UNITED STATES
SECURITIES 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 quarterly
period ended March 31, 2003

OR

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


For the transition
period from ________ to ________

Commission File
Number: 1-7525

The
Goldfield Corporation(Exact Name 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)


Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days.

Yes X    No ___

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

Yes    No X

As
of May 7, 2003, 26,695,014 shares of the Registrant's common stock were
outstanding.



1

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THE GOLDFIELD
CORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ON
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2003



INDEX

Page
 NumberPart I.
  FINANCIAL INFORMATIONItem 1.
  Financial StatementsConsolidated Balance Sheets
  3Consolidated Statements of Operations
  4Consolidated Statements of Cash Flows
  5Notes to Consolidated Financial Statements
  6Item 2.
  Management's Discussion and Analysis of Financial
  Condition and Results of Operations
  11Item 4.
  Controls and Procedures
  16Part II.
  OTHER INFORMATIONItem 6.
  Exhibits and Reports on Form 8-K
  17Signatures
  
  17Certifications
  
  18










2

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PART I.   FINANCIAL INFORMATION1. Financial StatementsTHE GOLDFIELD CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(Unaudited)March 31,
      
      December 31,2003
      
      2002ASSETSCurrent assetsCash and cash equivalents
      
      
      $ 4,024,945
      
      $ 7,405,342Short-term investments (Note 3)
      
      
      1,273,796
      
      1,266,419Accounts receivable and accrued billings
      
      4,832,173
      
      2,611,268Current portion of notes receivable
      
      46,902
      
      46,625Costs and estimated earnings in excess ofbillings on uncompleted contracts
      
      2,164,665
      
      1,330,675Deferred income taxes
      
      
      
      89,108
      
      146,297Recoverable income tax
      
      
      
      15,600
      
      32,155Residential properties under construction
      
      574,613
      
      614,390Prepaid expenses
      
      
      
      
      876,229
      
      790,073Other current assets
      
      
      
      19,882
      
      18,837Total current assets
      
      
      
      13,917,913
      
      14,262,081Property, buildings and equipment, net
      
      5,542,822
      
      4,432,848Notes receivable, less current portion
      
      609,067
      
      681,915Deferred charges and other assetsDeferred income taxes, less current portion
      
      1,356,921
      
      1,433,923Land and land development costs, less current portion
      2,179,904
      
      1,126,515Land held for sale
      
      
      
      100,242
      
      117,106Cash surrender value of life insurance
      
      302,253
      
      303,613Other assets
      
      
      
      
      64,169
      
      -Total deferred charges and other assets
      
      4,003,489
      
      2,981,157Total assets
      
      
      
      
      $24,073,291
      
      $22,358,001LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilitiesAccounts payable and accrued liabilities
      
      $ 2,431,785
      
      $ 1,371,987Billings in excess of costs and estimatedearnings on uncompleted contracts
      
      9,216
      
      37,904Note payable to bank (Note 5)
      
      
      1,414,649
      
      866,903Income taxes payable
      
      
      
      8,533
      
      -Total current liabilities
      
      
      3,864,183
      
      2,276,794Total liabilities
      
      
      
      
      3,864,183
      
      2,276,794Commitments and contingencies (Note 6)Stockholders' equityPreferred stock, $1 par value per share, 100,000shares authorized, none issued
      
      -
      
      -Common stock, $.10 par value per share,40,000,000 shares authorized; 27,570,104 and27,570,104 shares issued at March 31, 2003and December 31, 2002, respectively
      
      2,757,010
      
      2,757,010Capital surplus
      
      
      
      
      18,452,748
      
      18,452,748Accumulated deficit
      
      
      
      (680,651)
      
      (905,613)Total
      
      
      
      
      
      20,529,107
      
      20,304,145Less common stock in treasury, at cost; 695,797and 486,968 shares at March 31, 2003 andDecember 31, 2002, respectively
      
      319,999
      
      222,938Total stockholders' equity
      
      
      20,209,108
      
      20,081,207Total liabilities and stockholders' equity
      
      $24,073,291
      
      $22,358,001See accompanying notes to consolidated financial statements


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THE GOLDFIELD CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)Three Months EndedMarch 31,2003
      
      2002RevenueElectrical construction
      
      
      
      $ 6,952,899
      
      $ 5,596,776Real estate
      
      
      
      
      
      727,445
      
      25,749Total revenue
      
      
      
      
      
      7,680,344
      
      5,622,525Costs and expensesElectrical construction
      
      
      
      5,749,598
      
      4,445,586Real estate
      
      
      
      
      
      647,391
      
      23,211Depreciation and amortization
      
      
      
      345,597
      
      332,985Selling, general and administrative
      
      
      
      577,698
      
      485,357Total costs and expenses
      
      
      
      
      7,320,284
      
      5,287,139Other income, netInterest income
      
      
      
      
      39,486
      
      16,327Interest expense, net
      
      
      
      
      (6,754)
      
      (7,191)Other
      
      
      
      
      
      
      (17,576)
      
      9,944Total other income, net
      
      
      
      
      15,156
      
      19,080Income from continuing operationsbefore income taxes
      
      
      
      
      375,216
      
      354,466Income taxes
      
      
      
      
      
      
      
      
      150,254
      
      142,435Income available to commonstockholders from continuing operations
      
      
      
      224,962
      
      212,031Income from discontinued operations (including gainon the sale of real estate of $237,843 in 2002)(net of income taxes) (note 4)
      
      
      
      -
      
      128,894Net income available to common stockholders
      
      
      $  224,962
      
      $     340,925Earnings per share of common stock -basic and diluted (Note 8)Income from continuing operations
      
      
      
      
      $        0.01
      
      $           0.01Income from discontinued operations
      
      
      
      
      0.00
      
      0.00Net income
      
      
      
      
      $        0.01
      
      $           0.01Weighted average common shares andequivalents used in the calculationsof earnings per shareBasic
      
      
      
      
      
      
      26,927,262
      
      27,446,079Diluted
      
      
      
      
      
      
      27,050,729
      
      28,057,556See accompanying notes to consolidated financial statements


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THE GOLDFIELD CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)Three Months EndedMarch 31,2003
      
      2002Cash flows from operating activitiesIncome from continuing operations availableto common stockholders
      
      $     224,962
      
      $      212,031Adjustments to reconcile net income to netcash provided by (used in) operating activitiesDepreciation and amortization
      
      345,597
      
      332,985Deferred income taxes
      
      134,191
      
      212,311Loss (gain) on sale of property and equipment
      
      22,483
      
      (9,756)Gain on disposition of land held for sale
      
      -
      
      (25,749)Cash provided from (used by) changes inAccounts receivable and accrued billings
      
      (2,220,905)
      
      788,194Costs and estimated earnings in excessof billings on uncompleted contracts
      
      (833,990)
      
      (107,194)Land and land development costs
      
      (1,053,389)
      
      (91,126)Land held for sale
      
      16,864
      
      -Residential properties under construction
      
      39,777
      
      (550,786)Recoverable income taxes
      
      16,555
      
      -Prepaid expenses and other assets
      
      (151,370)
      
      (98,098)Accounts payable and accrued liabilities
      
      1,059,798
      
      (730,781)Billings in excess of costs and estimatedearnings on uncompleted contracts
      
      (28,688)
      
      -Income taxes payable
      
      8,533
      
      (11,337)Net cash used in operating activitiesof continuing operations
      
      (2,419,582)
      
      (79,306)Net cash provided by operating activitiesof discontinued operations
      
      -
      
      16,018Net cash used in operating activities
      
      (2,419,582)
      
      (63,288)Cash flows from investing activitiesIssuance of notes receivable
      
      (22,326)
      
      -Proceeds from the disposal of property and equipment
      
      28,000
      
      14,805Proceeds from notes receivable
      
      94,897
      
      12,746Net purchases of investment securities
      
      (7,377)
      
      -Purchases of property and equipment
      
      (1,506,054)
      
      (590,162)Proceeds from sale of land held for sale
      
      -
      
      39,882Cash surrender value of life insurance
      
      1,360
      
      4,304Net cash used in investing activities ofcontinuing operations
      
      (1,411,500)
      
      (518,425)Net cash provided by investing activities ofdiscontinued operations
      
      -
      
      74,773Net cash used in investing activities
      
      (1,411,500)
      
      (443,652)Cash flows from financing activitiesNet borrowings on note payable to bank
      
      547,746
      
      536,715Purchase of treasury stock
      
      (97,061)
      
      -Net cash provided by financing activitiesof continuing operations
      
      450,685
      
      536,715Net (decrease) increase in cash and cash equivalents
      
      (3,380,397)
      
      29,775Cash and cash equivalents at beginning of period
      
      7,405,342
      
      4,662,126Cash and cash equivalents at end of period
      
      $    4,024,945
      
      $    4,691,901Cash and cash equivalents at end of periodContinuing operations
      
      $4,024,945
      
      $4,279,081Discontinued operations
      
      -
      
      412,820$    4,024,945
      
      $    4,691,901Supplemental disclosure of cash flow informationIncome taxes paid
      
      -
      
      $         29,392Interest paid
      
      $           2,866
      
      2,886Supplemental disclosure of non-cash investing activitiesNotes receivable in partial payment for land held for sale
      -
      
      263,580See accompanying notes to consolidated financial statements


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THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2003 and 2002



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

In the opinion of management, the
accompanying unaudited interim consolidated financial statements include all
adjustments necessary to present fairly the financial position of the Company,
the results of its operations and changes in cash flows for the interim periods
reported.  These adjustments are of a normal recurring nature.  All financial
statements presented herein are unaudited with the exception of the
consolidated balance sheet as of December 31, 2002, which was derived from the
audited consolidated financial statements.  The results of operations for the
interim periods shown in this report are not necessarily indicative of results
to be expected for the fiscal year.  These
statements should be read in conjunction with the financial statements included
in the Company's annual report on Form 10-K for the year ended December 31,
2002.

|Note 2 - | Reclassifications
|-------- | -----------------

Certain prior period
amounts in the consolidated financial statements have been reclassified to
conform with the current period presentation.

|Note 3 - | Short-term Investments
|-------- | ----------------------

In August 2002, the Company began
investing in highly liquid U.S. government debt securities.  In Accordance with
SFAS No. 115, "Accounting for Certain Investments in Debt and Equity
Securities", these securities are classified as available-for-sale and
carried at fair value, with unrealized gains or losses, net of tax, to be
recorded as a separate component of stockholders' equity.  As of March 31, 2003
and December 31, 2002, short-term investments had a balance of $1,273,796 and
$1,266,419, respectively.  Unrealized gains or losses incurred were
insignificant.

6



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|Note 4 - | Discontinued Operations
|-------- | -----------------------

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

The following table sets forth
certain unaudited operating results of the discontinued operations for the
three months ended March 31, 2002:



2002Net
  sales
  $701,784Cost
  of sales
  (677,334)Depreciation
  (54,288)Gross
  loss
  (29,838)General and
    administrative expense
  (3,314)Operating
  loss
  (33,152)Other
  income, netInterest
  expense
  (3,452)Other income,
  net (including
      gain on sale of real estate
      of $237,843)
  253,428249,976Income from discontinued
    operations before income taxes
  216,824Income
  taxes
  (87,930)Income from discontinued
    operations, net of tax
  $128,894




|Note 5 - | Note Payable to Bank
|-------- | --------------------

In April 2002, the Company entered into a $6,000,000 loan
agreement, of which $4,500,000 can be used for the construction development
costs of the Company's condominium projects and $1,500,000 can be used for the
working capital needs of the Company. Under the terms of the loan, interest is
payable monthly at an annual rate equal to the "Monthly LIBOR Index"
plus one and nine-tenths percent (3.2% and 3.3% at March 31, 2003 and December
31, 2002, respectively). The proceeds from sales of condominiums 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 30 days of the lender providing
written notice to the Company. The loan is guaranteed by the Company's electrical
construction subsidiary and is collateralized by a security interest in the
subsidiary's assets. Borrowings outstanding under this agreement were
$1,414,649 and $866,903 at March, 31, 2003 and December 31, 2002,
respectively.  The amount available for additional borrowings at March 31, 2003
was $3,085,351 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 current
ratio, and maximum debt to tangible net worth ratio. Other loan covenants
prohibit, among other things, incurring additional indebtedness, issuing loans
to other entities in excess of a certain amount, entering into a merger or
consolidation, and any change in the Company's current Chief Executive Officer
without prior written consent from the lender.  The Company was in compliance
with all such covenants as of March 31, 2003 and December 31, 2002.

Interest costs related to the construction of
condominiums were capitalized. During the three month periods ended March 31,
2003 and 2002, the Company capitalized interest costs of $9,932 and $14,335,
respectively.

7

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|Note 6 - | Commitments and
  Contingencies
|-------- | -------------------------------

The Company has provided third
party guarantees for St. Cloud Mining Company ("St. Cloud") and The Lordsburg
Mining Company ("Lordsburg"), in favor of the State of New Mexico's Mining and
Minerals Division of the Energy, Minerals and Natural Resources Department
("Financial Assurances").  These Financial Assurances, amounting to
$269,787, guarantee approved post mine reclamation plans.  The Company has also
provided a Financial Assurance for $16,390 to guarantee approved post mine
reclamation plans for the Company's previously owned San Pedro Mine.  Additionally,
the Company has provided performance bonds in connection with St. Cloud's
contractual commitments in the amount of approximately $443,000.  Although the
Company sold its mining operations to unrelated third parties, the Company
remains liable under these guarantees and performance bonds.  However, the
buyer of St. Cloud and Lordsburg has agreed to indemnify the Company against
any losses from these Financial Assurances and performance bonds and has
undertaken to secure the Company's release therefrom.

In certain circumstances, the
Company is required to provide performance bonds in connection with its electrical
construction subsidiary's contractual commitments.  Management is not aware of
any performance bonds issued for the Company that have ever been called by a
customer.  As of March 31, 2003, outstanding performance bonds issued on behalf
of the electrical construction operations amounted to approximately $7,341,000.

|Note 7 - | Income Taxes
|-------- | ------------

At March 31, 2003, the Company
had tax net operating loss carryforwards of approximately $1,951,000 available
to offset future taxable income, which if unused will expire from 2009 through
2020.  The Company has alternative minimum tax credit carryforwards of
$363,001, which are available to reduce future Federal income taxes over an
indefinite period.

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

Basic earnings per common share
is equal to net income divided by the weighted average of the number of common
stock shares outstanding.  The weighted average of the number of common stock
shares outstanding excludes 695,797 and 17,358 shares of Treasury Stock for the
three month periods ended March 31, 2003 and 2002, respectively.  Diluted
earnings per share include additional dilution from potential common stock
equivalents, such as stock options outstanding.

On September 17, 2002, the
Company's Board of Directors approved a Common Stock Repurchase Plan ("the
Repurchase Plan") allowing the Company to repurchase up to five percent
(approximately 1.3 million shares) of its outstanding Common Stock over the
next twelve-month period.  The Company may repurchase its shares either in the
open market or through private transactions.  The volume of the shares to be
repurchased is contingent upon market conditions and other factors.  As of
March 31, 2003, pursuant to the Repurchase Plan, the Company has repurchased
678,439 shares of its Common Stock at a cost of $301,279, an average cost of
$0.44 per share.  The Company currently holds the repurchased stock as Treasury
Stock, reported at cost.

|Note 9 - | Business Segment Information
|-------- | ----------------------------

The Company is primarily involved
in two lines of business, electrical construction and real estate development. 
There were no material amounts of sales or transfers between lines of business
and no material amounts of export sales.  Any intersegment sales have been
eliminated.

8

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2003
  2002Continuing Operations:Sales from operations to
    unaffiliated customersElectrical
  construction
  $6,952,899
  $5,596,776Real
  estate
  727,445
  25,749Total
  $7,680,344
  $5,622,525Operating income (loss)Electrical
  construction
  $   848,998
  $   772,822Real estate
  42,360
  (13,561)Total
  operating income
  891,358
  759,261Other
  income, net
  15,156
  19,080General
  corporate expenses
  (531,298)
  (423,875)Income from continuing
    operations before income
    taxes
  $375,216
  $354,466


Operating income is total operating revenue less
operating expenses inclusive of depreciation and selling, general and
administrative expense for each respective segment.  Operating income excludes
interest expense, interest income and income taxes.  General corporate expenses
are comprised of general and administrative expenses and corporate depreciation
expense.

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



March 31,
    2003
  December 31,
    2002Identifiable assets:Continuing operationsElectrical
  construction
  $11,615,347
  $ 9,596,844Real estate
  5,071,055
  3,442,714Corporate
  7,386,889
  9,318,443Total
  $24,073,291
  $22,358,001




|Note 10 - | The Goldfield
  Corporation 1998 Executive Long-term Incentive Plan
|--------- | -------------------------------------------------------------------

In 1998, the stockholders of the Company approved the
1998 Executive Long-term Incentive Plan (the "Plan"), which permits
the granting of Nonqualified Stock Options, Incentive Stock Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance
Units, Performance Shares and other awards to all officers and key employees of
the Company and its subsidiaries. Shares granted pursuant to the Plan may be
authorized but unissued shares of Common Stock, Treasury shares or shares
purchased on the open market.  The exercise price under such grants will be
based on the fair market value of the Common Stock at the date of grant.  The
maximum number of shares available for grant under the Plan is 1,300,000.  The
options must be exercised within 10 years of the date of grant.  On March 9,
1999, the Company granted options to purchase 985,000 shares, exercisable at
$0.21875 per share, the fair market price of the Common Stock at the date of
grant.  No stock options were granted during the three months ended March 31,
2003 and 2002.  As of March 31, 2003, 243,668 options were outstanding.

The Company applies APB Opinion
No. 25 for issuances to officers and key employees in accounting for its Plan and, accordingly, no compensation cost
has been recognized in the consolidated financial statements during the three
months March 31, 2003 and 2002.  Had the Company determined compensation cost
based on the fair value at the grant date for its stock options under SFAS No.
123, the Company's net income would not have changed for the three month
periods ended March 31, 2003 and March 31, 2002.

9

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|Note 11 - | Recent Accounting
  Pronouncements
|--------- | ----------------------------------

In January 2003, FASB issued
Interpretation No. 46 "Consolidation of Variable Interest Entities." The
Interpretation clarifies the application of Accounting Research Bulletin No. 51
"Consolidated Financial Statements", to certain entities in which equity
investors do not have the characteristics of a controlling financial interest
or do not have the sufficient equity at risk for the entity to finance its
activities without additional subordinated financial support from other
parties.  This Interpretation applies to variable interest entities created after
January 31, 2003 and to variable interest entities in which an enterprise
obtains an interest after that date. If applicable, it applies to the Company's
interim period beginning July 1, 2003 for variable interest entities in which
the Company holds a variable interest that it acquired before February 1, 2003. 
Adoption of this Interpretation is not expected to have a significant impact on
the financial position or results of operations of the Company.

Forward-Looking Statements

We make "forward looking statements" within the
"safe harbor" provision of the Private Securities Litigation Reform
Act of 1995 throughout this document and in the documents we incorporate by
reference into this Quarterly Report on Form 10-Q.  You can identify these
statements by forward-looking words such as "may," "will,"
"expect," "anticipate," "believe,"
"estimate," "plan," and "continue" or similar
words.  We have based these statements on our current expectations about future
events.  Although we believe that our expectations reflected in or suggested by
our forward-looking statements are reasonable, we cannot assure you that these
expectations will be achieved.  Our actual results may differ materially from
what we currently expect.  Factors that may effect the results of our
electrical construction operations include, among others: the level of
construction activities by public utilities; the timing and duration of
construction projects for which we are engaged; our ability to estimate
accurately with respect to fixed price construction contracts; heightened
competition in the electric construction field, including intensification of
price competition; the availability of skilled construction labor; and in
connection with our real estate development projects, interest rates; ability
to obtain necessary permits from regulatory agencies; ability to acquire land;
natural disasters; and general economic conditions, both nationally and in our
region.  Important factors which could cause our actual results to differ
materially from the forward-looking statements in this document are also set
forth in the Management's Discussion and Analysis of Financial Condition and
Results of Operations section and elsewhere in this document.

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



10

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

Critical
Accounting Policies and Estimates

This discussion and analysis
of the Company's financial condition and results of operations are based upon
the Company's consolidated financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States. 
The preparation of these financial statements requires the Company to make
estimates and judgments that affect the reported amounts of assets,
liabilities, revenues and expenses, and related disclosure of contingent assets
and liabilities.  On an on-going basis, the Company evaluates its estimates,
including those related to fixed price electrical construction contracts, real
estate development projects and deferred income tax assets.  The Company bases
its estimates on historical experience and on various other assumptions that are
believed to be reasonable under the circumstances, the results of which form
the basis for making judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results
may differ from these estimates under different assumptions or conditions. The
Company believes the following critical accounting policies affect its more
significant judgments and estimates used in the preparation of its consolidated
financial statements.

A number of factors relating
to our electrical construction segment affect the recognition of contract
revenue.  The Company recognizes revenue when electrical services are performed
except when work is performed under a fixed price contract.  Revenue from fixed
price construction contracts is recognized on the percentage of completion
method.  Under this method, estimated contract income and resulting revenue is
generally accrued based on costs incurred to date as a percentage of total
estimated costs.  Total estimated costs, and thus contract income, are impacted
by changes in productivity, scheduling, and the unit cost of 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 and thus the timing of income and revenue recognition. 
If a current estimate of total contract cost indicates a loss on a contract,
the projected loss is recognized in full when determined. Revenue from change
orders, extra work, variations in the scope of work and claims is recognized
when realization is reasonably assured.

Given our limited experience
in condominium development, the initial condominium development project was
accounted for under the deposit method, thus deferring the recognition of
related revenue and expenses until the project was complete and the underlying
titles were transferred to the buyers.

Commencing with the second
condominium development project, all revenue associated with real estate
development projects that meet the criteria specified by Statement of Financial
Accounting Standards ("SFAS") No. 66 "Accounting for Sales of Real Estate" will
be recognized using the percentage of completion method.  Under this method,
revenue is recognized when (1) construction is beyond a preliminary stage, (2)buyers
are unable to receive refunds of down-payments except in the event of
non-delivery, (3)a substantial percentage of the condominiums are under firm
contracts, (4)collection of the sales price is reasonably assured and (5)sales
proceeds and costs can be reasonably estimated.  Revenue recognized is
calculated based on the percentage of completion, as determined by the fixed
price construction contract costs incurred to date in relation to the total
fixed price construction contract.  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.  A significant majority of the total estimated
project costs is attributable to the fixed price construction contract; the
residual estimated costs could vary from actual.  If a current estimate of
total project cost indicates a loss on a project, the projected loss is
recognized in full when determined.  The timing of revenue and expense
recognition is contingent on construction productivity.  Factors possibly
impeding construction productivity include, but are not limited to, supply of
labor, materials and equipment, scheduling, permitting and unforeseen events.



11

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The Company
considers future taxable income and ongoing prudent and feasible tax planning
strategies in assessing the need for a valuation allowance for deferred tax
assets. Should the Company determine that it would not be able to realize all
or part of its net deferred tax assets, a valuation allowance would be recorded
to reduce its deferred tax assets to the amount that is more likely than not to
be realized. In the event the Company were to subsequently determine that it
would be able to realize its deferred tax assets in the future in excess of its
net recorded amount, an adjustment to the previously recorded valuation
allowance would increase income in the period such determination was made.



Results of Operations

THREE MONTHS ENDED MARCH 31,
2003 COMPARED TO THREE MONTHS ENDED MARCH 31, 2002

Segment Information

The table below reflects the
Company's consolidated revenue and operating income attributable to each of its
ongoing lines of business for the three months ended March 31, as indicated:

2003
  2002RevenueElectrical construction
  $6,952,899
  $5,596,776Real estate
  727,445
  25,749Total
  $7,680,344
  $5,622,525Operating
  incomeElectrical construction
  $848,998
  $772,822Real estate
  42,360
  (13,561)Total
  $891,358
  $759,261




Continuing Operations

Revenues

Total revenues in the three months ended March 31, 2003
increased by 36.6% to $7,680,344, compared to $5,622,525 in the three months
ended March 31, 2002.  This increase in total revenues was the result of
significant increases in revenues generated by both the electrical construction
and real estate operations.

Electrical construction revenue increased by 24.2% in the
three months ended March 31, 2003 to $6,952,899 from $5,596,776 in the three
months ended March 31, 2002.  This increase was primarily attributable to an
increase in both transmission line construction and fiber optic projects as a
result of a greater availability of electrical construction contracts.  During
the first quarter of 2003, the Company was awarded approximately $15.8 million
in new energy construction projects.  The Company believes that this high level
of new contract awards may suggest the beginning of a rebound in the electrical
construction industry.

Revenues recognized by the real estate operations for the
three months ended March 31, 2003 were $727,445 compared to $25,749 for the
three months March 31, 2002, an increase of $701,696.  This significant
increase was primarily attributed to percentage of completion revenue
recognition.



12

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"Riomar" a six-unit oceanfront condominium project near
Cocoa Beach, FL is currently under construction and expected to be completed in
the summer of 2003.  Five of the six units are currently under contract for
sale.

"Cape Club", a
sixteen-unit oceanfront condominium project is currently in the
permitting/pre-development phase.  Twelve units are under contract for sale, two
units, which are currently reserved, are in the process of being converted to
contracts for sale and two units have been reserved with refundable deposits. 
Construction on Cape Club is expected to commence in spring 2003 and to be
completed in the second quarter of 2004. Commencement of construction is
dependent upon the receipt of required permits.

"Oak Park", a townhouse-style
condominium project in Cape Canaveral, FL, is currently in the
planning/permitting phase.  Preliminary plans call for a forty-unit complex,
twenty-five of which have been reserved with refundable deposits.  Construction
is expected to commence in the latter part of 2003 and to be completed in the
latter part of 2004.

The Company's most recent
plans are to develop a riverfront combination residential and commercial
complex on a two-acre parcel in Melbourne, FL acquired in January 2003 for
approximately $1 million.  Initial plans call for a multi-phase development,
with the first phase, "Pineapple House", a thirty-three--unit luxury riverfront
condominium complex.  Additional phases may include additional residential
condominiums and commercial buildings.  Construction is anticipated to commence
in late 2003 and to be completed in late 2004.

Operating Results

Electrical construction operations had an operating
income of $848,998 in the three months ended March 31, 2003, compared to an
operating income of $772,822 during the three months ended March 31, 2002, an
increase of 9.9%.  As a percentage of revenue, operating margins on electrical
construction operations decreased to 12.2% for the three months ended March 31,
2003 from 13.8% for the three months ended March 31, 2002.  The decrease in the
operating margin was primarily a result of additional costs incurred on one
large electrical construction project due to adverse weather conditions.  The
varying magnitude and duration of electrical construction projects may result
in substantial fluctuation in the Company's backlog from time to time.  At
March 31, 2003, the approximate value of uncompleted contracts was $12,900,000
compared to $7,700,000 at March 31, 2002.

Real estate operations had an operating income of $42,360
in the three months ended March 31, 2003, compared to an operating loss of
$13,561 in the three months ended March 31, 2002, an increase of $55,921.  As a
percentage of revenue, operating margins increased to 5.8% for the three months
ended March 31, 2003 from (52.7)% for the three months ended March 31, 2002.  This
increase in the operating margin was primarily the result of percentage of
completion revenue recognition for the three months ended March 31, 2003.  For
the three months ended March 31, 2002, no revenue from condominium development
projects had been recognized due to the Company utilizing the deposit method as
described in the above Critical Accounting Policies and Estimates.  Operating
margins from real estate operations are expected to vary due to the type and
number of projects under construction at any given time and each respective
project's estimated operating margin.

As of March 31, 2003,
outstanding real estate contracts for sale amounted to approximately $4,700,000,
compared to approximately $4,300,000 as of March 31, 2002.  There can be no
assurance that settlements of condominiums subject to contracts for sale will
occur.



13

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Costs and Expenses

Total costs and expenses, and the components thereof,
increased to $7,320,284 in the three months ended March 31, 2003 from
$5,287,139 in the three months ended March 31, 2002, an increase of 38.5%.

Electrical construction costs increased to $5,749,598 in
the three months ended March 31, 2003 from $4,445,586 in the three months ended
March 31, 2002, an increase of 29.3%.  The increase in costs was primarily
attributable to an increase in subcontractor costs incurred as a result of
out-sourcing labor and constructions services.

Cost of real estate operations increased to $647,391 for
the three months ended March 31, 2003 from $23,211 for the three months ended March
31, 2002.  This increase of $624,180 was the result of construction and other
costs recognized under the percentage of completion method.

Depreciation and amortization was
$345,597 in the three months ended March 31, 2003, compared to $332,985 in the
three months ended March 31, 2002.  The increase in depreciation and
amortization was primarily the result of capital expenditures made by company's electrical
construction operations.

The following table sets forth
selling, general and administrative expenses for each respective segment for
the three months ended March 31, as indicated:



2003
  2002Electrical construction
  $ 21,406
  $ 57,692Real estate
  35,603
  15,512Corporate
  520,689
  412,153Total
  $577,698
  $485,357




In the three months ended March 31, 2003, total selling,
general and administrative expenses increased by 19% when compared to the like period
in 2002.  The increase was primarily a result of increases in professional and
legal expenses, salaries and directors' fees incurred by the corporate office. 
Selling, general and administrative expenses, as a percentage of revenue,
decreased to 7.5% from 8.6% in the three months ended March 31, 2003 as
compared to the three months ended March 31, 2002.

Income Taxes

The provision for income taxes was $150,254 in the three
months ended March 31, 2003, an effective tax rate of 40.0%, as compared to
$142,435 in the three months ended March 31, 2002, an effective tax rate of
40.2%. The effective tax rates differ from the statutory rate largely due to
state income taxes.

14

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Discontinued Operations

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

Summary operating results
of discontinued operations for the three months ended March 31, 2002 are as
follows:



2002Net sales
  $701,784Cost of sales
  (677,334)Depreciation
  (54,288)Gross loss
  (29,838)General and
    administrative expense
  (3,314)Operating loss
  (33,152)Other income, netInterest expense
  (3,452)Other income, net (including
      gain on sale of real
      estate of $237,843)
  253,428249,976Income from discontinued
    operations before income taxes
  216,824Income taxes
  (87,930)Income from discontinued
    operations, net of tax
  $128,894






Liquidity and Capital Resources

Cash and cash equivalents at March 31, 2003 were
$4,024,945 as compared to $7,405,342 as of March 31, 2002.  Working capital at
March 31, 2003 was $10,053,730, compared to $11,985,287 at December 31, 2002. 
The Company's ratio of current assets to current liabilities decreased to 3.6:1
at March 31, 2003, from 6.3:1 at December 31, 2002.  This net decrease was
primarily attributable to a decrease in cash reserves due to capital
expenditures made by the electrical construction operations of approximately $1.5
million in construction machinery and equipment and an increase in accounts
payable and accrued liabilities due to a higher level of electrical
construction activity.  The foregoing was offset by significant increases in
accounts receivable, accrued billing and costs and estimated earnings in excess
of billings on uncompleted contracts also attributed to a higher level of
electrical construction activity.

At March 31, 2003, 243,668 shares were reserved for
possible exercise of options to purchase Common Stock issued under the 1998
Executive Long-term Incentive Plan.

In August 2002, the Company began investing a portion of
its cash, in excess of operating requirements, in short-term highly liquid U.S.
government debt securities.  As of March 31, 2003, short-term investments had a
balance of $1,273,796.

15

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On September 17, 2002, the
Company's Board of Directors approved a Common Stock Repurchase Plan (the
"Repurchase Plan") allowing the Company to repurchase up to five percent
of its outstanding Common Stock over the next twelve-month period.  The Company
may repurchase its shares either in the open market or through private
transactions.  The volume of shares to be repurchased is contingent upon market
conditions and other factors.  As of May 1, 2003, pursuant to the Repurchase
Plan, the Company has repurchased 853,196 shares of its Common Stock at a cost
of $377,686, an average cost of $0.44 per share.

On April 15, 2002, the Company entered into a new loan
agreement with Wachovia Bank, N.A. ("Wachovia") for a $6,000,000 line
of credit.  Borrowings outstanding under the agreement were $1,414,649 and
$866,903 at March 31, 2003 and December 31, 2002, respectively.  The credit
facility, as described in note 5 of notes to consolidated financial statements,
will primarily be used to finance the costs of constructing condominium units
in Florida and will subsequently be repaid with the sales proceeds from said
condominiums.

The Company's capital
expenditures for continuing operations for the three months ended March 31,
2003, increased to $1,506,054 from $590,162 for the three months ended March
31, 2002.  This increase in the level of capital expenditures was primarily attributable
to significant acquisitions of machinery and equipment made by the Company's
electrical construction segment.

The following table summarizes
the Company's future aggregate contractual obligations at March 31, 2003:



Payments Due By PeriodTotal
  
  Less Than
     1 Year
  
  1-2 Years
  
  After 2YearsOperating leases
  $ 92,046
  
  $ 78,560
  
  $13,486
  
  --Purchase obligations
  819,927
  
  819,927
  
  --
  
  --Total
  $911,973
  
  $898,487
  
  $13,486
  
  --




|Item 4. | Controls and Procedures
|------- | -----------------------

(a) Evaluation of disclosure controls and procedures

Based on their evaluation of our
disclosure controls and procedures conducted as of a date within 90 days of the
date of filing this report on Form 10-Q, the Company's Chief Executive Officer
and Chief Financial Officer have concluded that the Company's disclosure
controls and procedures (as defined in Rules 13a-14 and 15d-14 promulgated
under the Securities Exchange Act of 1934) are effective as of such date.

(b) Changes in internal controls

There were no significant changes in our internal
controls or in other factors that could significantly affect these controls
subsequent to the date that the evaluation was conducted.



16

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PART II. 
OTHER
INFORMATION



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

(a) Exhibits in accordance
with the provisions of Item 601 of Regulation S-K

99-1  Certification Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant  to Section 906 of the 
          Sarbanes-Oxley Act of
2002

99-2  Certification Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant  to Section 906 of the 
          Sarbanes-Oxley Act of
2002

(b) Reports on Form 8-K

None.

SIGNATURES



Pursuant to the requirements of
Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.



|THE GOLDFIELD
  CORPORATION
  (Registrant)
|------------------------------------------

Dated:  May 15, 2003

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

17

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CERTIFICATION

I,
John H. Sottile, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of The Goldfield
Corporation;

2.
Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.
Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.
The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)  presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.
The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6.
The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Dated: May 15, 2003

|/s/John H. Sottile(John H. Sottile)
  Chairman of the Board of Directors,
  President, Chief Executive Officer and
  Director.
|------------------------------------------------------------------------------------------------------------------------------

18

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CERTIFICATION

I,
Stephen R. Wherry, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of The Goldfield
Corporation;

2.
Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3.
Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.
The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)  presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5.
The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent
function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6.
The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Dated: May 15, 2003

|/s/Stephen R. Wherry(Stephen R. Wherry)
  Vice President, Treasurer and Chief
  Financial Officer.
|--------------------------------------------------------------------------------------------------

19