UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

Form 10-Q(Mark One)

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

For the quarterlyperiod ended June 30, 2004

OR

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

For the transitionperiod from ________ to ________

Commission FileNumber: 1-7525

** **TheGoldfield Corporation******    **(Exact Name of Registrant as Specifiedin its Charter)

| Delaware(State or Other Jurisdiction ofIncorporation 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 August 2, 2004, 26,228,568 shares of the Registrant's common stock wereoutstanding.

 

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THE GOLDFIELDCORPORATION AND SUBSIDIARIESQUARTERLY REPORT ONFORM 10-QFOR THE QUARTER ENDED JUNE 30, 2004

INDEX

|  |  | PageNumber
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

24
   
Part II.			Item 1.

OTHER INFORMATIONLegal Proceedings

			25
			 			 						 
Item 2.

Changes in Securities, Use of Proceeds and Issuer  Purchases of Equity Securities

27
			 			  			 
Item 4.

Submission of Matters to a Vote of Security Holders

27
			 			 						 
Item 6.

Exhibits and Reports on Form 8-K

28
   
Signatures

29
** 

**PART I.   FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

June 30,

December 31,

2004

2003

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

 $ 2,995,840 

 $ 5,045,463 

Accounts receivable and accrued billings

   4,211,529 

   4,043,255 

Contracts receivable (Note 3) 

   3,589,400 

   3,732,867 

Current portion of notes receivable

      39,868 

      42,969 

Costs and estimated earnings in excess of 

billings on uncompleted contracts 

   1,875,071 

     704,413 

Deferred income taxes 

     109,566 

     194,492 

Income taxes recoverable 

      41,663 

      37,658 

Residential properties under construction

         -   

     361,436 

Prepaid expenses

     563,366 

     514,716 

Other current assets

     408,457 

       7,132 

Total current assets

  13,834,760 

  14,684,401 

Property, buildings and equipment, net 

   7,328,527 

   5,911,013 

Notes receivable, less current portion

     554,438 

     570,061 

Deferred charges and other assets

Deferred income taxes, less current portion 

   1,135,684 

   1,058,581 

Land and land development costs

   1,456,656 

   1,438,965 

Cash surrender value of life insurance 

     303,011 

     309,939 

Other assets 

     145,502 

     121,337 

Total deferred charges and other assets

   3,040,853 

   2,928,822 

Total assets

 $24,758,578 

 $24,094,297 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

   

   

Accounts payable and accrued liabilities 

 $ 3,203,220 

 $ 2,296,085 

Billings in excess of costs and estimated 

earnings on uncompleted contracts 

         -   

     115,520 

Current portion of note payable to bank (Note 5)

     307,483 

   1,578,923 

Current liabilities of discontinued operations (Note 4)

      93,283 

     128,380 

Total current liabilities

   

   3,603,986 

   4,118,908 

Note payable to bank, less current portion (Note 5)

     922,451 

         -   

Total liabilities

   4,526,437 

   4,118,908 

Commitments and contingencies (Notes 4 and 6)

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 June 30, 2004

and December 31, 2003, respectively 

   2,773,677 

   2,757,010 

Capital surplus 

  18,472,539 

  18,452,748 

Accumulated deficit

    (263,007)

    (539,704)

Total

  20,983,209 

  20,670,054 

Less common stock in treasury, at cost; 1,471,635

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

December 31, 2003, respectively

     751,068 

     694,665 

Total stockholders' equity

  20,232,141 

  19,975,389 

Total liabilities and stockholders' equity

 $24,758,578 

 $24,094,297 

See accompanying notes to consolidated financial statements**
			 

3

 

 

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

June 30,

2004

2003

2004

2003

Revenue

Electrical construction

 $ 6,685,343 

 $ 8,897,680 

 $15,957,277 

 $15,850,579 

Real estate development

876,062 

1,657,762 

3,864,833 

2,385,207 

Total revenue

7,561,405 

10,555,442 

19,822,110 

18,235,786 

Costs and expenses

Electrical construction

6,880,757 

8,010,733 

14,429,031 

13,760,331 

Real estate development

647,912 

1,286,795 

2,722,941 

1,931,526 

Depreciation and amortization

500,815 

392,512 

987,335 

738,109 

Selling, general and administrative

659,262 

696,621 

1,423,756 

1,276,979 

Total costs and expenses

8,688,746 

10,386,661 

19,563,063 

17,706,945 

Other income, net 

Interest income

17,934 

32,030 

38,509 

71,516 

Interest expense, net

(11,502)

(6,754)

(18,001)

(13,508)

(Loss) gain on sale of property and equipment

(1,797)

      12,319 

(2,912)

     (10,164)

Other

16,164 

595 

16,759 

5,502 

Total other income, net

20,799 

38,190 

34,355 

53,346 

(Loss) income from continuing operations

before income taxes

(1,106,542)

206,971 

293,402 

582,187 

Income taxes (benefit) (Note 7)

(544,069)

84,292 

16,705 

234,546 

(Loss) income from continuing operations

available to common stockholders

(562,473)

122,679 

276,697 

347,641 

Income from discontinued operations (Note 4)

         -   

         -   

         -   

         -   

Net (loss) income available to common stockholders

 $  (562,473)

 $   122,679 

 $   276,697 

 $   347,641 

(Loss) earnings per share of common stock -

basic and diluted (Note 8)

Continuing operations

 $        (0.02)

 $         0.00 

 $         0.01 

 $         0.01 

Discontinued operations

0.00 

0.00 

0.00 

0.00 

Net (loss) income

 $        (0.02)

 $         0.00 

 $         0.01 

 $         0.01 

Weighted average common shares and 

equivalents used in the calculations

of (loss) earnings per share

Basic

  26,336,064 

  26,613,750 

  26,313,124 

  26,771,237 

Diluted

  26,336,064 

  26,752,708 

  26,364,166 

  26,903,107 

See accompanying notes to consolidated financial statements
 
4
****
			THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended

June 30,

2004

2003

			Cash flows from operating activities

			Income from continuing operations available 

			  to common stockholders

			 $   276,697 

			 $  347,641 

			Adjustments to reconcile net income to net

			  cash provided by (used in) operating activities

			  Depreciation and amortization

987,335 

738,109 

			  Deferred income taxes

7,823 

188,455 

			  Loss on sale of property and equipment

2,912 

10,164 

			  Cash (used by) provided from changes in

			    Accounts receivable and accrued billings

(168,274)

(3,595,902)

			    Contracts receivable

143,467 

(2,133,206)

			    Costs and estimated earnings in excess

			      of billings on uncompleted contracts

(1,170,658)

(296,169)

			    Land and land development costs

(17,691)

(239,436)

			    Land held for sale

			         -   

108,674 

			    Residential properties under construction

361,436 

(612,819)

			    Income taxes recoverable

(4,005)

16,555 

			    Prepaid expenses and other assets

(474,140)

(330,535)

			    Accounts payable and accrued liabilities

     907,135 

 2,535,722 

			    Billings in excess of costs and estimated 

			      earnings on uncompleted contracts

(115,520)

45,959 

			    Income taxes payable

         -   

24,062 

			      Net cash provided by (used in) operating activities 

			        of continuing operations

			     736,517 

(3,192,726)

			      Net cash used in operating activities 

			        of discontinued operations

     (35,097)

        -   

			      Net cash provided by (used in) operating activities

701,420 

(3,192,726)

			Cash flows from investing activities

			  Proceeds from the disposal of property and equipment

49,500 

44,110 

			  Proceeds from notes receivable

      18,724 

114,607 

			  Issuance of notes receivable

         -   

(21,211)

			  Net purchases of investment securities

         -   

(15,351)

			  Purchases of property and equipment

 (2,457,261)

(2,514,022)

			  Cash surrender value of life insurance

6,928 

5,719 

			    Net cash used in investing activities  

			      of continuing operations

			  (2,382,109)

			 (2,386,148)

			Cash flows from financing activities

			  Proceeds from the exercise of stock options 

36,458 

        -   

			  Net (repayments) borrowings on note payable to bank

    (348,989)

1,154,827 

			  Purchase of treasury stock

     (56,403)

(453,979)

			    Net cash (used in) provided by financing activities

			      of continuing operations

			    (368,934)

700,848 

			Net decrease in cash and cash equivalents

(2,049,623)

(4,878,026)

			Cash and cash equivalents at beginning of period

5,045,463 

7,405,342 

			Cash and cash equivalents at end of period

			 $ 2,995,840 

			 $2,527,316 

			Supplemental disclosure of cash flow information

			  Income taxes paid

 $      14,126 

			 $     14,500 

			  Interest paid

2,651 

 

			      2,866 

			See accompanying notes to consolidated financial statements
			 
 

5

 

 
 
**THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 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 periods reported. These adjustments are of a normal recurring nature.  All financial statementspresented herein are unaudited with the exception of the consolidated balancesheet as of December 31, 2003, which was derived from the audited consolidatedfinancial statements.  The results of operations for the interim periods shownin this report are not necessarily indicative of results to be expected for thefiscal year.  These statements should be readin conjunction with the financial statements included in the Company's annualreport on Form 10-K for the year ended December 31, 2003.

**Note 2 - Reclassifications**

Certain prior periodamounts in the consolidated financial statements have been reclassified toconform with the current period presentation.

**Note 3 - Contracts Receivable**

Contracts receivable representrevenue recognized on a portion of the value of contracts for sale oncondominium units, which establish buyers' commitments to purchase that arebacked by their non-refundable earnest money deposits.  As of June 30, 2004 and December 31, 2003, contracts receivable had a balance of $3,589,400 and$3,732,867, respectively.

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

**Note 4 - Discontinued Operations**

On December 4, 2002, effective November 30, 2002, the Company 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 possible 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.  The Company soldthe Site property in 1964. The Company has commenced investigating the historicoperations that occurred at the Site as well as the nature and scope ofenvironmental conditions at the Site that may present concerns to the EPA. Based upon its investigation to date, the Company has determined that itsoperations at the Site were primarily exploratory and that the Company neverengaged in any milling or other processing activities at the Site.  At sometimes from 1950 to 1952, the Company's records reflect that it extracted alimited amount (111,670 tons) of surface ore from the Site for off-siteprocessing.  The Site has changed owners several times since it was sold by theCompany, and the Company believes that a substantial majority of the miningactivities and all of the milling and related processing and process wastedisposal activities likely were conducted by subsequent owners.

 

6
 
 

The Company has reached anagreement with two other PRPs at the Site (Combustion Engineering, Inc. andBlue Tee Corp.) under which the group has agreed with the EPA to undertake,finance and perform the Engineering Evaluation/Cost Analysis ("EE/CA") study atthe Site, with the members of the group sharing equally the costs of this work,subject to re-allocation of such costs among group members after completion ofthe EE/CA.  The Company believes that completion of the EE/CA process willextend until the winter of 2004-2005, whereupon the EPA will decide whetheradditional response action (remediation) may be necessary.  Effective August 5, 2004, the Company, Blue Tee and Combustion Engineering have entered into anAdministrative Order on Consent with the EPA under which the group willundertake, finance and perform the EE/CA.  The group has secured bids fromseveral contractors to perform the EE/CA work and is currently pursuing acontract with one of the bidders. Under the Comprehensive EnvironmentalResponse, Compensation and Liability Act, any of the PRPs may be jointly andseverally liable to the EPA for the full amount of any response costs incurredby the EPA, including costs related to investigation and remediation, subjectto a right of contribution from other PRPs.  In practice, PRPs generally agreeto perform such response activities, and negotiate among themselves todetermine their respective contributions to any such multi-party activitiesbased upon equitable allocation factors, including their respectivecontributions to the alleged contamination and their ability to pay.

It is impossible at this stage toestimate the total costs of investigation and remediation at the Site due tovarious factors, including the scope of the EE/CA study to be negotiated withthe EPA, incomplete information regarding the Site and the other PRPs,uncertainty regarding the extent of contamination and the Company's share, if any,of liability for the contamination and the selection of alternative remediesand changes in clean-up standards.  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, 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 anticipatedprofessional fees associated with the EE/CA study.  Total actual costs to beincurred at the Site in future periods may vary from this estimate, giveninherent uncertainties in evaluating environmental costs.  As of June 30, 2004, the Company incurred actual investigation and professional services costsof $117,693 and its reserve balance for the EE/CA study process is $93,283(accrued as a current liability within discontinued operations).  The accrualwill be reviewed periodically based upon facts and circumstances available atthe time, which could result in changes to its amount.  The EPA has indicatedthat it has made no determination whether any additional response action(remediation) will be required at the Site and will not do so until aftercompletion of the EE/CA process.  At this stage, the Company does not havesufficient information to determine the potential extent and nature of anynecessary future response action (remediation) at the Site, or to estimate thepotential additional future cost of such action or the Company's potentialliability for such costs.  The Company is also investigating whether any costincurred would be covered by insurance although specific coverage has not yetbeen identified.

 

7

Assets and liabilities of thediscontinued operations have been reflected in the accompanying consolidatedbalance sheets as follows: 
			 
June 30,
			 
December 31,
			 
2004
			 
 2003
			 
(unaudited)
			 			 
Total  assets of discontinued
			 			 
  operations

$       -
			 
$       -
			 			 			 
Current  liabilities
			 			 
  Reserve  for remediation

$  93,283
			 
$ 128,380
			 			 			 
Total  liabilities of discontinued
			 			 
  operations

$  93,283
			 
$ 128,380

There were no results fromdiscontinued operations in any of the three or six month periods ended June 30, 2004 and 2003.

**Note 5 - Note Payable to Bank**

In April 2002, the Company entered into a $6,000,000construction loan agreement, in favor of Wachovia Bank, N.A., to finance thedevelopment of condominium projects. A portion of the loan, up to $1,500,000,may be used for the working capital needs of the Company.  Under the terms ofthe loan, interest is payable monthly at an annual rate equal to the"Monthly LIBOR Index" plus one and nine-tenths percent (3.27% and3.07% at June 30, 2004 and December 31, 2003, respectively). The proceeds fromthe sales of the condominiums are used to repay the loan. At the sole option ofthe lender, the outstanding principal and interest is due and payable in fullwithin 30 days of the lender providing written notice to the Company. The loanis guaranteed by the Company's electrical construction subsidiary and issecured by an agreement not to further encumber said condominium projects.Borrowings outstanding under this agreement were $1,578,923 as of December 31, 2003. There were no borrowings outstanding under this loan agreement as of June 30, 2004 and the full amount was available to the Company. The loan agreementcontains various financial covenants including, but not limited to, minimumtangible net worth, minimum current ratio, and maximum debt to tangible net worthratio. 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 the lender. The Company was in compliance with all such covenants as of June 30, 2004 and December 31, 2003.

Interest costs related to the construction ofcondominiums were capitalized. During the six month periods ended June 30, 2004 and 2003 the Company capitalized interest costs of $41,626 and $24,496,respectively.  During the three month periods ended June 30, 2004 and 2003 the Company capitalized interest costs of $24,078 and $14,564, respectively. 

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 only borrowfunds under the loan during the draw period, January 30, 2004 through September 30, 2004. During the draw period, the Company is obligated to make monthlypayments of accrued interest only.  As of the end of the draw period, onSeptember 30, 2004 (the "conversion date"), the loan will be payable in monthlypayments of principal equal to 1/36 of the outstanding principal balance of theloan at the conversion date, plus accrued interest for 36 consecutive months. The annual interest rate is equal to the "LIBOR Market Index Rate" plus one and nine-tenths percent (3.27%at June 30, 2004).  The loan is secured by the equipment purchased with theproceeds of the loan, and any replacements, accessions, or substitutionsthereof and all cash and non-cash proceeds received thereof. Borrowingsoutstanding under this agreement were $1,229,934 as of June 30, 2004 and the amount available for additional borrowing as of the same date was $1,370,066. Theloan agreement contains various financial covenants, including, but not limitedto, minimum tangible net worth, minimum current ratio, and maximum debt totangible net worth ratio. Other loan covenants prohibit, among other things, achange in fiscal year and any change in the Company's current Chief ExecutiveOfficer without prior written consent from the lender.  The Company was incompliance with all such covenants as of June 30, 2004.

8
 
 

**Note 6 - Commitments and  Contingencies**

In certain circumstances, the Company is required toprovide performance bonds to secure its contractual commitments.  Management isnot aware of any performance bonds issued for the Company that have ever beencalled by a customer.  As of June 30, 2004, outstanding performance bondsissued on behalf of the Company's electrical construction subsidiary amountedto approximately $9,800,000.

**Note 7 - Income Taxes**

At June 30, 2004, the Company had tax net operating loss carryforwards of approximately $2,710,000 available tooffset future taxable income, which if unused will expire from 2009 through 2022. The Company has alternative minimum tax credit carryforwards of approximately $306,000,which are available to reduce future Federal income taxes over an indefiniteperiod.

The Company's effective tax ratefor the six months ended June 30, 2004 was 5.7%, calculated based on theestimated annual operating results for the year.  During the three months ended June 30, 2004, the Company recorded a tax benefit of $544,069 to adjust the cumulativetax provision for the six months ended June 30, 2004 to reflect the estimated effective tax rate for the year.

 

 

9
****
**Note 8 - Earnings Per Share of Common Stock and Stock  Repurchase Plan**

Basic earningsper common share is computed by dividing net income by the weighted averagenumber of common stock shares outstanding during the period.  Diluted earningsper share include additional dilution from potential common stock equivalents,such as stock options outstanding. The following table sets forth thecomputation of basic and diluted earnings per share for the periods indicated:

Three Months Ended

Six Months Ended

June 30,

June 30,

2004

2003

2004

2003

(unaudited)

(unaudited)

Net (loss) income available  				to common stockholders

$  (562,473)

$   122,679 

$   276,697 

$   347,641 
  
Weighted average common  shares issued

26,363,444 

26,874,307 

26,326,813 

27,083,136 
  
Less: Weighted average  				treasury stock shares

(27,380)

(260,557)

(13,689)

(311,899)
  
Weighted average common  				shares outstanding, net

26,336,064 

26,613,750 

26,313,124 

26,771,237 
  
Basic (loss) earnings per				share  of common stock

$(0.02)

$0.00 

$0.01 

$0.01 
  
Weighted average dilutive  				shares from stock option plan

-- 

138,958 

51,042 

131,870 
  
Weighted average common  				shares outstanding 		including dilutive shares

26,336,064 

26,752,708 

26,364,166 

26,903,107 
  
Diluted (loss) earnings per  				share of common stock

$(0.02)

$0.00 

$0.01 

$0.01 

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 thetwelve-month period which followed.  On June 11, 2003, the Board of Directors approved a one-year extension of the repurchase period (until September 16, 2004) and increased the total number of shares purchasable under theRepurchase Plan to 2.5 million.   The Company may repurchase its shares eitherin the open market or through private transactions.  The volume of the sharesto be repurchased is contingent upon market conditions and other factors.  Duringthe three month period ended June 30, 2004, the Company repurchased 98,308 sharesof its Common Stock at a cost of $56,403 (average cost of $0.57 per share)which represents all of the shares repurchased in 2004. As of June 30, 2004, the total number of shares repurchased under the Repurchase Plan was 1,454,277at a cost of $732,348 (average cost of $0.50 per share) and the remainingnumber of shares the Company is authorized to repurchase under the Repurchase Planis 1,045,723. The Company currently holds the repurchased stock as TreasuryStock, reported at cost.

**Note 9 - Business Segment Information**

The Company is primarily involvedin two lines of business, electrical construction and real estate development. There were no material amounts of sales or transfers between lines of businessand no material amounts of foreign sales.  Any intersegment sales have beeneliminated.

10
 
 

The following table sets forthcertain segment information for the six months ended June 30, as indicated: 

2004
			 
2003

(unaudited)
			 
(unaudited)

Sales from operations to  unaffiliated customers
			 
    Electrical  construction

$15,957,277 
			 
$15,850,579 

    Real  estate development

    3,864,833 
			 
   2,385,207 

      Total

$19,822,110 
			 
$18,235,786 
			 
Operating income
			 			 
  Electrical  construction

$   514,183 
			 
$ 1,315,625 

  Real estate  development

      873,903 
			 
     307,117 

    Total  operating income

1,388,086 
			 
   1,622,742 
			 
Other  income, net

  34,355 
			 
     53,346 

General  corporate expenses

   (1,129,039)
			 
   (1,093,901)

Income from continuing  operations before income  taxes

$   293,402 
			 
$   582,187 

The following table sets forthcertain segment information for the three months ended June 30, as indicated: 

2004
			 
2003

(unaudited)
			 
(unaudited)

Sales from operations to  unaffiliated customers
			 
    Electrical  construction

$ 6,685,343 
			 
$ 8,897,680 

    Real  estate development

    876,062 
			 
   1,657,762 

      Total

$ 7,561,405 
			 
$10,555,442 
			 
Operating (loss) income
			 			 
  Electrical  construction

$  (714,330)
			 
$   466,627 

  Real estate  development

      168,018 
			 
    264,757 

    Total  operating (loss) income

(546,312)
			 
731,384 
			 
Other  income, net

      20,799 
			 
38,190 

General  corporate expenses

    (581,029)
			 
     (562,603)

(Loss) income from  continuing  operations before income  taxes

$(1,106,542)
			 
$   206,971 

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

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

June 30,2004

December 31, 2003

(unaudited)

Identifiable assets:

  Electrical  construction

$14,835,471

$11,988,779

  Real estate  development

  5,685,842

  6,157,845

  Corporate

  4,237,265

  5,947,673

    Total

$24,758,578

$24,094,297

11

**Note 10 - 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 permitsthe granting 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 the Planis 1,300,000.  Any options granted under the Plan must be exercised within 10years of the date of grant.  On March 9, 1999, the Company granted options topurchase 985,000 shares, exercisable at $0.21875 per share, the fair marketprice of the Common Stock at the date of grant.  No stock options were grantedduring the six month periods ended June 30, 2004 and 2003.  As of June 30, 2004, 77,001 options were outstanding.

As permitted by Statement ofFinancial Accounting Standards ("SFAS") No. 123, "Accounting for Stock-BasedCompensation", as amended by SFAS No. 148, "Accounting for Stock-BasedCompensation - Transition and Disclosure - an amendment of SFAS No. 123", theCompany applies 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 consolidated financialstatements during the six month periods ended June 30, 2004 and 2003.  Had the Company used the fair value-based method of accounting to determinecompensation cost for its stock options at the grant date under SFAS No. 123,as amended by SFAS No. 148, the Company's net income would not have changed forthe six month periods ended June 30, 2004 and 2003.

**Note 11 - Recent Accounting  Pronouncements**

In January 2003, the FinancialAccounting Standards Board (the "FASB") issued Interpretation No. 46 ("FIN46"), "Consolidation of Variable Interest Entities", and a revisedinterpretation of FIN 46 ("FIN 46-R") was issued in December 2003.  FIN 46requires certain 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 FIN 46are effective immediately for all arrangements entered into after January 31, 2003.  Since January 31, 2003, the Company has not invested in any entities itbelieves are variable interest entities for which the Company is the primarybeneficiary. FIN 46-R is effective for the interim periods ending March 31, 2004 or thereafter for all new or existing arrangements. The adoption of FIN 46 andFIN 46-R did not have a significant impact on the financial position or resultsof operations of the Company.

In March 2004, the Securities andExchange Commission (the "SEC") released SEC Staff Accounting Bulletin ("SAB")No. 105, "Application of Accounting Principles to Loan Commitments".  SAB No.105 provides the SEC staff position regarding the application of accountingprinciples generally accepted in the United States of America to loancommitments that relate to the origination of mortgage loans that will be heldfor resale.  SAB No. 105 contains specific guidance on the inputs to avaluation-recognition model to measure loan commitments accounted for at fairvalue.  Current accounting guidance requires the commitment to be recognized onthe balance sheet at fair value from its inception through its expiration orfunding.  SAB No. 105 requires that fair-value measurement include onlydifferences between the guaranteed interest rate in the loan commitment and amarket interest rate, excluding any expected future cash flows related to thecustomer relationship or loan servicing.  In addition, SAB No. 105 requires thedisclosure of both the accounting policy for loan commitments including themethods and assumptions used to estimate the fair value of loan commitments andany associated hedging strategies.  SAB No. 105 is effective for all loancommitments accounted for as derivatives and entered into subsequent to March 31, 2004.  Adoption of this SAB did not have a significant impact on the financialposition or results of operations of the Company.

			 

12

 

 

In March 2004, the EmergingIssues Task Force (the "EITF") of the FASB reached a consensus on Issue No.03-06, "Participating Securities and the Two-Class Method under FASB StatementNo. 128, Earnings per Share", which determines whether a security should beconsidered a "participating security" for purposes of computing earnings pershare ("EPS") and how earnings should be allocated to a participating securitywhen using the two-class method for computing basic EPS.  SFAS No. 128 indicatesthat participating securities should be included in basic EPS, if the effect isdilutive, using either the two-class method or the if-converted method. Paragraph 60 of SFAS No. 128 more fully describes participating securitiesthrough certain broad examples. This Issue is effective for reporting periodsbeginning after March 31, 2004. Adoption of this Issue did not have asignificant impact on the financial position or results of operations of theCompany.

In March 2004, the EITF ofthe FASB reached a consensus on Issue No. 04-3, "Mineral Assets: Impairment andBusiness Combinations", which states that the value attributable to the valuebeyond proven and probable reserves (VBPP) and the effects of anticipatedfluctuations in future market prices of minerals should be considered in amanner that is consistent with the expectations of marketplace participantswhen an entity allocates the purchase price to assets acquired in a businesscombination.  Additionally, the EITF reached a consensus that the valueattributable to VBPP and the effects of anticipated fluctuations in futuremarket prices of minerals should be considered in the cash flow analysis usedto test mining assets for impairment under SFAS 144. This Issue should beapplied prospectively to business combinations completed and impairment testsperformed in reporting periods beginning after March 31, 2004. The additional consensus is effective prospectively to FAS 144 impairment tests completedafter March 31, 2004.  Adoption of this Issue did not have a significant impacton the financial position 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 similarwords.  We have based these statements on our current expectations about futureevents.  Although we believe that our expectations reflected in or suggested byour forward-looking statements are reasonable, we cannot assure you that theseexpectations will be achieved.  Our actual results may differ materially fromwhat we currently expect.  Factors that may affect the results of ourelectrical construction operations include, among others: the level ofconstruction activities by public utilities; the timing and duration ofconstruction projects for which we are engaged; adverse weather; our ability toestimate accurately with respect to fixed price construction contracts;heightened competition in the electrical construction field, includingintensification of price competition; and the availability of skilled constructionlabor. Factors that may affect the results of our real estate developmentoperations include, among others: interest rates; ability to obtain necessarypermits from regulatory agencies; ability to acquire land; ability to obtainadditional construction financing; adverse weather; natural disasters; andgeneral 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.

			 

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 theseforward-looking statements, even in the event that our situation changes in thefuture.  All forward-looking statements attributable to us are expresslyqualified by these cautionary statements.

**Item 2.**

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

**Overview**

The Company's revenue from electrical constructionoperations increased slightly in the first six months of 2004 when compared tothe same period in the prior year, while it decreased in the three months ended June 30, 2004 compared to the like period in 2003, mainly due to a decrease indemand for electrical construction services. We can not project the levels offuture demand for construction services. On May 25, 2004, the Company announcedthe immediate future of the electrical construction business may be affected byrecent operational issues with respect to two of its major customers, one ofwhich resulted in the termination of one electrical construction contract asmore fully described in the Company's Current Report on Form 8-K dated May 25,2004.  For the time being, the Company is unable to bid on future contractswith this customer.  With respect to the other customer, the Company continuesto receive work orders under existing contracts, but may be temporarily limitedin its ability to bid on certain new contracts.  Operating margins of theelectrical construction operations decreased significantly for both the sixmonths and three months ended June 30, 2004.  The decrease is primarilyattributable to a single electrical construction contract (now completed) onwhich the Company encountered unforeseen operational difficulties in the secondquarter of 2004.    

Revenues and operating income from the real estate developmentoperations increased significantly in the first six months of 2004 whencompared to the same period in 2003, mainly due to an increased number of higher-margincondominium units under construction.  Although the Company believes the marketremains strong for its condominium development projects, revenues from the realestate development operations are expected to decline in the second half of2004 pending commencement of construction on two planned projects, Oak Park andPineapple House, described in the Results of Operations section below, each ofwhich is larger than any of the Company's prior condominiums.  Revenues fromthese planned projects are expected to commence in late 2004 or early 2005. Since both projects are still in the permitting phase, there can be noassurance as to specific timing.

**CriticalAccounting Policies and Estimates**

This discussion and analysisof the Company's financial condition and results of operations is based uponthe Company's consolidated financial statements, which have been prepared inaccordance with accounting principles generally accepted in the United States.  The preparation of these financial statements requires the Company to makeestimates and judgments that affect the reported amounts of assets,liabilities, revenues and expenses, and related disclosure of contingent assetsand liabilities.  On an on-going basis, the Company evaluates its estimates,including those related to fixed price electrical construction contracts, realestate development projects, deferred income tax assets and environmentalremediation.  The Company bases its estimates on historical experience and onvarious other assumptions that are believed to be reasonable under thecircumstances, the results of which form the basis for making judgments aboutthe carrying values of assets and liabilities that are not readily apparentfrom other sources. Actual results may differ from these estimates underdifferent assumptions or conditions.  For example, for each critical accountingestimate, a hypothetical scenario of an adverse 5% change to the estimate andits resulting affect on after-tax income is detailed below.  The Companybelieves the following critical accounting policies affect its more significantjudgments and estimates used in the preparation of its consolidated financialstatements. The Company's management has discussed the selection anddevelopment of its critical accounting policies, estimates and relateddisclosure below with the Audit Committee of the Board of Directors.

			 

14

 

 

 **Percentage of Completion- Electrical Construction Segment**

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

The Company believes thecurrent assumptions and other considerations used to estimate the total costsare appropriate.  However, if actual experience differs from the assumptionsand other considerations used in estimating total costs, the resulting 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 six months ended June 30, 2004 would have decreased $239,904.

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

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

			 

15

 

 

Because of the generalinvariability of costs of fixed-price construction contracts, the Companybelieves that a material difference in total actual project costs versus totalestimated project costs is unlikely, although possible.  As of June 30, 2004, all real estate condominium projects being accounted for under thepercentage of completion method of accounting were complete.  As a result,after-tax income from continuing operations for the six months ended June 30, 2004 would 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 upon thegeneration of future taxable income during the periods in which the deferredtax assets are expected to be recovered or settled.  Should the Companydetermine that it would not be able to realize all or part of its net deferredtax assets, a valuation allowance would be recorded to reduce its deferred taxassets to the amount that is more likely than not to be realized. In the eventthe Company were to subsequently determine that it would be able to realize itsdeferred tax assets in the future in excess of its net recorded amount, anadjustment to the previously recorded valuation allowance would increase incomein the period such determination was made.

As of June 30, 2004, the deferred tax asset was largely comprised of net operating loss ("NOL")carryforwards which will expire from 2009 through 2022.  Based on historicalexperience and other various assumptions including forecasts of future taxableincome and tax planning, the Company anticipates being able to generatesufficient taxable income to utilize the NOL carryforwards prior to theirrespective expiration dates and therefore, did not record a valuation allowanceagainst the deferred tax assets.  Had the Company forecasted an inability toutilize 5% of the NOL carryforwards, prior to their respective expirationdates, after-tax income from continuing operations for the six months ended June 30, 2004 would have decreased $46,070. 

 **Provision forRemediation**

In September 2003, the Company was notified by the UnitedStates Environmental Protection Agency (the "EPA") that it is a potentiallyresponsible party (a "PRP") with respect to possible investigation and removalactivities at a mine that it had formerly owned.  Refer to note 4 of notes tothe consolidated financial statements for a discussion on this matter.

In accordance with FinancialAccounting Standards Board ("FASB") Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement 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), which represents the Company's currentestimate of remediation costs for this matter.  Total actual remediation coststo be incurred in future periods may vary from this estimate, given inherentuncertainties in evaluating environmental costs.  In the current year, had theCompany determined its estimate for the provision for remediation to be 5% inexcess of its estimate recognized in the prior year, after-tax income fromdiscontinued operations for the six months ended June 30, 2004 would have decreased$9,948.  

			 

16

 

 

**Results of Operations**

**SIX MONTHS ENDED JUNE 30, 2004 COMPARED TO SIX MONTHS ENDED JUNE 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 six months ended June 30, as indicated:

2004
			 
2003

(unaudited)
			 
(unaudited)

Revenue
			 
   Electrical construction

$15,957,277 
			 
$15,850,579

   Real estate development

    3,864,833 
			 
   2,385,207

     Total

$19,822,110 
			 
$18,235,786
			 
Operating  income
			 
   Electrical construction

$   514,183 
			 
  $ 1,315,625

   Real estate development

      873,903 
			 
    307,117

     Total

$ 1,388,086 
			 
$ 1,622,742

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

**Continuing Operations**

**  Revenues**

Total revenues in the six months ended June 30, 2004 increased by 8.7% to $19,822,110, compared to $18,235,786 in the six monthsended June 30, 2003.  

Electrical construction revenues increasedby $106,698, or 0.7% in the six months ended June 30, 2004 to $15,957,277 from $15,850,579 in the six months ended June 30, 2003. 

Revenues recognized by the real estate development operationsfor the six months ended June 30, 2004 were $3,864,833 compared to $2,385,207for the six months ended June 30, 2003, an increase of 62.0%.  This increase wasmainly a result of having a greater number of condominium units underconstruction during the six months ended June 30, 2004, when compared to the like period in 2003.

In June 2004, the real estatedevelopment operations' third project, "Cape Club", a sixteen-unit oceanfrontcondominium development located in Cape Canaveral, Florida was completed andnine units previously under contract for sale were closed. The remaining units closedin July 2004.  Cape Club was accounted for under the percentage of completionmethod as described in the above Critical Accounting Policies and Estimates. 

			 

17

 

 

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

The Company's most recentplans are to develop a river-view residential complex on a two-acre parcel in Melbourne, Florida, acquired in January 2003 for approximately $1 million. Initial planscall for a multi-phase development named "Pineapple House", with the firstphase comprised of a thirty-three--unit luxury river-view condominium complex. Futureproposed phases adjoining the first phase include two additional buildingscontaining twenty-two residential units each. On June 22, 2004, the Company received site plan approval for the project from the City of Melbourne. Commencementof construction is dependent upon the receipt of required permits andapprovals.  

**  Operating Results**

Electrical construction operations had an operatingincome of $514,183 in the six months ended June 30, 2004, compared to an operating income of $1,315,625 during the six months ended June 30, 2003, a decrease of 60.9%.  As a percentage of revenue, operating margins on electricalconstruction operations decreased to 3.2% for the six months ended June 30, 2004 from 8.3% for the six months ended June 30, 2003.  This decrease in operating results is primarily attributable to a single electrical contract (nowcompleted) on which the Company encountered unforeseen operational difficultiesin the second quarter of 2004. The Company's electrical construction subsidiaryis customarily involved 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 and durationof electrical construction projects may result in substantial fluctuation inthe Company's backlog from time to time. At June 30, 2004, the approximate value of uncompleted contracts was $4,700,000 compared to $4,900,000 at June 30, 2003. 

Real estate development operations had an operatingincome of $873,903 in the six months ended June 30, 2004, compared to $307,117 in the six months ended June 30, 2003, an increase of $566,786.  As apercentage of revenue, operating margins increased to 22.6% for the six monthsended June 30, 2004 from 12.9% for the six months ended June 30, 2003.  The increase in operating margin was due to both an increase in the number of unitsunder construction and an increased margin on such units. Operating marginsfrom real estate development operations are expected to vary due to the typeand number of projects under construction at any given time and each respectiveproject's estimated operating margin.

As of June 30, 2004, the real estate development operations had no backlog (outstanding real estate contractsfor sale excluding partial revenue already recognized on said contracts underthe percentage of completion method) compared to approximately $7,900,000 as of June 30, 2003. Although real estate development operations currently has nobacklog, previously mentioned projects awaiting approval of construction mayhave a material impact on future backlog. 

			 

18

 

 

**  Costs and Expenses**

Total costs and expenses, and the components thereof, increasedto $19,563,063 in the six months ended June 30, 2004 from $17,706,945 in the six months ended June 30, 2003, an increase of 10.5%.

Electrical construction costs increased to $14,429,031 inthe six months ended June 30, 2004 from $13,760,331 in the six months ended June 30, 2003, an increase of 4.9%.  The increase in costs was primarily attributable to costsincurred on a single electrical contract (now completed) on which the Companyencountered unforeseen operational difficulties.

Costs of the real estate development operations increasedto $2,722,941 for the six months ended June 30, 2004 from $1,931,526 for the six months ended June 30, 2003, an increase of 41.0%.  This increase was primarilydue to an increase in construction costs as a result of a greater volume ofcondominium units under construction during the six months ended June 30, 2004, when compared to the same period in 2003.

Depreciation and amortization was$987,335 in the six months ended June 30, 2004, compared to $738,109 in the six months ended June 30, 2003.  The increase in depreciation and amortizationwas primarily a result of an increase in capital expenditures made in recentyears, most of which were attributed to upgrading and replacing electricalconstruction equipment.

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

2004
			 
2003

(unaudited)
			 
(unaudited)

Electrical construction

  $   68,550
			 
  $   66,432

Real estate development

262,238
			 
   139,826

Corporate

1,092,968
			 
1,070,721

 Total

$1,423,756
			 
$1,276,979
			 
In the six months ended June 30, 2004, total SG&A expenses increased by 11.5% when compared to the like period in 2003.  The increasewas mainly due to an increased volume of activity in the real estatedevelopment operations during the six months ended June 30, 2004, when compared to the same period in 2003.  SG&A expenses, as a percentage of revenue, increasedto 7.2% in the six months ended June 30, 2004 from 7.0% in the six months ended June 30, 2003.

**  Income Taxes**

The provision for income taxes was $16,705 in the sixmonths ended June 30, 2004, an effective tax rate of 5.7%, which is theCompany's expected tax rate for the year ended December 31, 2004, as comparedto $234,546 in the six months ended June 30, 2003, an effective tax rate of 40.3%.The effective tax rate differs from the statutory rate for the six months ended June 30, 2004, largely due to estimated expenses which are non-deductible fortax purposes in proportion to the estimated operating results before taxes forthe year. For the six months ended June 30, 2003, the effective tax rate differs from the statutory rate primarily due to state income taxes.

**Discontinued Operations**

On December 4, 2002, effective November 30, 2002, the Company completed the sale of the capital stock of 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.

			 

19

 

 

There were no results fromdiscontinued operations in each of the six month periods ended June 30, 2004 and 2003.

**THREE MONTHS ENDED JUNE 30, 2004 COMPARED TO THREE MONTHS ENDED JUNE 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 June 30, as indicated:

2004
			 
2003

(unaudited)
			 
(unaudited)

Revenue
			 
   Electrical construction

$ 6,685,343 
			 
$ 8,897,680

   Real estate development

    876,062 
			 
   1,657,762

     Total

$ 7,561,405 
			 
$10,555,442
			 
Operating  (loss) income
			 
   Electrical construction

$  (714,330)
			 
$   466,627

   Real estate development

      168,018 
			 
    264,757

     Total

$  (546,312)
			 
$   731,384

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

**Continuing Operations**

**  Revenues**

Total revenues in the three months ended June 30, 2004 decreased by 28.4% to $7,561,405, compared to $10,555,442 in the threemonths ended June 30, 2003.  

Electrical construction revenues decreasedby 24.9% in the three months ended June 30, 2004 to $6,685,343 from $8,897,680 in the three months ended June 30, 2003.  This decrease was primarilyattributable to a decrease in both transmission line construction and fiberoptic projects as a result of a decline in the demand for electricalconstruction services and, to a significantly lesser extent, the termination ofan ongoing electrical construction contract because of operational issues, asmore fully described in the Company's Current Report on Form 8-K dated May 25,2004. 

Revenues recognized by the real estate developmentoperations for the three months ended June 30, 2004 were $876,062 compared to $1,657,762 for the three months ended June 30, 2003, a decrease of 47.2%.  This decrease was primarily due to the completion of Cape Club in the second quarterof 2004. 

**  Operating Results**

Electrical construction operations had an operating lossof $714,330 in the three months ended June 30, 2004, compared to operating income of $466,627 during the three months ended June 30, 2003, a decrease of 253.1%.  As a percentage of revenue, operating margins on electrical constructionoperations decreased to (10.7)% for the three months ended June 30, 2004 from 5.2% for the three months ended June 30, 2003.  This decrease in operatingresults is primarily attributable to a single electrical contract (nowcompleted) on which the Company encountered unforeseen operational difficultiesin the second quarter of 2004.

			 

20

 

 

Real estate development operations had operating incomeof $168,018 in the three months ended June 30, 2004, compared to $264,757 in the three months ended June 30, 2003, a decrease of 36.5%.  As a percentage ofrevenue, operating margins increased to 19.2% for the three months ended June30, 2004 from 16.0% for the three months ended June 30, 2003. Although theoperating margin as a percentage of revenue increased, overall operating incomedecreased due to the completion of Cape Club in the second quarter of 2004.

**  Costs and Expenses**

Total costs and expenses, and the components thereof, decreasedto $8,688,746 in the three months ended June 30, 2004 from $10,386,661 in the three months ended June 30, 2003, a decrease of 16.4%.

Electrical construction costs decreased to $6,880,757 inthe three months ended June 30, 2004 from $8,010,733 in the three months ended June 30, 2003, a decrease of 14.1%.  The decrease in costs was primarily attributable to adecrease in the volume of the work performed by the Company.

Costs of the real estate development operations decreasedto $647,912 for the three months ended June 30, 2004 from $1,286,795 for the three months ended June 30, 2003, a decrease of 49.7%.  This decrease was mainlydue to the completion of Cape Club's construction during the second quarter of2004. 

Depreciation and amortization was$500,815 in the three months ended June 30, 2004, compared to $392,512 in the three months ended June 30, 2003.  The increase in depreciation andamortization was primarily a result of an increase in capital expenditures madein 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 June 30, as indicated:

2004
			 
2003

(unaudited)
			 
(unaudited)

Electrical construction

  $ 36,295 
			 
  $ 45,027

Real estate development

57,324 
			 
   101,563

Corporate

565,643 
			 
550,031

 Total

$659,262 
			 
$696,621
			 
In the three months ended June 30, 2004, total SG&A expenses decreased by 5.4% when compared to the like period in 2003.  The decreasewas mainly due to lower selling costs incurred by the real estate developmentoperations as a result of the completion of construction on Cape Club during the second quarter of 2004.  SG&A expenses, as a percentage of revenue, increasedto 8.7% in the three months ended June 30, 2004 from 6.6% in the three months ended June 30, 2003, largely as a result of decreased revenue.

**  Income Taxes**

The income tax provision (benefit) was ($544,069) in thethree months ended June 30, 2004, an effective tax (benefit) rate of (49.2)%,as compared to $84,292 in the three months ended June 30, 2003, an effectivetax rate of 40.7%. The effective tax benefit rate for the three months ended June 30, 2004 was the rate required to cause the cumulative tax provision for the sixmonths ended June 30, 2004 to reflect the Company's estimated effective taxrate for the year ended December 31, 2004.  The effective tax rate for thethree months ended June 30, 2003 differs from the statutory rate largely due tostate income taxes. 

			 

21

 

 

**DiscontinuedOperations**

There were no results fromdiscontinued operations in each of the three month periods ended June 30, 2004 and 2003.

**Liquidity andCapital Resources**

**Working Capital Analysis**

Cash and cash equivalents at June 30, 2004 were $2,995,840 as compared to $5,045,463 at December 31, 2003. Working capital of continuing and discontinued operations at June 30, 2004 was $10,230,774, compared to $10,565,493 at December 31, 2003.  The Company's ratio of current assets tocurrent liabilities (including continuing and discontinued operations) increasedslightly to 3.8:1 at June 30, 2004, from 3.6:1 at December 31, 2003. 

**Cash Flow Analysis**

Net cash flows for each of the sixmonth periods ended June 30 were as follows:

2004

2003

(unaudited)

(unaudited)

Operating activities

$   701,420 

$(3,192,726)

Investing activities

(2,382,109)

(2,386,148)

Financing activities

(368,934)

    700,848 

Net decrease in cash and   cash equivalents

$(2,049,623)

$(4,878,026)

  **Operating Activities**

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

Net cash provided by operatingactivities during the six months ended June 30, 2004 was $701,420, compared to $3,192,726 of net cash used during the same period in 2003.  Changes in theaccounts receivable and accrued billings used $168,274 of cash during the sixmonths ended June 30, 2004, compared to cash used of $3,595,902 during the sixmonths ended June 30, 2003. This significant decrease in cash usage byaccounts receivable and accrued billings in the six months ended June 30, 2004 whencompared to the same period in the prior year, was primarily due to an increaseof cash collected in the first six months of 2004 related to outstandingaccounts receivable of the electrical construction operations when compared tocash collections in the same period of the prior year.  Changes in thecontracts receivable of the real estate development operations provided $143,467of cash in the first six months of 2004, compared to $2,133,206 of cash used inthe same period of the prior year.  The significant increase in cash providedby contracts receivable was mainly due to the cash collected in the first sixmonths of 2004 from the majority of Cape Club's contracts receivable, due tothe completion of Cape Club in June 2004.  There were no collections ofcontracts receivable in the same period of 2003.  Changes in the accountspayable and accrued liabilities provided cash of $907,135 during the first sixmonths of 2004, compared to $2,535,722 of cash provided during the same periodin 2003, primarily due to a greater number of electrical construction projects startingconstruction in the first six months of 2003 when compared to the same periodin 2004. 

			 

22

 

 

**  Investing Activities**

Net cash used by investingactivities in the six months ended June 30, 2004 was $2,382,109, compared to $2,386,148 of cash used in the like period of 2003. This slight decrease incash usage by the Company's investing activities during the first six months of2004, when compared to the same period in 2003, was primarily the result of a slightdecrease of capital expenditures in the first six months of 2004 to $2,457,261 from$2,514,022 for the same period in 2003.  The majority of capital expenditures areattributable to purchases of machinery and equipment by the Company'selectrical construction segment which were prompted by an increase in thevolume of work performed and an effort to reduce future equipment rentalexpense. Total capital expenditures in 2004 are expected to approximate $4.5million, which the Company anticipates funding through existing cash reservesand its new term loan with Wachovia Bank, N.A., as described in note 5 of notesto the consolidated financial statements.

**  Financing Activities**

Net cash used by financing activities in the six monthsended June 30, 2004 was $368,934, compared to $700,848 of cash provided in thesame period in 2003. This increase in cash used by financing activities in the firstsix months of 2004, relative to the comparable period in the prior year, was primarilydue to the repayment of the real estate construction loan (refer to note 5 ofnotes to the consolidated financial statements), which was partially offset byadditional borrowings on the electrical construction operations term loan(refer to note 5 of notes to the consolidated financial statements) during thesix months ended June 30, 2004. Proceeds from the closing of units at Cape Club, the majority of which were received in the second quarter of 2004, were used to repaythe real estate construction loan.  

In the six months ended June 30, 2004 and 2003, theCompany used cash in the amount of $56,403 and $453,979, respectively, topurchase Treasury Stock (98,308 and 857,134 shares of Common Stock at anaverage cost of $0.57 and $0.53 per share, respectively for the six monthsended June 30, 2004 and 2003) pursuant to the Common Stock Repurchase Plan asdescribed in note 8 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 5 of notes to theconsolidated financial statements, to finance a portion of the electricalconstruction operations anticipated capital expenditures for the current year.As of August 2, 2004, draws in the amount of $1,908,934 have been made on theaforementioned loan and $691,066 is available for additional borrowing. 

The Company currently has a real estate construction loan(see note 5 of notes to the consolidated financial statements) in favor ofWachovia Bank, N.A. As of August 2, 2004, there were no borrowings outstandingunder said loan and $6,000,000 is available for borrowing, of which $1,500,000can be used for the working capital needs of the Company. 

The Company'scredit facilities require it to comply with various covenants, including, butnot limited to, minimum tangible net worth, minimum current ratio, and maximumdebt to tangible net worth ratio. Other loan covenants prohibit, among otherthings, incurring additional indebtedness, issuing loans to other entities inexcess of a certain amount, entering into a merger or consolidation, and anychange in the Company's current Chief Executive Officer without prior writtenconsent from the lender.  As of June 30, 2004, the Company was in compliancewith all such covenants.  However, there can be no assurance that the Companywill be able to sustain compliance with said covenants and therefore could riskeither a reduction or elimination of its present credit facilities.  TheCompany believes that its present ability to borrow, with the consent of itscurrent lender, is greater than its established credit facilities in place.  However,no assurance can be given as to the terms, availability or cost of any futurefinancing the Company may need.

			 

23

 

 

**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, theCompany's revenues, results of operations and cash flows as well as its abilityto seek additional financing may be negatively impacted by factors including,but not limited to, a decline in demand for electrical construction servicesand/or condominiums in the markets served and general economic conditions,heightened competition, availability of construction materials, increasedinterest rates and adverse weather conditions. 

**Contractual Obligations**

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

Payments  Due By Period

Total 
Less Than  1 Year
 
1-2		Years
		 
   3-5		  Years
		 
More Than		5 Years
  		 		 
Operating  		leases (1)

$1,084,023
 
$  170,862
 
$145,134
		 
$425,872
		 
$342,155

Purchase		obligations		(2)

 5,064,231
		 
 4,167,321
		 
423,650
		 
 473,260
		 
  

    --
		 		 		 		 		 		 		 		 		 		 
   Total

$6,148,254
		 
$4,338,183
		 
$568,784
		 
$899,132
		 
$342,155
     (1)
On June 7, 2004, the Company entered into a new lease agreement for itscorporate headquarterswith Hibiscus Office Park, LLC.
     (2)
$1,523,180 is included in the consolidated balance sheet as of June 30, 2004 withinthe accounts payable and accrued liabilities section.

**Item 4.  Controls and Procedures.**

**Evaluation of disclosurecontrols and 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 June 30, 2004 andeach has concluded that such disclosure controls and procedures aresufficiently effective to provide reasonable assurance that informationrequired to be disclosed in our periodic reports filed under the Exchange Actis recorded, processed, summarized and reported, within the time periodsspecified by the Securities and Exchange Commission's rules and regulations.

			 

24

 

 

**Changes in internal controls**

No changes in the Company's internal controls overfinancial reporting occurred during the second 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.  Becauseof inherent limitations in all control systems, no evaluation of controls canprovide absolute assurance that all control issues, if any, within a companyhave been detected.  These inherent limitations include the realities thatjudgments in decision-making can be faulty and that breakdowns can occurbecause of simple error or mistake.  Additionally, controls can be circumventedby the individual acts of some persons, by collusion of two or more people orby management override of the controls.  The design of any system of controlsis also based in part upon certain assumptions about the likelihood of futureevents, and there can be no assurance that the design will succeed in achievingits stated goals under all potential future conditions; over time, controls maybecome inadequate because of changes in conditions, or the degree of compliancewith policies and procedures may deteriorate.  Because of the inherentlimitations in a cost-effective control system, misstatements due to error orfraud may occur and not be detected.  Accordingly, our disclosure controls andprocedures are designed to provide reasonable, not absolute, assurance that theobjectives of our disclosure control system are met and, as set forth above,our CEO and CFO have concluded, based on their evaluation, that our disclosurecontrols and procedures were sufficiently effective as of June 30, 2004 toprovide reasonable assurance that the objectives of the disclosure controlsystem were met.

**PART II.  OTHERINFORMATION**

**Item 1.   Legal Proceedings.**

**Environmental**

On September 8, 2003, the UnitedStates Environmental Protection Agency (the "EPA") issued a special noticeletter notifying the Company that it is a potentially responsible party (a"PRP"), along with three other parties, with respect to possible investigationand removal 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.  The Company soldthe Site property in 1964. The Company has commenced investigating the historicoperations that occurred at the Site as well as the nature and scope ofenvironmental conditions at the Site that may present concerns to the EPA. Based upon its investigation to date, the Company has determined that itsoperations at the Site were primarily exploratory and that the Company neverengaged in any milling or other processing activities at the Site.  At sometimes from 1950 to 1952, the Company's records reflect that it extracted alimited amount (111,670 tons) of surface ore from the Site for off-siteprocessing.  The Site has changed owners several times since it was sold by theCompany, and the Company believes that a substantial majority of the miningactivities and all of the milling and related processing and process wastedisposal activities likely were conducted by subsequent owners.

			 

25

 

 

The Company has reached anagreement with two other PRPs at the Site (Combustion Engineering, Inc. andBlue Tee Corp.) under which the group has agreed with the EPA to undertake,finance and perform the Engineering Evaluation/Cost Analysis ("EE/CA") study atthe Site, with the members of the group sharing equally the costs of this work,subject to re-allocation of such costs among group members after completion ofthe EE/CA.  The Company believes that completion of the EE/CA process willextend until the winter of 2004-2005, whereupon the EPA will decide whetheradditional response action (remediation) may be necessary.  Effective August 5, 2004, the Company, Blue Tee and Combustion Engineering have entered into anAdministrative Order on Consent with the EPA, under which the group willundertake, finance and perform the EE/CA.  The group has secured bids fromseveral contractors to perform the EE/CA work and is currently pursuing acontract with one of the bidders. Under the Comprehensive EnvironmentalResponse, Compensation and Liability Act, any of the PRPs may be jointly andseverally liable to the EPA for the full amount of any response costs incurredby the EPA, including costs related to investigation and remediation, subjectto a right of contribution from other PRPs.  In practice, PRPs generally agreeto perform such response activities, and negotiate among themselves todetermine their respective contributions to any such multi-party activitiesbased upon equitable allocation factors, including their respectivecontributions to the alleged contamination and their ability to pay.

It is impossible at this stage toestimate the total costs of investigation and remediation at the Site due tovarious factors, including the scope of the EE/CA study to be negotiated withthe EPA, incomplete information regarding the Site and the other PRPs,uncertainty regarding the extent of contamination and the Company's share, ifany, of liability for the contamination and the selection of alternativeremedies and changes in clean-up standards.  In September 2003, in accordancewith Financial Accounting Standards Board Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement ofFinancial Accounting Standards No. 5 (Accounting for Contingencies)", andStatement of Position 96-1, "Environmental Remediation Liabilities", theCompany recognized a provision of $210,976 (within discontinued operations) forthis matter, 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 anticipatedprofessional fees associated with the EE/CA study.  Total actual costs to beincurred at the Site in future periods may vary from this estimate, giveninherent uncertainties in evaluating environmental costs.  As of June 30, 2004, the Company incurred actual investigation and professional services costsof $117,693 and its reserve balance for the EE/CA study process is $93,283(accrued as a current liability within discontinued operations).  The accrualwill be reviewed periodically based upon facts and circumstances available atthe time, which could result in changes to its amount.  The EPA has indicatedthat it has made no determination whether any additional response action(remediation) will be required at the Site and will not do so until aftercompletion of the EE/CA process.  At this stage, the Company does not havesufficient information to determine the potential extent and nature of anynecessary future response action (remediation) at the Site, or to estimate thepotential additional future cost of such action or the Company's potentialliability for such costs.  The Company is also investigating whether any costincurred would be covered by insurance although specific coverage has not yetbeen identified.

 

26

**Item 2.**

**Changes in Securities, Use of Proceeds and Issuer  Purchases of Equity Securities.  **

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

April 1, 2004 through April  30, 2004

--

--

--

1,144,031

May 1, 2004 through May    31, 2004

64,408

$0.57

64,408

1,079,623

June 1, 2004 through June 30, 2004

33,900

$0.58

33,900

1,045,723

Total

98,308

$0.57

98,308

--

** **

(1) OnSeptember 17, 2002, the Company's Board of Directors approved a Common StockRepurchase Plan ("the Repurchase Plan") allowing the Company to repurchase upto five percent (approximately 1.3 million shares) of its outstanding CommonStock over the twelve-month period which followed.  On June 11, 2003, the Board of Directors approved a one-year extension of the repurchase period (until September 16, 2004) and increased the total number of shares purchasable under theRepurchase Plan to 2.5 million. Over the course of the Plan, through June 30, 2004, the Company has repurchased 1,454,277 shares of its Common Stock at a costof $732,348 (average cost of $0.50 per share). The Company may repurchase itsshares either in the open market or through private transactions.  The timingof repurchases and the volume of the shares to be repurchased is contingentupon market conditions and other factors. 

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

(a) The Annual Meeting of Stockholders was held on May 25, 2004.

(b) At the Annual Meeting ofStockholders, the shareholders voted to elect the following seven directors tothe Board of Directors.  Set forth below are the votes cast in the election ofdirectors:

     Directors

Votes For

Votes Withheld

Thomas E. Dewey, Jr.

21,222,057

1,898,990

Harvey C. Eads, Jr.

21,226,807

1,894,240

John P. Fazzini

21,102,705

2,018,342

Danforth E. Leitner

21,104,635

2,016,412

Al Marino

21,419,430

1,701,617

Dwight W. Severs

21,226,857

1,894,190

John H. Sottile

20,963,034

2,158,013

			 

27

 

 

 

(c) The shareholders also votedto ratify the appointment of KPMG LLP as Independent Certified PublicAccountants for the Company for the year ending December 31, 2004 with 21,627,014 votes cast for, 1,311,696 votes cast against, 182,137 votes abstained and 0broker non-votes.

A shareholder proposal on shareholder approval of theCompany's rights plan was rejected, with 5,716,849 votes cast against, 3,782,212cast for, 187,443 abstained and 13,434,543 broker non-votes. 

**Item 6.  Exhibits and Reports on Form 8-K.**

**(a) Exhibits in accordancewith the provisions of Item 601 of Regulation S-K**
			10.1 Lease agreement dated June 7, 2004 between   Hibiscus Office Park, LLC and TheGoldfield Corporation    			31.1 Certification Pursuant to Section 302 of theSarbanes-Oxley Act of 2002, 15 U.S.C. Section7241    			31.2 Certification Pursuant to Section 302 of theSarbanes-Oxley Act of 2002, 15 U.S.C. Section7241     			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 Regulation S-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.

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

The Registrantfiled with the Commission a Current Report on Form 8-K on May 14, 2004, reporting its financial results for the three months ended March 31, 2004.

TheRegistrant filed with the Commission a Current Report on Form 8-K on May 25,2004, reporting the statement made by the Company's Chairman of the Board ofDirectors, President and Chief Executive Officer at the 2004 Annual Meeting ofStockholders. 

 

28

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:   August 12, 2004

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

 

 

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