**UNITED STATESSECURITIES AND EXCHANGE COMMISSION****WASHINGTON, D.C. 20549**

**Form 10-Q**(Mark One)

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

** For the quarterlyperiod ended September 30, 2004**

**OR**

| **   ** | **Transition report  pursuant to Section 13 or 15(d) of the Securities  Exchange Act of 1934** |
|------------------------|------------------------------------------------------------------------------------------------|

**For the transitionperiod from ________ to ________**

**Commission FileNumber: 1-7525**

** The Goldfield Corporation    **(Exact Name of Registrant as Specified in itsCharter)

| **Delaware**(State or Other Jurisdiction of  Incorporation or Organization)  100 Rialto Place, Suite 500, Melbourne, FL  (Address of Principal Executive Offices) | **88-0031580**(IRS Employer Identification Number)**32901**(Zip Code) |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|
|                                                                                                                                                                   |                                                                  |
| (**321)  724-1700**(Registrant's Telephone Number, including Area Code)                                                                                           |

     Indicate by check markwhether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.

Yes  X     No    

 

     Indicate by check markwhether the registrant is an accelerated filer (as defined in Rule 12b-2 of theExchange Act).

 Yes        No  X  

     Asof November 3, 2004, 26,209,468 shares of the Registrant's common stock wereoutstanding.

 

 

----

THEGOLDFIELD CORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ONFORM 10-QFOR THE QUARTER ENDED September 30, 2004

INDEX

|   |  |  | Page  Number   
Part I.

FINANCIAL INFORMATION

** **
   
Item 1.

Financial Statements
   
  Consolidated Balance Sheets

 3
   
  Consolidated Statements of Operations

 4
   
  Consolidated Statements of Cash Flows

 5
   
  Notes to Consolidated Financial Statements

 6
       
Item 2.

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

  14
       
Item 4.

Controls and Procedures

26
       
Part II.	Item 1.

OTHER INFORMATION	Legal Proceedings

27
                 
Item 2.

Unregistered Sales of Equity Securities and Use of  Proceeds

27
               
Item 6.

Exhibits

28
       
Signatures

28
                                                   
2
****
**PART  I.   FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

THE GOLDFIELD  CORPORATION AND SUBSIDIARIES

CONSOLIDATED  BALANCE SHEETS

September 30,

December 31,

2004

2003

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

 $

6,417,401 

 $

5,045,463 

Restricted cash - discontinued operations (Note 3)

35,128 

- 

Accounts receivable and accrued billings

5,409,561 

4,043,255 

Contracts receivable (Note 2) 

- 

3,732,867 

Current portion of notes receivable

37,915 

42,969 

Costs and estimated earnings in excess of	

billings on uncompleted contracts 

1,332,360 

704,413 

Deferred income taxes 

173,584 

194,492 

Income taxes recoverable 

29,611 

37,658 

Residential properties under construction

- 

361,436 

Prepaid expenses

497,608 

514,716 

Other current assets

25,812 

7,132 

Total current assets

13,958,980 

14,684,401 

Property, buildings and equipment, net	

8,645,625 

5,911,013 

Notes receivable, less current portion

540,611 

570,061 

Deferred charges and other assets

Deferred income taxes, less current portion	

809,131 

1,058,581 

Land and land development costs

1,478,046 

1,438,965 

Cash surrender value of life insurance	

300,195 

309,939 

Other assets 

93,177 

121,337 

Total deferred charges and other assets

2,680,549 

2,928,822 

Total assets

 $

25,825,765 

 $

24,094,297 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

   

   

Accounts payable and accrued liabilities	

 $

2,769,496 

 $

2,296,085 

Billings in excess of costs and estimated	

earnings on uncompleted contracts 

132,714 

115,520 

Current portion of note payable to bank (Note 4)

866,667 

1,578,923 

Current liabilities of discontinued operations (Note 3)

102,186 

128,380 

Total current liabilities

   

3,871,063 

4,118,908 

Note payable to bank, less current portion (Note 4)

1,733,333 

- 

Total liabilities

5,604,396 

4,118,908 

Commitments and contingencies (Notes 3 and 5)

Stockholders' equity

Preferred stock, $1 par value per share, 100,000	

shares authorized, none issued 

- 

- 

Common stock, $.10 par value per share,	

40,000,000 shares authorized; 27,736,771

and 27,570,104 shares issued at September 30, 2004

and December 31, 2003, respectively	

2,773,677 

2,757,010 

Capital surplus 

18,472,539 

18,452,748 

Accumulated deficit

(243,260)

(539,704)

Total

21,002,956 

20,670,054 

Less common stock in treasury, at cost; 1,527,303

and 1,373,327 shares at September 30, 2004 and

December 31, 2003, respectively

781,587 

694,665 

   Total stockholders' equity

20,221,369 

19,975,389 

Total liabilities and stockholders' equity

 $

25,825,765 

 $

24,094,297 

See accompanying notes to consolidated financial  statements
 
3
****
			THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2004
2003
2004
2003
Revenue
			Electrical construction
 $ 7,262,905 
 $ 4,539,399 
 $23,220,182 
 $20,389,978 
			Real estate development
         -   
2,274,742 
3,864,833 
4,659,949 
Total revenue
7,262,905 
6,814,141 
27,085,015 
25,049,927 
Costs and expenses
			Electrical construction
5,877,255 
4,236,547 
20,306,285 
17,996,878 
			Real estate development
35,756 
1,677,775 
2,758,697 
3,609,302 
			Depreciation and amortization
553,939 
433,418 
1,541,275 
1,171,527 
			Selling, general and administrative
515,371 
647,689 
1,939,127 
1,924,667 
			Total costs and expenses
6,982,321 
6,995,429 
26,545,384 
24,702,374 
Other income, net 
Interest income
21,716 
15,876 
60,225 
87,392 
			Interest expense, net
(21,520)
(6,755)
(39,521)
(20,263)
			Gain (loss) on sale of property and equipment
3,964 
      (2,352)
1,052 
     (12,516)
Other
33,198 
1,066 
49,958 
6,568 
			Total other income, net
37,358 
7,835 
71,714 
61,181 
			Income (loss) from continuing operations
before income taxes
317,942 
(173,453)
611,345 
408,734 
			Income taxes (benefit) 
286,298 
(81,335)
303,004 
153,211 
			Income (loss) from continuing operations
			available to common stockholders
31,644 
(92,118)
308,341 
255,523 
			Loss from discontinued operations 
     (11,897)
(121,384)
     (11,897)
(121,384)
			Net income (loss) available to common stockholders
 $    			 19,747 
 $   (213,502)
 $    296,444 
 $    134,139 
			Earnings (loss) per share of common stock -
basic and diluted 
			Continuing operations
 $         0.00 
 $         0.00 
 $         0.01 
 $         0.01 
			Discontinued operations
0.00 
0.00 
0.00 
0.00 
Net income (loss)
 $         0.00 
 $        (0.01)
 $         0.01 
 $         0.01 
			Weighted average common shares and 
			equivalents used in the calculations
			of earnings (loss) per share
Basic
26,226,624
  26,207,400 
26,284,080
  26,577,479 
Diluted
26,271,388
  26,377,563 
26,333,279
  26,726,190 
See accompanying notes to consolidated financial  statements

4
****
THE GOLDFIELD			CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)   
Nine Months Ended  
September 30,  
2004
2003    
Cash flows from			operating activities  
Income from			continuing operations available   
  to common			stockholders
 $    			308,341 
 $    			255,523   
Adjustments to			reconcile net income to net  
  cash			provided by (used in) operating activities  
  Depreciation			and amortization
1,541,275 
1,171,527   
  Deferred			income taxes
270,358 
68,828   
  (Gain) loss			on sale of property and equipment
(1,052)
12,516   
  Cash (used			by) provided from changes in  
   			Accounts receivable and accrued billings
(1,366,306)
(1,440,444)  
   			Contracts receivable
3,732,867 
(2,479,149)  
   			Costs and estimated earnings in excess  
     			of billings on uncompleted contracts
(627,947)
60,561   
   			Land and land development costs
(39,081)
(257,704)  
   			Land held for sale
117,106   
   			Residential properties under construction
361,436 
793   
   			Income taxes recoverable
8,047 
(20,913)  
   			Prepaid expenses and other assets
26,588 
(229,358)  
   			Accounts payable and accrued liabilities
      			473,411 
      			664,946   
   			Billings in excess of costs and estimated   
     			earnings on uncompleted contracts
17,194 
18,916   
     			Net cash provided by (used in) operating activities   
       			of continuing operations
    			4,705,131 
(2,056,852)  
     			Net cash provided by (used in) operating activities   
       			of discontinued operations
      			(73,219)
       			74,366   
     			Net cash provided by (used in) operating activities
4,631,912 
(1,982,486)    
Cash flows from			investing activities  
  Proceeds			from the disposal of property and equipment
64,000 
44,110   
  Proceeds			from notes receivable
       			35,983 
132,481   
  Issuance of			notes receivable
       			(1,479)
(22,903)  
  Net			purchases of investment securities
          			-   
1,266,419   
  Purchases of			property and equipment
    (4,338,835)
(3,040,451)  
  Cash			surrender value of life insurance
9,744 
6,910   
   			Net cash used in investing activities    
     			of continuing operations
   			(4,230,587)
   			(1,613,434)    
Cash flows from			financing activities  
  Proceeds			from the exercise of stock options 
36,458 
          			-    
  Net			borrowings on note payable to bank
     1,021,077 
241,443   
  Purchase of			treasury stock
      			(86,922)
(465,415)  
   			Net cash provided by (used in) financing activities  
     			of continuing operations
      			970,613 
(223,972)    
Net increase			(decrease) in cash and cash equivalents
1,371,938 
(3,819,892)  
Cash and cash			equivalents at beginning of period
5,045,463 
7,405,342   
Cash and cash			equivalents at end of period
 $  			6,417,401 
 $  			3,585,450     
Supplemental			disclosure of cash flow information  
  Income taxes			paid
 $      14,146 
 $     			24,730   
  Interest			paid
24,704  
        			5,063      
See accompanying			notes to consolidated financial statements         
5
****
**THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSSeptember 30, 2004 and 2003**

**Note 1 -  Basis of  Financial Statement Presentation**

In the opinion of management, theaccompanying unaudited interim consolidated financial statements include alladjustments necessary to present fairly the Company's financial position,results of operations and changes in cash flows for the interim periodsreported.  These adjustments are of a normal recurring nature.  Allfinancial statements presented herein are unaudited with the exception of theconsolidated balance sheet as of December 31, 2003, which was derived from theaudited consolidated financial statements.  The results of operations forthe interim periods shown in this report are not necessarily indicative ofresults to be expected for the fiscal year.  Thesestatements should be read in conjunction with the financial statements includedin the Company's annual report on Form 10-K for the year ended December 31,2003.

**Note 2 -  Contracts Receivable**

Contracts receivable representrevenue recognized on a portion of the value of contracts for sale on condominiumunits, which establish buyers' commitments to purchase that are backed by theirnon-refundable earnest money deposits.  As of September 30, 2004, therewas no outstanding balance in contracts receivable compared to $3,732,867 atDecember 31, 2003.

The Company's real estatedevelopment operations do not extend financing to buyers and therefore, salesproceeds are received in full upon closing. 

**Note 3 -  Discontinued Operations**

On December 4, 2002, effective November 30, 2002, theCompany completed the sale of the capital stock of its mining subsidiaries.

**  Commitments andContingencies Related to Discontinued Operations**

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

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

6

The Company has entered into aCost Sharing Agreement with two other PRPs (Combustion Engineering and Blue TeeCorp.) (collectively, the "Work Group") through which the Work Grouphas agreed how to perform and finance the EE/CA.  Pursuant to the CostSharing Agreement, the Work Group has agreed to share equally the costs of theEE/CA, subject to re-allocation of such costs among the Work Group aftercompletion of the EE/CA. The Work Group has also entered into an AdministrativeOrder on Consent ("AOC") with the EPA, wherein the Work Group membershave agreed to perform and finance the EE/CA.  The Work Group members havefurther entered into a fixed fee contract with SECOR International to act ascontractor to perform the EE/CA.  SECOR performed field work (sampling)during the month of October 2004.  Evaluation of data and preparation of afinal EE/CA Report are expected to take an additional 60 to 90 days. Completion of the EE/CA process will thus extend into the first quarter of2005, whereupon the EPA will decide whether additional response action(remediation) may be necessary.

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

It is impossible at this stage toestimate the total costs of investigation and remediation at the Site due tovarious factors, including incomplete information regarding the Site and theother PRPs, uncertainty regarding the extent of contamination and the Company'sshare, if any, of liability for the contamination, EPA's future selection ofcleanup standards for the Site, and, ultimately, EPA's selection of a preferredclean-up remedy.  

In September 2003, in accordance withFinancial Accounting Standards Board Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement ofFinancial Accounting Standards No. 5 (Accounting for Contingencies)", andStatement of Position 96-1, "Environmental Remediation Liabilities", theCompany recognized a provision of $210,976 (within discontinued operations) forthis matter, in addition, this provision was increased by $23,589 during thethree month period ended September 30, 2004. This increased the total provisionto $234,565, which represents the current estimate of the Company's share ofthe costs associated with an emergency removal action previously undertaken bythe EPA, the anticipated cost of the EE/CA study and the anticipated professionalfees associated with the EE/CA study.  Total actual costs to be incurredat the Site in future periods may vary from this estimate, given inherentuncertainties in evaluating environmental costs.  As of September 30,2004, the Company incurred actual investigation and professional services costsof $132,379 and its reserve balance for the EE/CA study process is $102,186(accrued as a current liability within discontinued operations).  Theaccrual will be reviewed periodically based upon facts and circumstancesavailable at the time, which could result in changes to its amount.  TheEPA has indicated that it has made no determination whether any additionalresponse action (remediation) will be required at the Site and will not do sountil after completion of the EE/CA process.  At this stage, the Companydoes not have sufficient information to determine the potential extent andnature of any necessary future response action (remediation) at the Site, or toestimate the potential additional future cost of such action or the Company'spotential liability for such costs.  The Company is also investigatingwhether any cost incurred would be covered by insurance although specificcoverage has not yet been identified.

7

 

The following table sets forthcertain unaudited operating results of the discontinued operations for thethree and nine months ended September 30, as indicated in the tablebelow.  As the accruals for remediation expenses were recorded in thethird quarter in each of the two years, amounts shown are the same for both thethree and nine month periods. 
   
2004

 2003
      
Net  sales

   $      -   

    $       -   
   
Cost  of sales

       -   

         -   
   
Depreciation

       -   

         -   
   
General and    administrative expense

         -   

           -   
   
Provision  for remediation

    (23,589)(1)

     (210,976)(2)
   
Operating  (loss) income 

  (23,589)

   (210,976)
   
Other  income, net

       -

         -
   
(Loss)  income from discontinued    operations before income taxes

    (23,589)

     (210,976)
   
Income (taxes) benefit

  11,692

    89,592
           
(Loss) income from  discontinued    operations, net of tax

 $(11,897)

  $(121,384)
   
(1) Additional legal and professional fees incurred asof September 30, 2004.

(2)****Includes$15,226 of legal and professional fees incurred as of September 30, 2003 anda $195,750 reserve for remediation

Assets and liabilities of thediscontinued operations have been reflected in the accompanying consolidatedbalance sheets as follows: 

September 30,

December 31,

2004

 2003

(unaudited)

Total  assets of discontinued

  operations

  $ 35,128

$      -
   
Current  liabilities

  reserve  for remediation

  $102,186

$128,380
   
Total  liabilities of discontinued

  operations

  $102,186

$128,380

**Note 4 -  Note Payable to Bank**

In April 2002, the Company entered into a $6,000,000 constructionloan agreement, in favor of Wachovia Bank, N.A., to finance the development ofcondominium projects. A portion of the loan, up to $1,500,000, may be used forthe working capital needs of the Company.  Under the terms of the loan,interest is payable monthly at an annual rate equal to the "Monthly LIBORIndex" plus one and nine-tenths percent (3.74% and 3.07% at September 30,2004 and December 31, 2003, respectively). The proceeds from the sales of thecondominiums are used to repay the loan. At the sole option of the lender, theoutstanding principal and interest is due and payable in full within 30 days ofthe lender providing written notice to the Company. The loan is guaranteed bythe Company's electrical construction subsidiary and is secured by an agreementnot to further encumber said condominium projects. Borrowings outstanding underthis agreement were $1,578,923 as of December 31, 2003. There were noborrowings outstanding under this loan agreement as of September 30, 2004 andthe full amount was available to the Company. The loan agreement containsvarious financial covenants including, but not limited to, minimum tangible networth, minimum current ratio, and maximum debt to tangible net worth ratio.Other loan covenants prohibit, among other things, incurring additionalindebtedness, issuing loans to other entities in excess of a certain amount,entering into a merger or consolidation, and any change in the Company'scurrent Chief Executive Officer without prior written consent from thelender.  The Company was in compliance with all such covenants as ofSeptember 30, 2004 and December 31, 2003.

8

 

Interest costs related to the construction ofcondominiums were capitalized. During the nine month periods ended September30, 2004 and 2003 the Company capitalized interest costs of $41,626 and$43,447, respectively.  There were no interest costs capitalized duringthe three month period ended September 30, 2004 as compared to $18,951 ofcapitalized interest costs for the three month period ended September 30,2003.  

On January 30, 2004, the Company entered into a$2,600,000 term loan agreement, in favor of Wachovia Bank, N.A., to financepurchases of electrical construction equipment.  The Company may onlyborrow funds under the loan during the draw period, January 30, 2004 throughSeptember 30, 2004. During the draw period, the Company is obligated to makemonthly payments of accrued interest only.  As of the end of the drawperiod, on September 30, 2004 (the "conversion date"), the loan will be payablein monthly payments of principal equal to 1/36 of the outstanding principalbalance of the loan at the conversion date, plus accrued interest for 36consecutive months.  The annual interest rate is equal to the "LIBOR Market Index Rate" plus one andnine-tenths percent (3.74% at September 30, 2004).  The loan is secured bythe equipment purchased with the proceeds of the loan, and any replacements,accessions, or substitutions thereof and all cash and non-cash proceedsreceived thereof. Borrowings outstanding under this agreement were $2,600,000as of September 30, 2004. The loan agreement contains various financialcovenants, including, but not limited to, minimum tangible net worth, minimumcurrent ratio, and maximum debt to tangible net worth ratio. Other loancovenants prohibit, among other things, a change in fiscal year and any changein the Company's current Chief Executive Officer without prior written consentfrom the lender.  The Company was in compliance with all such covenants asof September 30, 2004.

**Note 5 - Commitments and  Contingencies**

In certain circumstances, the Company is required toprovide performance bonds to secure its contractual commitments. Management is not aware of any performance bonds issued for the Company thathave ever been called by a customer.  As of September 30, 2004,outstanding performance bonds issued on behalf of the Company's electricalconstruction subsidiary amounted to approximately $13,324,000.

**Note 6 - Income Taxes**

At September 30, 2004, theCompany had tax net operating loss carryforwards of approximately $2,390,000available to offset future taxable income, which if unused will expire from2014 through 2022.  The Company has alternative minimum tax creditcarryforwards of approximately $302,000, which are available to reduce futureFederal income taxes over an indefinite period.

The Company's effective tax ratefor the nine months ended September 30, 2004 was 49.6%.  This is theCompany's expected tax rate for the year ending December 31, 2004 which wascalculated based on the estimated annual operating results for the year.** **The effective tax rate differs from the statutory rate (34%) for the ninemonths ended September 30, 2004, largely due to estimated expenses which arenon-deductible for tax purposes in proportion to the estimated operatingresults before taxes for the year.

9

During the three months endedSeptember 30, 2004, the Company recorded a tax provision of $286,298 to adjustthe cumulative tax provision for the nine months ended September 30, 2004 inorder to reflect the estimated effective tax rate for the year.  The effectivetax rate of 90% for the three months ended September 30, 2004 (as opposed tothe statutory rate of 34%) resulted from (1) a significant increase inestimated annual earnings from the estimate used at the end of the secondquarter, which substantially increased the Company's annual projected effectiverate and required an adjustment to the third quarter cumulative tax provisionand (2) to a lesser extent, the effect of the amount of estimated expenseswhich are non-deductible for tax purposes.  

**Note 7 - Earnings Per Share of Common Stock and Stock  Repurchase Plan**

Basic earnings per common shareis computed by dividing net income by the weighted average number of commonstock shares outstanding during the period.  Diluted earnings per shareinclude additional dilution from potential common stock equivalents, such asstock options outstanding. The following table sets forth the computation ofbasic and diluted earnings per share for the periods indicated:

Three Months Ended

Nine Months Ended

September 30,

September 30,

2004

2003

2004

2003

(unaudited)

(unaudited)

Continuing Operations: Income  (loss) from operations  

     $31,644 

$ (92,118)

    $308,341 	

   $255,523 

Discontinued  Operations:  (Loss) income from operations 

    (11,897)

   (121,384)

    (11,897)

   (121,384)

Net income (loss) available  to common stockholders

$19,747 

$(213,502)

$296,444 

$134,139 
   
Weighted average common  shares outstanding, net

26,226,624 

26,207,400 

26,284,080 

26,577,479 
   
Earnings (loss)  per     share-basic

 Continuing Operations

$0.00 

$0.00 

$0.01 

$0.01 

 Discontinued  Operations

0.00 

0.00 

0.00 

0.00 

 Net Income

$0.00 

($0.01)

$0.01 

$0.01 
   
Weighted average dilutive  shares from stock option plan

44,764 

170,163 

49,199 

148,711 
   
Weighted average common  shares outstanding including dilutive shares

26,271,388 

26,377,563 

26,333,279 

26,726,190 

Earnings (loss)  per     share-diluted

 Continuing Operations

$0.00 

$0.00 

$0.01 

$0.01 

 Discontinued  Operations

0.00 

0.00 

0.00 

0.00 

 Net Income

$0.00 

($0.01)

$0.01 

$0.01 

 

10

On September 17, 2002, the Company'sBoard of Directors approved a Common Stock Repurchase Plan ("the RepurchasePlan") allowing the Company to repurchase up to five percent (approximately 1.3million shares) of its outstanding Common Stock over the twelve-month periodwhich followed.  On June 11, 2003, the Board of Directors approved aone-year extension of the repurchase period (until September 16, 2004) andincreased the total number of shares purchasable under the Repurchase Plan to2.5 million.  On September 29, 2004 the Board of Directors approvedanother one-year extension of the repurchase period (until September 16, 2005).The Company may repurchase its shares either in the open market or throughprivate transactions.  The volume of the shares to be repurchased is contingentupon market conditions and other factors.  During the three month periodended September 30, 2004, the Company repurchased 55,668 shares of its CommonStock at a cost of $30,519 (average cost of $0.55 per share) and during thenine month period September 30, 2004, the Company repurchased 153,976 shares ofits Common Stock at a cost of $86,922 (average cost of $0.56 per share). As ofSeptember 30, 2004, the total number of shares repurchased under the RepurchasePlan was 1,509,945 at a cost of $762,867 (average cost of $0.51 per share) andthe remaining number of shares the Company is authorized to repurchase underthe Repurchase Plan is 990,055. The Company currently holds the repurchasedstock as Treasury Stock, reported at cost.

**Note 8 - Business Segment Information**

The Company is primarily involvedin two lines of business, electrical construction and real estatedevelopment.  There were no material amounts of sales or transfers betweenlines of business and no material amounts of foreign sales.  Anyintersegment sales have been eliminated.

The following table sets forth certain segmentinformation for the nine months ended September 30, as indicated:  

2004

2003

(unaudited)

(unaudited)

Sales from operations to    unaffiliated customers

    Electrical  construction

$23,220,182 

  $20,389,978 

    Real  estate development

3,864,833 

    4,659,949 

      Total

$27,085,015 

$25,049,927 
     
Operating income

  Electrical  construction

$ 1,350,014 

$ 1,173,813 

  Real estate  development

828,362 

     770,119 

    Total  operating income

2,178,376 

   1,943,932 
     
Other  income, net

  71,714 

     61,181 

General  corporate expenses

   (1,638,745)

   (1,596,379)

Income from continuing    operations before income    taxes

$   611,345 

  $   408,734 

 

 

11

The following table sets forth certain segmentinformation for the three months ended September 30, as indicated:

2004

2003

(unaudited)

(unaudited)

Sales from operations to    unaffiliated customers

    Electrical  construction

$7,262,905 

$4,539,399 

    Real  estate development

   - 

   2,274,742 

      Total

$7,262,905 

$6,814,141 
     
Operating income (loss)

  Electrical  construction

$  835,831 

  $ (141,812)

  Real estate  development

(45,541)

    463,002 

    Total  operating income (loss)

     790,290

321,190 
     
Other  income, net

       37,358 

7,835 

General  corporate expenses

    (509,706)

     (502,478)

Income (loss) from  continuing    operations before income    taxes

  $  317,942

  $ (173,453)

Operating income is total operating revenue lessoperating expenses inclusive of depreciation and selling, general andadministrative expenses for each segment.  Operating income excludesinterest expense, interest income and income taxes.  General corporateexpenses are comprised of general and administrative expenses and corporatedepreciation expense.  Operating income for each business segment,electrical construction and real estate development, is reconciled below in therespective nine month and three month sections of Item 2 - Management'sDiscussion and Analysis of Financial Condition and Results of Operations.

The following table sets forthcertain segment information as of the dates indicated:

September 30,	2004

December 31, 2003

(unaudited)

Identifiable assets:

  Electrical  construction

$16,985,910 

$11,988,779 

  Real estate  development

   1,783,849 

  6,157,845 

  Corporate

   7,056,006 

  5,947,673 

    Total

$25,825,765 

$24,094,297 

 

**Note 9 - The Goldfield  Corporation 1998 Executive Long-term Incentive Plan**

In 1998, the stockholders of the Company approved the1998 Executive Long-term Incentive Plan (the "Plan"), which permits thegranting of Nonqualified Stock Options, Incentive Stock Options, StockAppreciation Rights, Restricted Stock, Restricted Stock Units, PerformanceUnits, Performance Shares and other awards to all officers and key employees ofthe Company and its subsidiaries. Shares granted pursuant to the Plan may beauthorized but unissued shares of Common Stock, treasury shares or sharespurchased on the open market.  The exercise price under such grants, ifapplicable, will be based on the fair market value of the Common Stock at thedate of grant.  The maximum number of shares available for grant under thePlan is 1,300,000.  Any options granted under the Plan must be exercisedwithin 10 years of the date of grant.  On March 9, 1999, the Company grantedoptions to purchase 985,000 shares, exercisable at $0.21875 per share, the fairmarket price of the Common Stock at the date of grant.  No stock optionswere granted during the nine month periods ended September 30, 2004 and2003.  As of September 30, 2004, 77,001 options were outstanding. 

 

12

 

As permitted by Statement ofFinancial Accounting Standards ("SFAS") No. 123, "Accounting for Stock-BasedCompensation", as amended by SFAS No. 148, "Accounting for Stock-Based Compensation- Transition and Disclosure - an amendment of SFAS No. 123", the Companyapplies the intrinsic value-based method of accounting as prescribed byAccounting Principles Board Opinion No. 25, "Accounting for Stock Issued toEmployees", in accounting for its Plan. Accordingly, no compensation cost has been recognized in the consolidatedfinancial statements during the nine month periods ended September 30, 2004 and2003.  Had the Company used the fair value-based method of accounting todetermine compensation cost for its stock options at the grant date under SFASNo. 123, as amended by SFAS No. 148, the Company's net income would not havechanged for the nine month periods ended September 30, 2004 and 2003.

**Note 10 - Recent Accounting  Pronouncements**

In January 2003, the FinancialAccounting Standards Board (the "FASB") issued Interpretation No. 46 ("FIN46"), "Consolidation of Variable Interest Entities", and a revised interpretationof FIN 46 ("FIN 46-R") was issued in December 2003.  FIN 46 requirescertain variable interest entities to be consolidated by the primarybeneficiary of the entity if the equity investors in the entity do not have thecharacteristics of a controlling financial interest or do not have sufficientequity at risk for the entity to finance its activities without additionalsubordinated financial support from other parties.  The provisions of FIN46 are effective immediately for all arrangements entered into after January31, 2003.  Since January 31, 2003, the Company has not invested in anyentities it believes are variable interest entities for which the Company isthe primary beneficiary. FIN 46-R is effective for the interim periods endingMarch 31, 2004 or thereafter for all new or existing arrangements. The adoptionof FIN 46 and FIN 46-R did not have a significant impact on the financialposition or results of operations of the Company.

**Forward-Looking Statements**

We make "forward looking statements" within the"safe harbor" provision of the Private Securities Litigation ReformAct of 1995 throughout this document. You can identify these statements byforward-looking words such as "may," "will," "expect,""anticipate," "believe," "estimate,""plan," and "continue" or similar words.  We havebased these statements on our current expectations about future events. Although we believe that our expectations reflected in or suggested by ourforward-looking statements are reasonable, we cannot assure you that theseexpectations will be achieved.  Our actual results may differ materiallyfrom what we currently expect.  Factors that may affect the results of ourelectrical construction operations include, among others: the level of constructionactivities by public utilities; the timing and duration of constructionprojects for which we are engaged; adverse weather; our ability to estimateaccurately with respect to fixed price construction contracts; heightenedcompetition in the electrical construction field, including intensification ofprice competition; and the availability of skilled construction labor. Factorsthat may affect the results of our real estate development operations include,among others: interest rates; ability to obtain necessary permits fromregulatory agencies; adverse legislation or regulations; ability to acquireland; ability to obtain additional construction financing; adverse weather;natural disasters; and general economic conditions, both nationally and in ourregion. Important factors which could cause our actual results to differmaterially from the forward-looking statements in this document are also setforth in the Management's Discussion and Analysis of Financial Condition andResults of Operations section and elsewhere in this document.

13

You should read this Quarterly Report on Form 10-Qcompletely and with the understanding that our actual future results may bematerially different from what we expect.  We may not update these forward-lookingstatements, even in the event that our situation changes in the future. All forward-looking statements attributable to us are expressly qualified bythese cautionary statements.

**Item 2. Management's Discussion and Analysis of Financial  Condition and           Results of Operations.**

**Overview**

The four major hurricanes which struck Florida during thethird quarter did not cause any material damage to any of the Company'sproperties and did not disrupt its business. As discussed below, the Company'selectrical construction subsidiary obtained storm restoration assignmentsduring the quarter.

The Company's revenue from electrical constructionoperations increased approximately 14% for the nine month period endingSeptember 2004 and 60% for the three month period ended September 30, 2004 ascompared to the same periods in the prior year.  These increases weremainly due to an increase in demand for electrical transmission services andemergency storm restoration work.  We cannot project the levels of futuredemand for construction services.  Operating margins of the electricalconstruction operations remained constant for the nine month period endingSeptember 30, 2004 when compared to the like period in 2003, but increasedsignificantly for the three month period ending September 2004 as compared tothe same period in the prior year.  The improvement in operating marginsfor the three month period ended September 30, 2004 is primarily attributableto the combination of a negative margin in the three month period endedSeptember 30, 2003 and a larger revenue base to absorb overhead in this periodin 2004.  As previously reported on May 25, 2004, because of operationalissues, the Company was limited in its ability to bid on certain new projectsfor two major customers.  This limitation has now been withdrawn by thesignificantly larger of such customers and we do not anticipate any materialadverse impact on our operations from these issues.

Revenues from the real estate development operationsdecreased by approximately 17% in the first nine months of 2004 when comparedto the same period in 2003, mainly as a result of having two projects underconstruction during the last three months of the period ended September 30,2003 whereas no projects were under construction during the like 2004period.  As a percentage of revenue, operating margins increased to 21%for the nine months ended September 30, 2004 from 16.5% for the nine monthsended September 30, 2003.  Although the Company believes the marketremains strong for its condominium development projects, due to the timing ofour projects we will not recognize revenue from them until the first half of2005.  In 2005, the Company plans to commence construction on two plannedprojects, Oak Park and Pineapple House, described in the Results of Operationssection below, each of which is larger than any of the Company's priorcondominiums.  Since both projects are still in the permitting phase,there can be no assurance as to specific timing with respect to thecommencement of construction.

** Critical Accounting Policies andEstimates**

This discussion and analysis ofthe Company's financial condition and results of operations is based upon theCompany's consolidated financial statements, which have been prepared inaccordance with accounting principles generally accepted in the UnitedStates.  The preparation of these financial statements requires theCompany to make estimates and judgments that affect the reported amounts ofassets, liabilities, revenues and expenses, and related disclosure ofcontingent assets and liabilities.  On an on-going basis, the Company evaluatesits estimates, including those related to fixed price electrical constructioncontracts, real estate development projects, deferred income tax assets andenvironmental remediation.  The Company bases its estimates on historicalexperience and on various other assumptions that are believed to be reasonableunder the circumstances, the results of which form the basis for makingjudgments about the carrying values of assets and liabilities that are notreadily apparent from other sources. Actual results may differ from theseestimates under different assumptions or conditions.  For example, foreach critical accounting estimate, a hypothetical scenario of an adverse 5%change to the estimate and its resulting affect on after-tax income is detailedbelow.  The Company believes the following critical accounting policiesaffect its more significant judgments and estimates used in the preparation ofits consolidated financial statements. The Company's management has discussedthe selection and development of its critical accounting policies, estimatesand related disclosure below with the Audit Committee of the Board ofDirectors.

 

14

 

  **Percentage ofCompletion - Electrical Construction Segment**

A number of factors relatingto our electrical construction segment affect the recognition of contractrevenue. The Company recognizes revenue when electrical services are performedexcept when work is performed under a fixed price contract.  Revenue fromfixed price electrical construction contracts is recognized on the percentageof completion method.  Under this method, estimated contract income andresulting revenue is generally accrued based on costs incurred to date as apercentage of total estimated costs.  Total estimated costs, and thuscontract income, are impacted by several factors including, but not limited to,changes in productivity and scheduling, and the cost of labor, subcontracts,materials and equipment.  Additionally, external factors such as weather,client needs, client delays in providing approvals, labor availability andgovernmental regulation, may also affect the progress and estimated cost of aproject's completion and thus the timing of income and revenue recognition.

The Company believes the currentassumptions and other considerations used to estimate the total costs areappropriate.  However, if actual experience differs from the assumptionsand other considerations used in estimating total costs, the resulting changecould have an adverse effect on the Company's results of operations.  Forexample, if a 5% unfavorable change in total estimated costs had occurred,after-tax income from continuing operations for the nine months ended September30, 2004 would have decreased $138,231.

If a current estimate oftotal costs indicates a loss on a contract, the projected loss is recognized infull when determined. Revenue from change orders, extra work, variations in thescope of work and claims is recognized when realization is probable.

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

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

15
 
 

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

Because of the generalinvariability of costs of fixed-price construction contracts, the Companybelieves that a material difference in total actual project costs versus totalestimated project costs is unlikely.  As of September 30, 2004, all realestate condominium projects being accounted for under the percentage ofcompletion method of accounting were complete.  As a result, after-taxincome from continuing operations for the nine months ended September 30, 2004would not have changed from any adverse circumstances affecting previouslyestimated total project costs. 

If a current estimate oftotal project costs indicates a loss on a project, the projected loss isrecognized in full when determined.  The timing of revenue and expenserecognition is contingent on construction productivity.  Factors possiblyimpeding construction productivity include, but are not limited to, supply oflabor, materials and equipment, scheduling, weather, permitting and unforeseenevents.

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

  **Deferred Tax Assets**

The Companyconsiders future taxable income and ongoing prudent and feasible tax planningstrategies in assessing the need for a valuation allowance for deferred taxassets.  The ultimate realization of deferred tax assets is dependent uponthe generation of future taxable income during the periods in which thedeferred tax assets are expected to be recovered or settled.  Should theCompany determine that it would not be able to realize all or part of its netdeferred tax assets, a valuation allowance would be recorded to reduce itsdeferred tax assets to the amount that is more likely than not to be realized.In the event the Company were to subsequently determine that it would be ableto realize its deferred tax assets in the future in excess of its net recordedamount, an adjustment to the previously recorded valuation allowance would increaseincome in the period such determination was made.

As of September 30, 2004, thedeferred tax asset was largely comprised of net operating loss ("NOL")carryforwards which will expire from 2014 through 2022.  Based onhistorical experience and other various assumptions including forecasts offuture taxable income and tax planning, the Company anticipates being able togenerate sufficient taxable income to utilize the NOL carryforwards prior totheir respective expiration dates and therefore, did not record a valuationallowance against the deferred tax assets.  Had the Company forecasted aninability to utilize 5% of the NOL carryforwards, prior to their respectiveexpiration dates, after-tax income from continuing operations for the ninemonths ended September 30, 2004 would have decreased $40,630.  

  **Provision forRemediation**

In September 2003, the Company was notified by the UnitedStates Environmental Protection Agency (the "EPA") that it is a potentially responsibleparty (a "PRP") with respect to possible investigation and removal activitiesat a mine that it had formerly owned.  Refer to note 3 of notes to theconsolidated financial statements for a discussion on this matter.

16
 
In accordance with FinancialAccounting Standards Board ("FASB") Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement ofFinancial Accounting Standards No. 5 (Accounting for Contingencies)", andStatement of Position 96-1, "Environmental Remediation Liabilities", during theyear ended December 31, 2003, the Company recognized a provision of $210,976(within discontinued operations). As of September 30, 2004 the Companyrecognized an additional $23,589 ($11,897) net of taxes), which increases thecurrent estimate for remediation costs to $234,565. Total actual remediationcosts to be incurred in future periods may vary from this estimate, giveninherent uncertainties in evaluating environmental costs.  In the currentyear, had the Company determined its estimate for the provision for remediationto be 5% in excess of its estimate recognized in the prior year, after-taxincome from discontinued operations for the nine months ended September 30,2004 would have decreased $5,915.

**Resultsof Operations**

**NINE MONTHS ENDED SEPTEMBER30, 2004 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2003**

**Segment Information**

The table below shows the Company'sconsolidated revenue and operating income attributable to each of its ongoinglines of business for the nine months ended September 30, as indicated:

2004

2003

(unaudited)

(unaudited)

Revenue

  Electrical  construction

$23,220,182

$20,389,978

  Real  estate development

3,864,833

4,659,949

    Total

$27,085,015

$25,049,927
     
Operating  income

  Electrical  construction

$ 1,350,014

$ 1,173,813

  Real  estate development

828,362

770,119

    Total

$ 2,178,376

$ 1,943,932

The table below is areconciliation of the Company's operating income attributable to each of its ongoinglines of business for the nine months ended September 30, as indicated:

2004

2003

(unaudited)

(unaudited)

Electrical  construction 

  Revenue

$23,220,182

$20,389,978

  Expenses

    Cost  of goods sold

20,306,285

17,996,878

    Depreciation

1,480,910

1,128,735

    SG&A

82,973

90,552

      Total  expenses

21,870,168

19,216,165

  Operating  income

$ 1,350,014

$ 1,173,813
     
Real  estate development

  Revenue

$ 3,864,833

$ 4,659,949

  Expenses

    Cost  of goods sold

2,758,697

3,609,302

    Depreciation

9,206

6,523

    SG&A

268,568

274,005

      Total  expenses

3,036,471

3,889,830

  Operating  income

$   828,362

$   770,119
     
 

17
********
**Continuing Operations**

**  Revenues**

Total revenues in the nine months ended September 30,2004 increased by 8.1% to $27,085,015, compared to $25,049,927 in the ninemonths ended September 30, 2003.  

Electrical construction revenuesincreased by 13.9% to $23,220,182 in the nine months ended September 30, 2004from $20,389,978 in the nine months ended September 30, 2003.

Revenues recognized by the real estate developmentoperations for the nine months ended September 30, 2004 were $3,864,833compared to $4,659,949 for the nine months ended September 30, 2003, a decreaseof 17.1%.  This decrease resulted from having two projects underconstruction during the last three months of the period ended September 30,2003 whereas no projects were under construction during the like 2004 period.

As of September 30, 2004, thereal estate development operations' third project, "Cape Club", a sixteen-unitoceanfront condominium development located in Cape Canaveral, Florida wascompleted and all sixteen units previously under contract for sale were closed. Cape Club was accounted for under the percentage of completion method asdescribed in the above Critical Accounting Policies and Estimates.

"Oak Park", a townhouse-stylecondominium project in Cape Canaveral, Florida is currently in the permitting phase. Plans call for a forty-unit complex to be built, all of which have beenreserved with refundable deposits.  On September 22, 2004, the Companyreceived site plan approval for the project from the City of Cape Canaveral. Commencement of construction is dependent upon the receipt of requiredpermits.

The Company's most recentplans are to develop a river-view residential complex on a two-acre parcel inMelbourne, Florida, acquired in January 2003 for approximately $1 million.Initial plans call for a multi-phase development named "Pineapple House", withthe first phase comprised of an eight-story building containing thirty-threeluxury river-view condominium units. Future proposed phases adjoining the firstphase include two additional eight-story buildings containing twenty-two luxuryriver-view residential units each.  On June 22, 2004, the Company receivedsite plan approval for the project from the City of Melbourne. Commencement of construction is dependent upon the receipt of requiredpermits.  

  **Operating Results**

Electrical construction operations had an operatingincome of $1,350,014 in the nine months ended September 30, 2004, compared toan operating income of $1,173,813 during the nine months ended September 30,2003, an increase of 15.0%.  As a percentage of revenue, operating marginson electrical construction operations remained constant at 5.8% for the ninemonths ended September 30, 2004 as compared to the nine months ended September30, 2003.  The Company's electrical construction subsidiary is customarilyinvolved in a limited number of projects at any one given time. Therefore, operating results can vary significantly from period to perioddepending upon the number of projects underway in any period and the particularoperating characteristics of such projects.  The varying magnitude andduration of electrical construction projects may result in substantialfluctuation in the Company's backlog from time to time. At September 30, 2004,the approximate value of uncompleted contracts was $5,280,000 compared to$5,700,000 at September 30, 2003.

18

Real estate development operations had an operating incomeof $828,362 in the nine months ended September 30, 2004, compared to $770,119in the nine months ended September 30, 2003, an increase of $58,243.  As apercentage of revenue, operating margins increased to 21.4% for the nine monthsended September 30, 2004 from 16.5% for the nine months ended September 30,2003.  Operating margins from real estate development operations areexpected to vary due to the type and number of projects under construction atany given time and each respective project's estimated operating margin.

As of September 30, 2004, thereal estate development operations had no backlog (outstanding real estatecontracts for sale excluding partial revenue already recognized on saidcontracts under the percentage of completion method) compared to approximately$5,700,000 as of September 30, 2003.  Although real estate developmentoperations currently has no backlog, previously mentioned projects awaitingcommencement of construction may have a material impact on future backlog.

  **Costs and Expenses**

Total costs and expenses, and the components thereof,increased to $26,545,384 in the nine months ended September 30, 2004 from$24,702,374 in the nine months ended September 30, 2003, an increase of 7.5%.

Electrical construction costs increased to $20,306,285 inthe nine months ended September 30, 2004 from $17,996,878 in the nine monthsended September 30, 2003, an increase of 12.8%.  The increase in costsresulted from an increase in the volume of work performed and is fairly consistentwith the 13.9% increase in revenue.

Costs of the real estate development operations decreasedto $2,758,697 for the nine months ended September 30, 2004 from $3,609,302 forthe nine months ended September 30, 2003, a decrease of 23.6%.  Thisdecrease was primarily due to the result of having two projects underconstruction during the last three months of the period ended September 30,2003 whereas no projects were under construction during the like 2004 period.

Depreciation and amortization was$1,541,275 in the nine months ended September 30, 2004, compared to $1,171,527in the nine months ended September 30, 2003.  The increase in depreciationand amortization was primarily a result of an increase in capital expendituresmade in recent years, most of which were attributed to upgrading and replacingelectrical construction equipment.

The following table sets forthselling, general and administrative ("SG&A") expenses for each respectivesegment for the nine months ended September 30, as indicated:

2004

2003

(unaudited)

(unaudited)

Electrical construction

  $   82,973

  $   90,552

Real estate development

  268,568

   274,005

Corporate

1,587,586

1,560,110

  Total

$1,939,127

$1,924,667

In the nine months ended September 30, 2004, totalSG&A expenses increased by less than one percent when compared to the likeperiod in 2003.  SG&A expenses, as a percentage of revenue, decreasedto 7.2% in the nine months ended September 30, 2004 from 7.7% in the ninemonths ended September 30, 2003.

19
********
  **Income Taxes**

The provision for income taxes was $303,004 in the nine monthsended September 30, 2004, an effective tax rate of 49.6%, which is theCompany's expected tax rate for the year ended December 31, 2004, as comparedto $153,211 in the nine months ended September 30, 2003, an effective tax rateof 37.5%.  The effective tax rate for the nine months ended September 30,2004 differs from the statutory rate largely due to estimated expenses whichare non-deductible for tax purposes.

**Discontinued Operations **

On December 4, 2002, effective November 30, 2002, theCompany completed the sale of the capital stock of its mining subsidiaries.

Following the sale, in September2003, the Company was notified by the EPA that it is a PRP with respect topossible investigation and removal activities at a mine previously owned by theCompany. Please see Part II, Item 1. Legal Proceedings.

The following table sets forthcertain unaudited operating results of the discontinued operations for the ninemonths ended September 30, as indicated: 
   
2004

 2003
      
Net  sales

$      -

    $       -   
   
Cost  of sales

       -

         -   
   
Depreciation

       -

         -   
   
General and    administrative expense

         -

           -   
   
Provision  for remediation

    (23,589)(1)

     (210,976)(2)
   
Operating  (loss) income 

  (23,589)

   (210,976)
   
Other  income, net

       -

        -   
   
(Loss)  income from discontinued    operations before income taxes

    (23,589)

     (210,976)
   
Income (taxes) benefit

  11,692

    89,592
      
(Loss) income from  discontinued    operations, net of tax

 $(11,897)

  $(121,384)
   
(1) Additional legal and professional fees incurred asof September 30, 2004.(2)****Includes$15,226 of legal and professional fees incurred as of September 30, 2003 anda $195,750 reserve for remediation

**THREE MONTHS ENDED SEPTEMBER30, 2004 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 2003**

**Segment Information**

The table below shows theCompany's consolidated revenue and operating income attributable to each of itsongoing lines of business for the three months ended September 30, asindicated:

2004

2003

(unaudited)

(unaudited)

Revenue

  Electrical  construction

$7,262,905 

$4,539,399 

  Real  estate development

    - 

   2,274,742 

    Total

$7,262,905 

$6,814,141 

Operating  income (loss)

  Electrical  construction

$  835,831 

  $ (141,812)

  Real  estate development

(45,541)

    463,002 

    Total

$  790,290 

$  321,190 

 

20

The table below is areconciliation of the Company's operating income (loss) attributable to each ofits ongoing lines of business for the three months ended September 30, asindicated:

2004

2003

(unaudited)

(unaudited)

Electrical  construction 

  Revenue

$7,262,905 

$4,539,399 

  Expenses

    Cost  of goods sold

5,877,255  

4,236,547  

    Depreciation

535,394 

420,545 

    SG&A

14,425 

24,119 

      Total  expenses

6,427,074 

4,681,211 

  Operating  income (loss)

$  835,831 

$ (141,812)
     
Real  estate development

  Revenue

$        - 

$ 2,274,742 

  Expenses

    Cost  of goods sold

35,756  

1,677,775  

    Depreciation

3,456 

(214)

    SG&A

6,329 

134,179 

      Total  expenses

45,541 

1,811,740 

  Operating  income (loss)

$  (45,541)

$   463,002 

**Continuing Operations**

**  Revenues**

Total revenues in the three months ended September 30,2004 increased by 6.6% to $7,262,905, compared to $6,814,141 in the threemonths ended September 30, 2003.

Electrical construction revenuesincreased by 60.0% in the three months ended September 30, 2004 to $7,262,905from $4,539,399 in the three months ended September 30, 2003.  Thisincrease was primarily attributable to an increase in storm restorationwork related to the hurricanes that hit Florida during August and September2004 and to a lesser extent, transmission line construction.

There were no revenues recognized by the real estatedevelopment operations for the three months ended September 30, 2004 comparedto $2,274,742 for the three months ended September 30, 2003.  Thisdecrease was due to the completion of Cape Club in the second quarter of 2004and no other projects currently being under construction.

 ** Operating Results**

Electrical construction operations had an operatingprofit of $835,831 in the three months ended September 30, 2004, compared to anoperating loss of $141,812 during the three months ended September 30,2003.  As a percentage of revenue, operating margins on electrical constructionoperations increased to 11.5% for the three months ended September 30, 2004from (3.1)% for the three months ended September 30, 2003.  The lowoperating margin for the 2003 period was largely a result of higher thanbudgeted costs incurred due to adverse weather conditions encountered onseveral large electrical construction projects.  The higher operatingmargin for the like 2004 period was realized from increased transmission linework and increased revenue from storm restoration efforts.  Increasedrevenue from emergency restoration work, which was performed in addition to ourregularly scheduled contract work, improved operating margins by reducing ouroverhead allocation.

21

Real estate development operations had an operating lossof $45,541 in the three months ended September 30, 2004, compared to operatingincome of $463,002 in the three months ended September 30, 2003. Operating income decreased due to the completion of Cape Club in the secondquarter of 2004 and no other projects being under construction. As a percentageof revenue, the operating margin was 20.4% for the three months ended September30, 2003. No operating margin was calculated for the like 2004 period sincethere was no revenue from real estate development for the period.

  **Costs and Expenses**

Total costs and expenses, and the components thereof,decreased to $6,982,321 in the three months ended September 30, 2004 from$6,995,429 in the three months ended September 30, 2003, a decrease of lessthan one percent.

Electrical construction costs increased to $5,877,255 inthe three months ended September 30, 2004 from $4,236,547 in the three monthsended September 30, 2003, an increase of 38.7%.  The increase in costsresulted from an increase in the volume of work performed and follows a 60.0%increase in revenue for the three months ended September 30, 2004.

Costs of the real estate development operations decreasedto $ 35,756 for the three months ended September 30, 2004 from $1,677,775 forthe three months ended September 30, 2003, a decrease of 97.9%.  Thisdecrease was mainly due to the completion of Cape Club's construction duringthe second quarter of 2004 and no other projects being under construction.

Depreciation and amortization was$553,939 in the three months ended September 30, 2004, compared to $433,418 inthe three months ended September 30, 2003.  The increase in depreciationand amortization was primarily a result of an increase in capital expendituresmade in recent years, most of which were attributed to upgrading and replacingelectrical construction equipment.  

The following table sets forthselling, general and administrative ("SG&A") expenses for each respectivesegment for the three months ended September 30, as indicated:

2004

2003

(unaudited)

(unaudited)

Electrical construction

  $ 14,425 

  $ 24,119

Real estate development

6,329 

   134,179

Corporate

494,617 

489,391

  Total

$515,371 

$647,689

In the three months ended September 30, 2004, totalSG&A expenses decreased by 20.4% when compared to the like period in2003.  The decrease was mainly due to there being no selling costsincurred by the real estate development operations during the 2004period.  SG&A expenses, as a percentage of revenue, were 7.1% for thethree months ended September 30, 2004 compared to 9.5% in the like period for2003.

  

22
**   Income Taxes**
The income tax provision was$286,298 in the three months ended September 30, 2004, an effective tax rate of90.0%, as compared to a tax benefit of $81,335 in the three months endedSeptember 30, 2003, an effective tax benefit of (46.9)%. The effective tax rateof 90% for the three months ended September 30, 2004 (as opposed to thestatutory rate of 34%) resulted from (1) a significant increase in estimatedannual earnings from the estimate used at the end of the second quarter, whichsubstantially increased the Company's annual projected effective rate andrequired an adjustment to the third quarter cumulative tax provision and (2) toa lesser extent, the effect of the amount of estimated expenses which arenon-deductible for tax purposes.  The effective tax benefit of (46.9)% forthe three months ended September 30, 2003 differs from the statutory ratelargely due to an income tax credit and state income taxes. 

**Discontinued Operations**

The following table sets forthcertain unaudited operating results of the discontinued operations for thethree months ended September 30, as indicated: 
   
2004

 2003
      
Net  sales

  $      -

 $       -
   
Cost  of sales

     -

      -
   
Depreciation

     -

      -
   
General and
   
  administrative  expense

     -

      -
   
Provision  for remediation

   (23,589)(1)

 (210,976)(2)
   
Operating  (loss) income

   (23,589)  

 (210,976)  
   
Other  income, net

     -

      -
   
(Loss) income from  discontinued
   
  operations  before income taxes

   (23,589)  

 (210,976)  
   
Income  (taxes) benefit

   11,692   

   89,592   
           
(Loss)  income from discontinued
   
  operations,  net of tax

  $(11,897)  

$(121,384)  

(1) Additional legal and professional feesincurred as of September 30, 2004.

(2)****Includes $15,226 of legal and professionalfees incurred as of September 30, 2003 and a $195,750 reservefor remediation

**Liquidity and Capital Resources**

**Working Capital Analysis**

Cash and cash equivalents at September 30, 2004 were$6,417,401 as compared to $5,045,463 at December 31, 2003. Working capital ofcontinuing and discontinued operations at September 30, 2004 was $10,087,917,compared to $10,565,493 at December 31, 2003.  The Company's ratio ofcurrent assets to current liabilities was 3.6:1 at September 30, 2004,unchanged from 3.6:1 at December 31, 2003.

**Cash Flow Analysis**

Net cash flows for each of thenine month periods ended September 30 were as follows:
   
2004

2003
   
(unaudited)

(unaudited)
   
Operating activities

$ 4,631,912

$(1,982,486)
   
Investing activities

  (4,230,587)

 (1,613,434)
   
Financing activities

    970,613

   (223,972)
   
Net increase (decrease) in cash and   cash  equivalents

$ 1,371,938

$(3,819,892)

**  OperatingActivities**

Cash flows from operating activitiesare comprised of income from continuing operations adjusted to reflect thetiming of cash receipts and disbursements therefrom. 

23

 

Net cash provided by operating activitiesduring the nine months ended September 30, 2004 was $4,631,912, compared to$1,982,486 of net cash used during the same period in 2003. This increase wasprimarily due to changes in the contracts receivable of the real estatedevelopment operations. Contracts receivable provided $3,732,867 of cash in thefirst nine months of 2004 due to the cash collected upon Cape Club's completionin June 2004, compared to cash used of $2,479,149 in the same period of theprior year.  

**  Investing Activities**

Net cash used by investingactivities in the nine months ended September 30, 2004 was $4,230,587, comparedto $1,613,434 of cash used in the like period of 2003. This significantincrease in cash usage by the Company's investing activities during the firstnine months of 2004, when compared to the same period in 2003, was primarilydue to an increase of capital expenditures in the first nine months of 2004 to$4,338,835 from $3,040,451 for the same period in 2003.  The majority ofcapital expenditures are attributable to purchases of machinery and equipmentby the Company's electrical construction segment which were prompted by anincrease in the volume of work performed and an effort to reduce futureequipment rental expense. Total capital expenditures in 2004 are anticipated tobe $4.9 million, which the Company is funding through existing cash reservesand its new term loan with Wachovia Bank, N.A., as described in note 4 of notesto the consolidated financial statements. 

In the nine months ended September30, 2004 no cash was provided from investments in securities due to an absenceof investment security transactions compared to $1,266,419 of cash provided inthe like period of 2003. 

**  Financing Activities**

Net cash provided by financing activities in the ninemonths ended September 30, 2004 was $970,613, compared to $223,972 of cash usedin the same period in 2003. This increase in cash provided by financingactivities in the first nine months of 2004, relative to the comparable periodin the prior year, was primarily due to borrowings on the electricalconstruction operations term loan (refer to note 4 of notes to the consolidatedfinancial statements) during the nine months ended September 30, 2004. 

In the nine months ended September 30, 2004 and 2003, theCompany used cash in the amount of $86,922 and $465,415, respectively, topurchase Treasury Stock (153,976 and 875,847 shares of Common Stock at anaverage cost of $0.56 and $0.53 per share, respectively for the nine monthsended September 30, 2004 and 2003) pursuant to the Common Stock Repurchase Planas described in note 7 of notes to the consolidated financial statements. 

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

On January 30, 2004, the Company entered into a term loanin the amount of $2,600,000, as described in note 4 of notes to theconsolidated financial statements, to finance a portion of the electricalconstruction operations capital expenditures for the current year. As ofSeptember 30, 2004, draws in the amount of $2,600,000 have been made on theaforementioned loan. 

The Company currently has a real estate construction loan(see note 4 of notes to the consolidated financial statements) in favor ofWachovia Bank, N.A. As of November 3, 2004, there were no borrowingsoutstanding under said loan and $6,000,000 is available for borrowing, of which$1,500,000 can be used for the working capital needs of the Company. 

24

The Company's credit facilitiesrequire it to comply with various covenants, including, but not limited to, minimumtangible net worth, minimum current ratio, and maximum debt to tangible networth ratio. Other loan covenants prohibit, among other things, incurringadditional indebtedness, issuing loans to other entities in excess of a certainamount, entering into a merger or consolidation, and any change in theCompany's current Chief Executive Officer without prior written consent fromthe lender.  As of September 30, 2004, the Company was in compliance withall such covenants.  However, there can be no assurance that the Companywill be able to sustain compliance with said covenants and therefore could riskeither a reduction or elimination of its present credit facilities.  TheCompany believes that its present ability to borrow, with the consent of itscurrent lender, is greater than its established credit facilities inplace.  However, no assurance can be given as to the terms, availabilityor cost of any future financing the Company may need.

**Forecast**

The Company anticipates its cash on hand, cash flows fromoperations and credit facilities will provide sufficient cash to enable theCompany to meet its working capital needs, debt service requirements andplanned capital expenditures for at least the next twelve months. However, the Company's revenues, results of operations and cash flows as wellas its ability to seek additional financing may be negatively impacted byfactors including, but not limited to, a decline in demand for electrical constructionservices and/or condominiums in the markets served and general economicconditions, heightened competition, availability of construction materials,increased interest rates and adverse weather conditions. 

**Contractual Obligations**

The following table summarizesthe Company's future aggregate contractual obligations at September 30,2004:  

Payments  Due By Period

  Total
Less Than    1 Year

1-2	Years

   3-5	  Years

More Than	 5 Years

Operating leases (1)

$1,088,142

$  189,076

$  142,707

$  426,384

$329,975

Purchase

  obligations

 1,317,614

 414,350

 426,780

 476,484

  -

Long-term debt 

 2,756,615

 952,865

 918,775

 884,975

-

   Total

$5,162,371

$1,556,291

$1,488,262

$1,787,843

$329,975

(1)On June 7, 2004, the Company entered into a new lease agreement for itscorporate headquarterswith Hibiscus Office Park, LLC.

25

**Item 4. Controls and Procedures.**

**Evaluation of disclosure controlsand procedures**

John H. Sottile, our ChiefExecutive Officer ("CEO"), and Stephen R. Wherry, our Chief Financial Officer("CFO"), have performed an evaluation of the Company's disclosure controls andprocedures, as that term is defined in Rule 13a-15(e) of the SecuritiesExchange Act of 1934, as amended (the "Exchange Act"), as of September 30, 2004and each has concluded that such disclosure controls and procedures aresufficiently effective to provide reasonable assurance that information requiredto be disclosed in our periodic reports filed under the Exchange Act isrecorded, processed, summarized and reported, within the time periods specifiedby the Securities and Exchange Commission's rules and regulations.

**Changes in internal controls**

No changes in the Company's internal controls overfinancial reporting occurred during the third quarter of 2004 that havematerially affected, or are reasonably likely to materially affect, theCompany's internal controls over financial reporting.

**Limitations of theeffectiveness of controls**

A control system, no matter howwell conceived and operated, can provide only reasonable assurance, notabsolute assurance that the objectives of the control system are met. Because of inherent limitations in all control systems, no evaluation ofcontrols can provide absolute assurance that all control issues, if any, withina company have been detected.  These inherent limitations include therealities that judgments in decision-making can be faulty and that breakdownscan occur because of simple error or mistake.  Additionally, controls canbe circumvented by the individual acts of some persons, by collusion of two ormore people or by management override of the controls.  The design of anysystem of controls is also based in part upon certain assumptions about thelikelihood of future events, and there can be no assurance that the design willsucceed in achieving its stated goals under all potential future conditions;over time, controls may become inadequate because of changes in conditions, orthe degree of compliance with policies and procedures may deteriorate. Because of the inherent limitations in a cost-effective control system,misstatements due to error or fraud may occur and not be detected.  Accordingly,our disclosure controls and procedures are designed to provide reasonable, notabsolute, assurance that the objectives of our disclosure control system aremet and, as set forth above, our CEO and CFO have concluded, based on theirevaluation, that our disclosure controls and procedures were sufficientlyeffective as of September 30, 2004 to provide reasonable assurance that theobjectives of the disclosure control system were met.

26

**PART II. OTHER INFORMATION**

**Item 1.  Legal Proceedings.**

**Environmental**

For information in response tothis Item, see the discussion regarding the special notice letter the Companyreceived from the United States Environmental Protection Agency regarding the Anderson-Calhounmine/mill site in note 3 of notes to the consolidated financial statements inthis Form 10-Q.

**Item 2. Unregistered Sales of Equity Securities and Use of  Proceeds**

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

**IssuerPurchases of Equity Securities**

Period

** **

Total Number of Shares	  Purchased

** **

Average Price  Paid per Share 

** **

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

** **

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

July 1, 2004 through  July  31, 2004

36,568

$0.57

36,568

1,009,155
                           
August 1, 2004  through August 31, 2004

 1,100

$0.52

 1,100

1,008,055
                           
September 1, 2004  through September 30, 2004

  18,000

  $0.51

  18,000

  990,055

Total

55,668

$0.55

55,668

990,055

** **

(1) OnSeptember 17, 2002, the Company's Board of Directors approved a Common StockRepurchase Plan ("the Repurchase Plan") allowing the Company to repurchase up tofive percent (approximately 1.3 million shares) of its outstanding Common Stockover the twelve-month period which followed.  On June 11, 2003, the Boardof Directors approved a one-year extension of the repurchase period (untilSeptember 16, 2004) and increased the total number of shares purchasable underthe Repurchase Plan to 2.5 million. On September 29, 2004, the Board ofDirectors approved another extension of the repurchase period (until September16, 2005).  Over the course of the Plan, through September 30, 2004, theCompany has repurchased 1,509,945 shares of its Common Stock at a cost of$762,867 (average cost of $0.51 per share). The Company may repurchase itsshares either in the open market or through private transactions.  Thetiming of repurchases and the volume of the shares to be repurchased iscontingent upon market conditions and other factors.  

27

 

**Item 6. Exhibits.**

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

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

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

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

  * These exhibitsare intended to be furnished in accordance with RegulationS-K Item 601(b)(32)(ii) and shall not be deemed to befiled for purposes of Section 18 of the Securities Actof 1934 or incorporated by reference into any filingunder the Securities Act of 1933, except as shall beexpressly set forth by specific reference.

SIGNATURES

Pursuant to the requirements ofthe Securities Exchange Act of 1934, the Registrant has duly caused this reportto be signed on its behalf by the undersigned thereunto duly authorized.

THE GOLDFIELD  CORPORATION  (Registrant)

Dated:   November 11, 2004

/s/John H. Sottile(John H. Sottile)  Chairman of the Board of Directors,  President, Chief Executive Officer and  Director.
     
/s/Stephen R. Wherry(Stephen R. Wherry)  Vice President, Chief Financial Officer	(Principal Financial Officer), Treasurer,Assistant Secretary and	Principal Accounting	Officer 

28

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