**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 June 30, 2005**

**OR**

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

**For the transitionperiod from ________ to ________**

**Commission FileNumber: 1-7525**

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

| **Delaware**(State or Other Jurisdiction of  Incorporation or Organization)         | **88-0031580**(IRS Employer Identification	Number) |
|-------------------------------------------------------------------------------------|----------------------------------------------------|
|                                                                                |                                               |
| **1684 W. Hibiscus Blvd., Melbourne, FL**  (Address of Principal Executive Offices) | **32901**(Zip Code)                                |
|                                                                                |                                                    |
| (**321)  724-1700**(Registrant's Telephone Number, including Area Code)             |

**Not Applicable**(Former name, former address and former fiscal year, ifchanged since last report)

     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 4, 2005, 25,517,191 shares of the Registrant's common stock wereoutstanding.

 

 

----

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ONFORM 10-QFOR THE QUARTER ENDED June 30, 2005

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

  15
           
Item 3.

Quantitative and Qualitative Disclosures About Market Risk

27
           
Item 4.

Controls and Procedures

27
  
Part II.	Item 1.

OTHER INFORMATION	Legal Proceedings

28
           
Item 2.

Unregistered Sales of Equity Securities and Use of  	Proceeds

28

Item 4.

Submission of Matters to a Vote of Security Holders

28
           
Item 6.

Exhibits

29
     
Signatures

29
 
 

2

****

**Part I.  FINANCIALINFORMATION**

**Item 1. Financial Statements.**

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

June 30,

December 31,

2005

2004

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

 $

4,255,664  

 $

6,827,685  

Restricted cash -  discontinued operations (Note 4)

7,845  

31,176  

Accounts receivable and  accrued billings

2,936,238  

3,140,817  

Contracts receivable (Note  2) 

5,317,737  

-    

Current portion of notes  receivable

41,453  

41,453  

Costs and estimated earnings  in excess of 

billings on uncompleted  contracts 

1,074,062  

903,018  

Deferred income taxes	

1,435,933  

993,516  

Income taxes recoverable	

35,339  

46,054  

Residential properties under  construction (Note 3)

193,990  

-    

Prepaid expenses

704,344  

321,865  

Other current assets

16,265  

13,648  

Total current assets

16,018,870  

12,319,232  

Property, buildings and  equipment, net 

8,729,434  

8,487,797  

Notes receivable, less  current portion

487,044  

507,136  

Deferred charges and other  assets

Deferred income taxes, less  current portion 

-    

368,890  

Land and land development  costs (Note 3)

1,242,177  

1,582,882  

Cash surrender value of life  insurance 

310,974  

316,725  

Other assets 

146,583  

121,855  

Total deferred charges and  other assets

1,699,734  

2,390,352  

Total assets

 $

26,935,082  

 $

23,704,517  

LIABILITIES AND  STOCKHOLDERS' EQUITY

Current liabilities

   

   

Accounts payable and accrued  liabilities 

 $

2,553,669  

 $

1,802,539  

Billings in excess of costs  and estimated 

earnings on uncompleted  contracts 

6,921  

7,229  

Notes payable to bank (Note  5)

2,816,722  

866,667  

Current liabilities of  discontinued operations (Note 4)

101,235  

153,919  

Total current liabilities

5,478,547  

2,830,354  

Deferred income taxes,  noncurrent

515,498  

-    

Long-term obligations, less  current portion (Note 5)

1,083,333  

1,516,667  

Total liabilities

7,077,378  

4,347,021  

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; 27,758,771 shares issued at

June 30, 2005 and December  31, 2004 

2,775,877  

2,775,877  

Capital surplus 

18,475,152  

18,475,152  

Accumulated deficit

(218,114)

(927,478)

Total

21,032,915  

20,323,551  

Less common stock in  treasury, at cost; 2,241,580 and 1,862,522

shares at June 30, 2005 and  December 31, 2004, respectively

1,175,211  

966,055  

Total stockholders' equity

19,857,704  

19,357,496  

Total liabilities and  stockholders' equity

 $

26,935,082  

 $

23,704,517  

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,

2005

2004

2005

2004

Revenue

Electrical construction

 $

5,284,372  

 $

6,685,343  

 $

12,384,688  

 $

15,957,277  

Real estate development

4,186,580  

876,062  

5,317,737  

3,864,833  

Total revenue

9,470,952  

7,561,405  

17,702,425  

19,822,110  

Costs and expenses

Electrical construction

4,335,895  

6,880,757  

10,253,467  

14,429,031  

Real estate development

2,475,035  

647,912  

3,167,487  

2,722,941  

Depreciation and  amortization

635,047  

500,815  

1,260,778  

987,335  

Selling, general and  administrative

1,062,377  

659,262  

1,813,156  

1,423,756  

Total costs and expenses

8,508,354  

8,688,746  

16,494,888  

19,563,063  

Other income (expenses), net  

Interest income

25,433  

17,934  

53,891  

38,509  

Interest expense, net

(33,475)

(11,502)

(66,460)

(18,001)

Loss on sale of property and  equipment

(9,069)

(1,797)

(10,555)

(2,912)

Other

4,136  

16,164  

6,024  

16,759  

Total other income  (expenses), net

(12,975)

20,799  

(17,100)

34,355  

Income (loss) from  continuing operations 

before income taxes

949,623  

(1,106,542)

1,190,437  

293,402  

Income taxes (benefit) (Note  7)

375,035  

(544,069)

466,545  

16,705   

Income(loss) from  continuing operations

574,588  

(562,473)

723,892  

276,697  

Loss from discontinued  operations (Note 4)

(1,776)

-    

(14,528)

-    

   

   

   

   

Net income (loss)

 $

572,812  

 $

(562,473)

 $

709,364  

 $

276,697  

 

Earnings(loss) per share of	common stock-            
basic and diluted (Note 8)

Continuing operations

 $

0.02  

 $

(0.02)

 $

0.03  

 $

0.01  

Discontinued operations

-    

-    

-    

-    

Net income (loss)

 $

0.02  

 $

(0.02)

 $

0.03  

 $

0.01  

Weighted average common  shares and 

equivalents used in the  calculations

of earnings per share

Basic

25,687,548  

26,336,064  

25,760,218  

26,313,124  

Diluted

25,721,118  

26,336,064  

25,793,798  

26,364,166  

See accompanying notes to  consolidated financial statements

4

****

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended

June 30,

2005

2004

Cash flows from operating  activities

Income from continuing  operations 

 $

709,364  

 $

276,697  

Adjustments to reconcile net  income to net

cash provided by (used in)  operating activities

Depreciation and  amortization

1,260,778  

987,335  

Deferred income taxes

441,971  

7,823  

Loss on sale of property and  equipment

10,555  

2,912  

Cash (used by) provided from  changes in

Accounts receivable and  accrued billings

204,579  

(168,274)

Contracts receivable

(5,317,737)

143,467  

Costs and estimated earnings  in excess

of billings on uncompleted  contracts

(171,044)

(1,170,658)

Land and land development  costs

340,705  

(17,691)

Residential properties under  construction

(193,990)

361,436  

Income taxes recoverable

10,715  

(4,005)

Prepaid expenses and other  assets

(409,824)

(474,140)

Accounts payable and accrued  liabilities

751,129  

907,135  

Billings in excess of costs  and estimated 

earnings on uncompleted  contracts

(308)

(115,520)

Net cash used in operating

activities of continuing  operations

(2,363,107)

736,517  

Net cash used in operating

activities of discontinued  operations

(29,353)

(35,097)

Net cash used in operating  activities

(2,392,460)

701,420  

Cash flows from investing  activities

Proceeds from the disposal  of property and equipment

66,031  

49,500  

Proceeds from notes  receivable

20,092  

18,724  

Purchases of property and  equipment

(1,579,001)

(2,457,261)

Cash surrender value of life  insurance

5,752  

6,928  

Net cash used in investing

activities of continuing  operations

(1,487,126)

(2,382,109)

Net cash used in investing  activities of 

discontinued operations

-    

-    

Net cash used in investing  activities  

(1,487,126)

(2,382,109)

Cash flows from financing  activities

Proceeds from the exercise  of stock options

-    

36,458  

Borrowings (repayments) on  term debt

(433,334)

1,229,934  

Borrowings (repayments)  under lines of credit

1,950,055  

(1,578,923)

Purchase of treasury stock

(209,156)

(56,403)

Net cash (used in) provided  by financing

activities of continuing  operations

1,307,565  

(368,934)

Net decrease in cash and  cash equivalents

(2,572,021)

(2,049,623)

Cash and cash equivalents at  beginning of period

6,827,685  

5,045,463  

Cash and cash equivalents at  end of period

 $

4,255,664  

 $

2,995,840  

Supplemental disclosure of  cash flow information

Income taxes paid

 $

5,094  

 $

14,126  

Interest paid

55,483  

2,651  

See accompanying notes to  consolidated financial statements

5

****

**THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 2005 and 2004**

**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 theconsolidated balance sheet as of December 31, 2004, which was derived from the audited consolidated financial statements.  The results of operations forthe interim periods shown in this report are not necessarily indicative ofresults to be expected for the fiscal year.  Thesestatements should be read in conjunction with the financial statements includedin the Company's annual report on Form 10-K for the year ended December 31, 2004.

**Note 2 -**

**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, 2005, there was a $5,317,737 outstanding balance in contracts receivable comparedto no outstanding balance at December 31, 2004.

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

**Note 3 -**

**Land and Land Development Costs and Residential  Properties Under Construction**

The costs of a land purchase andany development expenses up to the initial construction phase of any newcondominium development project are recorded under the asset "land andland development costs."  Once construction commences, the costs ofconstruction are recorded under the asset "residential properties underconstruction."  The assets "land and land development costs" and"residential properties under construction" relating to specificprojects are recorded as current assets when the estimated project completiondate is less than one year from the date of the consolidated financialstatements.

**Note 4 -**

**Discontinued Operations**

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

**  Commitments andContingencies Related to Discontinued Operations**

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

6

****

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

The Company has entered into aCost Sharing Agreement with two other PRPs (Combustion Engineering and Blue TeeCorp.) (collectively, the "Work Group") through which the Work Grouphas agreed how to perform and finance the EE/CA.  Pursuant to the Cost SharingAgreement, the Work Group has agreed to share equally the costs of the EE/CA,subject to re-allocation of such costs among the Work Group after completion ofthe EE/CA. The Work Group has also entered into an Administrative Order onConsent ("AOC") with the EPA, wherein the Work Group members haveagreed to perform and finance the EE/CA.  Evaluation of field work data andpreparation of an EE/CA Report are expected to be completed by fall of 2005,whereupon the EPA will decide whether additional response action (remediation)may be necessary at the Site.

Under the ComprehensiveEnvironmental Response, Compensation and Liability Act, any of the PRPs may bejointly and severally liable to the EPA for the full amount of any responsecosts incurred by the EPA, including costs related to investigation andremediation, subject to a right of contribution from other PRPs.  In practice,PRPs generally agree to perform such response activities, and negotiate amongthemselves to determine their respective contributions to any such multi-partyactivities based upon equitable allocation factors, including their respectivecontributions to the alleged contamination and their ability to pay.

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

In September 2003, in accordancewith Financial Accounting Standards Board Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement ofFinancial Accounting Standards No. 5 (Accounting for Contingencies)", andStatement of Position 96-1, "Environmental Remediation Liabilities", theCompany recognized a provision of $210,976 (within discontinued operations) forthis matter, in addition, this provision was increased by $111,769 during thetwelve month period ended December 31, 2004 and $23,293 during the three monthperiod ended June 30, 2005, increasing the total provision to $346,038, whichrepresents the current estimate of the Company's share of the costs associatedwith an emergency removal action previously undertaken by the EPA, theanticipated cost of the EE/CA study and the anticipated professional feesassociated with the EE/CA study.  Total actual costs to be incurred at the Sitein future periods may vary from this estimate, given inherent uncertainties inevaluating environmental costs.  As of June 30, 2005, the Company incurred actual investigation and professional services costs of $244,803 and its reservebalance for the EE/CA study process, future EE/CA oversight costs and estimatedEPA response costs is $101,235 (accrued as a current liability withindiscontinued operations).  The accrual will be reviewed periodically based uponfacts and circumstances available at the time, which could result in changes toits amount.  The EPA has indicated that it has made no determination whetherany additional response action (remediation) will be required at the Site andwill not do so until after completion of the EE/CA process.  At this stage, theCompany does not have sufficient information to determine the potential extentand nature of any necessary future response action (remediation) at the Site,or to estimate the potential additional future cost of such action or theCompany's potential liability for such costs.  The Company is alsoinvestigating whether any cost incurred would be covered by insurance.  Basedon that investigation, the Company is in the process of obtaining additionalinformation and coverage determinations from two carriers who appear to haveprovided commercial liability insurance in the past.  No specific coveragedeterminations have yet been made.

7

****

 

The following table sets forthcertain unaudited operating results of the discontinued operations for the sixmonths ended June 30, as indicated in the table below.

2005

2004

(unaudited)

(unaudited)

Provision for remediation

 $

(23,293)

 $

-     

Loss from discontinued operations

before income taxes

(23,293)

-     

Income taxes (benefit)

(8,765)

-     

Loss from discontinued operations

net of tax

 $

(14,528)

 $

-     

The Company's effective taxbenefit rate related to discontinued operations for the six months ended June30, 2005 was 37.6%.  The effective tax benefit rate differs from the statutoryrate (34%) for the six months ended June 30, 2005, largely due to state incometaxes.

The following table sets forthcertain unaudited operating results of the discontinued operations for the threemonths ended June 30, as indicated in the table below.  

2005

2004

(unaudited)

(unaudited)

Provision for remediation

 $

(23,293)

 $

-     

Loss from discontinued operations

before income taxes

(23,293)

-     

Income taxes (benefit)

(21,517)

-     

Loss from discontinued operations

net of tax

 $

(1,776)

 $

-     
 
8

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

June 30,

December 31,

2005

2004

(unaudited)

Current assets

Cash in escrow

 $

7,845   

 $

31,176   

Total assets of discontinued

operations

 $

7,845   

 $

31,176   

Current liabilities

Reserve for remediation

 $

101,235   

 $

153,919   

Total liabilities of discontinued

operations

 $

101,235   

 $

153,919   

** **

**Note 5 -**

**Notes 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 (5.2% and 4.3%at June 30, 2005 and December 31, 2004, respectively). The proceeds from thesales of the condominiums will be 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. Borrowingsoutstanding under this agreement were $1,950,056, as of June 30, 2005 compared to no borrowings outstanding as of December 31, 2004. The amount available for additional borrowing at June 30, 2005 was $4,049,944, of which $1,500,000 isavailable for working capital needs of the Company. The loan agreement containsvarious financial covenants including, but not limited to, minimum tangible networth, minimum current ratio, and maximum debt to tangible net worth ratio.Other loan covenants prohibit, among other things, incurring additionalindebtedness, issuing loans to other entities in excess of a certain amount,entering into a merger or consolidation, and any change in the Company'scurrent Chief Executive Officer without prior written consent from the lender. The Company was in compliance with all such covenants as of June 30, 2005 and December 31, 2004.

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 was permitted toborrow funds under the loan during the draw period, January 30, 2004 throughSeptember 30, 2004. During the draw period, the Company was obligated to makemonthly payments of accrued interest only.  On September 30, 2004 (the"conversion date"), the loan became payable in monthly loan payments includingprincipal equal to 1/36 of the outstanding principal balance of the loan at theconversion date, plus accrued interest for 36 consecutive months.  The annualinterest rate is equal to the "LIBORMarket Index Rate" plus one and nine-tenths percent (5.2% and 4.3% at June 30, 2005 and December 31, 2004, respectively).  The loan is secured bythe equipment purchased with the proceeds of the loan, and any replacements,accessions, or substitutions thereof and all cash and non-cash proceedsreceived thereof. Borrowings outstanding under this agreement were $1,950,000 and$2,383,334 as of June 30, 2005 and December 31, 2004, respectively. The loan agreement contains various financial covenants, including, but not limited to,minimum tangible net worth, minimum current ratio, and maximum debt to tangiblenet worth ratio. Other loan covenants prohibit, among other things, a change infiscal year and any change in the Company's current Chief Executive Officerwithout prior written consent from the lender.  The Company was in compliancewith all such covenants as of June 30, 2005 and December 31, 2004.

9

Interest costs related to the construction ofcondominiums are capitalized. During the six month periods ended June 30, 2005 and 2004 the Company capitalized interest costs of $13,864 and $41,626,respectively.  During the three month periods ended June 30, 2005 and 2004 the Company capitalized interest costs of $12,996 and $24,078, respectively.

**Note 6 -**

**Commitments and  Contingencies**

The Company's principal office space is under aseven-year non cancelable operating lease.  Future minimum lease payments underoperating leases having initial or remaining non cancelable lease terms inexcess of one year are as follows:

At June 30,

2005

2005

 $

70,570   

2006

138,960   

2007

139,378   

2008

142,132   

2009

146,884   

Thereafter

348,240   

Total

 $

986,164   

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, 2005, outstanding performance bondsissued on behalf of the Company's electrical construction subsidiary amountedto approximately $8,261,000.

**Note 7 -**

**Income Taxes**

At June 30, 2005, the Company hadtax net operating loss carryforwards of approximately $3,590,000 available tooffset future taxable income, which if unused will expire from 2009 through2024.  The Company has alternative minimum tax credit carryforwards ofapproximately $324,000, which are available to reduce future Federal incometaxes over an indefinite period.

The Company's effective tax ratefor the six months ended June 30, 2005 was 39.2%.  This is the Company'sexpected tax rate for the year ending December 31, 2005, which was calculated based on the estimated annual operating results for the year.** **Theeffective tax rate differs from the statutory rate (34%) for the six monthsended June 30, 2005, largely due to state 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 was theCompany's then expected tax rate for the year ended December 31, 2004.  Theeffective tax rate differs from the statutory rate for the six months endedJune 30, 2004, largely due to estimated expenses which are non-deductible fortax purposes in proportion to the estimated operating results before taxes forthe year.

** **

10
****
**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 tables set forth thecomputation of basic and diluted earnings per share for the periods indicated:

 

Six Months Ended

June 30,

2005

2004

(unaudited)

Continuing operations	

Income from continuing  operations

 $

723,892  

 $

276,697  

Discontinued operations

Loss from discontinued  operations

(14,528)

-    

Net income 

 $

709,364  

 $

276,697  

Weighted average common  shares outstanding

25,760,218  

26,313,124  

Earnings per share-basic

 Continuing operations

 $

0.03  

 $

0.01  

 Discontinued operations

-    

-    

 Net income

 $

0.03  

 $

0.01  

Weighted average dilutive  shares from stock option plan

33,580  

51,042  

Weighted average common  shares outstanding including 

dilutive shares

25,793,798  

26,364,166  

Earnings per share-diluted

Continuing operations

 $

0.03  

 $

0.01  

Discontinued operations

-    

-    

Net income

 $

0.03  

 $

0.01  

 

 

 

 

11
****
Three Months Ended

June 30,

2005

2004

(unaudited)

Continuing operations	

Income (loss)  from  continuing operations

 $

574,588  

 $

(562,473)

Discontinued operations

Loss from discontinued  operations

(1,776)

-    

Net income (loss)

 $

572,812  

 $

(562,473)

Weighted average common  shares outstanding

25,687,548  

26,336,064  

Earnings per share-basic

 Continuing operations

 $

0.02  

 $

(0.02)

 Discontinued operations

-    

-    

 Net income (loss)

 $

0.02  

 $

(0.02)

Weighted average dilutive  shares from stock option plan

33,570  

-    

Weighted average common  shares outstanding including 

dilutive shares

25,721,118  

26,336,064  

Earnings per share-diluted

Continuing operations

 $

0.02  

 $

(0.02)

Discontinued operations

-    

-    

Net income (loss)

 $

0.02  

 $

(0.02)

Since September 17, 2002, the Company has had a stockrepurchase plan which, as last amended by the Board of Directors on May 24,2005, permitted the purchase of up to 3,500,000 shares.  The Company mayrepurchase its shares either in the open market or through privatetransactions.  The volume of the shares to be repurchased is contingent uponmarket conditions and other factors.  During the three month period ended June 30, 2005, the Company repurchased 313,974 shares of its common stock at a cost of $170,260(average cost of $0.54 per share). The total number of shares repurchased underthe Repurchase Plan as of June 30, 2005, was 2,224,222 at a cost of $1,156,513(average cost of $0.52 per share) and the remaining number of shares theCompany is authorized to repurchase under the Repurchase Plan is 1,275,778.  TheCompany currently holds the repurchased stock as Treasury Stock, reported atcost.  Prior to September 17, 2002, the Company had 17,358 shares of TreasuryStock which it had purchased at a cost of $18,720.

**Note 9 -**

**Business Segment Information**

The Company is currently involved in two segments,electrical construction and real estate development.  There were no materialamounts of sales or transfers between segments and no material amounts offoreign sales.  Any intersegment sales have been eliminated.

12

 

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

June 30,

June 30,

2005

2004

(unaudited)

(unaudited)

** **

** **

** **

** **

Continuing operations

Revenues

Electrical construction

 $

12,384,688   

 $

15,957,277   

Real estate development

5,317,737   

3,864,833   

Total

 $

17,702,425   

 $

19,822,110   

Operating income

Electrical construction

 $

843,135   

 $

514,183   

Real estate development

1,734,685   

873,903   

Total 

 $

2,577,820   

 $

1,388,086   

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

June 30,

June 30,

2005

2004

(unaudited)

(unaudited)

** **

** **

** **

** **

Continuing operations

Revenues

Electrical construction

 $

5,284,372   

 $

6,685,343   

Real estate development

4,186,580   

876,062   

Total

 $

9,470,952   

 $

7,561,405   

Operating income (loss)

Electrical construction

 $

291,296   

 $

(714,330)

Real estate development

1,398,644   

168,018   

Total 

 $

1,689,940   

 $

(546,312)

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 depreciationexpense.  Operating income for each business segment, electrical constructionand real estate development, is reconciled below in Item 2 - Management'sDiscussion and Analysis of Financial Condition and Results of Operations.

 

13

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

June 30,

December 31,

2005

2004

** **

(unaudited)

Identifiable assets

Electrical construction

 $

14,396,362   

 $

15,183,844   

Real estate development

6,871,047   

1,693,624   

Corporate

5,659,828   

6,795,873   

Discontinued operations

7,845   

31,176   

Total

 $

26,935,082   

 $

23,704,517   

 

**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 and are vested equally over a 3 year period.  On March 9, 1999, the Company granted options to purchase 985,000 shares, exercisable at$0.21875 per share, the fair market price of the Common Stock at the date ofgrant.  No stock options were granted during the six month periods ended June 30, 2005 and 2004.  As of June 30, 2005, 55,001 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, 2005 and 2004.  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 per share would not havechanged for the six month periods ended June, 2005 and 2004.

**Note 11 -**

**Recent Accounting  Pronouncements**

In December 2004, the FASB issued SFAS No. 123 (revised),"Share-Based Payment (Revised 2004)" (SFAS 123R) requiring that thecompensation cost relating to share-based payment transactions be recognized infinancial statements. The cost is to be measured based on the fair value of theequity or liability instruments issued. Originally, SFAS 123R required thatcompanies adopt the provision of SFAS 123R as of the first interim or annualreporting period beginning after June 15, 2005. However, in April 2005, the Securities and Exchange Commission adopted a new rule which defers thecompliance date of SFAS 123R until 2006 for calendar yearcompanies such as Goldfield. The Company expects that, upon adoption, SFAS 123Rwill not have a significant impact on the financial position or results ofoperations of the Company.

14

In May 2005,the FASB issued SFAS 154 *Accounting*Changes and Error Corrections - areplacement of APB Opinion No. 20 and FASB Statement No. 3 which requires thatthe direct effect of voluntary changes in accounting principle be appliedretrospectively with all prior period financial statements presented on the newaccounting principle, unless it is impracticable to determine either theperiod-specific effects or the cumulative effect of the change. Indirecteffects of a change should be recognized in the period of the change.  SFAS154 is effective for accounting changes and correction of errors made in fiscalyears beginning after December 15, 2005. The impact of SFAS 154 will depend onthe nature and extent of any voluntary accounting changes and correction oferrors after the effective date, but the Company does not currently expect SFAS154 to have a material impact on its results of operations, cash flows orfinancial position. 

**Item 2.**

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

**Overview**

The Company's revenue from electrical constructionoperations decreased approximately 22.4% for the six month period ending June30, 2005 and 21.0% for the three month period ended June 30, 2005 as comparedto the same periods in the prior year.  The decrease in revenue was primarilythe result of a reduction in the size of projects performed when compared tothe like period in 2004 in addition to a decline in the availability of largetransmission projects as compared to the like periods ending June 30, 2004. Operating margins of the electrical construction operations increased to 6.8%for the six month period ending June 30, 2005, and to 5.5% for the three monthperiod ended June 30, 2005 versus 3.22% and (10.7%) respectively when comparedto the like periods in 2004.  The improvement in operating margins for the sixand three month periods ended June 30, 2005 as compared to the like periods in2004, is largely due to a combination of the utilization of company ownedequipment versus rental equipment, reduced subcontract costs and the completionin 2004 of a project which experienced a significant loss.

Revenues from the real estatedevelopment operations increased by approximately 37.6% in the first six monthsof 2005 when compared to the same period in 2004.  This increase is mainly theresult of the current condominium project under development being significantlylarger than the condominium project under development in the like period of2004. Operating margins increased to 32.6% for the six months ended June 30,2005 from 22.6% for the six months ended June 30, 2004. During the latter partof 2005, the Company plans to commence construction on a second project,Pineapple House, described in the Results of Operations section below. Since thisproject is still in the permitting phase, there can be no assurance as tospecific timing with respect to the commencement of construction.

**CriticalAccounting Policies and Estimates**

This discussion and analysisof the Company's financial condition and results of operations is based uponthe Company's consolidated financial statements, which have been prepared inaccordance with U.S. generally accepted accounting principles.  The preparationof these financial statements requires the Company to make estimates andjudgments that affect the reported amounts of assets, liabilities, revenues andexpenses, and related disclosure of contingent assets and liabilities.  On anon-going basis, the Company evaluates its estimates, including those related tofixed price electrical construction contracts, real estate developmentprojects, deferred income tax assets and environmental remediation.  TheCompany bases its estimates on historical experience and on various otherassumptions that are believed to be reasonable under the circumstances, theresults of which form the basis for making judgments about the carrying valuesof assets and liabilities that are not readily apparent from other sources.Actual results may differ from these estimates under different assumptions orconditions.  The Company's management has discussed the selection anddevelopment of its critical accounting policies, estimates and relateddisclosure with the Audit Committee of the Board of Directors.

15

 **Percentage of Completion- Electrical Construction Segment**

A number of factors relatingto our electrical construction segment affect the recognition of contractrevenue. The Company recognizes revenue when electrical services are performedexcept when work is performed under a fixed price contract.  Revenue from fixedprice electrical construction contracts is recognized on the percentage ofcompletion method.  Under this method, estimated contract income and resultingrevenue is generally accrued based on costs incurred to date as a percentage oftotal estimated costs.  Total estimated costs, and thus contract income, areimpacted by several factors including, but not limited to, changes inproductivity and scheduling, and the cost of labor, subcontracts, materials andequipment.  Additionally, external factors such as weather, site conditionsthat differ from those assumed in the original bid (to the extent contractremedies are unavailable), client needs, client delays in providing approvals, theavailability and skill level of workers in the geographic location of theproject, a change in the availability and proximity of materials andgovernmental regulation, may also affect the progress and estimated cost of aproject's completion and thus the timing of income and revenue recognition.

The accuracy of our revenueand profit recognition in a given period is almost solely dependent on theaccuracy of our estimates of the cost to complete each project.  Due to ourexperience and the detailed approach in determining our cost estimates for allof our significant projects we believe our estimates to be highly reliable.  However,our projects can be complex and in almost every case the profit marginestimates for a project will either increase or decrease to some extent fromthe amount that was originally estimated at the time of bid. Because we have anumber of projects of varying levels of complexity and size in process at anygiven time these changes in estimates can offset each other without materiallyimpacting our overall profitability.  If a current estimate of total costsindicates a loss on a contract, the projected loss is recognized in full whendetermined.  Revenue from change orders, extra work, variations in the scope ofwork and claims is recognized when realization is probable.
  **Percentage of Completion - Real Estate Development Segment**
Our initial condominiumproject was accounted for under the deposit method due to our limitedexperience in condominium development business.  Accordingly, the recognitionof related revenue and expenses was deferred until the project was complete andthe underlying titles were transferred to the buyers.

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

16

The Company believes that amaterial difference in total actual project costs versus total estimatedproject costs is unlikely due to the nature of a fixed-price constructioncontract.  

If a current estimate oftotal project costs indicates a loss on a project, the projected loss is recognizedin full when determined.  The timing of revenue and expense recognition iscontingent on construction productivity.  Factors possibly impedingconstruction productivity include, but are not limited to, supply of labor,materials and equipment, scheduling, weather, permitting and unforeseen events.

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, 2005, the deferred tax asset was largely comprised of net operating loss ("NOL") carryforwards whichwill expire from 2009 through 2024 (refer to note 7 of notes to theconsolidated financial statements).  Based on historical experience and othervarious assumptions including forecasts of future taxable income and taxplanning, the Company anticipates being able to generate sufficient taxableincome to utilize the NOL carryforwards prior to their respective expirationdates and therefore, has not recorded a valuation allowance against thedeferred tax assets.  

 **Provision forRemediation**

In September 2003, the Company was notified by the UnitedStates Environmental Protection Agency (the "EPA") that it is a potentiallyresponsible party (a "PRP") with respect to possible investigation and removalactivities at a mine that it had formerly owned.  Refer to note 4 of notes tothe consolidated financial statements in this Form 10-Q for a discussion ofthis matter.

In September 2003, inaccordance with Financial Accounting Standards Board Interpretation No. 14,"Reasonable Estimation of the Amount of a Loss - an interpretation of Statementof Financial Accounting Standards No. 5 (Accounting for Contingencies)", andStatement of Position 96-1, "Environmental Remediation Liabilities", theCompany recognized a provision of $210,976 (within discontinued operations) forthis matter.  In addition, this provision was increased by $111,769 during thetwelve months ended December 31, 2004 and $23,293 during the three months ended June 30, 2005, increasing the total provision to $346,038.  Total actualremediation costs to be incurred in future periods may vary from this estimate,given inherent uncertainties in evaluating environmental costs.  

** **

17

**Resultsof Operations**

**SIX MONTHS ENDED JUNE 30, 2005 COMPARED TO SIX MONTHS ENDED JUNE 30, 2004**

**Segment Information**

The table below shows theCompany's consolidated revenue and operating income attributable to each of itssegments for the six months ended June 30, as indicated:

2005

2004

(unaudited)

(unaudited)

** **

** **

** **

** **

Continuing operations

Revenues

Electrical construction

 $

12,384,688   

 $

15,957,277   

Real estate development

5,317,737   

3,864,833   

Total

 $

17,702,425   

 $

19,822,110   

Operating income

Electrical construction

 $

843,135   

 $

514,183   

Real estate development

1,734,685   

873,903   

Total 

 $

2,577,820   

 $

1,388,086   

The table below is areconciliation of the Company's operating income attributable to each of its segmentsfor the six months ended June 30, as indicated:

2005

2004

(unaudited)

(unaudited)

Electrical construction

Revenue

 $

12,384,688   

 $

15,957,277   

Expenses

Cost of goods sold

10,253,467   

14,429,031   

Depreciation & amortization

1,208,447   

945,513   

SG&A

79,639   

68,550   

Total expenses

11,541,553   

15,443,094   

Operating income

 $

843,135   

 $

514,183   

Real estate development

Revenue

 $

5,317,737   

 $

3,864,833   

Expenses

Cost of goods sold

3,167,487   

2,722,941   

Depreciation & amortization

10,981   

5,601   

SG&A

404,584   

262,388   

Total expenses

3,583,052   

2,990,930   

Operating income

 $

1,734,685   

 $

873,903   

**Continuing Operations**

  **Revenues**

Total revenues in the six months ended June 30, 2005 decreased by 10.7% to $17,702,425, compared to $19,822,110 in the six monthsended June 30, 2004. This decrease in revenue was primarily the result of areduction in the size of projects performed in the electrical constructionsegment, partially offset by increased revenue in the real estate segment forthe period ending June 30, 2005 compared to the like period in 2004. 

18

Electrical construction revenues decreased by 22.4% to$12,384,688 in the six months ended June 30, 2005 from $15,957,277 in the six months ended June 30, 2004. The decrease was primarily the result of areduction in the size of projects performed when compared to the like period in2004. The varying magnitude and duration of electrical construction projectsmay result in substantial fluctuation in the Company's backlog from time totime. At June 30, 2005, the approximate value of uncompleted contracts was$11,590,000 compared to $4,700,000 at June 30, 2004.

Revenues recognized by the real estate developmentoperations for the six months ended June 30, 2005 were $5,317,737 compared to $3,864,833 for the six months ended June 30, 2004, an increase of 37.6%.  The increase in revenues for the six months ended June 30, 2005 is mainly due tothe increased number of condominium units in the real estate developmentproject currently under construction. 

The Company's real estateproject currently under construction, "Oak Park", is due to be completed duringthe first quarter of 2006.  The Company's next project ("Pineapple House") iscompleting the permitting stage of development and is in the process ofaccepting contracts for sale and purchase.

As of June 30, 2005, the realestate development operation's backlog (outstanding real estate contracts forsale excluding partial revenue already recognized on said contracts under thepercentage of completion method) was approximately $6,308,000.  There was nobacklog as of June 30, 2004.  There can be no assurance that settlements ofcondominiums subject to contracts for sale will occur.

 **Operating Results**

Electrical construction operations had operating incomeof $843,135 in the six months ended June 30, 2005, compared to operating incomeof $514,183 during the six months ended June 30, 2004, an increase of $328,952,or 64.0%.  As a percentage of revenue, operating margins on electrical constructionoperations increased to 6.8% for the six months ended June 30, 2005 from 3.2% for the six months ended June 30, 2004.  The increase in operating margins forthe six month period ended June 30, 2005 is largely due to a combination of theutilization of company owned equipment versus rental equipment, reduced subcontractcosts and the completion in 2004 of a project which experienced a significant loss.

Real estate development operations had an operatingincome of $1,734,685 in the six months ended June 30, 2005, compared to$873,903 in the six months ended June 30, 2004, an increase of 98.5%.  As apercentage of revenue, operating margins increased to 32.6% for the six monthsended June 30, 2005 from 22.6% for the six months ended June 30, 2004. Operating margins from real estate development operations are expected to varydue to the type and number of projects under construction at any given time.

  **Costs and Expenses**

Total costs and expenses, and the components thereof, decreasedto $16,494,888 in the six months ended June 30, 2005 from $19,563,063 in the six months ended June 30, 2004, a decrease of 15.7%.

Electrical construction costs decreased to $10,253,467 inthe six months ended June 30, 2005 from $14,429,031 in the six months ended June30, 2004, a decrease of 28.9%.  The decrease in costs is mainly the result of adecrease in the volume of work performed, increased utilization of companyowned equipment and reduced subcontract costs for the like period ended June30, 2004.

19

Costs of the real estate development operations increasedto $3,167,487 for the six months ended June 30, 2005 from $2,722,941 for thesix months ended June 30, 2004, an increase of 16.3%.  The increased costs are dueto the increase in the number of units under construction during the periodended June 30, 2005 when compared to the like period ended June 30, 2004.

Depreciation and amortization was$1,260,778 in the six months ended June 30, 2005, compared to $987,335 in the six months ended June 30, 2004.  The increase in depreciation and amortizationwas primarily a result of an increase in capital expenditures made in recentyears, most of which related to upgrading and replacing electrical constructionequipment.

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

2005

2004

(unaudited)

(unaudited)

Electrical construction

 $

79,639   

 $

68,550   

Real estate development

404,584   

262,388   

Corporate

1,328,933   

1,092,818   

Total

 $

1,813,156   

 $

1,423,756   

In the six months ended June 30, 2005, total SG&Aexpenses increased by $389,400 or 27.4% when compared to the like period in2004. The increase was primarily a result of higher accrued selling expensesand bonuses associated with the real estate development operations as a resultof the increased number of condominium units under construction and increasedsalary and accrued bonus expenses and professional fees incurred within thecorporate division for the period ended June 30, 2005 when compared to the likeperiod in 2004.  SG&A expenses, as a percentage of revenue, increased to 10.2%for the six months ended June 30, 2005 compared to 7.2% in the like period for2004.

  **Income Taxes**

The provision for income taxes was $466,545 in the sixmonths ended June 30, 2005, an effective tax rate of 39.2%. This is theCompany's expected tax rate for the year ending December 31, 2005, which wascalculated based on the estimated annual operating results for the year.** **Theeffective tax rate differs from the statutory rate (34%) for the six monthsended June 30, 2005, largely due to state 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 was theCompany's then expected tax rate for the year ended December 31, 2004.  Theeffective tax rate differs from the statutory rate for the six months endedJune 30, 2004, largely due to estimated expenses which are non-deductible fortax purposes in proportion to the estimated operating results before taxes forthe year.

**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 note 4 of notes to the consolidated financial statements inthis Form 10-Q for a discussion of this matter.

20

The following table sets forthcertain unaudited operating results of the discontinued operations for the six monthsended June 30, as indicated:

2005

2004

(unaudited)

(unaudited)

Provision for remediation

 $

(23,293)

 $

-     

Loss from discontinued operations

before income taxes

(23,293)

-     

Income taxes (benefit)

(8,765)

-     

Loss from discontinued operations

net of tax

 $

(14,528)

 $

-     

The Company's effective tax benefit rate related todiscontinued operations for the six months ended June 30, 2005 was 37.6%.  Theeffective tax benefit rate differs from the statutory rate (34%) for the sixmonths ended June 30, 2005, largely due to state income taxes.

**THREE MONTHS ENDED JUNE 30, 2005 COMPARED TO THREE MONTHS ENDED JUNE 30, 2004**

**Segment Information**

The table below shows theCompany's consolidated revenue and operating income attributable to each of itssegments for the three months ended June 30, as indicated:

2005

2004

(unaudited)

(unaudited)

** **

** **

** **

** **

Continuing operations

Revenues

Electrical construction

 $

5,284,372   

 $

6,685,343   

Real estate development

4,186,580   

876,062   

Total

 $

9,470,952   

 $

7,561,405   

Operating income (loss)

Electrical construction

 $

291,296   

 $

(714,330)

Real estate development

1,398,644   

168,018   

Total 

 $

1,689,940   

 $

(546,312)
 
21

 

The table below is areconciliation of the Company's operating income attributable to each of itssegments for the three months ended June 30, as indicated:

2005

2004

(unaudited)

(unaudited)

Electrical construction

Revenue

 $

5,284,372   

 $

6,685,343   

Expenses

Cost of goods sold

4,335,895   

6,880,757   

Depreciation & amortization

609,302   

482,621   

SG&A

47,879   

36,295   

Total expenses

4,993,076   

7,399,673   

Operating income (loss)

 $

291,296   

 $

(714,330)

Real estate development

Revenue

 $

4,186,580   

 $

876,062   

Expenses

Cost of goods sold

2,475,035   

647,912   

Depreciation & amortization

5,524   

2,808   

SG&A

307,377   

57,324   

Total expenses

2,787,936   

708,044   

Operating income

 $

1,398,644   

 $

168,018   

**Continuing Operations**

**  Revenues**

Total revenues in the three months ended June 30, 2005 increased by 25.3% to $9,470,952, compared to $7,561,405in the three months ended June 30, 2004. This increase in revenue is mainly dueto the construction of a larger real estate project for the period ending June30, 2005 compared to the like period in 2004.  

Electrical construction revenues decreased by 21.0% to$5,284,372 in the three months ended June 30, 2005 from $6,685,343 in the three months ended June 30, 2004.This decrease is primarily due to the absence of a single large projectperformed during the like period in 2004. 

Revenues recognized by the real estate developmentoperations for the three months ended June 30, 2005 were $4,186,580 compared to$876,062 for the three months ended June 30, 2004, an increase of $3,310,518.  Theincrease in revenues for the second quarter of 2005 is due in large part toboth the timing and the increased number of condominium units under construction.

 **Operating Results**

Electrical construction operations had operating incomeof $291,296 in the three months ended June 30, 2005, compared to an operatingloss of $714,330 during the three months ended June 30, 2004. As a percentageof revenue, operating margins on electrical construction operations increasedto 5.5% for the three months ended June 30, 2005 from (10.7)% for the three months ended June 30, 2004.  The increase in operating margins for the threemonth period ended June 30, 2005 is largely due to the completion in 2004 of aproject which experienced a significant loss.

Real estate developmentoperations had an operating income of $1,398,644 in the three months ended June30, 2005, compared to $168,018 in the three months ended June 30, 2004, anincrease of $1,230,626.  This increase was a result of both timing differencesand the increased number of condominium units under construction. As apercentage of revenue, operating margins increased to 33.4% for the threemonths ended June 30, 2005 from 19.2% for the three months ended June 30, 2004.

22

  **Costs and Expenses**

Total costs and expenses, and the components thereof, decreasedto $8,508,354 in the three months ended June 30, 2005 from $8,688,746 in the three months ended June 30, 2004, a decrease of 2.1%.

Electrical construction costs decreased to $4,335,895 inthe three months ended June 30, 2005 from $6,880,757 in the three months endedJune 30, 2004, a decrease of 37.0%.  The decrease in costs is mainlyattributable to the decrease in the volume of work performed, decreased use ofrental equipment and a decrease in subcontract costs during the like periods in2004.

Costs of the real estate development operations increasedto $2,475,035 for the three months ended June 30, 2005 from $647,912 for thethree months ended June 30, 2004.  The increase in costs for the three monthperiod ending June 30, 2005 is due in large part to the ongoing development ofthe current condominium project whereas last year's project was completed duringthe second quarter of 2004.

Depreciation and amortization was$635,047 in the three months ended June 30, 2005, compared to $500,815 in the three months ended June 30, 2004.  The increase in depreciation andamortization was primarily a result of an increase in capital expenditures madein recent years, most of which related to upgrading and replacing electricalconstruction equipment.

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

2005

2004

(unaudited)

(unaudited)

Electrical construction

 $

47,879   

 $

36,295   

Real estate development

307,377   

57,324   

Corporate

707,121   

565,643   

Total

 $

1,062,377   

 $

659,262   

In the three months ended June 30, 2005, total SG&Aexpenses increased by $403,115 when compared to the like period in 2004. Thisincrease was primarily attributable to higher accrued bonus and selling costsin the real estate development operations and increased salary and accrued bonusexpenses incurred within the corporate division.  SG&A expenses, as apercentage of revenue, increased to 11.2% for the three months ended June 30, 2005compared to 8.7% in the like period for 2004. 

  **Income Taxes**

The provision for income taxes was $375,035 in the threemonths ended June 30, 2005, an effective tax rate of 39.5%, as compared to anincome tax benefit of ($544,069)in the three months ended June 30, 2004, aneffective tax (benefit)rate of (49.2)%.  The effective tax rate for the threemonths ended June 30, 2005 differs from the statutory rate largely due to stateincome taxes.  The effective tax benefit rate for thethree months ended June 30, 2004 was the rate required to cause the cumulativetax provision for the six months ended June 30, 2004 to reflect the Company'sestimated effective tax rate for the year ended December 31, 2004.

** **

23

**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 note 4 of notes to the consolidated financial statements inthis Form 10-Q for a discussion of this matter.

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

2005

2004

(unaudited)

(unaudited)

Provision for remediation

 $

(23,293)

 $

-     

Loss from discontinued operations

before income taxes

(23,293)

-     

Income taxes (benefit)

(21,517)

-     

Loss from discontinued operations

net of tax

 $

(1,776)

 $

-     
Liquidity and Capital Resources
**Working Capital Analysis**

Cash and cash equivalents at June 30, 2005 were $4,255,664as compared to $6,827,685 at December 31, 2004. Working capital of continuingand discontinued operations at June 30, 2005 was $10,540,323, compared to$9,488,878 at December 31, 2004.  The Company's ratio of current assets tocurrent liabilities (including continuing and discontinued operations) decreasedto 2.9:1 at June 30, 2005, from 4.4:1 at December 31, 2004. The net decreasewas primarily attributed to an increase in the realestate development operation's note payable (construction loan), whichwas used to fund the construction costs of its most recent project. 

**Cash Flow Analysis**

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

2005

2004

(unaudited)

(unaudited)

Operating activities

 $

(2,392,460)

 $

701,420   

Investing activities

(1,487,126)

(2,382,109)

Financing activities

1,307,565   

(368,934)

Net decrease in

cash and cash equivalents

 $

(2,572,021)

 $

(2,049,623)
 
24

**  OperatingActivities**

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

Net cash used in operatingactivities during the six months ended June 30, 2005 was $2,392,460, comparedto $701,420 of net cash provided during the same period in 2004.  Thesignificant increase in cash used is attributable to $5,317,737 in contractsreceivable of the real estate development operations for contracts oncondominium units currently under development when compared to cash provided of$143,467 for the same period in 2004.  This was partially offset by cashprovided from costs and estimated earnings in excess of billings on uncompletedprojects of $999,614 and accounts receivable and accrued billings of $372,853from the electrical construction segment from current billings and collections,the benefit of deferred income taxes of $434,148 and the benefit from areduction in land and land development costs of $358,396.

**  InvestingActivities**

Net cash used by investingactivities in the first six months of 2005 was $1,487,126, compared to $2,382,109for the same period in 2004. This decrease in cash used by the Company'sinvesting activities during the first six months of 2005 when compared to thesame period in 2004 was primarily the result of a decrease of capitalexpenditures in the first six months of 2005 to $1,579,001 from $2,457,261 in2004.  

Capital expenditures in 2005 areexpected to approximate $2.3 million, which includes approximately $1,579,000 incapital expenditures during the six months ended June 30, 2005.  The Companyanticipates funding all 2005 capital expenditures through existing cashreserves.

**  Financing Activities**

Net cash provided by financing activities in the first six months of 2005 was$1,307,565, compared to net cash used  of $368,934 in the same period of 2004. Net cash provided by borrowingunder lines of credit for the period ending June 30, 2005 was $1,950,055compared to cash used of $1,578,923 in the first six months of 2004.  Thisdifference is primarily due to an increase in borrowings within the real estatedivision for a current project under construction versus a project nearcompletion in the first six months of 2004 and the subsequent repayment of thenote.  Payments against the note payable for capital equipment in theelectrical construction division accounted for cash used of $433,334 in thefirst six months of 2005 as compared to no payments made during the same periodin 2004.  

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.

**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. 

** **

25

**Contractual Obligations**

The following table summarizesthe Company's future aggregate contractual obligations at June 30, 2005: 

Payments Due By Period

(in thousands)

Total

Less Than 	1 Year

1 - 2 	Years

3 - 5 	Years

More Than 	5 Years

Operating leases

 $

986  

 $

71  

 $

278  

 $

441  

 $

196  

Purchase obligations(1)

1,127  

429  

437  

260  

-   	

Long-term debt - principal

1,950  

794  

1,156  

-   	

-   	

Long-term debt - interest(2)

381  

97  

70  

88  

126  

Total

 $

4,444  

 $

1,391  

 $

1,941  

 $

789  

 $

322  

 
			(1)
Purchase obligations include			only agreements to purchase goods or services that are enforceable			and legally binding and that specify all significant terms. 			These amounts include the employment contract of the CEO.
			(2)
Includes intereston loans against the cash surrender value of life insurance policies included inother long term assets. 

**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, including intensificationof price competition; and the availability of skilled construction labor.Factors that may affect the results of our real estate development operationsinclude, among others: interest rates; ability to obtain necessary permits fromregulatory agencies; adverse legislation or regulations; ability to acquireland; ability to obtain additional construction financing; adverse weather;natural disasters; and general economic conditions, both nationally and in ourregion. Important factors which could cause our actual results to differmaterially from the forward-looking statements in this document are also setforth in the Management's Discussion and Analysis of Financial Condition andResults of Operations section and elsewhere in this document.

You should read this report completely and with theunderstanding that our actual future results may be materially different fromwhat we expect.  We may not update these forward-looking statements, even inthe event that our situation changes in the future.  All forward-lookingstatements attributable to us are expressly qualified by these cautionarystatements.

26

**Item 3.  Quantitativeand****Qualitative Disclosure****s About MarketRisk.**

The Company and its subsidiariesare exposed to certain market risks from transactions that are entered intoduring the normal course of business. The Company's primary market riskexposure is related to interest rate risk. At June 30, 2005, we performed sensitivity analyses to assess the potential effect of this risk and concluded thata hypothetical change in the interest rates of 100 basis points would notmaterially affect our financial position, results of operations or cash flows.

**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, 2005 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.

**Changes in internal controls**

No changes in the Company's internal controls overfinancial reporting occurred during the second quarter of 2005 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 can provideabsolute assurance that all control issues, if any, within a company have beendetected.  These inherent limitations include the realities that judgments indecision-making can be faulty and that breakdowns can occur because of simpleerror or mistake.  Additionally, controls can be circumvented by the individualacts of some persons, by collusion of two or more people or by managementoverride of the controls.  The design of any system of controls is also basedin part upon certain assumptions about the likelihood of future events, andthere can be no assurance that the design will succeed in achieving its statedgoals under all potential future conditions; over time, controls may becomeinadequate because of changes in conditions, or the degree of compliance withpolicies and procedures may deteriorate.  Because of the inherent limitationsin a cost-effective control system, misstatements due to error or fraud mayoccur and not be detected.  Accordingly, our disclosure controls and proceduresare designed to provide reasonable, not absolute, assurance that the objectivesof our disclosure control system are met and, as set forth above, our CEO andCFO have concluded, based on their evaluation, that our disclosure controls andprocedures were sufficiently effective as of June 30, 2005 to providereasonable assurance that the objectives of the disclosure control system weremet.
 
27

****

**PART II.  OTHERINFORMATION**

**Item 1.**

**  Legal Proceedings.**

**Environmental**

For information in response tothis Item, see the discussion regarding the special notice letter the Companyreceived from the United States Environmental Protection Agency regarding theAnderson-Calhoun mine/mill site in note 4 of notes to the consolidatedfinancial statements in this Form 10-Q.

**Item 2.**

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

The following table sets forth information on a monthlybasis regarding the Company's purchases of its Common Stock during the second quarterof 2005:

**Issuer Purchases  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

4/1/05-4/30/05

42,658   

 $

0.55   

42,658   

547,094   

5/1/05-5/31/05

226,860   

0.53   

226,860   

1,320,234   

6/1/05-6/30/05

44,456   

0.61   

44,456   

1,275,778   

Total

313,974   

 $

0.54   

313,974   

1,275,778   

** **
(1)
SinceSeptember 17, 2002, the Company has had a stock repurchase plan which, as lastamended by the Board of Directors on May 24, 2005, permitted the purchase of upto 3,500,000 shares.  As of June 30, 2005, the Company has repurchased underthe repurchase plan 2,224,222 shares of its Common Stock at a cost of $1,156,513(average cost of $.52 per share). 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 condition and other factors.

 

**Item 4.**

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

(a) The Annual Meeting of Stockholders was held on May 24,2005.

(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.

21,897,846

1,189,449

Harvey C. Eads, Jr.

21,875,111

1,212,184

John P. Fazzini

21,904,336

1,182,959

Danforth E. Leitner

21,919,711

1,167,584

Al Marino

22,086,136

1,001,159

Dwight W. Severs

21,922,511

1,164,784

John H. Sottile

21,699,750

1,387,545

(c)The shareholders also voted to ratify the appointment of KPMG LLP asIndependent Certified Public Accountants for the Company for the year endingDecember 31, 2005 with 22,534,848 votes cast for, 500,158 votes cast against, 52,289votes abstained and 0 broker non-votes.

 

28

****

**Item 6.**

**Exhibits.**
      3-2
Amended and restated By-Lawsof the Company
  31-1
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, 15 U.S.C. Section7241
  31-2
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, 15 U.S.C. Section7241 
  32-1*
Certification Pursuant to Section 906 of the Sarbanes-OxleyAct of 2002, 18 U.S.C. Section 1350 
  32-2*
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C.Section 1350 

  * 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 expresslyset forth by specific reference.

SIGNATURES

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

THE GOLDFIELD  CORPORATION  (Registrant)

Dated:   August 15, 2005

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

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