SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 (Mark One)

[x]      Quarterly Report Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934

For the quarterlyperiod ended                  September 30, 2001    

OR

[ ]      Transition ReportPursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transitionperiod from                                         to                                               

Commission file number- 1-7525

# 

THE GOLDFIELD CORPORATION

(Exact name ofregistrant as specified in its charter)

                                Delaware                                                                     88-0031580           

                    (State or other jurisdiction of                                 (IRS employer identification no.) 

                      incorporation or organization)

                           100 Rialto Place, Suite 500, Melbourne, Florida                  32901         

                                  (Address ofprincipal executive offices)                 (Zip code)

                                                                        (321) 724-1700                 

(Registrant'stelephone number, including area code)

Indicate by check markwhether the registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90days.   Yes    X       No  _________

 

There were 27,446,079 shares of common stock, par value$.10 per share, of The Goldfield Corporation outstanding as of September 30,2001.

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**THEGOLDFIELD CORPORATION AND SUBSIDIARIES**

 

INDEX

     

                                                                                                                               PAGE

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

 The Goldfield Corporation and Subsidiaries

 Consolidated BalanceSheets..........................................................................................3

 Consolidated Statements ofOperations..........................................................................4

 Consolidated Statements of CashFlows.........................................................................5

 Notes to Consolidated FinancialStatements...................................................................6

            

Item 2.   Managements Discussion and Analysis of Financial

              Condition and Results ofOperations................................................................10

 

PART II.  OTHER INFORMATION

Item 6.   Exhibits and Reports on Form8-K..................................................................16

Signature......................................................................................................................16

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**PART I.   FINANCIAL INFORMATION**
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**Item 1.  Financial Statements**
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THE GOLDFIELD CORPORATION
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and Subsidiaries
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CONSOLIDATED BALANCE SHEETS
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(Unaudited)
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                                                      September 30,	December 31,
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20012000
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ASSETS
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Current assets
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  Cash and cash equivalents                             $5,584,531       $3,181,948
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  Accounts receivable and accrued billings, net of
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     allowance of $11,827 in 2001 and $0 in 2000         2,024,310        2,608,808
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  Insurance proceeds receivable                                 --	  2,000,000
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  Current portion of notes receivable                      43,746            42,531
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  Inventories                                             354,382           365,308
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  Costs and estimated earnings in excess of billings on
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    uncompleted contracts                               1,021,183           981,514
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  Recoverable income taxes                                 10,743            55,999
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  Deferred income taxes (Note 3)                          238,000           164,000
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  Prepaid expenses and other current assets               405,993    749,886
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    Total current assets                                9,682,888 10,149,994
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Property, buildings and equipment, net                  6,186,434  6,201,675
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Notes receivable, less current portion                    535,651    225,680
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Deferred charges and other assets
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  Deferred income taxes (Note 3)                        1,807,000 	 2,211,000
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  Residential properties under construction               290,303               --
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  Land and land development costs                       1,383,443          870,128
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  Land held for sale                                      311,435          250,135
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  Cash surrender value of life insurance                  321,337          320,343
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  Other assets                                            112,767         --
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    Total deferred charges and other assets             4,226,285  3,651,606
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Total assets                                         $ 20,631,258$ 20,228,955
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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  Accounts payable and accrued liabilities           $  1,411,225   $  1 ,768,495
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  Note payable to bank (Note 4)                           226,414              --
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  Billings in excess of costs and estimated
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    earnings on uncompleted contracts                      81,412          93,906
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  Current portion of deferred gain on installment
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     sales                                                  9,754          11,652
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  Income taxes payable (Note 3)                            27,799           --
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    Total current liabilities                           1,756,604       1,874,053
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Deferred gain on installment sales, less current
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   portion                                                 35,548      44,096
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Total liabilities                                       1,792,152   1,918,149
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Commitments and contingencies (Note 8)
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Stockholders' equity
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  Preferred stock, $1 par value per share,
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    Issued and  outstanding 339,497 shares of series A 7%
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      voting cumulative convertible stock in
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      2000 (Note 5)                                           --         339,407
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  Common stock, $.10 par value per share, 40,000,000 shares
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     authorized; issued and outstanding 27,463,437 shares in
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     2001 and 26,872,106 in 2000                       2,746,344       2,687,211
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  Capital surplus                                     18,440,081      18,369,860
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  Accumulated deficit                                 (2,328,599)  (3,066,952)
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    Total                                             18,857,826      18,329,526
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  Less common stock in treasury, 17,358 shares,
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    at cost	                                          18,720      18,720
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  Total stockholders' equity                          18,839,106  18,310,806
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Total liabilities and stockholders' equity          $ 20,631,258$ 20,228,955
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See accompanying notes to consolidated financial statements
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THE GOLDFIELD CORPORATION
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and Subsidiaries 

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) 

                                  Three Months Ended         Nine MonthsEnded

                                    September 30,              September 30,

                                  2001        2000         2001       2000

Revenue

  Electrical construction      $ 4,489,015  $ 5,621,835    $15,558,122   $17,428,000

  Mining                           480,720      592,179      1,454,489    2,109,694 

  Installment gain on sale 

    of real estate                 247,958      4,558       510,565       37,900 

      Total revenue              5,217,693   6,218,572    17,523,176   19,575,594 

Costs and expenses 

   Electrical construction       3,663,792   4,959,418     12,172,189    14,644,379

   Mining                           468,903     600,143      1,398,864    1,850,572 

   Depreciation and 

     amortization                  396,963     349,939      1,154,543      931,737 

   Impairment recovery                  --    (10,609)            --       (41,027)

   General and 

      administrative               406,567     351,118      1,824,435     1,715,409

      Total costs and

        expenses                 4,936,225   6,250,009    16,550,031    19,101,070

Other income, net 

   Interest income                   52,384      69,487      161,213        196,702 

   Interest expense                 (11,022)    (11,031)      (39,075)      (14,391) 

   Gain on sale of property

     and equipment                      --          --       23,010         80,271 

   Other                             8,471      1,822        44,019         8,121  

     Other income, net              49,833      60,278      189,167        270,703 

Income from operations 

  before income taxes              331,301      28,841     1,162,312      745,227 

Income taxes 

  (benefit) (Note 3)               118,778      37,404      410,778      (624,440) 

Net income (loss)                  212,523      (8,563)      751,534     1,369,667

Preferred stock 

  dividends                          1,302      5,940        13,181       17,819

Income (loss) available 

  to common stockholders        $  211,221  $  (14,503)    $ 738,353   $1,351,848

Basic and diluted earnings per 

  share of common 

  stock (Note 6)               $      0.01 $     0.00    $    0.03  $     0.05

Weighted average common shares and 

   equivalents used in thecalculations 

   of earnings (loss) per share

     Basic                      27,425,120   26,854,748    27,249,055  26,854,748

     Diluted                    28,048,063   26,854,748    27,879,351  27,981,464

See accompanying notes to consolidated financial statements

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THE GOLDFIELD CORPORATION
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and Subsidiaries
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(Unaudited)
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					Three Months Ended       Nine Months Ended
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					   September 30,            September 30,
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					2001        2000           2001       2000
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Cash flows from operating activities
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  Net income (loss)	 	      $212,523   $ ( 8,563)    $ 751,534   $1,369,667
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Adjustments to reconcile net income
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  (loss) to net	cash used in operating
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  activities
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    Depreciation and amortization      396,963     349,939     1,154,543      931,737
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    Deferred income taxes              118,000          --       330,000     (722,000)
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    Gain on sale of property and
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      equipment                             --          --       (23,010)     (80,271)
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    Gain on disposition of land
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      held for sale                   (247,958)     (4,558)     (510,565)     (37,900)
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     Other assets	               (59,553)    (77,745)     (112,767)    (171,245)
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    Cash provided from (used by) changes in
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      Accounts receivable and
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         accrued billings              958,328    1,329,046      584,498      461,346
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      Inventories                       18,004      (11,456)      10,926       16,893
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      Costs and estimated earnings in
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        excess of billings on
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        uncompleted contracts         (830,107)    (127,207)     (39,669)  (1,928,933)
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      Recoverable income taxes          11,000       (4,818)      45,256      (20,993)
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      Prepaid expenses and other
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        current assets	               108,292      158,509      343,893       10,899
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      Accounts payable and accrued
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        liabilities                   (88,803)    (881,275)    (357,270)     389,535
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      Billings in excess of costs
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        and estimated earnings on
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        uncompleted contracts        (206,474)      (5,938)     (12,494)      30,134
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      Income taxes payable             (12,603) 23,144    27,799  (30,277)
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        Net cash provided by
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          operating activities         377,612 739,078  2,192,674 218,592
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Cash flows from investing activities
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  Proceeds from the disposal of
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    property and equipment                 --           --        37,491      127,700
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  Expenditures for land and land
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    development costs                 (67,668)    (366,275)     (513,315)    (366,275)
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  Expenditures for residential properties
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    under construction	             (290,303)         --       (290,303)         --
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  Proceeds from notes receivable        14,412      12,312         58,937      45,247
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  Purchases of property and
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    equipment                         (269,982)   (587,821)    (1,153,783) (2,741,425)
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  Purchase of land held for sale	39,114          --      (289,241)          --
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  Proceeds from sale of land
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    held for sale	               111,714       4,000       357,937       49,323
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  Life insurance proceeds	            --          --     2,000,000           --
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  Cash surrender value of
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    life insurance	               (18,758)      --    (994)   498,311
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    Net cash (used in) provided by
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      investing activities	      (481,471)(937,784) 206,729(2,387,119)
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Cash flows from financing activities
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  Proceeds from the exercise
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    of stock options	                 4,740          --	 129,354           --
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  Redemption of preferred stock	      (339,407)         --      (339,407)          --
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  Net proceeds from note
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    payable to bank	               226,414          --	 226,414	 - --
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  Payments of preferred stock
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    dividends	                        (1,302)  (5,940)  (13,181)  (17,819)
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    Net cash (used in) provided by
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      financing activities	      (109,555)  (5,940)    3,180   (17,819)
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Net (decrease) increase in cash
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  and cash equivalents	              (213,414)   (204,646)    2,402,583   (2,186,346)
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Cash and cash equivalents at
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  beginning of period                5,797,9453,737,4633,181,9485,719,163
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Cash and cash equivalents at end
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   of period	                    $5,584,531$3,532,817$5,584,531$3,532,817
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Supplemental disclosure of cash flow information:
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  Interest paid	                    $   22,204  $    5,319    $   32,493   $    5,319
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  Income taxes paid                 $    2,381  $   19,078    $    7,723   $  148,830
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Supplemental disclosure of non-cash investing activities:
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  Notes receivable in partial payment for
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    land held for sale	            $  242,164  $   26,000    $  370,124   $  204,726
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See accompanying notes to consolidated financial statements
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THE GOLDFIELD CORPORATION

and Subsidiaries

NOTES TO CONSOLIDATEDFINANCIAL STATEMENTS

September 30, 2001

**Note 1   Basis ofPresentation**

In the opinion of management, the accompanying unauditedinterim consolidated financial statements include all adjustments necessary topresent fairly the financial position of the Company, the results of itsoperations and changes in cash flows for the interim periods reported.  Theseadjustments are of a normal recurring nature.  All financial statementspresented herein are unaudited.  However, the balance sheet as of December 31,2000, was derived from the audited consolidated balance sheet. These statements should be read inconjunction with the financial statements included in the Company's annualreport on Form 10-K for the year ended December 31, 2000. The results ofoperations for the interim periods shown in this report are not necessarilyindicative of results to be expected for the fiscal year.

**Note 2 - Reclassifications**

Certain amounts in 2000 have been reclassified toconform to the 2001 presentation.

**Note 3 - Income Taxes**

The Company accounts for income taxes using the assetand liability method.  Under the asset and liability method, deferred tax assetsand liabilities are recognized for the future tax consequences attributable todifferences between the financial statement carrying amounts of existing assetsand liabilities and their respective tax bases.  Deferred tax assets andliabilities are measured using enacted tax rates expected to apply to taxableincome in the years in which those temporary differences are expected to berecovered or settled.  The effect on deferred tax assets and liabilities of achange in tax rates is recognized in income in the period that includes theenactment date.

The Company has recorded a valuation allowance toreflect the estimated amount of deferred tax assets, which may not be realized.In assessing the realizability of deferred tax assets, management considerswhether it is more likely than not that some portion or all of the deferred taxassets will not be realized.  The ultimate realization of deferred tax assets isdependent upon the generation of future taxable income during the periods inwhich those temporary differences become deductible.  Management considers theprojected future taxable income and tax planning strategies in making thisassessment.

At September 30, 2001, the Company had tax net operatingloss carryforwards of approximately $3,300,000 available to offset futuretaxable income, which if unused will expire from 2002 through 2018.  The Companyhas alternative minimum tax credit carryforwards of approximately $312,000,which are available to reduce future Federal income taxes over an indefiniteperiod.

The income taxprovisions (benefits) consisted of the following:

                                          Three Months Ended                                          Nine MonthsEnded

                                                September 30,                                                  September30,

                                          2001                              2000                         2001                        2000

| Current
 
 
 
 
 
 
 
 
  Federal
 
$ 11,000
 
$   2,000      
 
$   20,000
 
$     2,000
  State
 
    (10,222)  
 
   35,404
 
     60,778
 
     95,560
 
 
        778      
 
   37,404
 
     80,778
 
     97,560
Deferred
 
 
 
   
 
 
 
 
  Federal
 
 102,000
 
           --
 
   273,000
 
   (608,000)
  State
 
    16,000
 
              -- 
 
     57,000
 
   (114,000)
 
 
  118,000
 
             --   
 
   330,000
 
   (722,000)
Total
 
$118,778
 
$  37,404
 
$ 410,778
 
$ (624,440)
**Note 4 -Note Payable to Bank **

During July 2001, a subsidiary of the Company enteredinto a $2,500,000 mortgage note for the construction of the Company's firstcondominium project.  Under the terms of the note, interest is payable monthlyat prime less one-quarter percent (5.75% at September 30, 2001).  Principal ispayable as individual condominium units are sold and released from lien orJanuary 27, 2003, whichever is earlier. The note is secured by the land andimprovements and is guaranteed by the Company. During the nine month and threemonth periods ended September 30, 2001, the Company capitalized $1,229 ofinterest costs related to the construction of the first condominium project.

**Note 5 - Preferred Stock **

All 339,407 shares of the Company's Series A 7% VotingCumulative Convertible Preferred Stock (Series A Preferred Stock) wereredeemed on July 20, 2001 at a redemption price of $1.00 per share.  

**Note 6 - Basic andDiluted Earnings Per Share of Common Stock**

Basic earnings per common share, after deductingdividend requirements on the Company's Series A Preferred Stock of $13,181 and$17,819 in the nine month periods ended September 30, 2001 and 2000,respectively, and $1,302 and $5,940 for the three month periods ended September30, 2001 and 2000, respectively, were based on the weighted average number ofshares of Common Stock outstanding, excluding 17,358 shares of Treasury Stockfor each of the periods ended September 30, 2001 and 2000.  Common shares issuable on conversion of Series A Stock were not considered in the dilutedearnings per share calculation because their inclusion would have been anti-dilutive.

**Note 7 - Business Segment Information**

The Company is mainly involved in two business segments,mining and electrical construction.  There were no material amounts of sales ortransfers between segments and no material amounts of export sales. 

The following table sets forth certain segmentinformation for the periods indicated.  Any intersegment sales have beeneliminated.

 
      Three Months      Ended
 
      September 30,
 
      2001
      2000
Revenue from operations to  unaffiliated customers                   

 
 
          Electrical      construction
$   4,489,015
$    5,621,835
          Mining
       480,720
         592,179
          Installment      gain on sale  of real      estate

       247,958
            4,558
      Total
      $  5,217,693
      $  6,218,572
 
       

 
       
      Gross profit
 

       
        Electrical      construction
      $   509,845
      $    401,177
        Mining
            (50,567)
             (68,854)
      Total gross      profit
          459,278
          332,323
 
 
       
      Installment gain      on sale of        real estate

          247,958

            4,558
Interest and other income, net
           60,855
           71,309
Interest expense, net
    (11,022)
           (11,031)
      General and      administrative expenses

   (425,768)
    (368,318)
      Income from operations before income      taxes  

    $  331,301
      $     28,841                                          
 
      Nine Months      Ended
 
      September 30,
 
      2001
      2000
Revenue from operations to unaffiliated customers

 
 
          Electrical      construction
$15,558,122
      $ 17,428,000
          Mining
          1,454,489
           2,109,694
    Installment gain on sale of real estate

             510,565
          37,900
      Total
      $17,523,176
      $ 19,575,594
 
 
       
      Gross profit
 
       
        Electrical      construction
      $  2,475,643
      $  2,107,147
        Mining
           (131,028)
               98,145
      Total gross      profit
         2,344,615
    2,205,292
 
 
       
Installment gain on sale of  real estate

           510,565

          37,900
Interest and other  income, net

           228,242

        285,094
      Interest      expense, net
            (39,075)
       (14,391)
      General and      administrative  expenses

       (1,882,035)
        (1,768,668)
 
       
 
Income from operations before  income taxes

      $ 1,162,312
       $    745,227
Gross profit is totaloperating revenue less operating expenses.  Gross profit excludes general andadministrative expenses, interest expense, interest income and income taxes. Impairment losses and recoveries are included in the calculations of grossprofit for the mining segment.  Identifiable assets by industry are used in theoperations of each industry.

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

                                                                                    September 30,               December 31, 

 
        2001
         2000
      Identifiable      assets
 
 
        Electrical      construction
      $11,236,318
      $10,995,872
        Mining
        3,094,383
      2,731,748
        Corporate
        6,300,557
                 6,501,335
      Total
      $20,631,258
      $20,228,955
 
** Note 8  - Commitments and Contingencies**

In certain circumstances, the Company is required toprovide performance bonds in connection with its contractual commitments. Management is not aware of any performance bonds issued for the Company thathave ever been called by a customer. As of September 30, 2001, outstandingperformance bonds issued on behalf of the Company amounted to approximately$4,847,000.    
Note 9 - New Accounting Pronouncements
SEC Staff AccountingBulletin Number 101 - Revenue Recognition in Financial Statements.  As we havehistorically made a practice of recognizing revenue in accordance with theprovisions of this bulletin, the adoption of the bulletin in the fourth quarterof 2000 did not have a material impact on our consolidated financial statements.

In June 2001, the Financial Accounting Standard Board ('FASB')issued Financial Accounting Standards ('SFAS')  No. 143  Accounting for AssetRetirement Obligations.  This Statement addresses financial accounting andreporting for obligations associated with the retirement of tangible long-livedassets and the associated asset retirement costs.  It applies to legalobligations associated with the retirement of long-lived assets that result fromthe acquisition, construction, development and (or) the normal operation of along-lived asset, except for certain obligations of lessees.  This Statement iseffective for financial statements with fiscal years beginning after June 15,2002.  Adoption of this Statement is not expected to have a significant impacton the financial position or results of operations of the Company.

In August 2001, FASB issued SFAS No. 144  Accounting forthe Impairment or Disposal of Long-Lived Assets.  This Statement addressesfinancial accounting and reporting for the impairment or disposal of long-livedassets.  This statement supersedes SFAS No. 121,  Accounting for the Impairmentof Long-Lived Assets and for Long-Lived Assets to Be Disposed Of,  and theaccounting and reporting provisions of Accounting Principles Board Opinion No.30, Reporting the Results of Operations--Reporting the Effects of Disposal of aSegment of a Business, and Extraordinary, Unusual and Infrequently OccurringEvents and Transactions of a Segment of a Business.*** ***This******Statement is effective for financial statements with fiscal yearsbeginning after December 15, 2001.  Adoption of this Statement is not expectedto have a significant impact on the financial position or results of operationsof the Company.

**Forward-Looking Statements**

We make  forward looking statements within the  safeharbor provision of the Private Securities Litigation Reform Act of 1995throughout this document and in any documents we may incorporate by referenceinto this Quarterly Report on Form 10-Q.  You can identify these statements byforward-looking words such as  may, will, expect, anticipate, believe, estimate, plan, and  continue or similar words.  We have based thesestatements on our current expectations about future events.  Although we believethat our expectations reflected in or suggested by our forward-lookingstatements are reasonable, we cannot assure you that these expectations will beachieved.  Our actual results may differ materially from what we currentlyexpect.  Factors that may effect our results include, among others: the level ofconstruction activities by public utilities; the timing and duration ofconstruction projects for which we are engaged; our ability to estimateaccurately with respect to fixed price construction contracts; heightenedcompetition in the electric construction field, including intensification ofprice competition; the availability of skilled construction labor; and, inconnection with our real estate projects, general economic conditions, bothnationally and in our region.  Important factors which could cause our actualresults to differ materially from the forward-looking statements in thisdocument are also set forth in the Managements Discussion and Analysis ofFinancial Condition and Results of Operations section and elsewhere in thisdocument.

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

**Item 2.  Managements Discussion and Analysis of Financial Condition and Results ofOperations.**

**Results of Operations- Nine Months Ended September 30, 2001 Compared to Nine Months Ended September30, 2000.**

**Revenues**

Total revenues in the nine months ended September 30,2001 were $17,523,176, compared to $19,575,594 in the nine months endedSeptember 30, 2000.  This decrease in total revenues was mainly attributable tolower revenues in the electrical construction operations. 

Electrical construction revenue decreased by 11% in thenine months ended September 30, 2001 to $15,558,122 from $17,428,000 in the ninemonths ended September 30, 2000 primarily as a result of a decrease in fiberoptic construction.  

Revenue from mining operations decreased 31% to$1,454,489 in the nine months ended September 30, 2001 from $2,109,694 in thenine months ended September 30, 2000.  This decrease was mostly attributable toa decrease in construction aggregate projects.

Installment gain on the sales of real estate increasedto $510,565 in the nine months ended September 30, 2001 from $37,900 in the ninemonths ended September 30, 2000 primarily as a result of the sale of portions ofthe real estate acquired by the Company's mining operations in New Mexico duringthe first quarter of 2001.

**Operating Results**

Electrical construction operations had an operatingprofit of $2,475,643 in the nine months ended September 30, 2001, compared to anoperating profit of $2,107,147 during the nine months ended September 30, 2000. As a percentage of revenue, gross margins on electrical construction operationsincreased to 15.9% for the nine months ended September 30, 2001 from 12.1% forthe nine months ended September 30, 2000.  Operating profit was higher for thenine months ended September 30, 2001 due primarily to increased margins ontransmission work.  The varying magnitude and duration of electricalconstruction projects may result in substantial fluctuation in the Company'sbacklog from time to time.  At September 30, 2001, the approximate value ofuncompleted contracts was $17,500,000, compared to $7,350,000 at September 30,2000.  

During the nine months ended September 30, 2001, miningoperations experienced an operating loss of $131,028 compared to an operatingprofit of $98,145 during the nine months ended September 30, 2000.  As apercentage of revenue, gross margins (loss) in the mining operations decreasedto (9.0%) for the nine months ended September 30, 2001 from 4.7% for the ninemonths ended September 30, 2000.  This decrease in operating results in 2001 wasmainly due to a single construction aggregate project that was completed duringthe second quarter of 2000.  The operating results from mining includeddepreciation expense of $186,653 during the nine months ended September 30,2001, compared to $202,004 during the nine months ended September 30, 2000.

St. Cloud MiningCompany, a wholly owned subsidiary of the Company, sold 12,418 tons of naturalzeolite during thenine months endedSeptember 30,2001, compared to 12,899 tons during thenine months endedSeptember 30,2000.

**Other Income, Net**

Other income, net in thenine months ended September 30, 2001 was $189,167, compared to $270,703 in thenine months ended September 30, 2000.  The decrease in other income, net for2001 was largely a result of a decrease in the recorded gain on the sale ofproperty and equipment.  Interest expense increased for 2001 as a result of thelonger length of time certain loans against cash surrender value of insurancepolicies were outstanding.  These loans were entered into during June 2000.

**Costs and Expenses**

Total costs and expenses, and the components thereof,decreased to $16,550,031 in the nine months ended September 30, 2001 from$19,101,070 in the nine months ended September 30, 2000, primarily as a resultof decreased electrical construction costs.

Electricalconstruction costs were $12,172,189 and $14,644,379 in thenine months endedSeptember 30,2001 and 2000, respectively. The decrease in costs for the 2001 period wasmostly attributable to a   decrease in subcontract costs.

Mining costs were $1,398,864 in the nine months endedSeptember 30, 2001, compared to $1,850,572 in the nine months ended September30, 2000.  This decrease was mainly attributable to a decrease in constructionaggregate projects. 

Depreciation andamortization was $1,154,543 in thenine months endedSeptember 30,2001, compared to $931,737 in thenine months endedSeptember 30,2000.  The increase in depreciation and amortization for 2001 was largely aresult of recent capital expenditures, most of which have occurred in thecompany's electrical construction segment.

General andadministrative expenses of the Company increased to $1,824,435 in thenine months endedSeptember 30,2001, from $1,715,409 in thenine months endedSeptember 30,2000.  General and administrative expenses in the nine months endedSeptember30, 2001 included approximately $450,000 of additional expenses related to theproxy solicitation battle in connection with the Company's 2001 annual meeting.During the nine months endedSeptember30, 2000, general and administrative expenses included a $425,311 net expenserelated to payments made under Cancellation and Release Agreements pursuant towhich the Company's Employee Benefit Agreements were terminated.  General andadministrative expenses as a percentage of revenue increased to 10.4% from 8.8%in the nine months endedSeptember30, 2001 as compared to thenine months endedSeptember 30,2000. 

**Income Taxes**

The provision for income taxes was $410,778 in the ninemonths ended September 30, 2001 with an effective tax rate of 35.3% as comparedto an income tax benefit of $624,440 in the nine months ended September 30, 2000and an effective tax rate (benefit) of (83.8%). The effective tax rate differsfrom the statutory rate due largely to state income taxes, nondeductibleexpenses for tax purposes and the realization of net operating losscarryforwards for the nine months ended September 30, 2001 and primarily due toa decrease in the valuation allowance for deferred tax assets for the ninemonths ended September 30, 2000.   

**Results of Operations - Three Months Ended September 30,2001 Compared to Three Months Ended September 30, 2000.**

**Revenue**

Total revenues in the three months ended September 30,2001 were $5,217,693, compared to $6,218,572 in the three months ended September30, 2000.  This decrease was mostly attributable to a decrease in electricalconstruction operations.

Electrical construction revenue decreased by 20% in thethree months ended September 30, 2001 to $4,489,015 from $5,621,835 in the threemonths ended September 30, 2000.  This decrease was primarily attributable to adecrease in both fiber optic and distribution work. 

Revenue from mining operations decreased by 19% to$480,720 in the three months ended September 30, 2001 from $592,179 in the threemonths ended September 30, 2000. This decrease in 2001 was mainly due to adecrease in various reclamation projects.  

Installment gain on the sales of real estate increasedto $247,958 in the three months ended September 30, 2001 from $4,558 in thethree months ended September 30, 2000 primarily as a result of the sale ofportions of the real estate acquired by the Company's mining operations in NewMexico during the first quarter of 2001.

**Operating Results**

Electrical construction operations had an operatingprofit of $509,845 in the three months ended September 30, 2001, compared to anoperating profit of $401,177 in the three months ended September 30, 2000.  As apercentage of revenue, gross margins on electrical construction operationsincreased to 11.4% for the three months ended September 30, 2001 from 7.1% forthe three months ended September 30, 2000.  Operating profit was higher for thethree months ended September 30, 2001 as compared to the three months endingSeptember 30, 2000 mainly due to higher profit margins on transmission work.

During the three months ended September 30, 2001, theoperating loss from mining operations was $50,567, slightly lower than anoperating loss of $68,854 during the three months ended September 30, 2000.  Asa percentage of revenue, gross margins (loss) in mining decreased to (10.5%) forthe three months ended September 30, 2001 from (11.6%) for the three monthsended September 30, 2000.  The operating results from mining includeddepreciation expense of $62,383 during the three months ended September 30,2001, compared to $71,499 during the three months ended September 30, 2000.

St. Cloud sold 3,970 tons of natural zeolite during thethree months ended September 30, 2001, compared to 3,912 tons during the threemonths ended September 30, 2000.

**Other Income, Net**

Other income, net in thethree months ended September 30, 2001 was $49,833, compared to $60,278 in thethree months ended September 30, 2000.  The decrease in other income, net in2001 was largely due to a decrease in interest income, a result of generallylower interest rates.  ** **

**Costs and Expenses**

Total costs and expenses, and the components thereof,decreased to $4,936,225 in the three months ended September 30, 2001 from$6,250,009 in the three months ended September 30, 2000, primarily as a resultof the decreased electrical construction costs.

Electrical construction costs were $3,663,792 and$4,959,418 in the three months ended September 30, 2001 and 2000, respectively.The decrease in costs in 2001 was mostly attributable to a decrease insubcontract costs.  

Mining costs decreased to $468,903 in the three monthsended September 30, 2001, compared to $600,143 in the three months endedSeptember 30, 2000, mainly as a result of a decrease in land reclamationprojects.  

Depreciation andamortization was $396,963 in the three months endedSeptember30, 2001, compared to$349,939 in the three months endedSeptember30, 2000.  Theincrease in depreciation and amortization expenses for 2001 was primarily aresult of recent capital expenditures, most of which have occurred in thecompanys electrical construction segment.

General and administrative expenses of the Companyincreased to $406,567 in the three months ended September 30, 2001, from$351,118 in the three months ended September 30, 2000.  General andadministrative expenses in the three months ended September 30, 2001 were higherprimarily due to increased legal and insurance expense.  General corporateexpenses increased as a percentage of revenue to 7.8% from 5.6% in the threemonths ended September 30, 2001 as compared to the three months ended September30, 2000.

**Income Taxes**   

The provision for income taxes was $118,778 in the threemonths ended September 30, 2001 with an effective tax rate of 35.9% as comparedto $37,404 in the three months ended September 30, 2000 and an effective taxrate of 129.7%. The effective tax rate differs from the statutory rate duelargely to state income taxes and nondeductible expenses for tax purposes forthe three months ended September 30, 2001 and primarily due to state incometaxes for the three months ended September 30, 2000. 
Liquidity and Capital Resources
Cash and cash equivalents at September 30, 2001 were$5,584,531 as compared to $3,181,948 as of December 31, 2000.  The increase incash was mostly the result of $2,000,000 of life insurance proceeds receivedfrom a key-man life insurance policy during the first quarter of 2001.  Workingcapital at September 30, 2001 was $7,926,284, compared to $8,275,941 at December31, 2000.  The Company's ratio of current assets to current liabilities was5.5:1 at September 30, 2001, compared to 5.4:1 at December 31, 2000.

During the nine months ended September 30, 2001, theCompany received proceeds of $129,354 from the exercise of 591,331 stock optionsof the Company's Common Stock.  During the three months ended September 30,2001, the Company received proceeds of $4,740 from the exercise of 21,666 stockoptions. The options were exercisable at $0.21875 per share, the fair marketvalue of the Common Stock at the date of the grant.  

The Company does notenter into financial instruments for trading purposes.  Financial instrumentsentered into for other than trading purposes consist principally of cash andcash equivalents with limited market risk sensitivity.

The Company paid cash dividends on its Series APreferred Stock in the amount of $13,181 and $17,819 in the nine months endedSeptember 30, 2001 and 2000, respectively.  On June 19, 2001, the Board ofDirectors of the Company, in accordance with the Restated Certificate ofIncorporation, voted to redeem its Series A Preferred Stock. All 339,407 sharesof Series A Preferred Stock were redeemed on July 20, 2001 for $1 per share, or$339,407. The Company has paid no cash dividends on its Common Stock since 1933,and it is not expected that the Company will pay any cash dividends on itsCommon Stock in the immediate future.

Pursuant to anunsecured line of credit agreement between the Company and SunTrust Bank ofCentral Florida, N.A. (SunTrust) (guaranteed by the Company's subsidiary,Southeast Power Corporation), the Company may borrow up to $3,000,000 at thebanks prime rate of interest.  This credit line expires April 30, 2002, atwhich time the Company expects to renew it for an additional year.  One hundredthousand dollars of this line of credit has been reserved for a standby letterof credit.  As of September 30, 2001 there were no borrowings outstanding underthis line of credit.

The Company's capital expenditures for the nine monthsended September 30, 2001 decreased to $1,153,783 from $2,741,425 for the ninemonths ended September 30, 2000.  This decrease in the level of capitalexpenditures was attributable to decreased expenditures at the Company'selectrical construction segment.

In addition, the Company hasexpanded its real estate operations to include development of small, high-endcondominium projects.  To date, the Company has purchased three waterfront sitesfor development near Cocoa Beach, Florida.  The plans contemplate one twelveunit and one six unit project.  The plans for the third site have not yet beenfinalized. During the third quarter of 2001, the Company entered into a contractto purchase a lot adjoining the third site for $350,000.   As of September 30,2001, the Company had expended $1,673,746 in land acquisition and developmentcosts on these three sites (two oceanfront and one riverfront).  Projectacquisition, development and construction is expected to take approximately twoyears per project.  The Company does not intend to proceed with the developmentof a project unless it has sales contracts sufficient to cover most of thatprojects projected costs.  During July 2001, the Company entered into aconstruction contract and commenced construction on the first condominiumproject. Construction financing was secured through conventional real estateproject financing subsequent to June 30, 2001.  The construction of this projectis expected to take approximately ten months. 

**New Accounting Pronouncements**

SEC Staff Accounting Bulletin Number 101 - RevenueRecognition in Financial Statements.  As we have historically made a practice ofrecognizing revenue in accordance with the provisions of this bulletin, theadoption of the bulletin in the fourth quarter of 2000 did not have a materialimpact on our consolidated financial statements.

In June 2001, the Financial Accounting Standard Board ('FASB')issued Financial Accounting Standards ('SFAS')  No. 143  Accounting for AssetRetirement Obligations.   This Statement addresses financial accounting andreporting for obligations associated with the retirement of tangible long-livedassets and the associated asset retirement costs.  It applies to legalobligations associated with the retirement of long-lived assets that result fromthe acquisition, construction, development and (or) the normal operation of along-lived asset, except for certain obligations of lessees.  This Statement iseffective for financial statements with fiscal years beginning after June 15,2002.  Adoption of this Statement is not expected to have a significant impacton the financial position or results of operations of the Company.

In August 2001, FASB issued SFAS No. 144  Accounting forthe Impairment or Disposal of Long-Lived Assets.   This Statement addressesfinancial accounting and reporting for the impairment or disposal of long-livedassets.  This statement supersedes SFAS No. 121,  Accounting for the Impairmentof Long-Lived Assets and for Long-Lived Assets to Be Disposed Of, and theaccounting and reporting provisions of Accounting Principles Board Opinion No.30,  Reporting the Results of Operations--Reporting the Effects of Disposalof a Segment of a Business, and Extraordinary, Unusual and InfrequentlyOccurring Events and Transactions of a Segment of a Business.  *** ***This******Statement is effective for financial statements with fiscal yearsbeginning after December 15, 2001.  Adoption of this Statement is not expectedto have a significant impact on the financial position or results of operationsof the Company.

 

**PART II.  OTHER INFORMATION**

 
Item 6.   Exhibits and Reports on Form 8-K
(a)           Exhibits in accordance with the provisions ofItem 601 of Regulation S-K.          

10-2(g)   Amended and Restated Employment Agreement dated November 1, 2001between The 

               Goldfield Corporation and John H. Sottile.

(b)           Reports onForm 8-K

                No Current Report on Form 8-K was filedduring the quarter ended September 30, 2001.

 

 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, theRegistrant has duly caused this report to be signed on its behalf by theundersigned thereunto duly authorized.

 

 

                                          THE GOLDFIELD CORPORATION    

                                    (Registrant)

Date:      November 13, 2001                                       /s/ Stephen R. Wherry                

                                                                                          (Stephen R. Wherry)

                                                                                   Vice President,Treasurer and

                                     Chief Financial Officer

 

 

 

 

 

                                                        

 

SECURITIES ANDEXCHANGE COMMISSION

 

Washington,D.C.  20549

 

 

______________________________

 

 

Form 10-Q

 

 

ANNUAL REPORTPURSUANT TO SECTION 13 OR 15(D)

OF THESECURITIES EXCHANGE ACT OF 1934

 

 

 

For theQuarter September 30, 2001     Commission File No. 1-7525

 

 

                                 

 

 

 

 

THE GOLDFIELDCORPORATION

 

 

EXHIBITS

 

 

 

 

 

November 13, 2001

 

 

 

 

 

INDEX TO  EXHIBITS 

                                                                                                                                                 Sequentially

                                                                             Numbered

                                                                                Pages

** (c) Exhibits**

3-1      Restated  Certificate of Incorporation of the Company, as amended, 

          is hereby  incorporated by reference to Exhibit 3-1 of the Company's 

         Current Report  on Form 8-K,heretofore filed with the Commission 

          (file No. 1-7525).

3-2      By-Laws of  the Company, as amended, is hereby incorporated by 

          reference to Exhibit 3-2 of the Company's Current Report on Form 8-K 

          for the year ended December 19, 2000, heretofore filed with the 

          Commission (file No. 1-7525).

3-3      Amendment  to the Amended By-Laws of the Company is hereby 

          incorporated by  reference in Exhibit 3-3 of the Company's Current 

          Report on Form 8-K dated December 19, 2000, heretofore filed with 

          the Commission (file No. 1-7525).

4-1      Action by  Unanimous Consent of Holders of Preferred Stock as of 

          September 30, 1979 permanently waiving mandatory redemption is 

          hereby incorporated by  reference to Exhibit 3-5 of the Company's

         Registration Statement on Form  S-l, No. 2-65781, heretofore filed 

          with the Commission on November 28, 1979.

4-2      Specimen copy of Company's  Common Stock certificate is hereby 

          incorporated  by reference to Exhibit 4-5 of the Company's Annual 

          Report on Form 10-K for the year ended December 31, 1987, 

          heretofore filed with the Commission  (file No. 1-7525).

4-3      The  Goldfield Corporation 1998 Executive Long-term Incentive 

          Plan is hereby  incorporated by reference to the Company's 

         Registration Statement on  Form S-8, No. 333-72241, heretofore 

          filed with the Commission on February  12, 1999.

10-2     Employment  Agreement effective January 15, 1985 between The 

          Goldfield  Corporation and John H. Sottile is hereby 

          incorporated by reference to  Exhibit 10-6 of the Company's 

         Registration Statement on Form S-l, No.  33-3866, heretofore 

          filed with the Commission on March 10, 1986. 

10-2(a)  Amendment dated February 25,  1986 to the Employment Agreement 

          included in Exhibit 10-2 is hereby incorporated by reference 

          to Exhibit 10-6(a) of the Company's Registration Statement on 

          Form S-l, No. 33-3866, heretofore filed with the Commission on 

          March 10, 1986.

10-2(b)  Amendment dated September 23,  1988 to Employment Agreement 

          effective  January 15, 1985 between The Goldfield Corporation 

         and John H. Sottile is  hereby incorporated by reference to 

         Exhibit 10-2(b) to the Company's report  on Form 10-Q for the 

          quarter ended September 30, 1988, heretofore filed with the 

          Commission (file No. 1-7525).

10-2(c)  Amendment dated February 27,  1990 to Employment Agreement 

          effective January  15, 1985 between The Goldfield Corporation 

         and John H. Sottile, is hereby  incorporated by reference to 

          Exhibit 10-2(c) of the Company's Annual Report on Form 10-K 

          for the year ended December 31, 1989, heretofore filed with 

          the  Commission (file No. 1-7525).

10-2(d)  Amendment dated January 29,  1992 to Employment Agreement 

          effective January  15, 1985 between The Goldfield Corporation 

         and John H. Sottile, is hereby  incorporated by reference to 

          Exhibit 10-2(d) of the Company's Annual Report on Form 10-K 

          for the year ended December 31, 1991, heretofore filed with 

          the  Commission (file No. 1-7525).

10-2(e)  Amendment dated September 15,  1995 to Employment Agreement 

          effective January  15, 1985 between The Goldfield Corporation 

         and John H. Sottile, is hereby  incorporated by reference to 

          Exhibit 10-2(e) of the Company's report on Form 10-Q for the 

          quarter ended September 30, 1995, heretofore filed with

          the Commission (file No. 1-7525).

10-2(f)  Amendment dated September 20,  1999 to Employment Agreement 

          effective  January 15, 1985 between The Goldfield Corporation 

         and John H. Sottile,  is hereby incorporated by reference to 

         Exhibit 10-2(f) of the Company's  report on Form 10-Q for the 

          quarter ended September 30, 1999, heretofore filed with the 

          Commission (file No. 1-7525).

+10-2(g) Amended and Restated EmploymentAgreement dated November 1, 2001        22

        betweenThe Goldfield Corporation and John H. Sottile.

10-3     Employment  Agreement dated January 1, 1986 among John H. Sottile, 

          Southeast Power Corporation and The Goldfield Corporation is 

          hereby incorporated by reference to Exhibit 10-8 of the 

          Company's Registration Statement on Form S-l, No. 33-3866, 

          heretofore filed with the Commission   on March 10, 1986.

10-3(a)  Amendment No. 1 to Employment  Agreement dated January 1, 1986 

          among  John H. Sottile, Southeast Power Corporation and The 

          Goldfield Corporation  is hereby incorporated by reference to 

         Exhibit 10-4(a) of the Company's  report on Form 10-Q for the 

          quarter ended September 30, 1988, heretofore filed with the 

          Commission (file No. 1-7525).

10-3(b)  Amendment No. 2 to Employment  Agreement dated January 1, 1986 

          among  John H. Sottile, Southeast Power Corporation and The 

          Goldfield Corporation,  is hereby incorporated by reference to 

         Exhibit 10-4(b) of the Company's  Annual Report on Form 10-K for 

          the year ended December 31, 1991, heretofore filed with the 

          Commission (file No. 1-7525).

10-3(c)  Amendment dated September 11,  1995 to Employment Agreement 

          effective  January 1, 1986 between Southeast Power Corporation 

         and John H. Sottile,  is hereby incorporated by reference to 

         Exhibit 10-3(c) of the Company's  report on Form 10-Q for the 

          quarter ended September 30, 1995 heretofore filed with the 

          Commission (file No. 1-7525).

10-3(d)  Amendment dated September 20,  1999 to Employment Agreement 

          effective  January 1, 1986 between Southeast Power Corporation 

         and John H. Sottile,  is hereby incorporated by reference to 

         Exhibit 10-3(d) of the Company's  report on Form 10-Q for the 

          quarter ended September 30, 1999 heretofore filed with the 

          Commission (file No. 1-7525).

10-4     Employee  Benefit Agreement dated November 20, 1989 between 

          The Goldfield  Corporation and John H. Sottile, is hereby 

          incorporated by reference to Exhibit 10-5 of the Company's 

          Annual Report on Form 10-K for the year ended December 31, 

          1989, heretofore filed with the Commission (file No. 1-7525).

10-4(a)  Cancellation and Release  Agreement dated June 12, 2000 between 

          The Goldfield  Corporation and John H. Sottile is hereby 

          incorporated by reference to  Exhibit 10-9 of the Company's 

         report on Form 10-Q for the quarter ended  June 30, 2000 

          heretofore filed with the Commission (file No. 1-7525).

10-5     Employee  Benefit Agreement dated November 16, 1989 between 

          The Goldfield  Corporation and Stephen R. Wherry, is hereby 

          incorporated by reference to  Exhibit 10-6 of the Company's 

         Annual Report on Form 10-K for the year ended   December 31, 1989, 

          heretofore filed with the Commission (file No. 1-7525).

10-5(a)  Cancellation and Release  Agreement dated June 12, 2000 between 

          The Goldfield  Corporation and Stephen R. Wherry is hereby 

          incorporated by reference to  Exhibit 10-10 of the Company's 

         report on Form 10-Q for the quarter ended  June 30, 2000 

          heretofore filed with the Commission (file No. 1-7525).

10-6     Stock Purchase  Agreement dated April 12, 1993 between Florida 

          Transport  Corporation and Royalstar Southwest, Inc. relating 

          to the sale of San Pedro Mining Corporation is hereby 

          incorporated by reference to Exhibit 10-13 of the Company's 

          Annual Report on Form 10-K for the year ended December 31,

          1993, heretofore filed with the Commission (file No. 1-7525).

  10-6(a)  Amendment dated April 3, 1996 to Promissory Note dated 

          April 12, 1993 between Florida Transport Corporation and The San 

          Pedro Mining Corporation, Royalstar  Resources Ltd., and 

         Royalstar Southwest is hereby incorporated by  reference to 

         Exhibit 10-6(a) of the Company's Annual Report on Form 10-K

           for the year ended December  31, 1996, heretofore filed with 

          the Commission  (file No. 1-7525).

  10-6(b)  Amendment dated February 18, 1997 to Promissory Note dated 

          April 12, 1993 between Florida Transport Corporation and 

          The San Pedro Mining Corporation, Royalstar Resources Ltd., 

         and Royalstar Southwest is hereby incorporated by

           reference to Exhibit 10-6(b) of the Company's Annual Report 

          on Form 10-K for the year ended December 31, 1996, heretofore 

          filed with the Commission  (file No. 1-7525).

  10-6(c)  Amendment dated May 2, 1997 to Promissory Note dated 

          April 12, 1993 between Florida Transport Corporation and 

          The San Pedro Mining Corporation, Royalstar Resources Ltd., 

         and Royalstar Southwest is hereby incorporated  by reference to 

          Exhibit 10-6(c) of the Company's report on Form 10-Q for 

          the quarter ended March 31, 1997, heretofore filed with the  

          Commission (file No.  1-7525).

  10-6(d)  Amendment dated December 23, 1997  to the Modification of 

         SecuredTerm  Note, Mortgage, Security Agreement and Financing 

          Statements between Florida  Transport Corporation and The San 

         Pedro Mining Corporation, Royalstar Resources Ltd.  and Royalstar 

         Southwest, Inc. heretofore filed with the  Commission 

          (file No. 1-7525).

10-7     The Goldfield  Corporation and Subsidiaries Standardized Adoption 

          Agreement and Prototype Cash or Deferred Profit-Sharing Plan and 

          Trust Basic Plan Document No. 3 effective January 1, 1995, is 

          hereby incorporated by  reference to Exhibit 10-9 of the Company's 

         report on Form 10-Q for the  quarter ended March 31, 1995, 

          heretofore filed with the Commission  (file No. 1-7525).

  10-8     Royalty Agreement dated February 19, 1982 between  Bow Valley 

          Coal Resources,  Inc. and Northern Goldfield Investments, 

          Ltd., Inc. is hereby incorporated  by reference to Exhibit 

         10-8 of the Company's Annual Report on Form 10-K  for the year 

          ended December 31, 1996, heretofore filed with the Commission

            (file No. 1-7525).

  10-8(a)  Amendment dated February 14, 1997 to Royalty Agreement dated 

          February 19,1982 between Great Western Coal Inc. dba New 

          Horizons Coal Inc. and The Goldfield Corporation is hereby 

          incorporated by reference to Exhibit 10-8(a)of the Company's 

         Annual Report on Form 10-K for the year ended December 31,

            1996, heretofore filed with the Commission (file No. 1-7525). 

11     For computation ofper share earnings, see notes to consolidated

      financial statements.

21     Subsidiaries ofRegistrant

23     Consent ofIndependent Auditors

24     Powers of Attorney

(a)    Powers of Attorney 

(b)    Certified resolution ofthe Registrants Board of Directors 

       authorizing officers and directors signing on behalf of the 

       Registrant to sign pursuantto a power of attorney.

 (+)Filed herewith.

                                                                Exhibit 10-2(g) 

                                                         

AMENDED ANDRESTATED

EMPLOYMENTAGREEMENT

            THIS AMENDED ANDRESTATED EMPLOYMENT AGREEMENT (the  'Agreement'), dated as 

of November 1, 2001,is by and between The Goldfield Corporation (the  'Company') and John H. Sottile 

(the  'Executive').

WITNESSETH THAT

            WHEREAS,The Executive is currently employed by the Companypursuant to a letter agreement  

dated January 15, 1985, and by Southeast Power Corporation('SEPCO') pursuant to an 

employment agreement made as of January 1, 1986, both assubsequently amended (collectively referred to 

as the 'Prior Agreements'); and

            WHEREAS, theCompany and the Executive wish to amend and restate the Prior Agreements.

           NOW, THEREFORE, in consideration of the premises and the mutual covenantscontained herein, 

the Company and the Executive hereby agree as follows:

1.       Effect on Prior Agreements.  ThisAgreement shall supersede the Prior Agreements and any other  

           prior employment orseverance agreements between the Company and the Executive.  As of  

           November 1,2001, the Prior Agreements shall be of no force or effect and any rights orobligations  

           of the Company, SEPCO, or the Executive under the Prior Agreementsshall expire.

2.      Affiliates.  Employment by an Affiliate of the Company or asuccessor to the Company will be 

          considered employment bythe Company for purposes of this Agreement, and termination of 

          employment with theCompany means termination of employment with the Company and all its 

          Affiliates andsuccessors.  The term 'Company' as used in this Agreement will be deemed to 

          include Affiliates andsuccessors, as appropriate.  For purposes of this Agreement, the termAffiliate 

          means the subsidiaries ofThe Goldfield Corporation and other entities directly or indirectly under 

          common control with TheGoldfield Corporation.

3.     Term of Employment.

         (a) The Company shall employ theExecutive, and the Executive shall serve the Company on the terms  

         and conditions set forth inthis Agreement, commencing on November 1, 2001 (the 'Effective Date') 

         and continuing, unlessterminated earlier pursuant to section 6 hereof, until January 31, 2005, or such 

         later date as provided insection 1(b) herein (the 'Employment Period').

         (b) The Employment Period shallbe extended automatically for three months on the last day of each 

         three-month period followingthe Effective Date unless either party gives written notice to the other 

         that the Employment Periodshould no longer automatically extend.

4.     Position, Duties and Responsibilities; Time and Attention.

         (a) Position, Duties, and Responsibilities. The Executive shall serve as the President and Chief 

         Executive Officer of theCompany with such duties and responsibilities as are commensurate with 

         such positions, and such otherduties and responsibilities not inconsistent therewith as may from time 

         to time be assigned to theExecutive by the Board of Directors of the Company (the 'Board').  If 

        directed by the Board, the Executivemay also be required to serve as an officer or director of an 

        Affiliate of the Company.

        (b) Time and Attention. Excluding any periods of vacation and sick leave to which the Executive is 

        entitled, the Executive shall devotesubstantially all of his working time and attention and his best efforts 

        to the business and affairs of theCompany.  It is understood, and shall not be considered a violation of 

        the foregoing, that the Executive isa director and officer of other corporations that are not Affiliates of 

        the Company and that a small portionof the Executive's working time will be devoted to these activities. 

        The Executive shall not be requiredto relocate or to perform duties at any location outside the City of

        Melbourne, Florida, except for travelin the normal course of the business as it is presently being 

        conducted, and except that theExecutive shall be required to do work at the Executive's home in the 

        normal course of the business as itis presently being conducted.  The Executive shall not be precluded 

        from having or making generalpersonal investments.  The Executive shall not engage in any activity that

        is competitive with any business thencarried on by the Company. 

5.    Compensation.  During the Employment Period, the Executive shallbe entitled to the  following

        compensation and benefits:

        (a) Base Salary.  TheExecutive's initial rate of annual base salary shall be $388,510, being the same 

        salary which as in effect under thePrior Agreements, paid pursuant to the Company's executive payroll

        practice (but not less thanbi-monthly).  During the Employment Period, the Executive's rate of annual 

        base salary shall be reviewed fromtime to time by the Board and, in the sole discretion of the Board, 

        may be increased (but not decreased);provided, however, that, at a minimum, the Executive's rate of 

        annual base salary shall be increasedeffective January 1 of each year by an amount equal to the 

        percentage increase, if any, over thepreceding 12 months in the Consumer Price Index for All 

        Urban Consumers  -  U. S.City Average - All Items (1982-84 = 100) (such annual base salary, 

       as may be increased from time  totime, the 'Base Salary').  In calculating any increase in such

       Index as of January 1, 2002, any such increase shall be determined with reference to the preceding 

       two months.

        (b) Annual Bonus.  TheBoard (or a committee thereof), in its sole discretion, may award the Executive

        annual bonuses during the EmploymentPeriod (the 'Annual Bonus').  The amount, terms and conditions 

        of such Annual Bonus, if any, shallbe determined in the sole discretion of the Board.

        (d)   Vacation and Other Benefits.  

               (i)The Executive shall be entitled to a cumulative vacation or vacations, with pay,totaling 

                   four (4) weeks in each calendar year during the Employment Period. 

             (ii) The Executive shall be entitled to participate in all employee benefitplans and programs 

                  maintained or contributed to by the Company for management employees generally 

                 (including, without limitation, all retirement, life and health insurance,short-term and 

                 long-term incentive compensation (including stock option), fringe benefit, andexpense 

                 reimbursement plans and programs) and such other plans or programs as may bespecified 

                 by the Board (or a committee thereof).  Without limiting  thegenerality of the foregoing, 

                 the Company shall reimburse (to the extent not paid for by Company-providedhealth 

                 insurance) the Executive for an annual physical examination by a physicianchosen by the 

                Executive and shall reimburse the Executive for membership fees and relatedcosts and 

                assessments at the clubs and other organizations determined by the Executive 

                  to be necessary toenhance and carry out the Company's business.  

           (iii) The Companyshall provide to the Executive an automobile substantially equivalent in valueto the

                 automobile provided by the Company prior to November 1, 2001.  In eithercase, the Executive 

                 shall also be entitled to costs incurred by the Executive for all fuel, oil, andlubrication related to 

                 the business use of the automobile, including travel between the Executive'shome to his place 

                 of employment.

6.   Termination ofEmployment. 

     (a) Death or Disability.  The Executive'semployment and the Employment Period shall be deemed 

          terminated as of the dateof the Executive's death.  The Company or the Executive may terminate the

          Executives employmentupon at least thirty (30) days advance written notice in the event the Executive

          becomes Disabled.  

     (b) By the Company with or without Cause.  

            (i) TheCompany may terminate the Executive's employment with or without Cause (asdefined below)

                provided that at least thirty (30) days advance written notice is provided.

           (ii) For purposes of this Agreement,'Cause' meansthe Executive's commission of a dishonestact, 

                fraud, misappropriation, or embezzlement which results in material economicdamage to the

               Company.  No event described in this section 6(b) shallconstitute Cause unless the Company has

                given the Executive written notice oftermination specifying the condition(s) or event(s) relied upon 

                for such notice and an opportunity to be heard by the Board, and, if thetermination is based on a

                condition or event capable of being cured, the Executive has failed to cure thecondition or event

                asserted to constitute Cause within the 90-day period following receipt of suchnotice; provided,

                however, that during the 90-day period following the receipt of such notice, theBoard may, in its 

                sole discretion, place the Executive on paid leave of absence (during which timethe Executive shall

               continue to receive and/or accrue all payments and benefits he was receiving orwas eligible 

               to receive at the time such notice was given unless prohibited under theterms of the applicable 

               plan or program).

       (c) By the Executive.  

            (i)  The Executivemay terminate his employment with or without 'Good Reason' at any time, 

                providedthat at least thirty (30) days advance written notice is provided. 

            (ii) The Executive mayterminate his employment for Good Reason  if any of the following events 

                occurs:

                (A) the Company fails to provide the compensation or benefits provided for inthis Agreement;

                 (B) a change of the Executive's title, position or status that results in amaterial reduction in the

                     Executive's authority, duties or responsibilities, including, withoutlimitation, the Executive 

                     no longer occupying the positions of President and Chief Executive Officer of acompany 

                     whose stock istraded on a stock exchange in North America;

                (C) a successor fails to assume this agreement pursuant to section 10(b) hereof;

               (D) the relocation of the Executive's principal place of business by more than25 miles; 

                (E) the Company's material breach of this Agreement; or

                (F) a Change in Control of the Company.  No such event described hereundershall constitute 

                    Good Reason unless the Executive has given written notice to the Companyspecifying the 

                    event relied upon for such termination within one (1) year after the occurrenceof such event 

                    and the Company has not remedied such within 30 days of receipt of such notice. The Company

                    and Executive, upon mutual written agreement, may agree that an event that wouldotherwise

                    constitute a Good Reason under any of the foregoing provisions shall notconstitute Good 

                    Reason.

     (iii)   For purposes of this Agreement, the term  'Change in Control' shall havethe following meaning:

            (A) any person or group (as such term is defined in Section3(a)(9) of the Securities Exchange 

                 Act of 1934 (the 'Exchange Act') and as used in Sections 13(d)(3)and 14(d)(2) of the 

                 Exchange Act ('Person') becomes a 'beneficial owner' (as defined in Rule 13d-3 under 

                 the Exchange Act), directly or indirectly, of securities of theCompany representing 20% 

                 or more of the combined voting power of theCompany's then outstanding securities 

                 eligible to vote for the election of the Board (the 'Company Voting Securities'); 

                 provided, however, that the event described in thisparagraph (A) shall not be deemed 

                 to be a Change in Control by virtue of any of the following acquisitions: (1) by the 

                Company or any subsidiary, (2) by any employee benefit plan (orrelated trust) 

                sponsored or maintained by the Company or any subsidiary, or (3)by any 

                underwriter temporarily holdingsecurities pursuant to an offering of such securities; 

           (B) consummation of a transactionthat involves (1) any consolidation, merger, or share exchange 

                (a 'Business Combination') of the Company, other than a BusinessCombination in which the 

                holders of Company Voting Securities immediately prior to theBusiness Combination 

                directly or indirectlyown, in substantially the same proportions, at least 80% of the 

                outstanding voting stock of thecontinuing or surviving corporation, or (2) any sale, 

                lease, exchange or other transfer (in onetransaction or a series of related transactions) 

               of all or substantially all of the assets of the Company (except to an entity 80% of the 

               outstanding voting stock of which is owned, in substantially thesameproportions, 

               directly or indirectly, by the holders of Company VotingSecurities immediately prior 

               to such transaction); or

         (C) replacement of amajority of the directors on the Board by directors who were neither nominated

               by a majority of the directors on the Board as of the close of business onNovember 30, 2001, nor

               appointed or endorsed(whether directly or by way of approval of a merger, acquisition or similar

              agreement) by directors sonominated.

   (d)  TerminationProcedures.

         (i) Notice of Termination. Any purported termination of the Executive's employment (other than by 

            reason of death) shall be communicated by written notice of termination from oneparty hereto 

            to the other party  hereto in accordance with the notice provisionscontained in section 12(b)

            hereof.  

      (ii) Date of Termination. For purposes of this Agreement, the date of termination shall be the date 

          specified in thenotice of termination.

      (iii) No Waiver.  The failure to setforth any fact or circumstance in a notice of termination shall not 

           constitute a waiverof the right to assert such fact or circumstance in an attempt to enforce anyright 

           under any  provision ofthis Agreement. 

7.   Obligations ofthe Company upon Termination.  

     (a) Termination by the Company for Cause, or by the Executivewithout Good Reason.  If, during the

           Employment Period,the Executive's employment is terminated by the Company for Cause, or if the

           Executiveterminates his employment without Good Reason, the Company shall pay to theExecutive  

           any portion of theExecutive's Base Salary that has been earned but not paid as of the date of 

           termination and any Annual Bonus that has been earned and awarded but not paid as of the 

          date of termination.  

    (b)  Termination due to Disability.  If,during the Employment Period, the Executive or the Company 

          terminates theExecutive's employment due to the Executive's Disability, the Company shall pay 

          to the Executive (or, if the Executive dies after termination of employment but before receiving 

          all payments to which hehas  become entitled hereunder, to the Executive's estate or personal

          representative):

            (i) a lump sum cash payment of accrued but unpaid Base Salary andaccrued but unused vacation;

           (ii) a lump sumcash payment of a prorated portion of the Executive's Annual Bonus (unless the 

               Executive  receives his Annual Bonus for the year of termination pursuantto the bonus plan, 

               policy or  arrangement, in which case the Executive shall be paid inaccordance with the terms 

              of such plan,  policy or arrangement), determined by calculating theproduct of (A) the amount 

              of the Executive's Annual Bonus, and (B) a fraction, the numerator of whichis the number 

              of days worked in the year in which the termination of employment occursand the denominator 

              of which is 365; 

        (iii)  a lump sum cash amount equal to 1 times the Executive'sAverage W-2 Compensation 

              (as defined below); and

       (iv) continued health care benefits, consistent with the Company's current healthcare plan, for 

             the Executive, his spouse and dependents, for a period of three (3) years aftertermination of

            employment.

If the Company reasonably determines that the continued coverage required underSection 7(b)(iv) would 

a welfare plan sponsored by the Company to violate any provision of the Codeprohibiting discrimination in 

favor of highly compensated employees or key employees, or if any benefitsdescribed in Section 7(b)(iv) 

cannot be  provided pursuant to the appropriate plan or program maintained foremployees of the Company,

the Company  shall provide such benefits outside such plan or program at noadditional cost (including, 

without limitation, taxcosts) to the Executive.  

   (c) Other Terminations.  If, during the EmploymentPeriod, the Executive's employment is terminated 

        for a  reason other than as setforth in Section 7(a) or (b) above, the Company shall pay to 

        the Executive (or,  if theExecutive dies after termination of employment but before receiving 

       all payments to which he has becomeentitled hereunder, to the Executive's estate or personal

       representative):

       (i) a lump sum cash payment of accrued but unpaid Base Salary andaccrued but unused vacation;

      (ii) alump sum cash payment of a prorated portion of the Executive's Annual Bonus(unless the

           Executive receiveshis Annual Bonus for the year of termination pursuant to the bonus plan, 

           policy orarrangement, in which case the Executive shall be paid in accordance with theterms 

           of such plan, policy or arrangement), determined by calculating the product of (A) the amount 

          of the Executive's AnnualBonus, and (B) a fraction, the numerator of which is the number of 

          days worked in the yearin which the termination of employment occurs and the denominator of 

          which is 365; 

  (iii)  a lump sum cash amount equal to 2.999 times the Executive's AverageW-2 Compensation (as

         defined below); and 

  (iv)  continued health care benefits, consistent with the Company's current healthcare plan, for the

          Executive, his spouse anddependents for a period of three (3) years after termination of 

          employment.

If the Company reasonably determines that the continued coverage required underSection 7(c)(iv) would 

cause a welfare plan sponsored by the Company to violate any provision of theCode prohibiting 

discrimination in favor of highly compensated employees or key employees, or ifany benefits described 

in Section 7(c)(iv) cannot be provided pursuant to the appropriate plan orprogram maintained for 

employees of the Company, the Company shall provide such benefits outside suchplan or program at 

no additional cost (including,without limitation, tax costs) to the Executive.  

     (d) Average W-2 Compensation.  For purposes of thisAgreement, the term  Average W-2 Compensation

          shall mean the average ofthe Executive's wages as reflected in the W-2 forms provided by the Company

          for the five (5) calendaryears preceding the calendar year in the which the termination of employment

          occurs.

8.  Excise Tax.  If Independent Tax Counsel (as that term isdefined below) shall determine that the aggregate

     payments and benefits provided to the Executivepursuant to this Agreement, when combined with other

     payments and benefits provided to the Executive fromthe Company, its Affiliates and/or plans of the

    Company and/or its Affiliates, which constitute parachutepayments as defined in Section 280G of the 

    Code, or any successor provision thereto ('ParachutePayments'), would be subject to the excise tax 

     imposed by  Section 4999 of the Code (the 'ExciseTax'), then such Parachute Payments shall be 

     reduced (but not below zero) to the extentnecessary so that no portion of the Parachute Payments 

     shall be subject to the Excise  Tax.  Thedetermination of the Independent Tax Counsel under this 

     subsection shall be final and binding on all partieshereto.  No additional payments by the Company 

     or return of payments by the Executive shall be required or made if an Excise Tax is later imposed 

     upon the Executive or a later determination is madewhich,  based on case law, an IRS holding or 

     otherwise, would result in a recalculation of the Excise Tax implications.  The Company and the 

     Executive shall agree upon which payments and/or benefitsshall be reduced or eliminated in order to 

     effectuate the limitations described above.  Any noticegiven by the  Executive pursuant to the 

     preceding sentence shall take precedence over the provisionsof any other plan,  arrangement or 

     agreement governing the Executive's rights and entitlement toany benefits or compensation.  For 

     purposes of this Section 3(b), 'Independent Tax Counsel' shall mean alawyer, a certified public

    accountant with a nationally recognized accountingfirm, or a compensation consultant with a nationally

    recognized actuarial and benefits consulting firm with expertise in thearea of executive compensation tax 

    law,  who shall be selected by the Company and shall be reasonablyacceptable to the Executive, and 

    whose fees and disbursements shall be paid by the Company.

9.  Legal Fees, Costs and Expenses.  The Company agrees toimmediately pay, upon written demand 

     therefore by the Executive, all legal fees and expensesthe Executive incurs as a result of any dispute 

    or contest (regardless of the outcome thereof) by or with theCompany or others regarding the 

    validity or enforceability of, or liability under, anyprovision of this Agreement.  The Executive agrees 

    to repay to the Company any such fees and expenses paidor advanced by the Company if and to 

    the extent that the Company or such others obtains a judgmentor determination that the Executive's 

    claim was frivolous.

10. Successors.

      (a) Assignment and Enforceability of Agreement. This Agreement is personal to the Executive and 

           shall not be assignable bythe Executive.  This Agreement shall be enforceable by the Executive's

           legalrepresentatives.

     (b) Successors of the Company.  No rightsor obligations of the Company under this Agreement may 

          be assigned ortransferred except that the Company will require any successor (whether director 

          indirect, bypurchase, merger, consolidation or otherwise) to all or substantially all of thebusiness 

         and/or assets of  theCompany to expressly assume and agree to perform this Agreement in the 

         same manner and to the same extent that the Company would be required to perform it.  Such 

         assumption shall not affect the  Executive's rightsunder Section 6(c)(ii)(F).  As used in this 

         Agreement, 'Company' shall mean the Company as defined herein and any successor that expressly 

         assumes and agrees to perform this Agreement or which otherwise becomes bound by all the

         terms and provisions of thisAgreement by operation of law.

11.    Arbitration.  Any controversy or claim arising out of orrelating to this Agreement shall be finally 

         resolved by arbitration inaccordance with the Employment Dispute Resolution Rules of the 

         American  ArbitrationAssociation (the 'AAA').  The arbitrator or arbitrators shall be selected 

         by agreement of the parties or, ifthey cannot agree on an arbitrator or arbitrators within 30 days 

        after the date arbitration is required by either party, then the arbitrator or arbitrators shall be 

        selected by the AAA upon the application of the Executive or the Company.  The determination 

        reached in such arbitration shall be final and binding on both parties without any right of appeal 

       or further dispute.  Execution of thedetermination by such arbitrator may be sought in any 

       court of competent jurisdiction.  The arbitratorsshall not be bound by judicial formalities and may 

       abstain from following the strict rules ofevidence.  Unless otherwise agreed  by the parties, any 

       such arbitration shall take place in Melbourne,Florida.

12.   Miscellaneous.

       (a) Governing Law and Captions. This Agreement shall be governed by, and construed in 

            accordancewith,  the laws of the State of Florida, without reference to principles ofconflict 

            of  laws. The captions of this Agreement are not part of the provisions hereof andshall have 

            no force or effect.  

       (b) Notices.  All notices andother communications under this Agreement shall be in writing and 

            shall begiven by hand delivery or by facsimile (provided confirmation of receipt of such 

            facsimile isreceived)  to the other party or by registered or certified mail, returnreceipt 

            requested, postageprepaid, addressed  as follows: 

 

                        If to the Executive: 

            Mr. John H. Sottile

            100 Rialto Place, Suite 500

            Melbourne, FL 32901

           If to the Company: 

           Mr. John P. Fazzini

           Chairman of the Compensation Committee

           The Goldfield Corporation

           100 Rialto Place, Suite 500

           Melbourne, FL 32901

           With copy to:

           LeBoeuf, Lamb, Greene & MacRae, L.L.P.

           125 West 55th Street

           New York, NY 10019-5389

           Attention: Mr. David P. Bicks, Esq.

           Fax No.: (212) 424-8500

or to such other address aseither party furnishes to the other in writing in accordance with this 

section.  Notices andcommunications shall be effective when actually received by the addressee. 

            (c) Amendment. This Agreement may not be amended or modified except by a written 

                agreement  executed by the parties hereto or their respectivesuccessors or legal representatives. 

            (d) Severability. The invalidity or unenforceability of any provision of this Agreement shall not 

                affect the validity or enforceability of any other provision of this Agreement. If any provision 

                 of this Agreement  shall be held invalid or unenforceable in part, theremaining portion of such

                 provision, together with all other provisions of this Agreement,shall remain valid and 

                enforceable and continue in full force and effect to the fullest extent consistent with law. 

            (e)  Withholding. Notwithstanding any other provision of this Agreement, the Company may 

                 withhold  from amounts payable under this Agreement all federal, state,local, and foreign 

                taxes that are required to be withheld by applicable laws or regulations.  

            (f) Entire Understanding. The Executive and the Company acknowledge that, except as 

               expressly  provided herein, this Agreement supersedes and terminates anyother consulting,

               employment,  severance or similar agreements between the Executiveand the Company 

               or any Affiliate of the Company.  This Agreement may be executed inseveral counterparts, 

               each of which shall be deemed an original, and said counterparts shallconstitute but one 

               and the same instrument.  

           (g) Rights and Benefits Unsecured. The rights and benefits of the Executive under this Agreement 

               may not  be anticipated, assigned, alienated, or subject toattachment, garnishment, levy, 

              execution, or other legal or equitable process except as required by law. Any attempts 

              by the Executive to anticipate, alienate, assign, sell, transfer, pledge,or encumber the same 

              shall be void.  Payments hereunder shall  not be considered assets ofthe Executive in the 

               event of insolvency or bankruptcy. 

           (h) Waiver of Breach. The waiver by either party of a breach or violation of any provision hereof 

               shall not operate as a waiver of any subsequent breach of the same or anyother provision 

               hereof.

            (i) Voluntary Limitation. The Executive may elect to limit amounts payable under this Agreement 

                by  notifying the Company, prior to the Executive's receipt of such amounts,that the 

                Executive elects to receive either none or some portion of such amounts.

            (j) Full Settlement.  Except as otherwise provided in section8 hereof, the Company's 

                obligation to make the payments provided for in this Agreement and otherwise to perform 

                its obligations  hereunder shall be absolute and unconditional and shallnot be affected by 

                any circumstances,  including,without limitation, any set-off, counterclaim, recoupment, 

                defense or other claim, right  or action which the Company may have againstthe Executive 

                or others.

IN WITNESS WHEREOF, the Executive has hereunto set his handand, pursuant to the authorization of 

the Board, the Company has caused this Agreement to beexecuted, all as of the day and year set forth 

below. 

 

**                                                                                THE GOLDFIELD CORPORATION**

                                                                             /s/ Stephen R. Wherry   Date:  11/1/01 

                                                                        By:Stephen R. Wherry

                                                                       Its:  Vice President

**                                                                                                EXECUTIVE**

**                                                                       **       /s/ John H. Sottile      Date:  11/1/01

                                                                               John H. Sottile

 Southeast Power Corporation agrees to the termination of its employmentagreement with the Executive as

 contemplated by this Agreement and thetermination of its rights and obligations thereunder effective as of 

 November 1, 2001.

**                                           SOUTHEAST POWER CORPORATION**

**  **

**                                                                       **   /s/ Robert L. Jones     ** ** Date:   11/1/01

                                                                        By:  Robert L. Jones

                                                                         Its:  President

 

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