**UNITED STATESSECURITIES AND EXCHANGE COMMISSION****WASHINGTON, D.C. 20549**

**Form 10-Q**

(Mark One)

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

**For the quarterlyperiod ended March 31, 2005**

**OR**

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

**For the transitionperiod from ________ to ________**

**Commission FileNumber: 1-7525**

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

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

**(100Rialto Place, Suite 500, Melbourne, FL, 32901**)(Former name, former address and former fiscal year, ifchanged since last report)

     Indicate by check markwhether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past90 days.

Yes  X     No    

 

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

 Yes        No  X  

     Asof May 2, 2005, 25,788,507 shares of the Registrant's common stock were outstanding.

 

 

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ONFORM 10-QFOR THE QUARTER ENDED March 31, 2005

INDEX
Page  Number
Part I.

FINANCIAL INFORMATION

** **

Item 1.

Financial Statements

  Consolidated Balance Sheets

 3

  Consolidated Statements of Operations

 4

  Consolidated Statements of Cash Flows

 5

  Notes to Consolidated Financial Statements

 6

Item 2.

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

  13
         
Item 3.

Quantitative and Qualitative Disclosures About Market Risk

22

Item 4.

Controls and Procedures

22
   
Part II.	Item 1.

OTHER INFORMATIONLegal Proceedings

23
         
Item 2.

Unregistered Sales of Equity Securities and Use of  Proceeds

24
         
Item 6.

Exhibits

25
   
Signatures

25

 

 

 

 

 
2

**Part I.  FINANCIALINFORMATION**

**Item 1. Financial Statements.**
 
THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

March 31,

December 31,

2005

2004

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

 $    4,668,904 

 $    6,827,685 

Restricted cash -  discontinued operations (Note 4)

       7,845 

      31,176 

Accounts receivable and  accrued billings

   3,647,851 

   3,140,817 

Contracts receivable (Note  2) 

   1,131,157 

         -   

Current portion of notes  receivable

      41,453 

      41,453 

Costs and estimated earnings  in excess of 

billings on uncompleted  contracts 

   2,153,015 

     903,018 

Deferred income taxes 

     947,195 

     993,516 

Income taxes recoverable	

      42,808 

      46,054 

Residential properties under  construction (Note 3)

   1,094,309 

         -  

Prepaid expenses

     561,990 

     321,865 

Other current assets

      24,025 

      13,648 

Total current assets

 14,320,552 

 12,319,232 

Property, buildings and  equipment, net 

   8,509,021 

   8,487,797 

Notes receivable, less  current portion

     507,019 

     507,136 

Deferred charges and other  assets
   
Deferred income taxes, less  current portion 

     316,886 

     368,890 

Land and land development  costs (Note 3)

   1,233,964 

   1,582,882 

Cash surrender value of life  insurance 

     315,369 

     316,725 

Other assets 

     272,200 

     121,855 

Total deferred charges and  other assets

   2,138,419 

   2,390,352 

Total assets

 $  25,475,011 

 $  23,704,517 

LIABILITIES AND  STOCKHOLDERS' EQUITY

Current liabilities

   

   

Accounts payable and accrued  liabilities 

 $    3,583,060 

 $    1,802,539 

Billings in excess of costs  and estimated 

earnings on uncompleted  contracts 

         -  

       7,229 

Notes payable to bank (Note  5)

   1,016,338 

     866,667 

Current liabilities of  discontinued operations (Note 4)

     120,486 

     153,919 

Total current liabilities

   4,719,884 

   2,830,354 

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

   1,300,000 

   1,516,667 

Total liabilities

   6,019,884 

   4,347,021 

Commitments and  contingencies (Notes 4 and 6)

Stockholders' equity

Preferred stock, $1 par  value per share, 100,000 

shares authorized, none  issued 

         -  

         -  

Common stock, $.10 par value  per share, 

40,000,000 shares  authorized; 27,758,771 shares issued at

March 31, 2005 and December  31, 2004 

   2,775,877 

   2,775,877 

Capital surplus 

 18,475,152 

 18,475,152 

Accumulated deficit

    (790,926)

(927,478)

Total

 20,460,103 

 20,323,551 

Less common stock in  treasury, at cost; 1,927,606 and 1,862,522

shares at March 31, 2005 and  December 31, 2004, respectively

   1,004,976 

     966,055 

Total stockholders' equity

 19,455,127 

 19,357,496 

Total liabilities and  stockholders' equity

 $  25,475,011 

 $  23,704,517 
   
See accompanying notes to  consolidated financial statements

3

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

March 31,

2005

2004

Revenue

Electrical construction

 $     7,100,316 

 $    9,271,934 

Real estate development

   1,131,157 

   2,988,771 

Total revenue

   8,231,473 

 12,260,705 
   
Costs and expenses

Electrical construction

   5,917,573 

   7,548,274 

Real estate development

     692,452 

   2,075,029 

Depreciation and  amortization

     625,731 

     486,520 

Selling, general and  administrative

     750,778 

     764,494 

Total costs and expenses

   7,986,534 

 10,874,317 
   
Other income (expenses), net  

Interest income

      28,458 

      20,575 

Interest expense, net

     (32,986)

      (6,499)

Loss on sale of property and  equipment

      (1,486)

      (1,115)

Other

       1,889 

         595 

Total other income  (expenses), net

      (4,125)

      13,556 
   
Income from continuing  operations 

before income taxes

     240,814 

   1,399,944 
   
Income taxes (Note 7)

      91,510 

     560,774 
      
Income from continuing  operations

     149,304 

     839,170 
   
Loss from discontinued  operations (Note 4)

     (12,752)

         -  
   
   

   

Net income

 $      136,552 

 $       839,170 
   
Earnings per share of common  stock -

basic and diluted (Note 8)

Continuing operations

 $           0.01 

 $            0.03 

Discontinued operations

         -  

         -  

Net income 

 $           0.01 

 $            0.03 
   
Weighted average common  shares and 

equivalents used in the  calculations

of earnings per share

Basic

 25,833,696 

 26,301,631 

Diluted

 25,867,275 

 26,352,967 
   
See accompanying notes to  consolidated financial statements

4

THE GOLDFIELD CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended

March 31,

2005

2004

Cash flows from operating  activities

Income from continuing  operations 

 $         136,552 

 $         839,170 

Adjustments to reconcile net  income to net

cash provided by (used in)  operating activities

Depreciation and  amortization

    625,731 

    486,520 

Deferred income taxes

     98,325 

    543,632 

Loss on sale of property and  equipment

      1,486 

      1,115 

Cash (used by) provided from  changes in

Accounts receivable and  accrued billings

   (507,034)

    302,188 

Contracts receivable

 (1,131,157)

 (2,988,771)

Costs and estimated earnings  in excess

of billings on uncompleted  contracts

 (1,249,997)

   (578,793)

Land and land development  costs

    348,918 

    (12,086)

Residential properties under  construction

 (1,094,309)

    350,415 

Recoverable income taxes

      3,246 

     10,267 

Prepaid expenses and other  assets

   (400,847)

   (631,849)

Accounts payable and accrued  liabilities

 1,780,520 

 1,010,157 

Billings in excess of costs  and estimated 

earnings on uncompleted  contracts

     (7,229)

   (115,520)

Income taxes payable

        -  

      2,248 

Net cash used in operating

activities of continuing  operations

 (1,395,795)

   (781,307)

Net cash used in operating

activities of discontinued  operations

    (10,103)

    (24,837)

Net cash used in operating  activities

 (1,405,898)

   (806,144)
   
Cash flows from investing  activities

Proceeds from the disposal  of property and equipment

     52,831 

     49,500 

Proceeds from notes  receivable

        117 

     15,388 

Purchases of property and  equipment

   (701,272)

   (927,414)

Cash surrender value of life  insurance

      1,357 

      3,771 

Net cash used in investing

activities of continuing  operations

   (646,967)

   (858,755)

Net cash used in investing  activities of 

discontinued operations

        -  

        -  

Net cash used in investing  activities  

   (646,967)

   (858,755)
   
Cash flows from financing  activities

Proceeds from the exercise  of stock options

        -  

     36,458 

Borrowings under lines of  credit

    149,672 

  1,237,489 

Repayments on term debt

   (216,667)

        -  

Purchase of treasury stock

    (38,921)

        -  

Net cash (used in) provided  by financing

activities of continuing  operations

   (105,916)

 1,273,947 
   
Net decrease in cash and  cash equivalents

 (2,158,781)

   (390,952)

Cash and cash equivalents at  beginning of period

 6,827,685 

 5,045,463 

Cash and cash equivalents at  end of period

 $       4,668,904 

 $       4,654,511 
   
Supplemental disclosure of  cash flow information

Income taxes paid

 $             2,691 

 $             4,626 

Interest paid

     28,768 

      2,651 
      
See accompanying notes to  consolidated financial statements

5

**THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2005 and 2004**

**Note 1 -**

**Basis of  Financial Statement Presentation**

In the opinion of management, theaccompanying unaudited interim consolidated financial statements include alladjustments necessary to present fairly the Company's financial position,results of operations and changes in cash flows for the interim periodsreported.  These adjustments are of a normal recurring nature.  All financialstatements presented herein are unaudited with the exception of theconsolidated balance sheet as of December 31, 2004, which was derived from the audited consolidated financial statements.  The results of operations forthe interim periods shown in this report are not necessarily indicative ofresults to be expected for the fiscal year.  Thesestatements should be read in conjunction with the financial statements includedin the Company's annual report on Form 10-K for the year ended December 31, 2004.

**Note 2 -**

**Contracts Receivable**

Contracts receivable representrevenue recognized on a portion of the value of contracts for sale oncondominium units, which establish buyers' commitments to purchase that arebacked by their non-refundable earnest money deposits.  As of March 31, 2005, there was a $1,131,157 outstanding balance in contracts receivablecompared to no outstanding balance at December 31, 2004.

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

**Note 3 -**

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

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

**Note 4 -**

**Discontinued Operations**

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

**  Commitments andContingencies Related to Discontinued Operations**

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

6

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

The Company has entered into aCost Sharing Agreement with two other PRPs (Combustion Engineering and Blue TeeCorp.) (collectively, the "Work Group") through which the Work Grouphas agreed how to perform and finance the EE/CA.  Pursuant to the Cost SharingAgreement, the Work Group has agreed to share equally the costs of the EE/CA,subject to re-allocation of such costs among the Work Group after completion ofthe EE/CA. The Work Group has also entered into an Administrative Order onConsent ("AOC") with the EPA, wherein the Work Group members haveagreed to perform and finance the EE/CA.  The Work Group members have furtherentered into a fixed fee contract with SECOR International to act as contractorto perform the EE/CA.  SECOR performed field work (sampling) during the monthof October 2004.  Evaluation of data and preparation of an EE/CA Report areexpected to be completed during the summer of 2005, whereupon the EPA willdecide whether additional response action (remediation) may be necessary at theSite.

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

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

In September 2003, in accordancewith Financial Accounting Standards Board Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement ofFinancial Accounting Standards No. 5 (Accounting for Contingencies)", and Statementof Position 96-1, "Environmental Remediation Liabilities", the Companyrecognized a provision of $210,976 (within discontinued operations) for thismatter, in addition, this provision was increased by $111,769 during the twelvemonth period ended December 31, 2004, increasing the total provision to$322,745, which represents the current estimate of the Company's share of thecosts associated with an emergency removal action previously undertaken by theEPA, the anticipated cost of the EE/CA study and the anticipated professionalfees associated with the EE/CA study.  Total actual costs to be incurred at theSite in future periods may vary from this estimate, given inherentuncertainties in evaluating environmental costs.  As of March 31, 2005, the Companyincurred actual investigation and professional services costs of $168,826 andits reserve balance for the EE/CA study process is $120,486 (accrued as acurrent liability within discontinued operations).  The accrual will bereviewed periodically based upon facts and circumstances available at the time,which could result in changes to its amount.  The EPA has indicated that it hasmade no determination whether any additional response action (remediation) willbe required at the Site and will not do so until after completion of the EE/CAprocess.  At this stage, the Company does not have sufficient information todetermine the potential extent and nature of any necessary future responseaction (remediation) at the Site, or to estimate the potential additionalfuture cost of such action or the Company's potential liability for suchcosts.  The Company is also investigating whether any cost incurred would becovered by insurance.  Based on that investigation, the Company is in theprocess of obtaining additional information and coverage determinations fromtwo carriers who appear to have provided commercial liability insurance in thepast.  No specific coverage determinations have yet been made.
7
The following table sets forthcertain unaudited operating results of the discontinued operations for the threemonths ended March 31, as indicated in the table below.  

2005

2004

(unaudited)

(unaudited)

Provision for remediation

 $                    -   

 $               -   	

Loss from discontinued operations before

income taxes 

          -   

          -   	

Income (taxes) benefit

      (12,752) 

          -   	

Loss from discontinued operations, net of tax

 $           (12,752) 

 $               -   	

The income tax expense related todiscontinued operations as noted above results from a decrease in deferred taxassets.  This decrease in deferred tax assets was a result of actual paymentsmade against reserves for remediation during the quarter.

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

March 31,

December 31,

2005

2004

(unaudited)

Current assets

Cash in escrow

 $         7,845 

 $          31,176	

Total assets of discontinued

operations

 $         7,845 

 $          31,176	
   
Current liabilities

Reserve for remediation

 $     120,486 

 $        153,919 

Total liabilities of discontinued

operations

 $     120,486 

 $        153,919 
   
 
**Note 5 -****Notes Payable to Bank**
In April 2002, the Company entered into a $6,000,000construction loan agreement, in favor of Wachovia Bank, N.A., to finance thedevelopment of condominium projects. A portion of the loan, up to $1,500,000,may be used for the working capital needs of the Company.  Under the terms ofthe loan, interest is payable monthly at an annual rate equal to the"Monthly LIBOR Index" plus one and nine-tenths percent (4.8% and 4.3%at March 31, 2005 and December 31, 2004, respectively). The proceeds from thesales of the condominiums will be used to repay the loan. At the sole option ofthe lender, the outstanding principal and interest is due and payable in fullwithin 30 days of the lender providing written notice to the Company.  The loanis guaranteed by the Company's electrical construction subsidiary and issecured by an agreement not to further encumber said condominium projects. Borrowingsoutstanding under this agreement were $149,671 as of March 31, 2005 compared to no borrowings outstanding as of December 31, 2004. The amount available for additional borrowing at March 31, 2005 was $5,850,329, of which $1,500,000 isavailable for working capital needs of the Company. The loan agreement containsvarious financial covenants including, but not limited to, minimum tangible networth, minimum current ratio, and maximum debt to tangible net worth ratio.Other loan covenants prohibit, among other things, incurring additionalindebtedness, issuing loans to other entities in excess of a certain amount,entering into a merger or consolidation, and any change in the Company'scurrent Chief Executive Officer without prior written consent from the lender. The Company was in compliance with all such covenants as of March 31, 2005 and December 31, 2004.

8

 

 

On January 30, 2004, the Company entered into a$2,600,000 term loan agreement, in favor of Wachovia Bank, N.A., to financepurchases of electrical construction equipment.  The Company was able to borrowfunds under the loan during the draw period, January 30, 2004 through September 30, 2004. During the draw period, the Company was obligated to makemonthly payments of accrued interest only.  As of the "conversion date", onSeptember 30, 2004 (the "conversion date"), the loan will be payable in monthlyloan payments including principal equal to 1/36 of the outstanding principalbalance of the loan at the conversion date, plus accrued interest for 36consecutive months.  The annual interest rate is equal to the "LIBORMarket Index Rate" plus one and nine-tenths percent (4.8% and 4.3% at March 31,2005 and December 31, 2004, respectively).  The loan is secured by theequipment purchased with the proceeds of the loan, and any replacements,accessions, or substitutions thereof and all cash and non-cash proceeds receivedthereof. Borrowings outstanding under this agreement were $2,166,667 and $2,383,334 as of March 31, 2005 and December 31, 2004, respectively. The loan agreement contains variousfinancial covenants, including, but not limited to, minimum tangible net worth,minimum current ratio, and maximum debt to tangible net worth ratio. Other loancovenants prohibit, among other things, a change in fiscal year and any changein the Company's current Chief Executive Officer without prior written consentfrom the lender.  The Company was in compliance with all such covenants as of March 31, 2005 and December 31, 2004.

Interest costs related to the construction ofcondominiums were capitalized. During the three month periods ended March 31, 2005 and 2004 the Company capitalized interest costs of $868 and $17,548,respectively.  

 

 

 

 

9

 

 

**Note 6 -**

**Commitments and  Contingencies**

The Company's principal office space is under aseven-year non cancelable operating lease.  Future minimum lease payments underoperating leases having initial or remaining non cancelable lease terms inexcess of one year are as follows:
 
At March 31,

2005

2005

 $       105,855	

2006

     138,161	

2007

     137,473	

2008

     139,067	

2009

     142,600	

Thereafter

     333,957	

Total

 $       997,113	

In certain circumstances, the Company is required toprovide performance bonds to secure its contractual commitments.  Management isnot aware of any performance bonds issued for the Company that have ever beencalled by a customer.  As of March 31, 2005, outstanding performance bondsissued on behalf of the Company's electrical construction subsidiary amountedto approximately $2,438,000.

**Note 7 -**

**Income Taxes**

At March 31, 2005, the Company had tax net operating loss carryforwards of approximately $2,910,000 available tooffset future taxable income, which if unused will expire from 2009 through2024.  The Company has alternative minimum tax credit carryforwards ofapproximately $309,000, which are available to reduce future Federal incometaxes over an indefinite period.

The Company's effective tax ratefor the three months ended March 31, 2005 was 38%.  This is the Company'sexpected tax rate for the year ending December 31, 2005 which was calculated based on the estimated annual operating results for the year.** **The effectivetax rate differs from the statutory rate (34%) for the three months ended March 31, 2005, largely due to state income taxes.

** **

** **

** **

** **

** **

** **

10

**Note 8 -**

**Earnings Per Share of Common Stock and Stock  Repurchase Plan**

Basic earnings per common share iscomputed by dividing net income by the weighted average number of common stockshares outstanding during the period.  Diluted earnings per share includeadditional dilution from potential common stock equivalents, such as stockoptions outstanding. The following table sets forth the computation of basicand diluted earnings per share for the periods indicated:

March 31.

March 31.

2005

2004

(unaudited)

(unaudited)

Continuing operations 

Income from continuing  operations

 $         149,304 

 $           839,170 

Discontinued operations

Loss from discontinued  operations

    (12,752)

        -  

Net income 

 $         136,552 

 $           839,170 

Weighted average common  shares outstanding

 25,833,696 

 26,301,631 

Earnings per share-basic

 Continuing operations

 $              0.01 

 $                0.03 

 Discontinued operations

        -  

        -  

 Net income

 $              0.01 

 $                0.03 

Weighted average dilutive  shares from stock option plan

     33,579 

     51,336 

Weighted average common  shares outstanding including 

dilutive shares

 25,867,275 

 26,352,967 

Earnings per share-diluted

Continuing operations

 $              0.01 

 $                0.03 

Discontinued operations

       -  

        -  

Net income

 $              0.01 

 $                0.03 

On September 17, 2002, the Company's Board of Directors approved a Common Stock Repurchase Plan (the "Repurchase Plan") allowing theCompany to repurchase up to five percent (approximately 1.3 million shares) ofits outstanding Common Stock over the twelve-month period which followed.  On June 11, 2003, the Board of Directors approved an extension of the repurchase period until September 16, 2004 and increased the total number of shares purchasable underthe Repurchase Plan to 2.5 million. On September 29, 2004 the Board of Directors approved another extension of the repurchase period until September 29, 2005.  The Company may repurchase its shares either in the open market or throughprivate transactions.  The volume of the shares to be repurchased is contingentupon market conditions and other factors.  During the three month period ended March 31, 2005, the Company repurchased 65,084 shares of its common stock at a cost of $38,921(average cost of $0.60 per share). The total number of shares repurchased underthe Repurchase Plan as of March 31, 2005, was 1,910,248 at a cost of $986,253(average cost of $0.516 per share) and the remaining number of shares theCompany is authorized to repurchase under the Repurchase Plan is 589,752. TheCompany currently holds the repurchased stock as Treasury Stock, reported atcost.  Prior to September 17, 2002, the Company had 17,358 shares of TreasuryStock which it had purchased at a cost of $18,720.

** **

** **

** **

11

** **

**Note 9 -**

**Business Segment Information**

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

The following table sets forthcertain segment information as of the dates indicated:
 
March 31,

March 31,

2005

2004

(unaudited)

(unaudited)

** **

** **

** **

** **

Continuing operations

Revenues

Electrical construction

 $       7,100,316 

 $        9,271,934 

Real estate development

   1,131,157 

   2,988,771 

Total

 $       8,231,473 

 $      12,260,705 
   
Operating income

Electrical construction

 $         551,839	

 $       1,228,513 

Real estate development

     336,042	

     705,885	

Total 

 $         887,881	

 $       1,934,398 

Operating income is total operating revenue lessoperating expenses inclusive of depreciation and selling, general andadministrative expenses for each segment.  Operating income excludes interestexpense, interest income and income taxes.  General corporate expenses arecomprised of general and administrative expenses and corporate depreciationexpense.  Operating income for each business segment, electrical constructionand real estate development, is reconciled below in Item 2 - Management'sDiscussion and Analysis of Financial Condition and Results of Operations.

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

March 31,

December 31,

2005

2004

** **

(unaudited)

Identifiable assets

Electrical construction

 $         15,722,378 

 $         15,183,844 

Real estate development

   3,576,137 

   1,693,624 

Corporate

   6,168,651 

   6,795,873 

Discontinued operations

       7,845 

      31,176 

Total

 $         25,475,011 

 $         23,704,517 

 

**Note 10 -**

**The Goldfield  Corporation 1998 Executive Long-term Incentive Plan**

In 1998, the stockholders of the Company approved the1998 Executive Long-term Incentive Plan (the "Plan"), which permitsthe granting of Nonqualified Stock Options, Incentive Stock Options, StockAppreciation Rights, Restricted Stock, Restricted Stock Units, PerformanceUnits, Performance Shares and other awards to all officers and key employees ofthe Company and its subsidiaries. Shares granted pursuant to the Plan may beauthorized but unissued shares of Common Stock, treasury shares or sharespurchased on the open market.  The exercise price under such grants, ifapplicable, will be based on the fair market value of the Common Stock at thedate of grant.  The maximum number of shares available for grant under the Planis 1,300,000.  Any options granted under the Plan must be exercised within 10years of the date of grant and are vested equally over a 3 year period.  On March 9, 1999, the Company granted options to purchase 985,000 shares, exercisable at$0.21875 per share, the fair market price of the Common Stock at the date ofgrant.  No stock options were granted during the three month periods ended March 31, 2005 and 2004.  As of March 31, 2005, 55,001 options were outstanding.

12

As permitted by Statement ofFinancial Accounting Standards ("SFAS") No. 123, "Accounting for Stock-BasedCompensation", as amended by SFAS No. 148, "Accounting for Stock-BasedCompensation - Transition and Disclosure - an amendment of SFAS No. 123", theCompany applies the intrinsic value-based method of accounting as prescribed byAccounting Principles Board Opinion No. 25, "Accounting for Stock Issued toEmployees", in accounting for its Plan.  Accordingly,no compensation cost has been recognized in the consolidated financialstatements during the three month periods ended March 31, 2005 and 2004.  Had the Company used the fair value-based method of accounting to determinecompensation cost for its stock options at the grant date under SFAS No. 123,as amended by SFAS No. 148, the Company's net income would not have changed forthe three month periods ended March 31, 2005 and 2004.

**Note 11 -**

**Recent Accounting  Pronouncements**

In December 2004, the FASB issued Statement of FinancialAccounting Standards No. 123 (revised), "Share-Based Payment (Revised 2004)"(SFAS 123R) requiring that the compensation cost relating to share-basedpayment transactions be recognized in financial statements. The cost is to bemeasured based on the fair value of the equity or liability instruments issued.Originally, SFAS 123R required that companies adopt the provision of SFAS 123R asof the first interim or annual reporting period beginning after June 15, 2005.However, in April 2005, the Securities and Exchange Commission adopted a newrule which defers the compliance date of FAS 123R until 2006 for calendar year companiessuch as Goldfield. The Company expects that, upon adoption, this FASB will nothave a significant impact on the financial position or results of operations ofthe Company.

**Item 2.**

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

**Overview**

The Company's revenue from electrical constructionoperations decreased approximately 23.4% for the three month period ending March 31, 2005 as compared to the same period in the prior year.  This decrease in revenuewas primarily a result of fewer large transmission projects available withinthe southeast region of the United States.  Operating margins of the electricalconstruction operations decreased by 55.1% for the three month period ending March 31, 2005 when compared to the like period in 2004.  The decrease in operating marginsfor the three month period ended March 31, 2005 is a result of a reduced revenue base and relatively static overhead expenses compared to the like periodin 2004.  

Revenues from the real estate development operationsdecreased by approximately 62.2% in the first three months of 2005 whencompared to the same period in 2004.  This decrease was mainly the result oftiming differences in real estate construction projects between the like 2005and 2004 periods.  Due to the timing of the flow of projects, we did not beginrecognizing revenue in our real estate development operations in 2005, until thelast month of the quarter.  In the first quarter of 2004, revenue wasrecognized throughout the entire period. Operating margins increased to 29.7%for the three months ended March 31, 2005 from 23.6% for the three months ended March 31, 2004. During the latter part of 2005, the Company plans to commenceconstruction on a second project, Pineapple House, described in the Results ofOperations section below. Since this project is still in the permitting phase,there can be no assurance as to specific timing with respect to thecommencement of construction.

** **

 

13

**CriticalAccounting Policies and Estimates**

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

 **Percentage of Completion- Electrical Construction Segment**

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

The accuracy of our revenueand profit recognition in a given period is almost solely dependent on theaccuracy of our estimates of the cost to complete each project.  Due to ourexperience and the detailed approach in determining our cost estimates for allof our significant projects we believe our estimates to be highly reliable.  However,our projects can be complex and in almost every case the profit marginestimates for a project will either increase or decrease to some extent fromthe amount that was originally estimated at the time of bid. Because we have anumber of projects of varying levels of complexity and size in process at anygiven time these changes in estimates can offset each other without materiallyimpacting our overall profitability.  If a current estimate of total costsindicates a loss on a contract, the projected loss is recognized in full whendetermined.  Revenue from change orders, extra work, variations in the scope ofwork and claims is recognized when realization is probable.
14
  **Percentage of Completion - Real Estate Development Segment**

Our initial condominiumproject was accounted for under the deposit method due to our limitedexperience in condominium development business.  Accordingly, the recognitionof related revenue and expenses was deferred until the project was complete andthe underlying titles were transferred to the buyers.

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

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

If a current estimate oftotal project costs indicates a loss on a project, the projected loss isrecognized in full when determined.  The timing of revenue and expenserecognition is contingent on construction productivity.  Factors possiblyimpeding construction productivity include, but are not limited to, supply oflabor, materials and equipment, scheduling, weather, permitting and unforeseenevents.

If a buyer were to default on the contract for sale, revenues and expenses recognized in prior periods would be adjusted in the period of default.

  **Deferred Tax Assets**

The Companyconsiders future taxable income and ongoing prudent and feasible tax planningstrategies in assessing the need for a valuation allowance for deferred taxassets.  The ultimate realization of deferred tax assets is dependent upon thegeneration of future taxable income during the periods in which the deferredtax assets are expected to be recovered or settled.  Should the Companydetermine that it would not be able to realize all or part of its net deferredtax assets, a valuation allowance would be recorded to reduce its deferred taxassets to the amount that is more likely than not to be realized. In the eventthe Company were to subsequently determine that it would be able to realize itsdeferred tax assets in the future in excess of its net recorded amount, anadjustment to the previously recorded valuation allowance would increase incomein the period such determination was made.

As of March 31, 2005, thedeferred tax asset was largely comprised of net operating loss ("NOL")carryforwards which will expire from 2009 through 2024 (refer to note 7 ofnotes to the consolidated financial statements).  Based on historicalexperience and other various assumptions including forecasts of future taxableincome and tax planning, the Company anticipates being able to generate sufficienttaxable income to utilize the NOL carryforwards prior to their respectiveexpiration dates and therefore, has not recorded a valuation allowance againstthe deferred tax assets.  

15

 

 **Provision forRemediation**

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

In September 2003, inaccordance with Financial Accounting Standards Board Interpretation No. 14,"Reasonable Estimation of the Amount of a Loss - an interpretation of Statementof Financial Accounting Standards No. 5 (Accounting for Contingencies)", andStatement of Position 96-1, "Environmental Remediation Liabilities", theCompany recognized a provision of $210,976 (within discontinued operations) forthis matter, in addition, this provision was increased by $111,769 during thetwelve month period ended December 31, 2004. This increased the total provisionto $322,745.  There was no change to the provision recorded during the threemonths ended March 31, 2005.  Total actual remediation costs to be incurred infuture periods may vary from this estimate, given inherent uncertainties inevaluating environmental costs.  

**Resultsof Operations**

**THREE MONTHS ENDED MARCH 31, 2005 COMPARED TO THREE MONTHS ENDED MARCH 31, 2004**

**Segment Information**

The table below shows theCompany's consolidated revenue and operating income attributable to each of itssegments for the three months ended March 31, as indicated:
 
2005

2004

(unaudited)

(unaudited)

Revenue

Electrical construction

 $         7,100,316 

 $         9,271,934 

Real estate development

   1,131,157 

   2,988,771 

Total

 $         8,231,473 

 $       12,260,705 
      
Operating income 

Electrical construction

 $           551,839 

 $         1,228,513 

Real estate development

     336,042 

     705,885 

Total

 $           887,881 

 $         1,934,398 

 
16
 

 

The table below is areconciliation of the Company's operating income attributable to each of its segmentsfor the three months ended March 31, as indicated:
   
2005

2004
   
(unaudited)

(unaudited)

Electrical construction
   
Revenue
$
     7,100,316 
$
     9,271,934 

Expenses
   
Cost of goods sold
   
   5,917,572 

   7,548,274 

Depreciation
   
     599,145 

     462,892 

SG&A
   
      31,760 

      32,255 

Total expenses
   
   6,548,477 

   8,043,421 

Operating income
$
       551,839 
$
     1,228,513 
      
Real estate development
   
Revenue
$
     1,131,157 
$
     2,988,771 

Expenses
   
Cost of goods sold
   
     692,452 

   2,075,029 

Depreciation
   
       5,457 

       2,943 

SG&A
   
      97,206 

     204,914 

Total expenses
   
     795,115 

   2,282,886 

Operating income
$
       336,042 
$
       705,885 
      
**Continuing Operations**

 ** Revenues**

Total revenues in the three months ended March 31, 2005 decreased by 32.9% to $8,231,473, compared to $12,260,705 in the threemonths ended March 31, 2004. This decrease in revenue was largely a result of ageneral decline in the availability of large transmission line construction projectsin the electrical construction segment and a difference in the timing of realestate construction projects for the period ending March 31, 2005 compared to the like period in 2004. 

Electrical construction revenues decreased by 23.4% to$7,100,316 in the three months ended March 31, 2005 from $9,271,934 in the three months ended March 31, 2004.  The varying magnitude and duration ofelectrical construction projects may result in substantial fluctuation in theCompany's backlog from time to time. At March 31, 2005, the approximate value of uncompleted contracts was $7,700,000 compared to $9,300,000 at March 31, 2004.

Revenues recognized by the real estate developmentoperations for the three months ended March 31, 2005 were $1,131,157 compared to $2,988,771 for the three months ended March 31, 2004, a decrease of 62.2%.  The decline in revenues in the first quarter of 2005 was due in large part totiming differences of real estate construction projects. 

The Company's real estateproject currently under construction, "Oak Park", is due to be completed duringthe fourth quarter of 2005.  The Company's next project ("Pineapple House") iscompleting the permitting stage of development and is in the process ofaccepting pre-construction deposits and reservations.

As of March 31, 2005, the real estate development operation's backlog (outstanding real estate contractsfor sale excluding partial revenue already recognized on said contracts underthe percentage of completion method) was approximately $10,495,000, compared toapproximately $900,000 as of March 31, 2004.  There can be no assurance thatsettlements of condominiums subject to contracts for sale will occur.

 
17
 

 **Operating Results**

Electrical construction operations had operating incomeof $551,839 in the three months ended March 31, 2005, compared to operating income of $1,228,513 during the three months ended March 31, 2004, a decrease of 55.1%.  As a percentage of revenue, operating margins on electricalconstruction operations decreased to 7.8% for the three months ended March 31, 2005 from 13.2% for the three months ended March 31, 2004.  The decrease in operating margins for the three month period ended March 31, 2005 is a result of a reduced revenue base and relatively static overhead expenses comparedto the like period in 2004.  

Real estate development operations had an operatingincome of $336,042 in the three months ended March 31, 2005, compared to $705,885 in the three months ended March 31, 2004, a decrease of $369,843.  As a percentage of revenue, operating margins increased to 29.7% for the threemonths ended March 31, 2005 from 23.6% for the three months ended March 31, 2004.  Operating margins from real estate development operations are expected tovary due to the type and number of projects under construction at any giventime and each respective project's estimated operating margin.

  **Costs and Expenses**

Total costs and expenses, and the components thereof,decreased to $7,986,534 in the three months ended March 31, 2005 from $10,874,317 in the three months ended March 31, 2004, a decrease of 26.6%.

Electrical construction costs decreased to $5,917,573 inthe three months ended March 31, 2005 from $7,548,274 in the three months ended March 31, 2004, a decrease of 21.6%.  The decrease in costs resulted from adecrease in the volume of work performed and is consistent with the 23.4%decrease in revenue.

Costs of the real estate development operations decreasedto $692,452 for the three months ended March 31, 2005 from $2,075,029 for the three months ended March 31, 2004, a decrease of 66.6%.  The decline in costs inthe first quarter of 2005 was due in large part to timing differences of realestate construction projects. 

Depreciation and amortization was$625,731 in the three months ended March 31, 2005, compared to $486,520 in the three months ended March 31, 2004.  The increase in depreciation andamortization was primarily a result of an increase in capital expenditures madein recent years, most of which related to upgrading and replacing electricalconstruction equipment.

 

 

18

The following table sets forthselling, general and administrative ("SG&A") expenses for each respectivesegment for the three months ended March 31, as indicated:

2005

2004

(unaudited)

(unaudited)

Electrical construction

 $              31,760 

 $                 32,255 

Real estate development

       97,206 

204,914 

Corporate

      621,812 

527,325 

Total

 $            750,778 

 $               764,494 

In the three months ended March 31, 2005, total SG&A expenses decreased by 1.8% when compared to the like period in 2004. Thedecrease was primarily attributable to lower bonuses and selling costs in the realestate development operations, which decrease was partially offset by increasedprofessional fees incurred within the corporate division.  SG&A expenses,as a percentage of revenue, increased to 9.1% for the three months ended March 31, 2005 compared to 6.2% in the like period for 2004.  This increase was due to thedecrease in revenues for the quarter ending March 31, 2005, compared to the like period in 2004.

  **Income Taxes**

The provision for income taxes was $91,510 in the threemonths ended March 31, 2005, an effective tax rate of 38%, which is theCompany's expected tax rate for the year ended December 31, 2005, as comparedto $560,774 in the three months ended March 31, 2004, an effective tax rate of40.1%.  The effective tax rates for the three months ended March 31, 2005 and 2004 differ from the statutory rate largely due to state income taxes.

**Discontinued Operations **

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

Following the sale, in September2003, the Company was notified by the EPA that it is a PRP with respect to possibleinvestigation and removal activities at a mine previously owned by the Company.Please see note 4 of notes to the consolidated financial statements in thisForm 10-Q for a discussion of this matter.

The following table sets forthcertain unaudited operating results of the discontinued operations for the threemonths ended March 31, as indicated:

2005

2004

(unaudited)

(unaudited)

Provision for remediation

 $                   -  	

 $                    -  	

Loss from discontinued operations before

income taxes 

          -  	

          -  	

Income (taxes) benefit

      (12,752)

          -  	

Loss from discontinued operations, net of tax

 $          (12,752)

 $                    -  	

The income tax expense related todiscontinued operations as noted above results from a decrease in deferred taxassets. This decrease in deferred tax assets was a result of actual paymentsmade against reserves for remediation during the quarter.

19

**Liquidity and Capital Resources**

**Working Capital Analysis**

Cash and cash equivalents at March 31, 2005 were $4,668,904 as compared to $6,827,685 at December 31, 2004. Working capital of continuingand discontinued operations at March 31, 2005 was $9,604,291, compared to$9,488,878 at December 31, 2004.  The Company's ratio of current assets tocurrent liabilities (including continuing and discontinued operations)decreased to 3.0:1 at March 31, 2005, from 4.4:1 at December 31, 2004. This net decrease was primarily attributable to a net increase in accounts payableof the real estate operations which increase is due to the costs associatedwith the current construction activities at its most recent project. 

**Cash Flow Analysis**

Net cash flows for each of the threemonth periods ended March 31 were as follows:

2005

2004

(unaudited)

(unaudited)

Operating activities

 $        (1,405,898)

 $           (806,144)

Investing activities

    (646,967)

    (858,755)

Financing activities

    (105,916)

   1,273,947 

Net decrease in

cash and cash equivalents

 $        (2,158,781)

 $           (390,952)

**  OperatingActivities**

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

For the first three months of2005, net cash used by operating activities was $1,405,898, compared to$806,144 used in the same period in 2004.  Changes in accounts receivable andaccrued billings used $507,034 of cash in the first quarter of 2005, compared tocash provided of $302,188 in the first quarter of 2004 due to a decrease inaccounts receivable and accrued billings of the electrical constructionsegment.  Costs and estimated earnings in excess of billings on uncompletedcontracts used $1,249,997 of cash in the first quarter of 2005 compared to cashused of $578,793 in the first quarter of 2004 due to an increase in the numberof outstanding projects and the timing of billings.  Changes in the contractsreceivable, residential properties under construction, and land and landdevelopment costs of the real estate development operations used $1,876,548 ofcash in the first three months of 2005, compared to $2,650,442 of cash used in thesame period for 2004.  The decrease in cash used by contracts receivable, residentialproperties under construction, and land and land development costs in the firstthree months of 2005, when compared to the like period in 2004, was due inlarge part to the timing difference related to the construction of the realestate projects during both periods. Accounts payable and accrued liabilitiesprovided $1,780,519 in the first quarter of 2005 compared to cash provided of$1,010,157 in the like period of 2004, primarily due to the decrease in theopen accounts payable of the electrical construction operations.  

20

**  Investing Activities**

Net cash used by investingactivities in the first three months of 2005 was $646,967, compared to $858,755for the same period in 2004. This decrease in cash used by the Company'sinvesting activities during the first three months of 2005 when compared to thesame period in 2004 was primarily the result of a decrease of capitalexpenditures in the first three months of 2005 to $701,272 from $927,414 in 2004. 

Capital expenditures in 2005 areexpected to approximate $2.3 million, which includes approximately $701,000 incapital expenditures during the three months ended March 31, 2005.  The Companyanticipates funding all 2005 capital expenditures through existing cashreserves.

**  Financing Activities**

Net cash used by financingactivities in the first three months of 2005 was $105,916, compared to net cashprovided by of $1,273,947 in the same period of 2004. Net cash provided byborrowing under lines of credit for the period ending March 31, 2005 was $149,672 compared to $1,237,489 primarily due to a decrease in borrowings withinthe real estate division.  Payments to the capital line of credit for capitalequipment in the electrical construction division accounted for cash used of$216,667 in the first three months of 2005 as compared to no payments in thesame period in 2004.  

The Company has paid no cash dividends on its CommonStock since 1933, and it is not expected that the Company will pay any cashdividends on its Common Stock in the immediate future.

**Forecast**

The Company anticipates its cash on hand, cash flows fromoperations and credit facilities will provide sufficient cash to enable theCompany to meet its working capital needs, debt service requirements andplanned capital expenditures for at least the next twelve months.  However, theCompany's revenues, results of operations and cash flows as well as its abilityto seek additional financing may be negatively impacted by factors including,but not limited to, a decline in demand for electrical construction servicesand/or condominiums in the markets served and general economic conditions,heightened competition, availability of construction materials, increasedinterest rates and adverse weather conditions. 

**Contractual Obligations**

The following table summarizesthe Company's future aggregate contractual obligations at March 31, 2005: 

Payments Due By Period

(in thousands)

Total

Less Than 1 Year

1 - 2 years

3 - 5 Years

More Than 5 Years

Operating leases

 $       	997	

 $        	143	

 $          136	

 $          421	

 $           297	

Purchase obligations1

    1,303	

   422 

   434 

   447 

   -   

Long-term debt - principal

    2,167	

   867 

   867 

   433 

   -   

Long-term debt - interest2

      368	

      111	

       70	

       85	

      102	

Total

 $     4,835 

 $      1,543 

 $       1,507 

 $       1,386 

 $          	399	

(1)  Purchase obligations include only agreements to purchase goods orservices that are enforceable and legally binding and that specify allsignificant terms.  These amounts represent the employment contract of the CEO.

21

(2)  Includes interest on loans against the cash surrender value of lifeinsurance policies included in other long term assets. 

**Forward-Looking Statements**

We make "forward looking statements" within the"safe harbor" provision of the Private Securities Litigation ReformAct of 1995 throughout this document. You can identify these statements byforward-looking words such as "may," "will,""expect," "anticipate," "believe,""estimate," "plan," and "continue" or similarwords.  We have based these statements on our current expectations about futureevents.  Although we believe that our expectations reflected in or suggested byour forward-looking statements are reasonable, we cannot assure you that theseexpectations will be achieved.  Our actual results may differ materially fromwhat we currently expect.  Factors that may affect the results of ourelectrical construction operations include, among others: the level ofconstruction activities by public utilities; the timing and duration ofconstruction projects for which we are engaged; adverse weather; our ability toestimate accurately with respect to fixed price construction contracts;heightened competition in the electrical construction field, includingintensification of price competition; and the availability of skilledconstruction labor. Factors that may affect the results of our real estatedevelopment operations include, among others: interest rates; ability to obtainnecessary permits from regulatory agencies; adverse legislation or regulations;ability to acquire land; ability to obtain additional construction financing;adverse weather; natural disasters; and 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 Management's Discussion and Analysis ofFinancial Condition and Results of Operations section and elsewhere in thisdocument.

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

**Item 3.  Quantitative and QualitativeDisclosures About Market Risk.**

The Company and its subsidiariesare exposed to certain market risks from transactions that are entered intoduring the normal course of business. The Company's primary market riskexposure is related to interest rate risk. At March 31, 2005, we performed sensitivity analyses to assess the potential effect of this risk and concludedthat a hypothetical change in the interest rates of 100 basis points would notmaterially affect our financial position, results of operations or cash flows.

**Item 4.**

**Controls and Procedures.**

**Evaluation of disclosurecontrols and procedures**

John H. Sottile, our ChiefExecutive Officer ("CEO"), and Stephen R. Wherry, our Chief Financial Officer("CFO"), have performed an evaluation of the Company's disclosure controls andprocedures, as that term is defined in Rule 13a-15(e) of the SecuritiesExchange Act of 1934, as amended (the "Exchange Act"), as of March 31, 2005 andeach has concluded that such disclosure controls and procedures aresufficiently effective to provide reasonable assurance that informationrequired to be disclosed in our periodic reports filed under the Exchange Actis recorded, processed, summarized and reported, within the time periodsspecified by the Securities and Exchange Commission's rules and regulations.

** **

 

** **

22

**Changes in internal controls**

No changes in the Company's internal controls overfinancial reporting occurred during the first quarter of 2005 that havematerially affected, or are reasonably likely to materially affect, theCompany's internal controls over financial reporting.

**Limitations of theeffectiveness of controls**

A control system, no matter howwell conceived and operated, can provide only reasonable assurance, notabsolute assurance that the objectives of the control system are met.  Becauseof inherent limitations in all control systems, no evaluation of controls canprovide absolute assurance that all control issues, if any, within a companyhave been detected.  These inherent limitations include the realities thatjudgments in decision-making can be faulty and that breakdowns can occurbecause of simple error or mistake.  Additionally, controls can be circumventedby the individual acts of some persons, by collusion of two or more people orby management override of the controls.  The design of any system of controlsis also based in part upon certain assumptions about the likelihood of futureevents, and there can be no assurance that the design will succeed in achievingits stated goals under all potential future conditions; over time, controls maybecome inadequate because of changes in conditions, or the degree of compliancewith policies and procedures may deteriorate.  Because of the inherentlimitations in a cost-effective control system, misstatements due to error orfraud may occur and not be detected.  Accordingly, our disclosure controls andprocedures are designed to provide reasonable, not absolute, assurance that theobjectives of our disclosure control system are met and, as set forth above,our CEO and CFO have concluded, based on their evaluation, that our disclosurecontrols and procedures were sufficiently effective as of March 31, 2005 toprovide reasonable assurance that the objectives of the disclosure controlsystem were met.

**PART II.  OTHERINFORMATION**

**Item 1.**

**  Legal Proceedings.**

**Environmental**

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

23

**Item 2.**

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

The following table sets forth information regarding theCompany's purchases of its Common Stock on a monthly basis during the firstquarter of 2005:

**Issuer Purchases  of Equity Securities**

Period

** **

Total Number of  Shares  Purchased

** **

Average Price Paid  per Share

** **

Total Number of  Shares Purchased as Part of Publicly Announced Plans or Programs(1)

** **

Maximum Number of  Shares that May Yet Be Purchased Under the Plans or Programs

1/1/05-1/31/05

   65,084 

 $       0.60 

65,084 

589,752 

2/1/05-2/28/05

      -  

      -     	

        -      	

589,752 

3/1/05-3/31/05

      -  

      -  	  

        -      	

589,752 

Total

   65,084 

 $       0.60 

65,084 

589,752 

** **

(1) On September 17, 2002, the Company's Board of Directors approved aCommon Stock Repurchase Plan ("the Repurchase Plan") allowing the Company torepurchase up to five percent (approximately 1.3 million shares) of itsoutstanding Common Stock over the twelve-month period which followed.  On June 11, 2003, the Board of Directors approved an extension of the repurchase period until September 16, 2004 and increased the total number of shares purchasable underthe Repurchase Plan to 2.5 million.  On September 29, 2004, the Board of Directors approved another extension of the repurchase period (until September 29, 2005).  As of March 31, 2005, the Company has repurchased under the repurchase plan 1,910,248shares of its Common Stock at a cost of $986,253 (average cost of $0.516 pershare). The Company may repurchase its shares either in the open market orthrough private transactions.  The volume of the shares to be repurchased iscontingent upon market condition and other factors.

 

 

 

 

24

**Item 6.**

**Exhibits.**

31.1*  Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of      2002, 15 U.S.C. Section7241

31.2* Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of      2002, 15 U.S.C. Section7241 

32.1* Certification Pursuant to Section 906 of theSarbanes-Oxley Act of      2002, 18 U.S.C.Section 1350 

32.2* Certification Pursuant to Section 906 of theSarbanes-Oxley Act of      2002, 18 U.S.C.Section 1350 

* These exhibitsare intended to be furnished in accordance with RegulationS-K Item 601(b)(32)(ii) and shall not be deemed to befiled for purposes of Section 18 of the Securities Actof 1934 or incorporated by reference into any filingunder the Securities Act of 1933, except as shall beexpressly set forth by specific reference.

 

SIGNATURES

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

THE GOLDFIELD  CORPORATION  (Registrant)

Dated:   May 13, 2005

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

 

 

 

 

25 |