UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

Form10-Q

(Mark One)

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

For the quarterlyperiod ended June 30, 2002

OR

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

For the transitionperiod ________ to ________

Commission FileNumber: 1-7525

** **The Goldfield Corporation******    **(ExactName of Registrant as Specified in 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)                |

     Indicateby check mark whether the registrant (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.

Yes  X     No ___

     Asof June 30, 2002, 27,527,746 shares of the Registrant's common stock, par value$.10 per share, were outstanding.

1

----

 

THE GOLDFIELDCORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ONFORM 10-QFOR THE QUARTER ENDED JUNE 30, 2002

INDEX

|   |   | Page  Number  Part I.  FINANCIAL INFORMATION     Item 1.  Financial Statements           Consolidated Balance Sheets
3        Consolidated Statements of Operations
4        Consolidated Statements of Cash Flows
5        Notes to Consolidated Financial Statements
6                    Item 2.  Management's Discussion and Analysis of Financial Condition      and  Results of Operations
  12
                  
Part II.

OTHER INFORMATION

 

Item 4.

Submission of Matters to a Vote of Security Holders

19

Item 6.

Exhibits and Reports on Form 8-K

20

 

 

****2

 
PART I. FINANCIAL    INFORMATION  
Item 1. Financial    Statements     
THE GOLDFIELD CORPORATION AND SUBSIDIARIES    CONSOLIDATED BALANCE SHEETS    (Unaudited)        June 30,  December 31,  2002  2001                 (Restated)ASSETS     Current assets           Cash and cash equivalents $ 5,494,142   $ 4,434,175       Accounts receivable and accrued billings 1,190,069   3,477,195       Current portion of notes receivable 10,842   22,314       Costs and estimated earnings in excess of      
        billings on uncompleted contracts  1,129,315   557,433       Deferred income taxes  183,390   242,742       Land and land development costs 487,162   487,162       Residential properties under construction 2,350,008   1,022,675       Prepaid expenses and other current assets 756,731   643,647       Current assets of discontinued operations (Note 3) 1,294,181   902,875             
        Total current assets 12,895,840   11,790,218                 Property, buildings and equipment, net  4,942,048   4,777,838                 Notes receivable, less current portion 41,055   76,219                 Deferred charges and other assets           Deferred income taxes, less current portion  1,684,274   2,063,241       Land and land development costs, less current portion  1,666,138   1,512,616       Land held for sale 149,893   175,189       Cash surrender value of life insurance  286,514   291,695    Other assets 110,814   -             
        Total deferred charges and other assets  3,897,633   4,042,741                 Non-current assets of discontinued operations (Note 3) 2,291,724   2,188,466             Total assets $ 24,068,300   $ 22,875,482                 LIABILITIES AND STOCKHOLDERS' EQUITY     Current liabilities           Accounts payable and accrued liabilities  $ 1,389,166   $ 2,105,767       Note payable to bank (Note 4) 2,082,642   955,268       Current portion of deferred gain on installment sales -   9,983       Income taxes payable  36,161   19,573       Current liabilities of discontinued operations (Note 3) 219,955   171,530             
        Total current liabilities  3,727,924   3,262,121           Deferred gain on installment sales, less current portion -   33,023             Total liabilities 3,727,924   3,295,144                 Commitments and contingencies (Note 5)     Stockholders' equity           Common stock, $.10 par value per share,              40,000,000 shares authorized; issued and             outstanding 27,545,104 shares  2,754,510   2,746,344       Capital surplus  18,449,779   18,440,081       Accumulated deficit (845,193)  (1,587,367)            
        Total  20,359,096   19,599,058       Less common stock in treasury, 17,358             shares, at cost 18,720   18,720                     Total stockholders' equity 20,340,376   19,580,338                 Total liabilities and stockholders' equity $ 24,068,300   $ 22,875,482                       See accompanying notes to consolidated financial statements                 
 

3

 

 

 

 

THE GOLDFIELD CORPORATION AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF OPERATIONS    (Unaudited)                                                                       Three Months Ended June 30, Six Months Ended June 30,          2002 2001 2002 2001                 (Restated)   (Restated)                 Revenue                      Electrical construction $ 5,293,753  $ 4,618,111  $ 10,890,529  $ 11,069,107       Real estate 74,328  66,503  100,077  76,042      
        Total revenue  5,368,081  4,684,614  10,990,606  11,145,149                       Costs and expenses              Electrical construction 3,904,846  3,946,763  8,350,433  8,508,397       Real estate 21,199  20,362  44,410  45,831       Depreciation and amortization 344,374  321,323  677,358  633,311       General and administrative 676,423  791,465  1,161,630  1,350,407      
        Total costs and expenses  4,946,842  5,079,913  10,233,831  10,537,946                       Other income, net              Interest income 13,322  46,366  28,264  96,312       Interest expense, net (6,989) (7,386) (14,178) (19,758)      Gain on sale of property and equipment 5,000  4,000  14,756  7,000       Other 536  17,349  723  33,234      
Total other income, net 
 11,869  60,329  29,565  116,788                       Income (loss) from continuing operations         
      before income taxes  433,108  (334,970) 786,340  723,991                  Income taxes (benefit) 174,355  (103,989) 316,790  254,500                       Net income (loss) from continuing operations 258,753  (230,981) 469,550  469,491                  Preferred stock dividends (Note 7) -  5,940  -  11,879                       Income (loss) available to common         
      stockholders from continuing operations     258,753  (236,921) 469,550  457,612                      Income from discontinued operations (including gain                   on the sale of of real estate of $10,478 and $100,581                   for the three months ended June 30, 2002 and 2001,                   respectively, and $248,320 and $186,566 for the six                   months ended June 2002 and 2001, respectively)                  (net of income taxes of $96,280 and $13,665 for the                   three months ended June 30 2002 and 2001,                   respectively, and $184,210 and $37,500 for the six                   months ended June 30 2002 and 2001, respectively)                   (Note 3)     142,495  23,253  272,623  69,520                           Net income (loss)     $ 401,248  $ (213,668) $ 742,173  $ 527,132                           Earnings (loss) per share of common stock -                  basic and diluted (Note 7)                    Income (loss) from continuing operations     $    0.01  $    (0.01) $    0.02  $    0.02              Income from discontinued operations     $    0.00  $     0.00  $    0.01  $    0.00              Net income (loss)     $    0.01  $    (0.01) $    0.03  $    0.02                           Weighted average common shares and                   equivalents used in the calculations                  of earnings per share                                Basic     27,460,768  27,424,413  27,453,464  27,159,563              Diluted     27,609,686  27,424,413  27,603,807  27,806,579                               See accompanying notes to consolidated financial statements                                                                               
 

4

 

 
    THE GOLDFIELD CORPORATION AND SUBSIDIARIES    CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)             Three Months Ended June 30,     Six Months Ended June 30, 2002 2001 2002 2001           (Restated)   (Restated)    Cash flows from operating activities          Net income (loss) from continuing operations$ 258,753  $ (230,981) $ 469,550  $ 469,491     Adjustments to reconcile net income to net             cash provided by (used in) operating activities             Depreciation and amortization344,374  321,323  677,358  633,311       Deferred income taxes226,008  (106,000) 438,319  212,000       Gain on sale of property and equipment(5,000) (4,000) (14,756) (7,000)      Gain on disposition of land held for sale(74,328) (66,503) (100,077) (76,041)      Cash provided from (used by) changes in               Accounts receivable and accrued billings1,498,931  (431,979) 2,287,126  (360,189)        Costs and estimated earnings in excess                of billings on uncompleted contracts(464,688) 1,418,844  (571,882) 771,113         Recoverable income taxes-  (5,000) -  34,256         Prepaid expenses and other current assets(125,800) (41,869) (223,898) 202,835         Accounts payable and accrued liabilities14,162  244,564  (716,602) (275,976)        Billings in excess of costs and estimated                 earnings on uncompleted contracts-  206,474  -  204,777         Income taxes payable27,925  20,677  16,588  40,402                            Net cash provided by operating activities of                    continuing operations1,700,337  1,325,550  2,261,726  1,848,979            Net cash provided by (used in) operating activities of                   discontinued operations145,010  (108,136) 162,245  (33,917)                               Net cash provided by operating activities1,845,347  1,217,414  2,423,971  1,815,062                             Cash flows from investing activities                 Proceeds from the disposal of property and equipment5,000  4,000  19,805  7,000           Expenditures for residential properties under construction(776,547) -  (1,327,333) -           Proceeds from notes receivable38,166  15,439  46,635  34,686           Purchases of property and equipment(256,455) (57,747) (846,617) (780,369)          Purchases of properties held for development(62,396) (15,856) (153,522) (445,647)          Proceeds from sale of land held for sale42,485  103,249  82,367  103,249    Life insurance proceeds-  -  -  2,000,000           Cash surrender value of life insurance878  7,385  5,182  9,469                             Net cash provided by (used in) investing activities of                continuing operations(1,008,869) 56,470  (2,173,483) 928,388             Net cash provided by (used in) investing activities of                discontinued operations(3,356) 114,988  75,694  (240,188)                            Net cash provided by (used in) investing activities (1,012,225) 171,458  (2,097,789) 688,200                             Cash flows from financing activities                 Proceeds from the exercise of stock options17,864  -  17,864  124,614           Net proceeds from note payable to bank590,659  -  1,127,374  -           Payments of preferred stock dividends-  (5,940) -  (11,879)                            Net cash provided by (used in) financing activities              of continuing operations608,523  (5,940) 1,145,238  112,735                             Net increase in cash and cash equivalents1,441,645  1,382,932  1,471,420  2,615,997     Cash and cash equivalents at beginning of period4,691,901  4,415,013  4,662,126  3,181,948                     Cash and cash equivalents at end of period$ 6,133,546  $ 5,797,945  $ 6,133,546  $ 5,797,945                             Cash and cash equivalents at end of period          Continuing operations$ 5,494,142  $ 5,758,499  $ 5,494,142  $ 5,758,499    Discontinued operations639,404  39,446  639,404  39,446                  $ 6,133,546  $ 5,797,945  $ 6,133,546  $ 5,797,945                                     Supplemental disclosure of cash flow information                  Income taxes paid$16,700  $-  $46,092  $5,342    Interest paid-  -  2,886  10,289             Supplemental disclosure of non-cash investing activities                 Notes receivable in partial payment             for land held for sale 35,426  34,660  299,006  127,960             See accompanying notes to consolidated financial statements                        
 

5

 

**THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2002 and 2001**

**Note 1 -**

**Basis of Financial Statement Presentation**

Inthe opinion of management, the accompanying unaudited interim consolidatedfinancial statements include all adjustments necessary to present fairly thefinancial position of the Company, the results of its operations and changes incash flows for the interim periods reported. These adjustments are of a normal recurring nature.  All financial statements presented hereinare unaudited.  The results ofoperations for the interim periods shown in this report are not necessarilyindicative of results 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 31,2001.  The consolidated balance sheet asof December 31, 2001 has been derived from the audited financial statements atthat date as adjusted to reflect the assets and liabilities of the miningoperations as discontinued and to reflect all assets and liabilities, ascurrent and noncurrent (not netted), as required by a new accountingpronouncement (SFAS 144) adopted January 1, 2002.  In addition, the unaudited consolidated financial statements forthe three months and six months ended June 30, 2001 have been restated toreflect the operating results of the mining operations within discontinuedoperations.

**Note 2 -**

**Reclassifications**

Certain prior year amounts in the consolidatedfinancial statements have been reclassified to conform with the current yearpresentation.

**Note 3 -**

**Discontinued Operations**

On December18, 2001, the Company announced it was considering strategic moves to maximizeshareholder value, including possible divestiture of its miningoperations.  To assist in this review,the Company retained the investment banking firm, McFarland Dewey & Co.,LLC.  On April 23, 2002, the companyannounced that it had signed a letter of intent to sell all of its existingmining operations to an unaffiliated private purchaser.  This letter of intent has expired and theCompany is actively pursuing discussions with other possible purchasers.  Any sale will be contingent upon the Companyfinding a buyer that can offer a price and terms that are acceptable to theCompany. There can be no assurance that a sale of the Company's miningoperations will materialize. Accordingly, as required by SFAS 144, the operating results of themining operations for the three and six months ended June 30, 2002 and priorperiods have been restated as discontinued operations.

Basedon management's estimate, the Company does not expect to incur either a loss onthe disposal of the mining segment or operating losses during the disposalperiod.  The actual results on disposalof the mining segment, including operating results through the disposal period,may be different from management's estimates and the difference could bematerial. To the extent actual proceeds from the eventual sale of the assets ofthe mining segment and operating results during the period differ frommanagement's estimates reflected in these consolidated financial statements,the variance will be reported within discontinued operations in future periods.

 

 

 

6

 

 

 

The following tablesets forth certain unaudited operating results of the discontinued operationsfor the six months ended June 30, as indicated:

 

 

2002

2001

 

 

 

Net sales

$1,454,404  

 $  973,769  

Cost of sales

(1,218,507)

  (929,961)

Depreciation

    (54,288)

  (124,269)

  Gross  gain (loss)

   181,609  

   (80,461)

General and    administrative expense

        (3,464)

      (21,629)

Operating gain  (loss)

     178,145  

  (102,090)

Other income, net

 

 

  Interest  expense

    (6,906)

    (8,294)

  Other income, net  (including

 

 

    gain on sale  of real

 

 

    estate of  $248,320 and  

 

 

    $186,566 for  the six

 

 

    months ended  June 30, 2002

 

 

    and 2001,  respectively)

     285,594  

    217,404  

 

     278,688  

    209,110  

Income from discontinued    operations before income    taxes

     456,833  

    107,020  

Income taxes

  (184,210)

     (37,500)

 

 

 

Income from discontinued    operations, net of tax

$   272,623  

 $     69,520  

 

 

The following tablesets forth certain unaudited operating results of the discontinued operationsfor the three months ended June 30, as indicated:

 

 

2002

2001

 

 

 

Net sales

$  752,620  

 $  428,883  

Cost of sales

 (541,173)

  (416,064)

Depreciation

             -    

   (62,337)

  Gross  gain (loss)

 211,447  

   (49,518)

General and    administrative expense

                -     

       (21,338)  

Operating gain  (loss)

    211,447  

   (70,856)

Other income, net

  

 

  Interest  expense

    (3,454)

    (4,147)

  Other income, net  (including

 

 

    gain on sale  of real 

 

 

    estate of  $10,478 and 

 

 

    $100,581 for  the three

 

 

    months ended  June 30, 2002

 

 

    and 2001,  respectively)

    30,782  

   111,921  

 

    27,328  

   107,774  

Income from discontinued    operations before income    taxes

     238,775   

     36,918   

Income taxes

     (96,280)  

     (13,665)  

 

 

 

Income from discontinued    operations, net of tax

  $  142,495   

 $    23,253   

 

 

7

 

Assets and liabilities of the discontinued operationshave been reflected in the unaudited consolidated balance sheets as current ornon-current based on the original classification of the accounts.  The following is a summary of assets andliabilities of discontinued operations:

 

 

June  30, 2002

December  31, 2001

Current assets

 

 

  Cash

    $  639,404

     $  227,951

  Accounts  receivable

       290,176

        137,728

  Inventories

       261,465

        341,059

  Other

       103,136

        196,137

     Total  current assets

     1,294,181

        902,875

 

 

 

Non-current  assets

 

 

  Property, buildings and           equipment,net

       1,513,908

        1,579,982

  Other  non-current assets

       777,816

        608,484

     Total  non-current assets

     2,291,724

      2,188,466

 

 

 

Total assets of discontinued    operations

      $3,585,905

       $3,091,341

 

Current  liabilities

 

 

  Accounts payable  and accrued         liabilities

      $  219,955

       $  171,530 

Total liabilities of discontinued    operations

    $  219,955

     $  171,530 

 

** **

**Note 4 -**

**Note Payable to Bank**

In April2002, the Company entered into a $6,000,000 loan agreement, of which $4,500,000can be used for the construction development costs of the Company's condominiumprojects and $1,500,000 can be used for the working capital needs of theCompany. Under the terms of the loan, interest is payable monthly at an annualrate equal to the "Monthly Libor Index" plus one and nine-tenthspercent (3.74% at June 30, 2002). The proceeds from the sale of thecondominiums will be used to repay the loan. At the sole option of the lender,the outstanding principal and interest is due and payable in full within 30days of the lender providing written notice to the Company. The loan isguaranteed by the Company's electrical construction subsidiary and iscollateralized by a security interest in the subsidiary's assets. Borrowingsoutstanding under this agreement were $2,082,642 at June 30, 2002. The amountavailable for additional borrowings at June 30, 2002 was $2,417,358 and$1,500,000, for construction development costs and working capital,respectively. The loan agreement contains various financial covenants,including, but not limited to, minimum tangible net worth, minimum currentratio, and maximum debt to tangible net worth ratio. Other loan covenantsprohibit, among other things, incurring additional indebtedness, issuing loansto other entities in excess of a certain amount, entering into a merger orconsolidation, and any change in the Company's current Chief Executive Officerwithout prior written consent from the lender. The company was in compliance with all such covenants as of June 30,2002. 

During thesix and three months ended June 30, 2002, the Company capitalized interestcosts of $31,155 and $16,820, respectively, related to condominiumconstruction.

 

**Note 5 -**

**Commitments and Contingencies**

 

The Company has provided third party guarantees for theCompany's wholly owned mining subsidiaries, St. Cloud Mining Company and TheLordsburg Mining 

8

 

Company, in favor of the State of New Mexico's Mining andMinerals Division of the Energy, Minerals and Natural Resources Department("Financial Assurances").  These Financial Assurances, amounting to$269,787, guaranty approved post mine reclamation plans for the Company's mines. The Company has also provided a Financial Assurance for $16,390 to guarantyapproved post mine reclamation plans for the San Pedro Mine.  Although theCompany sold the San Pedro Mine to an unrelated third party during 1999, theCompany remains liable under this guaranty.

Incertain circumstances, the Company is required to provide performance bonds inconnection with its contractual commitments. Management is not aware of any performance bonds issued for the Companythat have ever been called by a customer. As of June 30, 2002, outstanding performance bonds issued on behalf ofthe Company amounted to approximately $4,400,000.

**Note 6 -**

**Income Taxes**

AtJune 30, 2002, the Company had tax net operating loss carryforwards ofapproximately $1,581,000 available to offset future taxable income, which ifunused will expire from 2008 through 2018. The Company has alternative minimum tax credit carryforwards of$381,000, which are available to reduce future Federal income taxes over anindefinite period.

**Note 7 -**

**Earnings Per Share of Common Stock and Preferred Stock Dividends**

Basicearnings per common share, after deducting dividend requirements on theCompany's Series A 7% Voting Cumulative Convertible Preferred Stock, par value$1.00 per share ("Series A Stock"), is equal to net income divided bythe weighted average of the number of common stock shares outstanding.  The weighted average of the number of commonstock shares outstanding excludes 17,358 shares of Treasury Stock for each ofthe six and three-month periods ended June 30, 2002 and 2001.  Diluted earnings per share includeadditional dilution from potential common stock, such as stock optionsoutstanding or the conversion of preferred shares to common shares.

TheCompany paid dividends on its Series A Stock in the amount of $11,879 and$5,940 for the six and three months ended June 30, 2001, respectively.  All 339,407 shares of the Company's Series AStock were redeemed on July 20, 2001 at a redemption price of $1.00 per share.

**Note 8 -**

**Business Segment Information**

Excludingthe mining operations, which are being reported as discontinued operations, theCompany is primarily involved in two lines of business, electrical constructionand real estate.  There were no materialamounts of sales or transfers between lines of business and no material amountsof export sales.  Any intersegment saleshave been eliminated.

 

9

 

Thefollowing table sets forth certain segment information for the six months endedJune 30, as indicated:

 

 

2002

   2001

Sales from operations to    unaffiliated customers      Electrical construction      Real estate        Total

  $10,890,529        100,077    $10,990,606  

      $11,069,107                76,042       $11,145,149 

 

Gross profit     Electrical construction    Real estate      Total gross profit

  $ 1,887,398         54,192    1,941,590  

      $ 1,965,799                 27,811          1,993,610  

Other income, net

     29,565  

          116,788  

General corporate expenses

 (1,184,815)

      (1,386,407)

Income from continuing       operations before income       taxes 

 $    786,340  

    $   723,991  
   
 

Thefollowing table sets forth certain segment information for the three monthsended June 30, as indicated:

 

 

2002

   2001

Sales from operations to    unaffiliated customers      Electrical construction      Real estate        Total

       $5,293,753        74,328       $5,368,081  

      $4,618,111               66,503         $4,684,614  

 

Gross profit    Electrical construction    Real estate      Total gross profit

       $1,056,883                52,392        1,109,275  

       $   369,225                44,941            414,166  

Other income, net

    11,869  

          60,329  

General corporate expenses

   (688,036)

  (809,465)

Income (loss) from  continuing   operations before income     taxes 

     $   433,108  

      $ (334,970)
   
 

The following table sets forth certain segment informationfor the periods indicated:

 

 

  June 30,

   December  31,

 

  2002

    2001

Identifiable assets

 

 

Continuing operations    Electrical construction    Real estate    Corporate  Discontinued operations      Total

  $11,357,974    4,856,900    4,267,521    3,585,905$24,068,300

  $11,180,256  3,407,180    5,196,706      3,091,340$22,875,482
   
 

**Note 9 -**

**Recent Accounting Pronouncements**

InAugust 2001, the FASB issued SFAS No. 144 "Accounting for the Impairmentor Disposal of Long-Lived Assets." This Statement addresses financial accounting and reporting for theimpairment or disposal of long-lived assets. This statement supersedes SFAS No. 121, "Accounting for theImpairment of Long-Lived Assets and for Long-Lived Assets to Be DisposedOf," and the accounting and reporting provisions of Accounting PrinciplesBoard Opinion No. 30, "Reporting the Results of Operations - Reporting theEffects of Disposal of a Segment of a Business, and Extraordinary, Unusual andInfrequently Occurring Events and Transactions of a Segment of aBusiness."

 

 

10

 

 

This Statement is effective for financialstatements with fiscal years beginning after December 15, 2001.  Adoption of thisStatement on January 1, 2002 did not have a significant impact on the financialposition or results of operations of the Company. However, the Company didreclassify the results of operations related to the mining segment during thesix months ended June 30, 2002 from earnings from continuing operations toearnings from discontinued operations in accordance with the Statement.

In April 2002, the FASB issued SFASNo. 145 "Rescission of FASB Statements No. 4, 44, and 64, Amendment toFASB Statement No. 13, and Technical Corrections."  The rescinded FASB Statements No. 4, 44, and64 address reporting gains or losses from extinguishment of debt,extinguishment of debt made to satisfy sinking-fund requirements, andaccounting for intangible assets of motor carriers, respectively.  The amendment to FASB Statement No. 13,Accounting for Leases, addresses the accounting and reporting of sale-leasebacktransactions that are initiated by capital leases that are converted tooperating leases.  The TechnicalCorrections apply to existing pronouncements and are insubstantial innature.  This Statement is effective forfinancial statements with fiscal years beginning after May 15, 2002.  Adoption of this Statement on January 1,2003 is not expected to have a significant impact on the financial position orresults of operations of the Company.

In July 2002, the FASB issued SFASNo. 146, "Accounting for Costs Associated with Exit or Disposal Activities*.*"This Statement requires companies to recognize costs associated with exit ordisposal activities when they are incurred rather than at the date of acommitment to an exit or disposal plan. Examples of costs covered by thestandard include lease termination costs and certain employee severance coststhat are associated with a restructuring, discontinued operation, plantclosing, or other exit or disposal activity. This Statement is to be applied prospectively to exit or disposalactivities initiated after December 31, 2002. Adoption of this Statement on January 1, 2003 is not expected to have asignificant impact on the financial position or results of operations of theCompany.

**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 statements by forward-looking words suchas "may," "will," "expect,""anticipate," "believe," "estimate,""plan," and "continue" or similar words.  We have based these statements on ourcurrent expectations about future events. Although we believe that our expectations reflected in or suggested byour forward-looking statements are reasonable, we cannot assure you that theseexpectations will be achieved.  Ouractual results may differ materially from what we currently expect.  Factors that may effect our results include,among others: the level of construction activities by public utilities; thetiming and duration of construction projects for which we are engaged; ourability to estimate accurately with respect to fixed price constructioncontracts; heightened competition in the electric construction field, includingintensification of price competition; the availability of skilled constructionlabor; and, in connection with our real estate projects, general economicconditions, both nationally and in our region. 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 Quarterly Report on Form 10-Qcompletely and with the understanding that our actual future results may bematerially different from

 

11

 

what we expect. We may not update these forward-looking statements, even in the event thatour situation changes in the future. 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.**

**Critical AccountingPolicies and Estimates**

Thisdiscussion and analysis of the Company's financial condition and results ofoperations is based upon the Company's consolidated financial statements, whichhave been prepared in accordance with accounting principles generally acceptedin the United States.  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 an on-going basis, the Company evaluatesits estimates, including those related to fixed price contracts and deferredincome 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 mostsignificant judgments and estimates used in the preparation of its consolidatedfinancial statements.

A number offactors relating to our business affect the recognition of contractrevenue.  The Company recognizes revenuewhen services are performed except when work is performed under a fixed pricecontract.  Revenue from fixed priceconstruction contracts is recognized on the percentage-of-completionmethod.  Under this method, estimatedcontract income and resulting revenue is generally accrued based on costsincurred to date as a percentage of total estimated costs.  Total estimated costs, and thus contractincome, are impacted by changes in productivity, scheduling, and the unit costof labor, subcontracts, materials and equipment.  Additionally, external factors such as weather, client needs,client delays in providing approvals, labor availability and governmental regulation,may also affect the progress and estimated cost of a project's completion andthus the timing of income and revenue recognition.  If a current estimate of total contract cost indicates a loss ona contract, the projected loss is recognized in full when determined. Revenuefrom change orders, extra work, variations in the scope of work and claims isrecognized when realization is reasonably assured.
 
The Company records a valuationallowance to reduce its deferred tax assets to the amount that is more likelythan not to be realized.  While theCompany has considered future taxable income and ongoing prudent and feasibletax planning strategies in assessing the need for the valuation allowance, inthe event the Company were to determine that it would be able to realize itsdeferred tax assets in the future in excess of its net recorded amount, anadjustment to the deferred tax asset would increase income in the period suchdetermination was made.  Likewise, shouldthe Company determine that it would not be able to realize all or part of itsnet deferred tax assets in the future, an adjustment to the deferred tax assetwould be charged to income in the period such determination was made.

12

 

**Results of Operations**

**Six months ended June 30, 2002 compared to Six months ended June 30, 2001**

**Continuing Operations**

**Revenues**

Total revenues in the six monthsended June 30, 2002 were $10,990,606, compared to $11,145,149 in the six monthsended June 30, 2001.  This net decreasein total revenues was largely attributable to slightly lower revenues in theelectrical construction operations.

Electrical construction revenuedecreased by 1.6% in the six months ended June 30, 2002 to $10,890,529 from$11,069,107 in the six months ended June 30, 2001. The net decrease was primarilyattributable to a decrease in fiber optic projects which was largely offset byan increase in transmission line projects. There was no revenue earned from fiber optic construction during the sixmonths ended June 30, 2002.

Revenue, costs and expenses, andgross profit relating to real estate operations through June 30, 2002 were notsignificant, and were attributable largely to the sale of single-family lots inthe Fawn Lake subdivision near Mims, Florida ("Fawn Lake").  However, at June 30, 2002 the Company hadinvestments in real estate of $4,653,201, primarily representing expendituresmade in connection with the Company's condominium development projectsdescribed below under "Liquidity and Capital Resources." TheCompany's policy with respect to its initial condominium project is torecognize revenue only as title is transferred and the purchaser has made therequired initial investment. With respect to future projects, the Company mayelect to recognize revenue under the percentage of completion method.  The Company anticipates that these projectswill generate significant revenues.  InJuly 2002, the Company began recognizing revenue on its first condominium project,which is described below under "Liquidity and Capital Resources." 

**Operating Results**

Electrical construction operationshad a gross profit of $1,887,398 in the six months ended June 30, 2002,compared to a gross profit of $1,965,799 during the six months ended June 30,2001, a decrease of 4.0%.  As apercentage of revenue, gross margins on electrical construction operationsdecreased to 17.3% for the six months ended June 30, 2002 from 17.8% for thesix months ended June 30, 2001.  Grossprofit was lower for the six months ended June 30, 2002 due primarily todecreased margins on transmission line construction.  The varying magnitude and duration of electrical constructionprojects may result in substantial fluctuation in the Company's backlog fromtime to time.  At June 30, 2002, theapproximate value of uncompleted contracts was $4,300,000 compared to$15,000,000 at June 30, 2001.  The Company expects electrical constructionperformance in the third quarter will be adversely affected by a lower level ofactivity attributable to both seasonal factors and a general slackening ofnear-term industry demand.  Recent bidding activity suggests this downtrendmay be temporary.

**Costs and Expenses**

Total costs and expenses, and thecomponents thereof, decreased slightly to $10,233,831 in the six months endedJune 30, 2002 from $10,537,946 in the six months ended June 30, 2001.

Electrical construction costs were $8,350,433 in the sixmonths ended June 30, 2002, a decrease of 1.9% from $8,508,397 in the six monthsended June 30, 

 

13

 

2001.  The slight decrease was primarily attributable todecreased variable costs prompted by the decrease in revenues.

Depreciation and amortization was$677,358 in the six months ended June 30, 2002, compared to $633,311 in the sixmonths ended June 30, 2001.  Theincrease in depreciation and amortization for 2001 was largely a result ofrecent capital expenditures, most of which have occurred in the Company'selectrical construction business.

General and administrativeexpenses of the Company decreased to $1,161,630 in the six months ended June30, 2002, from $1,350,407 in the six months ended June 30, 2001.  The net decrease was primarily a result ofdecreases in both proxy solicitation costs and professional fees, which werepartially offset by an increase in legal fees attributable to the proposed saleof the mining segment.  General andadministrative expenses, as a percentage of revenue, decreased to 10.6% from12.1% in the six months ended June 30, 2002 as compared to the six months endedJune 30, 2001.

**Other Income**

Otherincome in the six months ended June 30, 2002 was $29,565, compared to $116,788in the six months ended June 30, 2001. The decrease in other income for 2002 was mainly a result of decreasedinterest income as a result of the general decline in interest rates.

**Income Taxes**

The provision for income taxes was$316,790 in the six months ended June 30, 2002, an effective tax rate of 40.3%,as compared to an income tax provision of $254,500 in the six months ended June30, 2001, an effective tax rate of 35.2%. The effective tax rate differs fromthe statutory rate for the six months ended June 30, 2002 largely due to stateincome taxes.  For the six months endedJune 30, 2001, the effective income tax rate was lower than anticipated due toa $128,000 decrease in the valuation allowance for deferred tax assets.  Refer to the above described "CriticalAccounting Policies and Estimates" for details on the valuation allowancethat relates to the deferred tax assets.
Discontinued Operations
OnDecember 18, 2001, the Company announced it was considering strategic moves tomaximize shareholder value, including possible divestiture of its miningoperations.  To assist in this review,the Company retained the investment banking firm, McFarland Dewey & Co.,LLC.  On April 23, 2002, the companyannounced that it had signed a letter of intent to sell all of its existingmining operations to an unaffiliated private purchaser.  This letter of intent has expired and theCompany is actively pursuing discussions with other possible purchasers.  Any sale will be contingent upon the Companyfinding a buyer that can offer a price and terms that are acceptable to theCompany.  There can be no assurance thata sale of the Company's mining operations will materialize. Accordingly, asrequired by SFAS 144, the operating results of the mining operations for thesecond quarter ended June 30, 2002 and prior periods have been restated asdiscontinued operations.

Based on management's estimate, the Company does not expectto incur either a loss on the disposal of the mining segment or operating lossesduring the disposal period.  The actual results on disposal of the miningsegment, including operating results through the disposal period, may bedifferent from management's estimates and the difference could be material. Tothe extent actual proceeds from the eventual sale of the assets of the miningsegment and operating results during the period differ from management's 

 

 14

 

estimates reflected in these consolidated financialstatements, the variance will be reported within discontinued operations infuture periods.** **

**Revenues**

Revenue from mining operationsincreased 49.4% to $1,454,404 in the six months ended June 30, 2002 from$973,769 in the six months ended June 30, 2001.  This increase was attributable to an increase in construction aggregateprojects.

**Operating Results**

During the six months ended June30, 2002, mining operations experienced a gross gain of $181,609 compared to agross loss of $80,461 during the six months ended June 30, 2001.  As a percentage of revenue, gross margins inthe mining operations improved to 12.5% for the six months ended June 30, 2002from (8.3)% for the six months ended June 30, 2001. Gross margins improved as aresult of increased revenue, reduced per-unit costs and reduced depreciationexpense. The operating results from mining included depreciation expense of$54,288 during the six months ended June 30, 2002, compared to $124,269 duringthe six months ended June 30, 2001.  Inconformity with SFAS 144, "Accounting for the Impairment or Disposal ofLong-Lived Assets", the provision for depreciation expense on the miningassets was suspended at the end of March 2002.

St. Cloud Mining Company, awholly owned subsidiary of the Company, sold 8,634 tons of natural zeoliteduring the six months ended June 30, 2002, compared to 8,448 tons during thesix months ended June 30, 2001.

The Lordsburg Mining Company, awholly owned subsidiary of the Company, sold 19,869 tons of constructionaggregate during the six months ended June 30, 2002, compared to 2,203 tons inthe six months ended June 30, 2001.

**Costs and Expenses**

Mining costs were $1,218,507 inthe six months ended June 30, 2002, compared to $929,961 in the six monthsended June 30, 2001.  This increase wasmainly attributable to an increase in construction aggregate projects.

**Other Income**

Other income in the six monthsended June 30, 2002 was $278,688, compared to $209,110 in the six months endedJune 30, 2001.  For the six months endedJune 30, 2002 and 2001, other income included $248,320 and $186,566,respectively, from the gain on sale of land in New Mexico earned by theCompany's mining subsidiary.
Three months ended June 30, 2002 compared to Three months ended June 30,2001
** Continuing Operations**

** Revenues**

Total revenues in the three monthsended June 30, 2002 were $5,368,081, compared to $4,684,614 in the three monthsended June 30, 2001.  This increase intotal revenues was attributable to higher revenues in the electricalconstruction operations.

Electrical construction revenueincreased by 14.6% in the three months ended June 30, 2002 to $5,293,753 from$4,618,111 in the three months ended June 30, 2001, primarily as a result of anincrease in transmission line

 

15

 

construction projects.  There was no revenue earned from fiber optic construction duringthe three months ended June 30, 2002.  

Revenue, costs and expenses, andgross profit relating to real estate operations in the three months ended June30, 2002 were not significant, and were attributable largely to the sale ofsingle-family lots in Fawn Lake.    

**Operating Results**

Electrical construction operationshad a gross profit of $1,056,883 in the three months ended June 30, 2002,compared to a gross profit of $369,225 during the three months ended June 30,2001, an increase of 186.2%.  As apercentage of revenue, gross margins on electrical construction operationsincreased to 19.7% for the three months ended June 30, 2002 from 7.9% for thethree months ended June 30, 2001.  Grossprofit was higher for the three months ended June 30, 2002 due primarily toincreased margins on transmission line construction.  Salaries and sub-contractor costs, as a percent of revenue, bothdecreased in the three months ended June 30, 2002 in comparison to the threemonths ended June 30, 2001.  

**Costs and Expenses**

Total costs and expenses, and thecomponents thereof, decreased slightly to $4,946,842 in the three months endedJune 30, 2002 from $5,079,913 in the three months ended June 30, 2001.

Electrical construction costs were$3,904,846 in the three months ended June 30, 2002, a decrease of 1.1% from$3,946,763 in the three months ended June 30, 2001.  This decrease was largely attributable to a decrease in theamount of sub-contractor costs related to electrical construction jobs.

Depreciation and amortization was$344,374 in the three months ended June 30, 2002, compared to $321,323 in thethree months ended June 30, 2001.  Theincrease in depreciation and amortization was largely a result of recentcapital expenditures, most of which have occurred in the Company's electricalconstruction business.

General and administrativeexpenses of the Company decreased to $676,423 in the three months ended June30, 2002, from $791,465 in the three months ended June 30, 2001.  The net decrease was primarily a result ofdecrease in proxy solicitation costs which were partially offset by an increasein legal fees attributable to the proposed sale of the mining segment.  General and administrative expenses as apercentage of revenue decreased to 12.6% from 16.9% in the three months endedJune 30, 2002 as compared to the three months ended June 30, 2001.

**Other Income**

Otherincome in the three months ended June 30, 2002 was $11,869, compared to $60,329in the three months ended June 30, 2001. The decrease in other income for 2002 was mainly a result of decreasedinterest income as a result of the general decline in interest rates.

**Income Taxes**

The provision for income taxes was$174,355 in the three months ended June 30, 2002, an effective tax rate of40.3%, as compared to an income tax provision (benefit) of $(103,989) in thethree months ended June 30, 2001, an effective tax rate of (31.0)%. Theeffective tax rate differs from the statutory rate for the three months endedJune 30, 2002 largely due to state income taxes.
 
 

16

 
Discontinued Operations
**Revenues**

Revenue from mining operationsincreased 75.5% to $752,620 in the three months ended June 30, 2002 from$428,883 in the three months ended June 30, 2001.  This increase was attributable to an increase in constructionaggregate projects.

**Operating Results**

During the three months endedJune 30, 2002, mining operations experienced a gross gain of $211,447 comparedto a gross loss of $49,518 during the three months ended June 30, 2001.  As a percentage of revenue, gross margins inthe mining operations improved to 28.1% for the three months ended June 30,2002 from (11.5)% for the three months ended June 30, 2001.  Gross margins improved as a result ofincreased revenue, reduced per-unit costs and reduced depreciationexpense.  The operating results frommining included depreciation expense of $62,337 during the three months endedJune 30, 2001.  In conformity with SFAS144, "Accounting for the Impairment or Disposal of Long-LivedAssets", the provision for depreciation expense on the mining assets wassuspended at the end of March 2002.

St. Cloud Mining Company, awholly owned subsidiary of the Company, sold 4,876 tons of natural zeoliteduring the three months ended June 30, 2002, compared to 4,047 tons during thethree months ended June 30, 2001.

The Lordsburg Mining Company, awholly owned subsidiary of the Company, sold 16,340 tons of base coarse duringthe three months ended June 30, 2002, compared to 803 tons in the three monthsended June 30, 2001.

**Costs and Expenses**

Mining costs were $541,173 in thethree months ended June 30, 2002, compared to $416,064 in the three monthsended June 30, 2001.  This increase wasmainly attributable to an increase in construction aggregate projects.

**Other Income**

Other income in the three monthsended June 30, 2002 was $27,328, compared to $107,774 in the three months endedJune 30, 2001.  For the three monthsended June 30, 2002 and 2001, other income included $10,478 and $100,581,respectively, from the gain on sale of land in New Mexico earned by the Company'smining subsidiary.

**Liquidity and CapitalResources**

Cash and cash equivalents,including both continuing and discontinued operations, at June 30, 2002 were$6,133,546 as compared to $4,662,126 as of December 31, 2001.  Working capital, including both continuingand discontinued operations, at June 30, 2002 was $9,167,916, compared to$8,528,097 at December 31, 2001.  TheCompany's ratio of current assets to current liabilities decreased slightly to3.5:1 at June 30, 2002, from 3.6:1 at December 31, 2001.

During the sixmonths ended June 30, 2002 and 2001, the Company received proceeds of $17,864and $124,614 from the exercise of 81,667 and 569,665 stock options of theCompany's Common Stock, respectively. During the three months ended June 30, 2002, the Company receivedproceeds of $17,864 from the exercise of 81,667 stock options of the Company'sCommon Stock.  The options wereexercisable at $0.21875 per share, the fair market value of the Common Stock atthe date of the grant.  At June 30,2002, 268,668 shares were

 

17

 

 

reserved for possible exercise of options to purchaseCommon Stock issued under the 1998 Executive Long-term Incentive Plan.  There were no stock options exercised duringthe three months ended June 30, 2001.

The Company does not enter intofinancial instruments for trading purposes. Financial instruments consist principally of cash and cash equivalentswith limited market risk sensitivity.

The Company paid cash dividends onits Series A Stock in the amount of $11,879 and $5,940 during the six and threemonths ended June 30, 2001, respectively. On June 19, 2001, the Board of Directors of the Company, in accordancewith the Restated Certificate of Incorporation, voted to redeem its Series AStock. All 339,407 shares of Series A Stock were redeemed on July 20, 2001 for$1 per share, or $339,407. The Company has paid no cash dividends on its CommonStock since 1933, and it is not expected that the Company will pay any cashdividends on its Common Stock in the immediate future.

On April 15, 2002, the Companyentered into a new loan agreement with Wachovia Bank, N.A.("Wachovia") for a $6,000,000 line of credit. On June 30, 2002 theCompany had a loan balance with Wachovia in the amount of $2,082,642. This newline of credit replaces the previous line of credit and mortgage note payableprovided by SunTrust Bank of Central Florida, N.A. ("SunTrust").   The mortgage note payable with SunTrust,which had a balance of $955,268 at December 31, 2001, was repaid on April 15,2002 with proceeds from the new credit facility with Wachovia.  The new credit facility will primarily beused to finance the costs of constructing condominium units in Florida and isfully described in Note 4 - Note Payable to Bank. 

The Company's capitalexpenditures for continuing operations for the six months ended June 30, 2002increased to $846,617 from $780,369 for the six months ended June 30,2001.  The majority of the 2002 capitalexpenditures were attributable to the construction of a new office building forthe Company's electrical construction segment.

As of June 30, 2002, the Company had expended $4,503,309in land acquisition and development costs on its four condominiumprojects.  This was funded from internalcash reserves and bank financing. Outstanding borrowings under bank financingwere $2,082,642 and $955,268 as of June 30, 2002, and December 31, 2001,respectively.  It is anticipated thatfuture construction costs will be funded through bank financing and will be repaidfrom the proceeds from condominium sales. In July 2002, this loan wassubstantially repaid with proceeds from the sale of the first condominiumproject, a twelve-unit riverfront condominium, "Country Club Point".The amount of borrowings outstanding at anytime will be dependant upon thefunding needs of current condominium projects. The primary focus of the Company's real estate operations is on thedevelopment of small, high-end, waterfront condominium projects.  To date, the Company has purchased foursites, three of which are waterfront, in the Cocoa Beach, Florida area.  

During July 2001, construction commenced on Country ClubPoint. In July 2002, the Country Club Point Certificate of Occupancy wasreceived and the closing process commenced. All twelve units are under contract for sale (total aggregate salesprice of $4,300,000) and the Company expects all closings to be completed in thethird quarter of 2002.  In the third quarter of this year, the Companyexpects to report pre-tax income of approximately $1,000,000 from this project.

The Company has recently commenced construction on"Riomar", a six-unit oceanfront condominium project. Five of the sixunits at Riomar (total estimated aggregate sales price of $4,050,000) are undercontract for sale. Riomar is anticipated to be completed in the summer of2003.  

 

18

 

 

"Cape Club", a sixteen-unit oceanfrontcondominium project is currently in the planning/permitting phase.  Fifteen of the sixteen units at Cape Club(total estimated aggregate sales price of $7,650,000) have been reserved withrefundable deposits. Cape Club is expected to be completed in the first quarterof 2004.  Plans for the latest project,"Oak Park" have yet to be finalized.

The following tablesummarizes the Company's future contractual obligations at June 30, 2002:

                           
   
            Payments  Due By  Period            
 

Total

Less  Than  1 Year

1-2  Years

After  2  Years
   
Continuing  operations

 

 

 

 

  Note  payable

$2,082,642

$2,082,642

        --

--

  Operating  lease

   120,965

    76,399

   $44,566

--

  Standby letter of      credit

   100,000

   100,000

        --

--

Discontinued operations

        --

        --

        --

    --

 

 

 

 

 

    Total

$2,303,607

$2,259,041

 $44,566

  -- 
   
 

 

PARTII.  OTHER INFORMATION

**Item 4 -**

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

(a) The Annual Meeting of Stockholderswas held on July 10, 2002.

(c) At theAnnual Meeting of Stockholders, the stockholders voted to elect the following 7directors to the board of directors. Set forth below are the votes cast in the election of directors:

 

Directors

 

Thomas  E. Dewey, Jr.  Harvey C. Eads, Jr.  John P. Fazzini  Danforth E. Leitner  Al Marino  Dwight W. Severs  John H. Sottile

Votes  For

 

    19,818,433      17,750,793      17,795,608      17,793,543      24,418,651      17,799,733      17,926,115
Votes Withheld
 

     4,754,559       4,792,199       4,746,384       4,749,449       1,546,641       4,742,259       4,616,877

 

The Stockholders also voted to approve the appointment ofKPMG LLP as Independent Certified Public Accountants.  Votes cast in favor were 21,312,237, against were 1,645,876 andwithheld were 363,778.

The Stockholders also voted upon a stockholder proposalto establish a performanced-based executive compensation policy.  Theaffirmative vote of a majority of outstanding shares of the Company's CommonStock was required to approve such proposal.  Votes cast in favor were7,976,416, against were 6,008,762, withheld were 407,887 and broker non-voteswere 8,928,827.

 

 

 

19

 

 

**Item 6 -**

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

 

**(a) Exhibits in accordance with theprovisions of Item 601 of Regulation S-K**

** **

99-1  Certification Pursuant to 18 U.S.C. Section1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99-2  Certification Pursuant to 18 U.S.C. Section1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

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

Nocurrent report on Form 8-K was filed during the quarter ended June 30, 2002.

 

SIGNATURES

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

 

              THEGOLDFIELD CORPORATION             (Registrant)

Dated:  August 13,2002

 

/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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