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, 2003

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

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

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

       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 11, 2003, 26,207,289 shares of the Registrant's common stockwere outstanding.

----

THE GOLDFIELDCORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ONFORM 10-QFOR THE QUARTER ENDED SEPTEMBER 30, 2003

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 | 13         |
|                   |                                                                                     |            |
| Item 4.           | Controls and Procedures                                                                  | 22         |
|                   |                                                                                          |            |
| Part II.  Item 1. | OTHER INFORMATIONLegal Proceedings                                                       | 23         |
|              |                                                                                     |       |
| Item 6.           | Exhibits and Reports on Form 8-K                                                         | 24         |
|              |                                                                                          |            |
| Signatures        |                                                                                          | 24         |
|                   |                                                                                          |            |

 

2

----

**PART I.   FINANCIAL INFORMATION**

| **Item 1. Financial Statements**
THE GOLDFIELD CORPORATION AND SUBSIDIARIES
      CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
     
September 30,  
December 31,    
2003  
2002ASSETS      Current assets      
Cash and cash equivalents
 $ 3,585,450 
 $ 7,405,342 
Short-term investments (Note 3)
         -   
   1,266,419 
      Accounts receivable and accrued billings
   2,632,358 
   1,191,914 
Contracts receivable (Note 4)
   3,898,503 
   1,419,354 
Current portion of notes receivable
      44,963 
      46,625 
      Costs and estimated earnings in excess of 
billings on uncompleted contracts 
   1,270,114 
   1,330,675 
Deferred income taxes 
     158,707 
     146,297 
Recoverable income tax 
      53,068 
      32,155 
      Residential properties under construction
     613,597 
     614,390  
Prepaid expenses 
     855,641   
     790,073 
Other current assets
      31,115 
      18,837 
Total current assets
  13,143,516 
  14,262,081 
      Property, buildings and equipment, net 
   6,245,146 
   4,432,848 
Notes receivable, less current portion
     573,999 
     681,915 
Deferred charges and other assets
      Deferred income taxes, less current portion 
   1,352,685 
   1,433,923 
Land and land development costs
   1,384,219 
   1,126,515 
Land held for sale
         -   
     117,106 
      Cash surrender value of life insurance 
     296,703 
     303,613  Other assets 
     151,512   
         -               Total deferred charges and other assets 
   3,185,119   
   2,981,157  Total assets 
 $23,147,780   
 $22,358,001 LIABILITIES AND STOCKHOLDERS' EQUITY     
Current liabilities
   
      Accounts payable and accrued liabilities 
 $ 2,036,933 
 $ 1,371,987 
      Billings in excess of costs and estimated 
earnings on uncompleted contracts 
      56,820 
      37,904 
Note payable to bank (Note 6)
   1,108,346 
     866,903 
      Current liabilities of discontinued operations (Note 5)
     195,750 
         -   
Total current liabilities
   
   3,397,849 
   2,276,794 Total liabilities 
3,397,849   
 2,276,794 
      Commitments and contingencies (Note 5 and 7)
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; 27,570,104 and 
      27,570,104 shares issued at September 30, 2003 
   
and December 31, 2002, respectively 
   2,757,010 
   2,757,010  Capital surplus    
18,452,748   
18,452,748 
Accumulated deficit
    (771,474)
    (905,613)                  Total 
20,438,284  
20,304,145 
      Less common stock in treasury, at cost; 1,362,815
      and 486,968 shares at September 30, 2003 and 
December 31, 2002, respectively
     688,353 
     222,938 
Total stockholders' equity
  19,749,931 
  20,081,207 
      Total liabilities and stockholders' equity
 $23,147,780 
 $22,358,001 
      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,       
2003
2002
2003
2002       
Revenue
Electrical construction
 $4,539,399 
 $ 1,987,085 
$20,389,978
 $12,877,614 
Real estate
2,274,742 
4,960,765 
4,659,949 
5,060,842 
Total revenue
6,814,141 
6,947,850 
25,049,927 
17,938,456 
Costs and expenses
Electrical construction
4,236,547 
1,983,146 
17,996,878 
10,333,579 
Real estate
1,677,775 
3,609,370 
3,609,302 
3,648,634 
Depreciation and amortization
433,418 
354,944 
1,171,527 
1,032,302 
Selling, general and administrative
647,689 
919,330 
1,924,667 
2,086,256 
Total costs and expenses
6,995,429 
6,866,790 
24,702,374 
17,100,771 
Other income, net
Interest income
15,876 
38,377 
87,392 
69,377 
Interest expense, net
(6,755)
(6,002)
(20,263)
(20,180)
Loss on sale of property and equipment
(2,352)
(14,821)
(12,516)
(64)
Other
1,066 
1,729 
6,568 
2,451 
Total other income, net
7,835 
19,283 
61,181 
51,584 
      (Loss) income from continuing operations 
before income taxes
(173,453)
100,343 
408,734 
889,269 
Income taxes (benefit)
(81,335)
39,923 
153,211 
356,713 
      (Loss) income from continuing operations
available to common stockholders
(92,118)
60,420 
255,523 
532,556 
      (Loss) income from discontinued operations (net of 
      income taxes (benefit) of ($89,592)  and $72,077  
      for the three months ended September 30, 2003 
      and 2002, respectively and ($89,592) and $256,287  
      for the nine months ended September 30, 2003 
and 2002, respectively) (Note 5)
   (121,384)
104,467 
   (121,384)
374,505 
      Net (loss) income available to common stockholders
 $ (213,502)
 $   164,887 
 $  134,139 
 $   907,061 
      (Loss) earnings per share of common stock -
basic and diluted (Note 9)
      (Loss) income from continuing operations
 $     0.00 
 $      0.00 
 $     0.01 
 $      0.02 
      (Loss) income from discontinued operations
0.00 
0.00 
0.00 
        0.01 
Net (loss) income 
 $    (0.01)
 $      0.01 
 $     0.01 
 $      0.03 
Weighted average common shares and 
equivalents used in the calculations
of (loss) earnings per share
Basic
 26,207,400 
  27,512,631 
 26,577,479 
  27,473,403 
Diluted
 26,377,563 
  27,628,772 
 26,726,190 
  27,603,817 
      See accompanying notes to consolidated financial statements
 

4

 

      THE GOLDFIELD CORPORATION AND SUBSIDIARIES
      CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended
September  30,
2003
2002 
Cash flows from operating activities
      Income from continuing operations available
   to common stockholders
 $     255,523 
 $      532,556 
      Adjustments to reconcile net income to net
         cash provided by (used in) operating activities
      Depreciation and amortization
1,171,527 
1,032,302 
      Deferred income taxes
68,828 
529,105 
            Loss on sale of property and equipment
12,516 
64 
            Gain on disposition of land held for sale
     -   
(95,910)
            Cash (used by) provided from changes in
               Accounts receivable and accrued billings
    (1,440,444)
2,816,113 
         Contracts receivable
(2,479,149)
(654,832)
               Costs and estimated earnings in excess
                  of billings on uncompleted contracts
60,561 
(164,900)
               Land and land development costs
(257,704)
918,688 
         Land held for sale
117,106 
      -   
               Residential properties under construction
793 
416,787 
         Recoverable income taxes
(20,913)
(24,626)
               Prepaid expenses and other assets
(229,358)
(276,161)
               Accounts payable and accrued liabilities
       664,946 
(715,978)
               Billings in excess of costs and estimated 
                  earnings on uncompleted contracts
18,916 
21,569 
         Income taxes payable
    -   
6,939 
               Net cash (used in) provided by operating activities 
           of continuing operations
(2,056,852)
4,341,716 
               Net cash provided by operating activities 
           of discontinued operations
        74,366 
212,139 
               Net cash (used in) provided by operating activities
(1,982,486)
4,553,855 
Cash flows from investing activities
  Issuance of notes receivable
(22,903)
            -   
        Proceeds from the disposal of property and equipment
44,110 
87,035 
  Proceeds from notes receivable
132,481 
78,989 
        Net sales (purchases) of investment securities
     1,266,419 
(249,880)
  Purchases of property and equipment
    (3,040,451)
(1,034,051)
        Proceeds from sale of land held for sale
           -   
78,200 
        Cash surrender value of life insurance
6,910 
(429)
          Net cash used in investing activities of 
      continuing operations
(1,613,434)
(1,040,136)
          Net cash provided by investing activities of 
      discontinued operations
           -   
144,088 
          Net cash used in investing activities  
    (1,613,434)
(896,048)
Cash flows from financing activities
        Proceeds from the exercise of stock options 
           -   
23,333 
        Net borrowings (repayments) on note payable to bank
       241,443 
(612,918)
  Purchase of treasury stock
(465,415)
(55,460)
             Net cash used in financing activities
          of continuing operations
      (223,972)
(645,045)
      Net (decrease) increase in cash and cash equivalents
(3,819,892)
3,012,762 
      Cash and cash equivalents at beginning of period
7,405,342 
4,662,126 
      Cash and cash equivalents at end of period
 $   3,585,450 
 $    7,674,888 
 
      Cash and cash equivalents at end of period
 
  Continuing operations
 $   3,585,450 
 $    7,353,375 
  Discontinued operations
    -   
321,513 
 $   3,585,450 
 $    7,674,888 
      Supplemental disclosure of cash flow information
  Income taxes paid
 $      24,730 
 $       82,982 
        Interest paid (net of amount capitalized)
         5,063        
23,973        
      Supplemental disclosure of non-cash investing activities
        Notes receivable in partial payment for land held for sale
           -   
299,006 
      See accompanying notes to consolidated financial statements
 
 
5

 
 
**THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 30, 2003 and 2002**

**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.  All financialstatements presented herein are unaudited with the exception of the consolidatedbalance sheet as of December 31, 2002, which was derived from the auditedconsolidated financial statements.  The results of operations for the interimperiods shown in this report are not necessarily indicative of results to beexpected 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, 2002.

**Note 2 -**

**Reclassifications**

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

**Note 3 -**

**Short-term Investments**

The Company's short-term investmentswere comprised of highly liquid U.S. government debt securities.  In accordancewith Statement of Financial Accounting Standards (SFAS) No. 115,"Accounting for Certain Investments in Debt and Equity Securities",these securities were classified as available-for-sale and carried at fairvalue, with unrealized gains or losses, net of tax, to be recorded as aseparate component of stockholders' equity.  As of December 31, 2002, short-term investments had a balance of $1,266,419.

**Note 4 -**

**Contracts Receivable**

In August 2002, in accordancewith SFAS No. 66 "Accounting for Sales of Real Estate", the Company beganrecognizing revenue under the percentage of completion method of accounting. Contracts receivable represents revenue recognized on contracts for sale on theCompany's condominium development projects in the amount of $3,898,503 and $1,419,354as of September 30, 2003 and December 31, 2002, respectively. 

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

**Note 5 -**

**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 specialnotice letter notifying the Company that it was a potentially responsible party(a "PRP"), along with three other parties, with respect to possibleinvestigation and removal activities at the Anderson-Calhoun Mine/Mill Site(the "Site") in Stevens County, Washington, which the EPA may requestthat the Company, along with the other PRPs, perform or finance.  The Companysold the 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 is in preliminarydiscussions with the other PRPs with respect to negotiating an AdministrativeOrder on Consent with the EPA pursuant to which the PRPs would perform anEngineering Evaluation/Cost Analysis ("EE/CA") to determine whataction is warranted at the Site.  The Company believes that the preparation ofan EE/CA could take up to 12 months.  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 earlystage to estimate the total costs of investigation and remediation at the Sitedue to various factors, including the scope of the EE/CA study to be negotiatedwith the 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, the selection of alternative remediesand changes in clean-up standards.  As of September 30, 2003, in accordancewith Financial Accounting Standards Board ("FASB") Interpretation No. 14"Reasonable Estimation of the Amount of a Loss - an interpretation of SFAS No.5 (Accounting for Contingencies)" and Statement of Position 96-1 "EnvironmentalRemediation Liabilities", the Company has reserved $195,750 (a currentliability within discontinued operations) for this matter, which represents thecurrent estimate of the Company's share of the costs associated with anemergency removal action previously undertaken by the EPA, the anticipated costof the EE/CA study, and the anticipated professional fees to be incurred by theCompany in connection with the EE/CA study.  Actual costs to be incurred at theSite in future periods may vary from this estimate, given inherentuncertainties in evaluating environmental costs. The amount accrued will bereviewed periodically based upon facts and circumstances available at the time,which could result in changes to the amount accrued.  At this early stage, theCompany does not have sufficient information to determine the potential extentand nature of any necessary future response action at the Site, or to estimatethe potential additional future cost of such action.  The Company isinvestigating whether any cost incurred would be covered by insurance.

 

 

7

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

2003     

 2002     

Net  sales

$               -     

$  2,103,849 

Cost  of sales

         -     

 (1,749,658)

Depreciation

         -     

    (54,288)

General and    administrative expense

           -     

       (9,018)

Provision  for remediation

        (210,976)(1)

                -  

Operating  (loss) income 

     (210,976)    

      290,885 

Other  income, net

  Interest  expense

         -     

    (10,327)

  Other income,  net (including      gain on sale of real estate      of $301,132)

                    -     

          350,234 

                  -     

       339,907 

(Loss) income from  discontinued    operations before income taxes

     (210,976) 

     630,792 

Income  (taxes) benefit

          89,592   

       (256,287)

(Loss) income from  discontinued    operations, net of tax

  $ (121,384) 

  $  374,505 

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

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

2003     

 2002     

Net  sales

$        -      

$649,444 

Cost  of sales

         -      

 (531,151)

Depreciation

         -      

       -  

General and    administrative expense

                -      

     (5,704)

Provision  for remediation

       (210,976)(1)

                -  

Operating  (loss) income

     (210,976)    

     112,589 

Other  income, net

  Interest  expense

         -     

   (3,422)

  Other income,  net (including      gain on sale of real estate      of $52,812)

                  -     

        67,377 

                -     

       63,955 

(Loss) income from  discontinued    operations before income taxes

     (210,976)  

   176,544 

Income  (taxes) benefit

         89,592   

      (72,077)

(Loss) income from  discontinued    operations, net of tax

  $ (121,384)  

$104,467 

**  **(1)****Includes $15,226 of legal and professionalfees incurred as of September 30, 2003 and a $195,750 reserve forremediation

 

 8
****
** **

Assets and liabilities of thediscontinued operations have been reflected in the unaudited consolidatedbalance sheets as current or non-current.  The following is a summary of assetsand liabilities of discontinued operations:

September 30,

December 31,

2003        

 2002       

Total  assets of discontinued

  operations

$             -

$           -

Current  liabilities

  Reserve  for remediation

 $  195,750

    $           -

Total  liabilities of discontinued

  operations

$  195,750

$           -

** **

**Note 6 -**

**Note Payable to Bank**

The Company has a $6,000,000 bank credit facility, ofwhich $4,500,000 can be used for the construction development costs of theCompany's condominium projects and $1,500,000 can be used for the workingcapital needs of the Company. Under the terms of the loan, interest is payablemonthly at an annual rate equal to the "Monthly LIBOR Index" plus oneand nine-tenths percent (3.0% and 3.3% at September 30, 2003 and December 31,2002, respectively). The proceeds from sales of condominiums will be used torepay the loan. At the sole option of the lender, the outstanding principal andinterest is due and payable in full within 30 days of the lender providingwritten notice to the Company. The loan is guaranteed by the Company'selectrical construction subsidiary and is secured by an agreement not tofurther encumber said condominium projects. Borrowings outstanding under thisagreement were $1,108,346 and $866,903 at September 30, 2003 and December 31, 2002, respectively.  The amount available for additional borrowings at September 30, 2003 was $3,391,654 and $1,500,000, for construction development costs andworking capital, respectively. 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, incurring additional indebtedness,issuing loans to other entities in excess of a certain amount, entering into amerger or consolidation, and any change in the Company's current ChiefExecutive Officer without prior written consent from the lender.  The Companywas in compliance with all such covenants as of September 30, 2003 and December 31, 2002.

Interest costs related to the construction ofcondominiums were capitalized. During the nine and three month periods ended September 30, 2003 the Company capitalized interest costs of $43,447 and $18,951,respectively.  During the nine and three month periods ended September 30, 2002 the Company capitalized interest costs of $40,970 and $9,815,respectively.  

**Note 7 -**

**Commitments and  Contingencies**

In certain circumstances, theCompany is required to provide performance bonds in connection with itselectrical construction subsidiary's contractual commitments.  Management isnot aware of any performance bonds issued for the Company that have ever beencalled by a customer.  As of September 30, 2003, outstanding performance bondsissued on behalf of the electrical construction operations amounted toapproximately $8,920,000.

The Company has provided a thirdparty guarantee for St. Cloud Mining Company ("St. Cloud") in favor of theState of New Mexico's Mining and Minerals Division of the Energy, Minerals andNatural Resources Department ("Financial Assurance").  The FinancialAssurance, amounting to $171,827 as of September 30, 2003, guarantees approvedpost mine reclamation plans.  Although the Company sold its mining operationsto unrelated third parties, the Company remains liable under this guarantee.  However,the buyer of St. Cloud has agreed to indemnify the Company against any lossesfrom the Financial Assurance and has undertaken to secure the Company's releasetherefrom.

9
****Note 8 -**

**Income Taxes**

At September 30, 2003, the Company had tax net operating loss carryforwards of approximately $2,625,000available to offset future taxable income, which if unused will expire from2009 through 2022.  The Company has alternative minimum tax creditcarryforwards of $326,000, which are available to reduce future Federal incometaxes over an indefinite period.

**Note 9 -**

**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.  The computation of the weightedaverage number of common stock shares outstanding excludes 1,362,815 shares of treasurystock for the three and nine month periods ended September 30, 2003 and 156,008 shares of treasury stock for the three and nine month periods ended September 30, 2002.  Diluted earnings per share include additional dilution from potentialcommon stock equivalents, such as stock options outstanding. 

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 Directorsapproved 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 September 30, 2003, pursuant to the RepurchasePlan, the Company repurchased 18,713 shares of its Common Stock at an averageprice per share of $0.611. As of September 30, 2003, pursuant to the RepurchasePlan, the Company has repurchased 1,345,457 shares of its Common Stock at acost of $669,632, an average cost of $0.498 per share. As of September 30, 2003, the maximum number of shares available to be repurchased under the Repurchase Planis 1,154,543 shares. The Company currently holds the repurchased stock asTreasury Stock.

**Note 10 -**

**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 export sales.  Any intersegment sales have beeneliminated.

 

10

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

2003        

 2002        

Continuing Operations:

Sales from operations to    unaffiliated customers

    Electrical  construction

$20,389,978 

$12,877,614 

    Real  estate

       4,659,949 

      5,060,842 

      Total

$25,049,927 

$17,938,456 

Operating income 
   
  Electrical  construction

$ 1,173,813 

$ 1,446,691 

  Real estate

       770,119 

    1,101,368 

    Total  operating income

  1,943,932

  2,548,059 

Other  income, net

     61,181 

     51,584 

General  corporate expenses

  (1,596,379)

   (1,710,374)

Income from continuing    operations before income    taxes

$   408,734 

$   889,269 

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

2003        

 2002        

Continuing Operations:

Sales from operations to    unaffiliated customers

    Electrical  construction

 $4,539,399 

$1,987,085 

    Real  estate

      2,274,742 

     4,960,765 

      Total

 $6,814,141 

$6,947,850 

Operating (loss) income
   
  Electrical  construction

  $ (141,812)

 $ (345,184)

  Real estate

       463,002 

    1,059,032 

    Total  operating income

    321,190 

   713,848 
     
Other  income, net

      7,835 

    19,283 

General  corporate expenses

      (502,478)

     (632,788)

(Loss) income from  continuing    operations before income    taxes

  $ (173,453)

$  100,343 

Operating income is total operating revenue lessoperating expenses inclusive of depreciation and selling, general andadministrative expenses for each respective segment.  Operating income excludesinterest expense, interest income and income taxes.  General corporate expensesare comprised of general and administrative expenses and corporate depreciationexpense.

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

  September 30,     2003        

   December 31,     2002        

Identifiable assets:

Continuing operations

  Electrical  construction

$11,119,895

    $ 9,596,844

  Real estate

  5,966,929

  3,442,714

  Corporate

     6,060,956

          9,318,443

    Total

$23,147,780

 $22,358,001

 

11

**Note 11 -**

**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 will bebased on the fair market value of the Common Stock at the date of grant.  Themaximum number of shares available for grant under the Plan is 1,300,000.  Theoptions must be exercised within 10 years of the date of grant.  On March 9, 1999, the Company granted options to purchase 985,000 shares, exercisable at $0.21875per share, the fair market price of the Common Stock at the date of grant.  Nostock options were granted during the nine month periods ended September 30, 2003 and 2002.  As of September 30, 2003 and December 31, 2002, 243,668 options were outstanding.

As permitted by SFAS No. 123,"Accounting for Stock-Based Compensation", as amended by SFAS No. 148,"Accounting for Stock-Based Compensation - Transition and Disclosure", theCompany applies the intrinsic value-based method of accounting as prescribed byAccounting Principles Board Opinion No. 25 in accountingfor its Plan.  Accordingly, no compensation cost has been recognized in theconsolidated financial statements during the nine month periods ended September 30, 2003 and 2002.  Had the Company used the fair value-based method ofaccounting to determine compensation cost for its stock options at the grantdate under SFAS No. 123, as amended by SFAS No. 148, the Company's net incomewould not have changed for the nine month periods ended September 30, 2003 and 2002.

**Note 12 -**

**Recent Accounting  Pronouncements**

In April 2003, the FASB issued SFASNo. 149 "Amendment of Statement 133 on Derivative Instruments and HedgingActivities."  The Statement amends and clarifies accounting and reporting forderivative instruments, including certain derivative instruments embedded inother contracts and for hedging activities under SFAS No. 133 "Accounting forDerivative Instruments and Hedging Activities." This Statement is effective forcontracts entered into or modified after September 30, 2003, except as stated below and for hedging relationships designated after September 30, 2003.  In addition, except as stated below, all provisions of this Statement should beapplied prospectively.  The provisions of this Statement that relate to SFASNo. 133 Implementation Issues that have been effective for fiscal quarters thatbegan prior to June 15, 2003, should continue to be applied in accordance withtheir respective effective dates.  In addition, paragraphs 7(a) and 23(a),which relate to forward purchases or sales of when-issued securities or othersecurities that do not yet exist, should be applied to both existing contractsand new contracts entered into after September 30, 2003.  Adoption of this Statementon July 1, 2003 did not have a significant impact on the financial position orresults of operations of the Company.

In May 2003, the FASB issued SFASNo. 150 "Accounting for Certain Financial Instruments with Characteristics ofboth Liabilities and Equity."  This Statement establishes standards for how anissuer classifies and measures certain financial instruments withcharacteristics of both liabilities and equity.  It requires that an issuerclassify a financial instrument that is within its scope as a liability, or anasset in some circumstances.  Many of those instruments were previouslyclassified as equity.   This Statement is effective for financial instrumentsentered into or modified after May 31, 2003, and otherwise is effective at thebeginning of the first interim period beginning after June 15, 2003.  Adoption of this Statement on July 1, 2003, did not have a significant impact on thefinancial position or results of operations of the Company.

** **

12

**Forward-Looking Statements**

We make "forward looking statements" within the"safe harbor" provision of the Private Securities Litigation ReformAct of 1995 throughout this document and in the documents we incorporate byreference into this Quarterly Report on Form 10-Q.  You can identify these statementsby forward-looking words such as "may," "will,""expect," "anticipate," "believe,""estimate," "plan," and "continue" or similarwords.  We have based these statements on our current expectations about futureevents.  Although we believe that our expectations reflected in or suggested byour forward-looking statements are reasonable, we cannot assure you that theseexpectations will be achieved.  Our actual results may differ materially fromwhat we currently expect.  Factors that may affect the results of our electricalconstruction 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 projects include,among others: interest rates; ability to obtain necessary permits fromregulatory agencies; ability to acquire land; adverse weather; naturaldisasters; and general economic conditions, both nationally and in our region. Important factors which could cause our actual results to differ materiallyfrom the forward-looking statements in this document are also set forth in theManagement's Discussion and Analysis of Financial Condition and Results ofOperations section and elsewhere in this document.

You should read this 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 and   Results of Operations**

**CriticalAccounting Policies and Estimates**

This discussion and analysisof the Company's financial condition and results of operations are based uponthe Company's consolidated financial statements, which have been prepared inaccordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to makeestimates and judgments that affect the reported amounts of assets,liabilities, revenues and expenses, and related disclosure of contingent assetsand liabilities.  On an on-going basis, the Company evaluates its estimates,including those related to fixed price electrical construction contracts, realestate development projects and deferred income tax assets.  The Company basesits estimates on historical experience and on various other assumptions thatare believed to be reasonable under the circumstances, the results of whichform the basis for making judgments about the carrying values of assets andliabilities that are not readily apparent from other sources. Actual resultsmay differ from these estimates under different assumptions or conditions. TheCompany believes the following critical accounting policies affect its moresignificant judgments and estimates used in the preparation of its consolidatedfinancial statements.

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 construction contracts is recognized on the percentage of completionmethod.  Under this method, estimated contract income and resulting revenue isgenerally accrued based on costs incurred to date as a percentage of totalestimated costs.  Total estimated costs, and thus contract income, are impactedby changes in productivity, scheduling, and the unit cost of labor,subcontracts, materials and equipment.  Additionally, external factors such asweather, client needs, client delays in providing approvals, labor availabilityand governmental regulation, may also affect the progress and estimated cost ofa project's completion and thus the timing of income and revenue recognition. If a current estimate of total contract cost indicates a loss on a contract,the projected loss is recognized in full when determined. Revenue from changeorders, extra work, variations in the scope of work and claims is recognizedwhen realization is reasonably assured.

13

Given our limited experiencein condominium development, the initial condominium development project wasaccounted for under the deposit method, thus deferring the recognition ofrelated revenue and expenses until the project was complete and the underlyingtitles 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 No. 66 "Accounting for Sales of Real Estate"will be recognized using the percentage of completion method.  Under thismethod, revenue is recognized when (1) construction is beyond a preliminarystage, (2)buyers are unable to receive refunds of down-payments except in theevent of non-delivery, (3)a substantial percentage of the condominiums areunder firm contracts, (4)collection of the sales price is reasonably assuredand (5)sales proceeds and costs can be reasonably estimated.  Revenuerecognized is calculated based on the percentage of completion, as determinedby the fixed price construction contract costs incurred to date in relation tothe total fixed price construction contract.  If a buyer were to default on thecontract for sale, revenues and expenses recognized in prior periods would beadjusted in the period of default.  A significant majority of the totalestimated project costs is attributable to the fixed price constructioncontract; the residual estimated costs could vary from actual.  If a currentestimate of total project cost indicates a loss on a project, the projectedloss is recognized in full when determined.  The timing of revenue and expenserecognition is contingent on construction productivity.  Factors possiblyimpeding construction productivity include, but are not limited to, supply oflabor, materials and equipment, scheduling, weather, permitting and unforeseenevents.

The Companyconsiders future taxable income and ongoing prudent and feasible tax planningstrategies in assessing the need for a valuation allowance for deferred taxassets. Should the Company determine that it would not be able to realize allor part of its net deferred tax assets, a valuation allowance would be recordedto reduce its deferred tax assets to the amount that is more likely than not tobe realized. In the event the Company were to subsequently determine that itwould be able to realize its deferred tax assets in the future in excess of itsnet recorded amount, an adjustment to the previously recorded valuationallowance would increase income in the period such determination was made.
** **
14
****Results of Operations
**NINE MONTHS ENDED  SEPTEMBER 30, 2003 COMPARED TO NINE MONTHS ENDED  SEPTEMBER 30, 2002**

**Segment Information**

The table below reflects theCompany's consolidated revenue and operating income attributable to each of itsongoing lines of business for the nine months ended September 30, as indicated:

 2003       

2002        

Revenue

   Electrical construction

$20,389,978

$12,877,614

   Real estate

      4,659,949

      5,060,842

     Total

$25,049,927

$17,938,456

Operating  income

   Electrical construction

$ 1,173,813

$ 1,446,691

   Real estate 

          770,119

      1,101,368

     Total

$ 1,943,932

$ 2,548,059

** **

**Continuing Operations**

**  Revenues**

Total revenues in the nine months ended September 30, 2003 increased by 39.6% to $25,049,927, compared to $17,938,456 in the ninemonths ended September 30, 2002.  

Electrical construction revenueincreased by 58.3% in the nine months ended September 30, 2003 to $20,389,978 from $12,877,614 in the nine months ended September 30, 2002.  This increase was primarily attributable to an increase in both transmission lineconstruction and fiber optic projects as a result of a greater availability ofelectrical construction contracts.  To date, however, the Company has notnoticed an increase in demand attributable to increased grid constructionstemming from the August 2003 blackout in the Northeastern United States.

Revenues recognized by the real estate operations for thenine months ended September 30, 2003 were $4,659,949 compared to $5,060,842 forthe nine months September 30, 2002, a decrease of 7.9%.  This decrease was mainlya result of the Company changing its revenue recognition method in August 2002from the deposit method to the percentage of completion method, as detailed inthe above Critical Accounting Policies and Estimates.  The revenue attributableto the Company's initial condominium development project was recognized in itsentirety in the third quarter of 2002.

In September 2003, "Riomar", a six-unit oceanfrontcondominium project near Cocoa Beach, FL was completed and three units were sold. The remaining units were sold in October 2003.

"Cape Club", asixteen-unit oceanfront condominium project located in Cape Canaveral, FL iscurrently under construction and its completion is expected in the secondquarter of 2004.  All units are under contract for sale.

"Oak Park", a townhouse-stylecondominium project in Cape Canaveral, FL, is currently in the planning/permittingstage.  Preliminary plans call for a thirty-six to forty-unit complex to bebuilt, thirty-one of which have been reserved with refundable deposits.  Althoughconstruction is expected to commence in the first quarter of 2004, commencementof construction is contingent upon the receipt of required permits.

15

The Company's most recentplans are to develop a riverfront combination residential and commercialcomplex on a two-acre parcel in Melbourne, FL, acquired in January 2003 forapproximately $1 million.  Initial plans call for a multi-phase development,with the first phase, "Pineapple House", a thirty-three--unit luxury riverfrontcondominium complex, currently undergoing the permitting process.  Commencementof construction is dependent upon the receipt of required permits and obtainingthe approval of a Vested Rights application to be filed with the City of Melbournewithin the next thirty days.  Although the Company believes the Vested Rightsapplication should be approved, its denial would reduce the number of unitsthat could be built on the parcels and reduce the possible profit on theproject.  Additional phases may include additional residential condominiums andcommercial buildings.  

  **Operating Results**

Electrical construction operations had an operatingincome of $1,173,813 in the nine months ended September 30, 2003, compared to an operating income of $1,446,691 during the nine months ended September 30, 2002, a decrease of 18.9%.  As a percentage of revenue, operating margins onelectrical construction operations decreased to 5.8% for the nine months ended September 30, 2003 from 11.2% for the nine months ended September 30, 2002.  The decrease in the operating margin was largely a result of higher than budgeted costsincurred due to adverse weather conditions encountered on several largeelectrical construction projects located in Alabama and Georgia.  At September 30, 2003, the approximate value of uncompleted contracts was $5,700,000 comparedto $5,400,000 at September 30, 2002.  The varying magnitude and duration ofelectrical construction projects may result in substantial fluctuation in theCompany's backlog from time to time.  

Real estate operations had an operating income of $770,119in the nine months ended September 30, 2003, compared to $1,101,368 in the ninemonths ended September 30, 2002, a decrease of 30.1%.  For the nine monthsended September 30, 2002, income from the Company's initial condominiumdevelopment project had been recognized in its entirety due to the Companyutilizing the deposit method of accounting as described in the above CriticalAccounting Policies and Estimates.  As a percentage of revenue, operatingmargins decreased to 16.5% for the nine months ended September 30, 2003 from 21.8% for the nine months ended September 30, 2002.  The decrease inoperating margin was primarily due to a change in the mix of the units sold andin backlog from high-margin units to a combination of both lower-margin and higher-marginunits.  Operating margins from real estate operations are expected to vary dueto the type and number of projects under construction at any given time andeach respective project's estimated operating margin.

As of September 30, 2003, real estate operation's backlog (outstanding contracts for sale excluding partialrevenue already recognized on said contracts under the percentage of completionmethod) was approximately $5,700,000, compared to approximately $2,500,000 asof September 30, 2002.  There can be no assurance that settlements ofcondominiums subject to contracts for sale will occur. 

  **Costs and Expenses**

Total costs and expenses, and the components thereof,increased to $24,702,374 in the nine months ended September 30, 2003 from $17,100,771 in the nine months ended September 30, 2002, an increase of 44.5%.

Electrical construction costs increased to $17,996,878 inthe nine months ended September 30, 2003 from $10,333,579 in the nine monthsended September 30, 2002, an increase of 74.2%.  The increase in costs wasprimarily attributable to both an increase in the volume of the work performedand an increase in subcontractor costs incurred as a result of requiredconstruction services outside the scope of services generally provided by theCompany.

16

Cost of real estate operations decreased to $3,609,302for the nine months ended September 30, 2003 from $3,648,634 for the ninemonths ended September 30, 2002, a decrease of 1.1%.

Depreciation and amortization was$1,171,527 in the nine months ended September 30, 2003, compared to $1,032,302in the nine months ended September 30, 2002.  The increase in depreciation andamortization was a result of capital expenditures made by the Company'selectrical construction operations.

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

 2003      

 2002      

Electrical construction

$   90,552

$  102,934

Real estate

   274,005

   308,627

Corporate

    1,560,110

     1,674,695

 Total

$1,924,667

$2,086,256

In the nine months ended September 30, 2003, total SG&A expenses decreased by 7.7% when compared to the like period in 2002.  Thedecrease was mainly due to higher legal and professional fees incurred for thenine months ended September 30, 2002 as a result of services required to sellthe Company's mining subsidiaries.  SG&A expenses, as a percentage ofrevenue, decreased to 7.7% in the nine months ended September 30, 2003 from 11.6% in the nine months ended September 30, 2002, largely as a result of increasedrevenue.

**  Income Taxes**

The provision for income taxes was $153,211 in the ninemonths ended September 30, 2003, an effective tax rate of 37.5%, as compared to$356,713 in the nine months ended September 30, 2002, an effective tax rate of 40.1%.The effective tax rates differ from the statutory rate largely due to stateincome taxes.

**Discontinued Operations **

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

 

17

The following table setsforth summary operating results of discontinued operations for the nine monthsended September 30, as indicated: 

2003      

 2002      

 

Net sales

$            -     

$  2,103,849 

Cost of sales

         -     

 (1,749,658)

Depreciation

         -     

    (54,288)

General and    administrative  expense

           -     

       (9,018)

Provision for remediation(1)

     (210,976)(2)

                 -  

Operating (loss) income

   (210,976)    

       290,885 

Other income, net

 

 

  Interest expense

         -     

    (10,327)

  Other income, net  (including      gain on  sale of real      estate  of $301,132)

                  -     

       350,234 

                 -     

     339,907 

(Loss) income from discontinued    operations before income taxes

     (210,976)   

     630,792 

Income (taxes) benefit

         89,592    

    (256,287)

 

(Loss) income from discontinued    operations, net of tax

$ (121,384)   

$  374,505 

**      **(1) Refer to Part II. Other Information, Item 1. LegalProceedings       (2) Includes $15,226 of legal and professional fees incurred as of September 30, 2003 and  a$195,750 reserve for remediation

**THREE MONTHS ENDED  SEPTEMBER 30, 2003 COMPARED TO THREE MONTHS ENDED  SEPTEMBER 30, 2002**

**Segment Information**

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

 2003       

2002       

Revenue

   Electrical construction

 $4,539,399 

 $1,987,085 

   Real estate

     2,274,742 

      4,960,765 

     Total

 $6,814,141 

 $6,947,850 

Operating  (loss) income

   Electrical construction

  $ (141,812)

  $ (345,184)

   Real estate 

        463,002 

      1,059,032 

     Total

 $   321,190 

 $  713,848 

** **

**Continuing Operations**

**  Revenues**

Total revenues in the three months ended September 30, 2003 decreased by 1.9% to $6,814,141, compared to $6,947,850 in the threemonths ended September 30, 2002.  

Electrical construction revenue increasedby 128.4% in the three months ended September 30, 2003 to $4,539,399 from$1,987,085 in the three months ended September 30, 2002.  This increase wasprimarily attributable to an increase in both transmission line constructionand fiber optic projects as a result of a greater availability of electricalconstruction contracts.  To date, however, the Company has not noticed an increasein demand attributable to increased grid construction stemming from the August2003 blackout in the Northeastern United States.

18

Revenues recognized by the real estate operations for thethree months ended September 30, 2003 were $2,274,742 compared to $4,960,765for the three months ended September 30, 2002, a decrease of 54.1%.  Thissignificant decrease was primarily attributed to the Company utilizing thedeposit method of revenue recognition during the first seven months of 2002,thus recognizing the revenue from its initial condominium development projectin its entirety in the three months ended September 30, 2002.

**  Operating Results**

Electrical construction operations had an operating lossof $141,812 in the three months ended September 30, 2003, compared to anoperating loss of $345,184 during the three months ended September 30, 2002.  As a percentage of revenue, operating margins on electrical constructionoperations increased to (3.1%) for the three months ended September 30, 2003 from (17.4%) for the three months ended September 30, 2002.  Improvement in theoperating margin was primarily the result of a higher volume of revenueavailable to cover fixed costs which was significantly offset by both projectlosses incurred on two jobs as a result of adverse weather conditions andhigher than budgeted subcontractor costs incurred due to an isolatedproductivity issue encountered on one job.  

Real estate operations had an operating income of $463,002in the three months ended September 30, 2003, compared to $1,059,032 in thethree months ended September 30, 2002, a decrease of 56.3%.  For the threemonths ended September 30, 2002, income was significantly higher due to theCompany utilizing the deposit method of income recognition to record the saleof its initial condominium development project.  As a percentage of revenue, operatingmargins decreased to 20.4% for the three months ended September 30, 2003 from 21.3% for the three months ended September 30, 2002.  Operating margins fromreal estate operations are expected to vary due to the type and number ofprojects under construction at any given time and each respective project'sestimated operating margin.

  **Costs and Expenses**

Total costs and expenses, and the components thereof, increasedto $6,995,429 in the three months ended September 30, 2003 from $6,866,790 inthe three months ended September 30, 2002, an increase of 1.9%.

Electrical construction costs increased to $4,236,547 inthe three months ended September 30, 2003 from $1,983,146 in the three monthsended September 30, 2002, an increase of 113.6%.  The increase in costs wasprimarily attributable to both an increase in the volume of the work performedand an increase in subcontractor costs incurred as a result of required constructionservices outside the scope of services generally provided by the Company.

Cost of real estate operations decreased to $1,677,775for the three months ended September 30, 2003 from $3,609,370 for the threemonths ended September 30, 2002.  This decrease of 53.5% was mainly the resultof construction and other costs associated with the Company's initialcondominium development project which were recognized under the deposit methodduring the three months ended September 30, 2002.

Depreciation and amortization was$433,418 in the three months ended September 30, 2003, compared to $354,944 inthe three months ended September 30, 2002.  The increase in depreciation andamortization was a result of capital expenditures made by the Company'selectrical construction operations.

19

The following table sets forth SG&Aexpenses for each respective segment for the three months ended September 30,as indicated:

 2003     

 2002     

Electrical construction

$   24,119  

 $     7,412

Real estate

134,179

291,626

Corporate

    489,391

     620,292

 Total

$ 647,689

$ 919,330

In the three months ended September 30, 2003, total SG&A expenses decreased by 29.5% when compared to the like period in 2002.  SG&Aexpenses were higher for the three months ended September 30, 2002 as a result of selling expenses attributed to the Company's initial condominium development projectwhich were recognized under the deposit method by the real estate operationsand higher legal and professional expenses incurred by corporate operations asa result of services required to sell its mining subsidiaries.  SG&A expenses,as a percentage of revenue, decreased to 9.5% in the three months ended September 30, 2003 from 13.2% in the three months ended September 30, 2002.

**  Income Taxes**

The income tax provision (benefit) was ($81,335) in thethree months ended September 30, 2003, an effective tax rate of (46.9)%, ascompared to $39,923 in the three months ended September 30, 2002, an effective tax rate of 39.8%. During the three months ended September 30, 2003 and 2002, the effective tax rates differ from the statutory rate largely due to anincome tax credit and state income taxes, respectively.

**Discontinued Operations **

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

 

20

The following table setsforth summary operating results of discontinued operations for the three monthsended September 30, as indicated: 

2003      

 2002      

Net sales

$        -     

$649,444 

Cost of sales

         -     

 (531,151)

Depreciation

         -     

       - 

General and    administrative expense

           -     

     (5,704)

Provision for remediation(1)

          (210,976)(2)

                 - 

Operating (loss) income

       (210,976)   

     112,589 

Other income, net

  Interest expense

         -     

   (3,422)

  Other income, net (including      gain on sale of real estate      of $52,812)

                    -     

       67,377 

                   -     

     63,955 

(Loss) income from discontinued    operations before income taxes

     (210,976)    

   176,544 

Income (taxes) benefit

          89,592     

     (72,077)

(Loss) income from discontinued    operations, net of tax

$ (121,384)    

$104,467 

**    **(1) Refer to Part II. Other Information, Item 1. LegalProceedings      (2) Includes $15,226 of legal and professional fees incurred as of September 30, 2003 and  a$195,750 reserve for remediation
Liquidity and Capital Resources
Cash and cash equivalents at September 30, 2003 were $3,585,450 as compared to $7,405,342 as of December 31, 2002.  Working capital at September 30, 2003 was $9,745,667, compared to $11,985,287 at December 31, 2002.  Working capital at September 30, 2003 includes balances from discontinuedoperations.  The Company's current ratio (current assets to current liabilities)decreased to 3.9:1 at September 30, 2003, from 6.3:1 at December 31, 2002.  The net decrease was primarily attributed to a decrease in cash reserves due to capitalexpenditures made by the electrical construction operations of approximately $2.9million in construction machinery and equipment, and various other factors,including an increase in accounts payable and accrued liabilities due to ahigher level of electrical construction activity, and an increase in the realestate operation's note payable (construction loan), which was attributable toRiomar and Cape Club's construction costs. The foregoing was offset bysignificant increases in the electrical construction operation's accountsreceivable due to a higher level of electrical construction activity and by theincrease in the real estate development operation's contracts receivable, whichis mainly attributable to percentage of completion revenue recognition.

At September 30, 2003, 243,668 shares were reserved forpossible exercise of options to purchase Common Stock issued under the 1998Executive Long-term Incentive Plan.

In August 2002, the Company began investing a portion ofits cash, in excess of operating requirements, in short-term highly liquid U.S.government debt securities. In September 2003, the Company sold its investmentin short-term securities and transferred the net proceeds  to an interest-bearing money market account. 

21

On September 17, 2002, theCompany's Board of Directors approved a Common Stock Repurchase Plan (the"Repurchase Plan") allowing the Company to repurchase up to five percent(approximately 1.3 million shares) of its outstanding Common Stock over thetwelve-month period which followed. On June 11, 2003, the Board of Directorsapproved a one-year extension of the repurchase period (until September 16, 2004) and increased the total number of shares purchasable under the RepurchasePlan to 2.5 million. The Company may repurchase its shares either in the openmarket or through private transactions.  During the three month period ended September 30, 2003, pursuant to the Repurchase Plan, the Company repurchased 18,713 sharesof its Common Stock at an average price per share of $0.611. As of October 29, 2003, pursuant to the Repurchase Plan, the Company has repurchased 1,345,457shares of its Common Stock at a cost of $669,632, an average cost of $0.498 pershare. As of October 29, 2003, the maximum number of shares available to be repurchasedunder the Repurchase Plan is 1,154,543 shares. The Company currently holds therepurchased stock as Treasury Stock.

On April 15, 2002, the Company entered into a new loanagreement with Wachovia Bank, N.A. ("Wachovia") for a $6,000,000 creditfacility.  Borrowings outstanding under the agreement were $1,108,346 and$866,903 at September 30, 2003 and December 31, 2002, respectively.  The creditfacility, as described in note 6 of notes to consolidated financial statements,will primarily be used to finance the costs of constructing condominium unitsin Florida and will subsequently be repaid with the sales proceeds from saidcondominiums.

The Company's capitalexpenditures for continuing operations for the nine months ended September 30, 2003, increased to $3,040,451 from $1,034,051 for the nine months ended September 30, 2002.  This increase in the level of capital expenditures was attributableto significant acquisitions of machinery and equipment made by the Company'selectrical construction segment.  These acquisitions were prompted by anincrease in the volume of work performed and an effort to reduce futureequipment rental expense.

The following table summarizesthe Company's future aggregate contractual obligations at September 30, 2003:

                                                                                Payments Due By Period                                                                             
Total        
Less Than    1 Year     

1-2      Years    

   3-5          Years    

More Than   5 Years     

Operating  leases

$  146,705

$  119,076    

$  15,425

$  12,204

      --

Purchase obligations

 4,906,043

 4,019,440(1)

  418,908

  467,695

      --
               
   Total

$5,052,748

$4,138,516    

$ 434,333

$ 479,899

      --

      (1) $445,007 is included in the consolidated balance sheet as ofSeptember 30, 2003 within theaccounts payable and accrued liabilities section.

**Item 4.**

**Controls and Procedures**

John H. Sottile, our ChiefExecutive Officer, and Stephen R. Wherry, our Chief Financial Officer, haveperformed an evaluation of the Company's disclosure controls and procedures, asthat term is defined in Rule 13a-15(e) of the Securities Exchange Act of 1934,as amended (the "Exchange Act"), as of September 30, 2003 and each hasconcluded that such disclosure controls and procedures are effective to ensurethat information required to be disclosed in our periodic reports filed underthe Exchange Act is recorded, processed, summarized and reported, within thetime periods specified by the Securities and Exchange Commission's rules andregulations.

No changes in the Company's internal controls overfinancial reporting occurred during the quarter ended September 30, 2003 thathave materially affected, or are reasonably likely to materially affect, theCompany's internal controls over financial reporting.

 

22

**PART II.  OTHERINFORMATION**

**Item 1.**

**  Legal Proceedings**

**Environmental**

On September 8, 2003, the UnitedStates Environmental Protection Agency (the "EPA") issued a specialnotice letter notifying the Company that it was a potentially responsible party(a "PRP"), along with three other parties, with respect to possibleinvestigation and removal activities at the Anderson-Calhoun Mine/Mill Site(the "Site") in Stevens County, Washington, which the EPA may requestthat the Company, along with the other PRPs, perform or finance.  The Companysold the Site property in 1964.  The Company has commenced investigating thehistoric operations that occurred at the Site as well as the nature and scopeof environmental 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.

The Company is in preliminarydiscussions with the other PRPs with respect to negotiating an AdministrativeOrder on Consent with the EPA pursuant to which the PRPs would perform anEngineering Evaluation/Cost Analysis ("EE/CA") to determine whataction is warranted at the Site.  The Company believes that the preparation ofan EE/CA could take up to 12 months.  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 earlystage to estimate the total costs of investigation and remediation at the Sitedue to various factors, including the scope of the EE/CA study to be negotiatedwith the 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, the selection of alternative remediesand changes in clean-up standards.  As of September 30, 2003, in accordancewith Financial Accounting Standards Board ("FASB") Interpretation No. 14"Reasonable Estimation of the Amount of a Loss - an interpretation of SFAS No.5 (Accounting for Contingencies)" and Statement of Position 96-1 "EnvironmentalRemediation Liabilities", the Company has reserved $195,750 (a currentliability within discontinued operations) for this matter, which represents thecurrent estimate of the Company's share of the costs associated with anemergency removal action previously undertaken by the EPA, the anticipated costof the EE/CA study, and the anticipated professional fees to be incurred by theCompany in connection with the EE/CA study.  Actual costs to be incurred at theSite in future periods may vary from this estimate, given inherentuncertainties in evaluating environmental costs.  The amount accrued will bereviewed periodically based upon facts and circumstances available at the time,which could result in changes to the amount accrued.  At this early stage, theCompany does not have sufficient information to determine the potential extentand nature of any necessary future response action at the Site, or to estimatethe potential additional future cost of such action.  The Company isinvestigating whether any cost incurred would be covered by insurance.

 

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**Item 6.**

**Exhibits and Reports on Form 8-K**

**(a) Exhibits in accordancewith the provisions of Item 601 of Regulation S-K**

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 the Sarbanes-OxleyAct 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 be expressly set forth by specific reference.

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

The Registrantfiled with the Commission a Current Report on Form 8-K on August 13, 2003, announcing its earnings for the second quarter of 2003.

TheRegistrant filed with the Commission a Current Report on Form 8-K on August 19, 2003, announcing recent developments in the energy infrastructure industry.

TheRegistrant filed with the Commission a Current Report on Form 8-K on September 19, 2003, with respect to a notice it has received from the EnvironmentalProtection Agency.

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 14, 2003

/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, Treasurer and Chief  Financial Officer.

 

 

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