proceeds from the sale of the condominiums will be used to repay theloan. At the sole option of the lender, the outstanding principal and interestis due and payable in full within 30 days of the lender providing written noticeto the Company. The loan is guaranteed by the Company's electrical constructionsubsidiary and is collateralized by a security interest in the subsidiary'sassets. Borrowings outstanding under this agreement were $866,903 at December31, 2002. The amount available for additional borrowings at December 31, 2002was $3,633,097 and $1,500,000, for construction development costs and workingcapital, respectively. The loan agreement contains various financial covenants,including, but not limited to, minimum tangible net worth, minimum currentratio, and maximum debt to tangible net worth ratio. Other loan covenantsprohibit, among other things, incurring additional indebtedness, issuing loansto other entities in excess of a

 

34

 

certain amount, enteringinto a merger or consolidation, and any change in the Company's current ChiefExecutive Officer without prior written consent from the lender.  TheCompany was in compliance with all such covenants as of December 31, 2002.

At December31, 2001, the Company had a mortgage note payable with an outstanding balanceof $955,268 that was repaid on April 15, 2002 with the proceeds of the newcredit facility described above. Under the terms of the loan, interest was payablemonthly at an annual rate equal to the prime rate less one-quarter percent(4.5% at December 31, 2001).

Interestcosts related to the construction of condominiums were capitalized. During theyears ended December 31, 2002 and 2001, the Company capitalized interest costsof $46,163 and $9,123, respectively.

**Note 10 -**

**Commitments and Contingencies**

The Companyleases its principal office space and a small off-site office undernon-cancelable operating leases.  Therelated future minimum lease payments are $113,415 as of December 31, 2002 andare payable as follows: $80,682 in 2003 and $32,733 in 2004.

Totalrent expense for the operating leases was approximately $83,129, $71,089,and$68,772 for the years ended December 31, 2002, 2001 and 2000, respectively.

TheCompany has provided third party guarantees for St. Cloud and Lordsburg, infavor of the State of New Mexico's Mining and Minerals Division of the Energy,Minerals and Natural Resources Department ("Financial Assurances").  These Financial Assurances, amounting to$269,787, guarantee approved post mine reclamation plans.  The Company has also provided a FinancialAssurance for $16,390 to guarantee approved post mine reclamation plans for theCompany's previously owned San Pedro Mine. Although the Company sold its mining operations to unrelated thirdparties, the Company remains liable under these guarantees.  However, the buyer has agreed to indemnifythe Company against any losses from these Financial Assurances and hasundertaken to secure the Company's release therefrom.

In certain circumstances, theCompany is required to provide performance bonds in connection with itscontractual commitments.  Management isnot aware of any performance bonds issued for the Company that have ever beencalled by a customer.  As of December31, 2002, outstanding performance bonds issued on behalf of the Companyamounted to approximately $503,000.

**Note 11 -**

**Preferred Stock Dividends**

TheCompany paid dividends on its Series A 7% Voting Cumulative ConvertiblePreferred Stock in the amount of $13,181 and $23,758 for the years endedDecember 31, 2001 and 2000, respectively. All 339,407 shares of the Company's Series A Stock were redeemed on July20, 2001, at a redemption price of $1.00 per share.

**Note 12 -**

**Preferred Stock Purchase Rights**

On September 17, 2002, theCompany announced that its Board of Directors adopted and entered into aShareholder Rights Agreement designed to protect and maximize shareholder valueand to assist the Board of Directors in ensuring fair and equitable benefit toall shareholders in the event of a hostile bid to acquire the Company, (the"Rights Agreement").

 

35

 

 

The Company adopted this RightsAgreement to protect stockholders from coercive or otherwise unfair takeovertactics.  In general terms, The RightsAgreement imposes a significant penalty upon any person or group that acquires20% or more of the Company's outstanding common stock without the approval ofthe Company's Board of Directors.  TheRights Agreement was not adopted in response to any known attempt to acquirecontrol of the Company.

Under the Rights Agreement, adividend of one preferred Stock Purchase Right (the "Right") was declared foreach common share held of record as of the close of business on September 18,2002.  No separate certificatesevidencing the Rights will be issued unless and until they become exercisable.

The Rights generally will notbecome exercisable unless an acquiring entity accumulates or initiates a tenderoffer to purchase 20% or more of the Company's common stock.  In that event, each Right will entitle theholder, other than the unapproved acquirer and its affiliates, to purchaseeither the Company's common stock or shares in an acquiring entity at one-halfof market value.

The Rights' initial exerciseprice, which is subject to adjustment, is $2.20.  The Company's Board of Directors generally will be entitled toredeem the Rights at a redemption price of $.001 per Right until an acquiringentity acquires a 20% position. The Rights expire on September 18, 2012.

The complete terms of the Rightsare set forth in, and the foregoing description is qualified in its entiretyby, the Rights Agreement between the Company and American Stock Transfer &Trust Company, as Rights Agent, a copy of which was filed with the Securitiesand Exchange Commission on September 18, 2002.

**Note 13 -**

**The Goldfield Corporation 1998 Executive Long-term Incentive Plan**

In 1998, the stockholders of theCompany approved the 1998 Executive Long-term Incentive Plan (the "Plan"),which permits the granting of Nonqualified Stock Options, Incentive StockOptions, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units,Performance Units, Performance Shares and other awards to all officers and keyemployees of the Company and its subsidiaries. Shares granted pursuant to thePlan may be authorized but unissued shares of Common Stock, Treasury shares orshares purchased on the open market. The exercise price under such grants will be based on the fair marketvalue of the Common Stock at the date of grant.  The maximum number of shares available for grant under the Planis 1,300,000.  The options must beexercised within 10 years of the date of grant.  On March 9, 1999, the Company granted options to purchase 985,000shares, exercisable at $0.21875 per share, the fair market price of the CommonStock at the date of grant.  No stockoptions were granted during 2002, 2001 or 2000.  

36

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, 1998

  --

 

 

 

Granted

  985,000

$0.21875

$0.21875

10.00

Balance  outstanding,    December 31, 1999

  985,000

0.21875

0.21875

 9.18

No activity

     --   

 

 

 

Balance  outstanding,    December 31, 2000 

  985,000

0.21875

0.21875

 8.18

Exercised

  (591,331)

0.21875

0.21875

 

Cancelled

   (43,334)

0.21875

0.21875

 

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

The Company applies APBOpinion No. 25 for issuances to officers and key employees in accounting for itsPlan and, accordingly, no compensation cost has been recognized in theconsolidated financial statements during 2002, 2001 or 2000.

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.

Hadthe Company determined compensation cost based on the fair value at the grantdate for its stock options under SFAS No. 123, the Company's net income wouldhave decreased to the pro forma amounts indicated below for the years endedDecember 31:

2002

  2001

 2000

Net income, as  reported

 $681,754

$1,479,585

$3,658,098
Deduct: Total  stock-based employee        compensation expense determined           under the fair value  based          method  for all awards, net of          related  tax effects
   --    

    40,675

    40,675

Pro forma net  income
 $681,754$1,438,910
$3,617,423
          
Earnings per  share:

 

 

 

  Basic  - as reported

 $   0.02

$     0.05

$     0.14

  Basic  - pro forma

    0.02

      0.05

      0.13

  Diluted  - as reported

    0.02

0.05

      0.13

  Diluted  - pro forma

    0.02

0.05

      0.13

** **

** **

 37

** **

**  **

**Note 14 -**

**Earnings Per Share of Common Stock**

Basicearnings per common share, after deducting dividend requirements on theCompany's Series A 7% Voting Cumulative Convertible Preferred Stock, par value$1.00 per share ("Series A Stock"), is equal to net income divided bythe weighted average of the number of common stock shares outstanding.  The weighted average of the number of commonstock shares outstanding excludes 486,968, 17,358 and 17,358 shares of TreasuryStock for each of the years ended December 31, 2002, 2001 and 2000,respectively.  Diluted earnings pershare include additional dilution from potential common stock equivalents, suchas stock options outstanding or the conversion of preferred shares to commonshares.

**Note 15 -**

**Common Stock Repurchase Plan**

On September 17, 2002, theCompany's Board of Directors approved a Common Stock Repurchase Plan ("theRepurchase Plan") allowing the Company to repurchase up to five percent(approximately 1.3 million shares) of its outstanding Common Stock over thenext twelve-month period.  The Companymay repurchase its shares either in the open market or through privatetransactions.  The volume of the sharesto be repurchased is contingent upon market conditions and other factors.  As of December 31, 2002, pursuant to theRepurchase Plan, the Company has repurchased 469,610 shares of its Common Stockat a cost of $204,217.  The Companycurrently holds the repurchased stock as Treasury Stock, reported at cost.

**Note 16 -**

**Impairment Recoveries**

The impairment recoveries of$84,932 in the year ended December 31, 2000 resulted from the reversal of aportion of the impairment losses recognized in 1998 in connection with theCompany's previously owned subsidiary, The San Pedro Mining Corporation("San Pedro").

In April 1993, the capital stock of San Pedro was sold for $1,220,000, which was predominantly paid for with a promissory note from the purchaser.  After a default by the purchaser in October 1998, the Company determined that collection of the principal balance was doubtful and wrote off the unpaid balance of the note.  The impairment loss of $258,538 was recognized in the third quarter of 1998.  During 1999 and 2000, the Company foreclosed on certain property and equipment securing the note.  Due to the uncertainty of the potential valuations of the assets received, management recorded the recoveries of those assets as they were sold, resulting in recovery of the previously recognized impairment loss.

**Note 17 -**

**Other Income, net**

For the year ended December 31, 2000, other income,net included $2,000,000 of life insurance proceeds received by the Companyunder its key-man life insurance policy. 
 
38****

**Note 18 -**

**Business Segment Information**

TheCompany is currently involved in two lines of business, electrical constructionand real estate development.  There wereno material amounts of sales or transfers between lines of business and nomaterial amounts of export sales.  Anyintersegment sales have been eliminated.

 
The following table sets  forth certain segment information for the periods indicated:

 
 

 

 

 
 2002

      2001

  2000

 
**Continuing operations:**

 

 

 

 
Sales from operations to   unaffiliated customers     Electrical construction     Real estate

 

 $16,442,396      5,900,864 

 

              $21,804,496             112,545 

 

 $22,696,137         27,233 
      Total
$22,343,260 $21,917,041 $22,723,370 
 
 

 

 

 
Operating income (loss)    Electrical construction    Real estate       Total operating income

 $ 1,689,686      1,229,872      2,919,558 

      

      $ 3,368,685              (23,809)        3,344,876 

   

    $ 2,078,571           (66,905)      2,011,666 

 
Other income, net

      74,618 

          186,581 

   2,318,356 

 
General corporate expenses

   (2,276,677)

        (2,214,841)

   (1,834,274)

 
Income from continuing   operations before  income    taxes
$   717,499 
      
$ 1,316,616 
 

$ 2,495,748 
            
 

 

 

 
**Identifiable assets:**Continuing operations    Electrical construction    Real estate    Corporate  Discontinued operations

 

   $ 9,596,844        3,719,645        9,041,512             --   

 

      $11,180,256           3,403,126           5,320,512           2,971,588 

 

 $10,995,872      1,302,281      5,335,615      2,595,187 

     Total
$22,358,001 $22,875,482 $20,228,955 
 

 

 

 
**Capital expenditures:**  Continuing operations    Electrical  construction    Real estate    Corporate  Discontinued operations

 

   $ 1,114,719             --           31,796        114,288 

        $ 1,583,627              --              13,257           145,205 

 $ 2,430,854         41,822      214,688        254,908 

     Total$ 1,260,803 $ 1,742,089 $ 2,942,272 
 

 

 

 
 

 

 

 

 
**Depreciation, amortization   and depletion**:  Continuing operations     Electrical  construction    Real estate    Corporate  Discontinued operations

 $ 1,339,647         15,326         49,432         54,288 

 
      $ 1,256,873               4,126              63,752             243,928 
 

 $   929,732          3,613         62,765        278,187 

     Total
$ 1,458,693 $ 1,568,679 $ 1,274,297     
Operatingincome is total operating revenue less operating expenses inclusive ofdepreciation and selling, general and administrative expense for eachrespective segment.  Operating incomeexcludes interest expense, interest income and income taxes.  General corporate expenses are comprised ofgeneral and administrative expenses, corporate depreciation expense andimpairment recoveries.  Identifiableassets by industry are used in the operations of each industry.

39

 

Sales(in thousands of dollars) to major customers exceeding 10% of total salesfollows:
    200220012000
 
 

 

 

 

Amount
 

%  of  TotalSales

Amount
 

%  of  TotalSales

Amount
 

% of  TotalSales

Electrical    construction:

 

 

 

 

 
 
 Customer  A

$8,295

37

$8,012

 37

$11,165

49

 
 Customer  B

-

-

 2,531

 12

  2,684

12

 
 Customer  C

 2,741

12

 2,903

 13

  -

-

 
 Customer  D

-

-

 4,567

 21

  -

-

** **

**Item 9 -**

**Changes In and Disagreements With Accountants on Accounting and  Financial Disclosure.**

None.

**PART III**

**Item 10 -**

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

Informationconcerning the directors of the Company will be contained under "Electionof Directors" in the Company's 2003 Proxy Statement, which information isincorporated herein by reference.

Theexecutive officers of the Company are as follows:

 

 

Name and  Title(1)

Year in Which  Service Beganas Officer

 

 

Age
 
 
John H. Sottile    Chairman of the Board of    Directors, President and    Chief Executive Officer,    Director

 

 

1983

 

 

55

 
 

 

 
Dwight W. Severs    Director and Secretary

1998

59

 
 

 

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

 

1988

 

44

_________________________________

(1)

As of February 1, 2003

Throughoutthe past five years John H. Sottile and Stephen R. Wherry have been principallyemployed as executive officers of the Company.

JohnH. Sottile has served as Chairman of the Board of Directors since May 1998.

DwightW. Severs has been a director since 1998 and Secretary of the Company sinceNovember 1999.  Mr. Severs has held theposition of City Attorney for the City of Titusville, Florida since September1971 (full-time since January 1999). From March 1998 thru January 1999, Mr.Severs was a principal for the firm of Dwight W. Severs & Associates, P.A.

 

40

 

 

Theterm of office of all directors is until the next annual meeting and the termof office of all officers are for one year and until their successors arechosen and qualify.

**Item 11 -**

**Executive Compensation.**

Informationconcerning executive compensation will be contained under "ExecutiveCompensation" in the Company's 2003 Proxy Statement, which information isincorporated herein by reference.

**Item 12 -**

**Security Ownership of Certain Beneficial  Owners and Management.**

Securitiesauthorized for issuance under Equity Compensation Plans

Thefollowing table sets forth certain information, as of December 31, 2002, withrespect to all compensation plans previously approved by our security holders,as well as compensation plans not previously approved by our security holders.

 

 

 

Number  of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and  Rights

 

 

 

 

Weighted  Average Exercise Price of Outstanding Options, Warrants and Rights

Number  of Securities Remaining Available for Future Issuance Under Equity Compensation  Plans (Excluding Securities Reflected in far Left Column)

Equity  compensation   plans approved by   security holders

**  **

243,668

 

$0.21875

 

315,000

Equity  compensation   plans not approved   by security holders

**  **

   --  

 

   --   

 

   --  

**    **Total

243,668

$0.21875

315,000
            
Informationconcerning the security ownership of the directors and officers of theregistrant will be contained under "Ownership of Voting Securities byCertain Beneficial Owners and Management" in the Company's 2003 Proxy Statement,which information is incorporated herein by reference.

**Item 13 -**

**Certain Relationships and Related Transactions.**

Informationconcerning relationships and related transactions of the directors and officersof the Company will be contained under "Election of Directors" in theCompany's 2003 Proxy Statement, which information is incorporated herein byreference.

Informationconcerning the relationship and related transactions between the Company andits independent auditors, KPMG LLP will be contained under "Audit CommitteeReport and Fee Information" in the Company's 2003 Proxy Statement whichinformation is incorporated herein by reference.

41

**PART IV**

 

**Item 14 -**

**Controls and Procedures**

**(a)Evaluation of disclosure controls and procedures**

Based on theirevaluation of our disclosure controls and procedures conducted as of a datewithin 90 days of the date of filing this report on Form 10-K, the Company'sChief Executive Officer and Chief Financial Officer have concluded that theCompany's disclosure controls and procedures (as defined in Rules 13a-14 and15d-14 promulgated under the Securities Exchange Act of 1934) are effective asof such date.

**(b)Changes in internal controls**

There were no significant changes in our internalcontrols or in other factors that could significantly affect these controlssubsequent to the date that the evaluation was conducted.

**Item 15 -**

**Exhibits, Financial Statement Schedules, and Reports on Form 8-K.**
      
**(a) Financial Statements**

Page

Report of  Independent Certified Public Accountants

21

Consolidated  Balance Sheets - December 31, 2002 and 2001

22

Consolidated Statements of  Operations - Three Years ended    December 31, 2002

23

Consolidated Statements of Cash  Flows - Three Years ended    December 31, 2002

24

Consolidated Statements of  Stockholders' Equity - Three Years ended    December 31, 2002

25

Notes to  Consolidated Financial Statements

26

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

**(b) Reports on Form 8-K**

Thefollowing Current Reports on Form 8-K were filed during the fourth quarter of2002:

         
1.
Filed on December 6, 2002to announce the sale of capital stock of the Company's mining operations, St.Cloud Mining Company and The Goldfield Consolidated Mines Company.
2.
Filed Current Report 8-K/Aon December 18, 2002 to amend the Current Report Form 8-K filed December 6, 2002by disclosing further information, relating to the sale of capital stock of themining operations, which was unavailable at the time of the original filing;also included pro forma financial statements: balance sheet as of September 30,2002, income statement for the year ended December 31, 2001 and income statementfor the nine months ended September 30, 2002.    

         

42

 

**(c) Exhibits**

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).
4-3The 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 report on Form 10-Q for the quarter ended  September 30, 2001, heretofore filed with the Commission (file No. 1-7525).

10-2

The Goldfield Corporation and Subsidiaries Standardized Adoption  Agreement and Prototype Cash or Deferred Profit-Sharing Plan and Trust Basic  Plan Document #3 effective January 1, 1995, is hereby incorporated by  reference to Exhibit 10-9 of the Company's report on Form 10-Q for the  quarter ended March 31, 1995, heretofore filed with the Commission (file No.  1-7525).

10-3

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 report on  Form 10-Q for the quarter ended March, 31, 2002, heretofore filed with the  Commission (file No. 1-7525).
10-4Performance-Based  Bonus Plan effective January 1, 2002 is hereby     incorporated by reference to Exhibit 10-4 of the Company's  report on Form 10-Q for the quarter ended September 30, 2002, heretofore  filed with the Commission (file No. 1-7525).
 

43

 

10-5

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).

 

 11

For computation of per share earnings, see note 14 of notes to  consolidated financial statements.
      
*21

Subsidiaries of Registrant
      
*23

Consent of Independent Auditors
      
*24

Powers of Attorney
      
*99-1

Certification  pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the  Sarbanes-Oxley Act of 2002.
      
*99-2

Certification  pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the  Sarbanes-Oxley Act of 2002.

* Filedherewith.

44

 

SIGNATURES

Pursuant tothe requirements of Section 13 or 15 (d) of the Securities Exchange Act of1934, the Registrant has duly caused this report to be signed on its behalf bythe undersigned, thereunto duly authorized.

THEGOLDFIELD CORPORATION

By

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

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

Dated:  March 25, 2003

Pursuant to the requirements ofthe Securities Exchange Act of 1934, this report has been signed below by thefollowing persons on behalf of the Registrant and in the capacities indicatedon March 25, 2003.
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, Finance and Chief  Financial Officer (Principal  Financial Officer), Treasurer and  Principal Accounting Officer.
      
/s/ Dwight W. Severs      (Dwight W. Severs)

Director and Secretary

         *                (Thomas E. Dewey, Jr.)

Director

         *                (Harvey C. Eads, Jr.)

Director

         *                (John P. Fazzini)

Director

         *                (Danforth E. Leitner)

Director

         *                (Al Marino)

Director

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

 

45

 

CERTIFICATION

I,John H. Sottile, certify that:

1. Ihave reviewed this annual report on Form 10-K of The Goldfield Corporation;

2.Based on my knowledge, this annual report does not contain any untrue statementof a material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements weremade, not misleading with respect to the period covered by this annual report;

3.Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this annual report; 

4. Theregistrant's other certifying officers and I are responsible for establishingand maintaining disclosure controls and procedures (as defined in Exchange ActRules 13a-14 and 15d-14) for the registrant and we have:

  a) designed such disclosure controls andprocedures to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this annual report isbeing prepared;

  b) evaluated the effectiveness of theregistrant's disclosure controls and procedures as of a date within 90 daysprior to the filing date of this annual report (the "EvaluationDate"); and

  c) presented in this annual report ourconclusions about the effectiveness of the disclosure controls and proceduresbased on our evaluation as of the Evaluation Date;

5. Theregistrant's other certifying officers and I have disclosed, based on our mostrecent evaluation, to the registrant's auditors and the audit committee ofregistrant's board of directors (or persons performing the equivalentfunction):

  a) all significant deficiencies in thedesign or operation of internal controls which could adversely affect theregistrant's ability to record, process, summarize and report financial dataand have identified for the registrant's auditors any material weaknesses ininternal controls; and

  b) any fraud, whether or not material, thatinvolves management or other employees who have a significant role in theregistrant's internal controls; and

6. Theregistrant's other certifying officers and I have indicated in this annualreport whether or not there were significant changes in internal controls or inother factors that could significantly affect internal controls subsequent tothe date of our most recent evaluation, including any corrective actions withregard to significant deficiencies and material weaknesses.

Dated March 25, 2003

/s/John  H. Sottile

(John  H. Sottile)

Chairman  of the Board of Directors,

President,  Chief Executive Officer and

Director.

 

46

 

CERTIFICATION

I,Stephen R. Wherry, certify that:

1. Ihave reviewed this annual report on Form 10-K of The Goldfield Corporation;

2.Based on my knowledge, this annual report does not contain any untrue statementof a material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements weremade, not misleading with respect to the period covered by this annual report;

3.Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this annual report; 

4. Theregistrant's other certifying officers and I are responsible for establishingand maintaining disclosure controls and procedures (as defined in Exchange ActRules 13a-14 and 15d-14) for the registrant and we have:

  a) designed such disclosure controls andprocedures to ensure that material information relating to the registrant,including its consolidated subsidiaries, is made known to us by others withinthose entities, particularly during the period in which this annual report isbeing prepared;

  b) evaluated the effectiveness of theregistrant's disclosure controls and procedures as of a date within 90 daysprior to the filing date of this annual report (the "EvaluationDate"); and

  c) presented in this annual report ourconclusions about the effectiveness of the disclosure controls and proceduresbased on our evaluation as of the Evaluation Date;

5. Theregistrant's other certifying officers and I have disclosed, based on our mostrecent evaluation, to the registrant's auditors and the audit committee ofregistrant's board of directors (or persons performing the equivalentfunction):

  a) all significant deficiencies in thedesign or operation of internal controls which could adversely affect theregistrant's ability to record, process, summarize and report financial dataand have identified for the registrant's auditors any material weaknesses ininternal controls; and

  b) any fraud, whether or not material, thatinvolves management or other employees who have a significant role in theregistrant's internal controls; and

6. The registrant's other certifyingofficers and I have indicated in this annual report whether or not there weresignificant changes in internal controls or in other factors that couldsignificantly affect internal controls subsequent to the date of our mostrecent evaluation, including any corrective actions with regard to significantdeficiencies and material weaknesses.

DatedMarch 25, 2003

/s/Stephen  R. Wherry

(Stephen  R. Wherry)

Vice  President, Treasurer and Chief

Financial  Officer.

47

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