UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

Form10-Q

(Mark One)

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

For the quarterlyperiod ended September 30, 2002

OR

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

For the transitionperiod ________ to ________

Commission FileNumber: 1-7525

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

| Delaware(State or Other Jurisdiction of  Incorporation or Organization) | 88-0031580(IRS Employer Identification Number) |
|-------------------------------------------------------------------------|------------------------------------------------|

 

| 100 Rialto Place, Suite 500 Melbourne, FL(Address of Principal Executive  Offices) | 32901(Zip Code) |
|------------------------------------------------------------------------------------|-----------------|
|                                                                               |
| (321)  724-1700(Registrant's Telephone Number, including Area Code)                |

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

Yes  X     No ___

     Asof September 30, 2002, 27,414,096 shares of the Registrant's common stock, parvalue $.10 per share, were outstanding.

1

 

----

THE GOLDFIELDCORPORATION AND SUBSIDIARIES

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

 

INDEX

|  |  | Page  Number
Part I.

  FINANCIAL INFORMATION

 

Item 1.

Financial Statements

 

  Consolidated Balance Sheets

 3

  Consolidated Statements of Operations

 4

  Consolidated Statements of Cash Flows

 5

  Notes to Consolidated Financial Statements

 6

 

Item 2.

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

  12

 

Item 4.

Controls and Procedures

21

 

Part II.

OTHER INFORMATION

 

Item 6.

Exhibits and Reports on Form 8-K

22

 

Signatures

22

 

Certifications

23
****
 

2

PART I.  FINANCIAL INFORMATION      Item 1.  Financial Statements
      THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
September 30,   
 
 
December 31,   
2002        
 
 
2001       
 
 
 
(Restated)  ASSETSCurrent assetsCash and cash equivalents $ 7,353,375  $ 4,434,175       Short-term investments (Note 3)     249,880          -         Accounts receivable and accrued billings   1,315,914    3,477,195       Current portion of notes receivable       7,650       22,314 Costs and estimated earnings in excess of billings on uncompleted contracts      722,333      557,433 Deferred income taxes 
     219,476 
     242,742       Residential properties under construction
     605,888 
   1,509,837 Prepaid expenses     741,429      641,373 Other current assets      60,648        2,274       Current assets of discontinued operations (Note 4)   1,029,706      902,875       Total current assets  12,306,299   11,790,218       Property, buildings and equipment, net    4,692,488    4,777,838             Notes receivable, less current portion      24,146       76,219             Deferred charges and other assetsDeferred income taxes, less current portion    1,557,402    2,063,241 Land and land development costs, less current portion 
   1,081,090 
   1,512,616 Land held for sale     149,893      175,189 Cash surrender value of life insurance      292,125      291,695 Other assets     142,357 
         -               Total deferred charges and other assets   3,222,867    4,042,741             Non-current assets of discontinued operations (Note 4)
2,267,817    2,188,466       Total assets $22,513,617  $22,875,482             LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities   Accounts payable and accrued liabilities  $ 1,390,308  $ 2,105,767 Billings in excess of costs and estimated       earnings on uncompleted contracts      21,569          -         Note payable to bank (Note 5)
     342,350 
     955,268       Current portion of deferred gain on installment sales         -          9,983 Income taxes payable 
      26,512 
      19,573       Current liabilities of discontinued operations (Note 4)
     277,606 
     171,530       Total current liabilities      2,058,345    3,262,121       Deferred gain on installment sales, less current portion         -         33,023       Total liabilities   2,058,345    3,295,144             Commitments and contingencies (Note 6)Stockholders' equityPreferred stock, $1 par value per share, 100,000       shares authorized, none issued (Note 10)         -            -   Common stock, $.10 par value per share,       40,000,000 shares authorized; 27,570,104 and 27,463,437 shares       issued at September 30, 2002 and December 31, 2001, respectively    2,757,010    2,746,344 Capital surplus   18,452,748   18,440,081 Accumulated deficit    (680,306)  (1,587,367)      Total  20,529,452   19,599,058 Less common stock in treasury, at cost; 156,008 and 17,358       shares at September 30, 2002 and December 31, 2001, respectively      74,180       18,720       Total stockholders' equity  20,455,272   19,580,338             Total liabilities and stockholders' equity $22,513,617  $22,875,482             See accompanying notes to consolidated financial statements
 

3
 THE GOLDFIELD CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
Three Months Ended 
Nine Months Ended 
September 30,       September 30,  2002200120022001 
(Restated)
(Restated)Revenue      Electrical construction $ 1,987,085  $ 4,489,015 $12,877,614  $15,558,122 Real estate
4,960,765 
12,570 
5,060,842 
88,612          Total revenue
6,947,850 
4,501,585 
17,938,456 
15,646,734                Costs and expenses      Electrical construction
1,983,146 
3,663,792 
10,333,579 
12,172,189 Real estate
3,612,774 
29,334 
3,657,184 
75,164       Depreciation and amortization
354,944 
334,579 
1,032,302 
967,890       Selling, general and administrative
915,926 
372,911 
2,077,556 
1,723,320                Total costs and expenses
6,866,790 
4,400,616 
17,100,621 
14,938,563                Other income, netInterest income
37,058 
43,183 
65,322 
139,495       Interest expense, net
(6,002)
(7,703)
(20,180)
(27,461)      (Loss) gain on sale of property and equipment
(14,821)         -   
(64)
7,000 Other
1,729 
6,799 
2,451 
40,034                Total other income, net
17,964 
42,279 
47,529 
159,068 Income from continuing operations       before income taxes
99,024 
143,248 
885,364 
867,239 Income taxes 
39,923 
51,358 
356,713 
305,858                Net income from continuing operations
59,101 
91,890 
528,651 
561,381       Preferred stock dividends (Note 8)         -   
1,302         -   
13,181          Income available to common       stockholders from continuing operations
59,101 
90,588 
528,651 
548,200 Income from discontinued operations (including gain       on the sale of real estate of $52,812 and $235,388for the three months ended September 30, 2002 and 2001, respectively, and $301,132 and $421,953 for the nine       months ended September 2002 and 2001, respectively)(net of income taxes of $72,077 and $67,420 for the three months ended September 30 2002 and 2001, respectively, and $256,287 and $104,920 for the nine months ended September 30 2002 and 2001, respectively) (Note 4)
105,786 
120,633 
378,410 
190,153          Net income  $   164,887  $   211,221  $  907,061  $   738,353       Earnings per share of common stock -      basic and diluted (Note 8)      Income from continuing operations $      0.00  $      0.00  $     0.02  $      0.02       Income from discontinued operations $      0.00  $      0.00  $     0.01  $      0.01 Net income  $      0.01  $      0.01  $     0.03  $      0.03 Weighted average common shares and       equivalents used in the calculations      of earnings per shareBasic  27,512,631   27,425,120  27,472,403   27,249,055 Diluted  27,628,772   27,739,720  27,603,817   27,775,441       See accompanying notes to consolidated financial statements
4

 
      THE GOLDFIELD CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 
September 30, 
2002
2001
2002
2001
(Restated)
(Restated)Cash flows from operating activities    Net income from continuing operations$59,101 $91,890 $528,651 $561,381 Adjustments to reconcile net income to net          cash provided by (used in) operating activities    Depreciation and amortization    354,944 334,579 1,032,302 967,890     Deferred income taxes     90,786 118,000 529,105 330,000           Loss (gain) on sale of property and equipment14,821         -   64 (7,000)    Gain on disposition of land held for sale        -   (12,571)(95,910)(88,612)    Cash provided from (used by) changes in              Accounts receivable and accrued billings(125,845)790,437 2,161,281 430,248         Costs and estimated earnings in excess             of billings on uncompleted contracts406,982 (757,004)(164,900)14,109         Land and land development costs1,072,210 419,494 918,688 (26,153)              Residential properties under construction1,744,120 (777,465)416,787 (777,465)        Recoverable income taxes    (24,626)     11,000    (24,626)    45,256         Prepaid expenses and other assets(52,263)31,627 (276,161)234,462               Accounts payable and accrued liabilities1,142 (176,508)(715,460)(452,484)        Billings in excess of costs and estimated               earnings on uncompleted contracts     21,569 (206,474)    21,569 (1,697)        Income taxes payable(9,649)(12,603)6,939 27,799                         Net cash provided by (used in) operating activities                    of continuing operations3,553,292 (145,598)4,338,329 1,257,734               Net cash provided by operating activities                    of discontinued operations53,280 165,239 215,526 131,322                         Net cash provided by operating activities3,606,572 19,641 4,553,855 1,389,056     Cash flows from investing activities          Proceeds from the disposal of property and equipment67,230         -       87,035 7,000     Proceeds from notes receivable20,101 6,392 66,737 41,078     Purchases of short-term investments(249,880)        -   (249,880)       -       Purchases of property and equipment(187,434)(229,059)(1,034,051)(1,009,428)    Proceeds from sale of land held for sale        -        18,500 78,200    121,749     Life insurance proceeds        -           -          -    2,000,000     Cash surrender value of life insurance(5,611)(10,457)(429)(988)                   Net cash (used in) provided by investing activities of              continuing operations   (355,594)(214,624)(1,052,388)1,159,411                Net cash provided by (used in) investing activities of              discontinued operations     80,647 91,124    156,340 (149,064)                   Net cash (used in) provided by investing activities     (274,947)   (123,500)  (896,048) 1,010,347     Cash flows from financing activities          Proceeds from the exercise of stock options      5,469       4,740     23,333    129,354           Net (repayments) borrowings on note payable to bank (1,740,292)    226,414   (612,918)   226,414           Redemption of preferred stock         -      (339,407)       -     (339,407)    Payments of preferred stock dividends        -   (1,302)       -   (13,181)    Purchase of treasury stock    (55,460)        -      (55,460)       -                         Net cash (used in) provided by financing activities                 of continuing operations (1,790,283)   (109,555)  (645,045)     3,180           Net increase (decrease) in cash and cash equivalents1,541,342 (213,414)3,012,762 2,402,583       Cash and cash equivalents at beginning of period  6,133,546 5,797,945 4,662,126 3,181,948     Cash and cash equivalents at end of period$7,674,888 $5,584,531 $7,674,888 $5,584,531     Cash and cash equivalents at end of period     Continuing operations$7,353,375 $5,402,402 $7,353,375 $5,402,402      Discontinued operations321,513 182,129 321,513 182,129     $7,674,888 $5,584,531 $7,674,888 $5,584,531           Supplemental disclosure of cash flow information    Income taxes paid$21,087 $2,381 $23,973 $7,723     Interest paid     36,890      22,204 82,982     32,493       Supplemental disclosure of non-cash investing activities          Notes receivable in partial payment                for land held for sale         -   242,164 299,006 370,124       See accompanying notes to consolidated financial statements
5
 

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

**Note 1 -**

**Basis of Financial Statement Presentation**

Inthe opinion of management, the accompanying unaudited interim consolidatedfinancial statements include all adjustments necessary to present fairly thefinancial position of the Company, the results of its operations and changes incash flows for the interim periods reported. These adjustments are of a normal recurring nature.  All financial statements presented hereinare unaudited.  The results of operationsfor the interim periods shown in this report are not necessarily indicative ofresults to be expected for the fiscal year. These statements should be read inconjunction with the financial statements included in the Company's annualreport on Form 10-K for the year ended December 31, 2001.  The consolidated balance sheet as ofDecember 31, 2001 has been derived from the audited financial statements atthat date as adjusted to reflect the assets and liabilities of the miningoperations as discontinued and to reflect all assets and liabilities, ascurrent and noncurrent (not netted), as required by a new accountingpronouncement, Statement of Financial Accounting Standards ("SFAS") No. 144,adopted January 1, 2002.  In addition,the unaudited consolidated financial statements for the three months and ninemonths ended September 30, 2001 have been restated to reflect the operatingresults of the mining operations within discontinued operations.

**Note 2 -**

**Reclassifications**

Certain prior period amounts in the consolidatedfinancial statements have been reclassified to conform with the current periodpresentation.

**Note 3 -**

**Short-term Investments**

InAugust 2002, the Company began investing in highly liquid U.S. government debtsecurities.  In Accordance with SFAS No.115, "Accounting for Certain Investments in Debt and EquitySecurities", these securities are categorized as available-for-sale andcarried at fair value, with unrealized gains or losses, net of tax, to berecorded as a separate component of stockholders' equity.  As of September 30, 2002, no unrealizedgains or losses have been incurred. Realized gains or losses and declines in value, if any, judged to beother than temporary, on available-for-sale securities are reported in otherincome or expense.

**Note 4 -**

**Discontinued Operations**

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

6

Based on management's estimate,the Company expects proceeds from the sale of the mining operations toapproximate the carrying value of the mining companies.  The Company doesnot expect to incur operatinglosses during the disposal period.  The actual results on disposal of themining segment, including operating results through the disposal period, may bedifferent from management's estimates and the difference could be material. Tothe extent actual proceeds from the eventual sale of the assets of the miningsegment and operating results during the period differ from management'sestimates reflected in these consolidated financial statements, the variancewill be reported within discontinued operations in future periods.

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

2002

2001

 

 

Net sales

$2,103,849

$1,454,489

Cost of sales

 (1,749,658)

 (1,398,864)

Depreciation

    (54,288)

   (186,653)

  Gross  profit (loss)

   299,903

   (131,028)

General and 

 

 

  administrative expense

     (9,168)

    (25,951)

Operating income  (loss)

   290,735

   (156,979)

Other income, net

 

 

  Interest  expense

    (10,327)

    (11,614)

  Other income, net (including

 

 

    gain on sale of  real

 

 

    estate of  $301,132 and  

 

 

    $421,953 for the  nine

 

 

    months ended  September 30,  

 

 

    2002 and 2001,  respectively)

   354,289

   463,666

   343,962

   452,052

Income from  discontinued

 

 

  operations before

 

 

  income taxes

   634,697

   295,073

Income taxes

   (256,287)

   (104,920)

 

 

Income from discontinued

 

 

  operations,  net of tax

  $  378,410

$  190,153
   
=========
=========
The following tablesets forth certain unaudited operating results of the discontinued operationsfor the three months ended September 30, as indicated:

 2002

 2001

 

 

Net sales

  $649,444

  $480,720

Cost of sales

   (531,151)

   (468,903)

Depreciation

         -

    (62,384)

  Gross  profit (loss)

   118,293

    (50,567)

General and

 

 

  administrative expense

     (5,704)

     (4,322)

Operating income  (loss)

   112,589

    (54,889)

Other income, net

 

 

  Interest  expense

     (3,422)

     (3,320)

  Other income, net (including

 

 

    gain on sale of  real 

 

 

    estate of $52,812  and 

 

 

    $235,388 for the  three

 

 

    months ended  September 30,

 

 

    2002 and 2001,  respectively)

    68,696

   246,262

    65,274

   242,942

Income from  discontinued

 

 

  operations before income

 

 

  taxes

   177,863

   188,053

Income taxes

    (72,077)

    (67,420)

 

 

Income from discontinued

 

 

  operations, net of tax

  $105,786

  $120,633
   
   =======
   =======
 

7

 

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

September  30, 2002

December  31, 2001

Current assets

 

 

  Cash

$  321,513

$  227,951

  Accounts  receivable

   289,686

   137,728

  Inventories

   274,190

   341,059

  Other

   144,317

   196,137

     Total  current assets

 1,029,706

   902,875

 

 

Non-current  assets

 

 

  Property, buildings and

 

 

    equipment,net

 1,510,952

 1,579,982

  Other  non-current assets

   756,865

   608,484

     Total  non-current assets

 2,267,817

 2,188,466

 

 

Total assets of discontinued

 

 

  operations

$3,297,523

$3,091,341

========

========

Current  liabilities

 

 

  Accounts payable  and accrued

 

 

    liabilities

$  277,606

$  171,530

Total liabilities of discontinued

 

 

  operations

$  277,606

$  171,530

========

=========

** **

**Note 5 -**

**Note Payable to Bank**

In April2002, the Company entered into a $6,000,000 loan agreement, of which $4,500,000can be used for the construction development costs of the Company's condominiumprojects and $1,500,000 can be used for the working capital needs of theCompany. Under the terms of the loan, interest is payable monthly at an annualrate equal to the "Monthly LIBOR Index" plus one and nine-tenthspercent (3.72% at September 30, 2002). The proceeds from the sale of thecondominiums will be used to repay the loan. At the sole option of the lender,the outstanding principal and interest is due and payable in full within 30days of the lender providing written notice to the Company. The loan isguaranteed by the Company's electrical construction subsidiary and iscollateralized by a security interest in the subsidiary's assets. Borrowingsoutstanding under this agreement were $342,350 at September 30, 2002. Theamount available for additional borrowings at September 30, 2002 was $4,157,650and $1,500,000, for construction development costs and working capital,respectively. The loan agreement contains various financial covenants,including, but not limited to, minimum tangible net worth, minimum currentratio, and maximum debt to tangible net worth ratio. Other loan covenantsprohibit, among other things, incurring additional indebtedness, issuing loansto other entities in excess of a certain amount, entering into a merger orconsolidation, and any change in the Company's current Chief Executive Officerwithout prior written consent from the lender. The Company was in compliance with all such covenants as of September30, 2002. 

At December31, 2001, the Company had a mortgage note payable with an outstanding balanceof $955,268 that was repaid on April 15, 2002 with the proceeds of the new creditfacility described above. Under the terms of the loan, interest was payablemonthly at an annual rate equal to the prime rate less one-quarter percent(4.5% at December 31, 2001).

8

Interestcosts related to the construction of condominiums were capitalized. During thenine and three months ended September 30, 2002, the Company capitalizedinterest costs of $40,970 and $9,815, respectively.  During the nine and three months ended September 30, 2001, theCompany capitalized interest costs of $1,229.

**Note 6 -**

**Commitments and Contingencies**

The Companyhas provided third party guarantees for the Company's wholly owned miningsubsidiaries, St. Cloud Mining Company and The Lordsburg Mining Company, infavor of the State of New Mexico's Mining and Minerals Division of the Energy,Minerals and Natural Resources Department ("FinancialAssurances").  These FinancialAssurances, amounting to $269,787, guaranty approved post mine reclamationplans for the Company's mines.  TheCompany has also provided a Financial Assurance for $16,390 to guarantyapproved post mine reclamation plans for the San Pedro Mine.  Although the Company sold the San Pedro Mineto an unrelated third party during 1999, the Company remains liable under thisguaranty.

Incertain circumstances, the Company is required to provide performance bonds inconnection with its contractual commitments. Management is not aware of any performance bonds issued for the Companythat have ever been called by a customer. As of September 30, 2002, outstanding performance bonds issued on behalfof the Company amounted to approximately $171,000.

**Note 7 -**

**Income Taxes**

AtSeptember 30, 2002, the Company had tax net operating loss carryforwards ofapproximately $1,470,000 available to offset future taxable income, which ifunused will expire from 2009 through 2020. The Company has alternative minimum tax credit carryforwards of$391,000, which are available to reduce future Federal income taxes over anindefinite period.

**Note 8 -**

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

Basicearnings per common share, after deducting dividend requirements on theCompany's Series A 7% Voting Cumulative Convertible Preferred Stock, par value$1.00 per share ("Series A Stock"), is equal to net income divided bythe weighted average of the number of common stock shares outstanding.  The weighted average of the number of commonstock shares outstanding excludes 156,008 and 17,358 shares of Treasury Stockfor each of the nine and three month periods ended September 30, 2002 and 2001,respectively.  Diluted earnings pershare include additional dilution from potential common stock equivalents, suchas stock options outstanding or the conversion of preferred shares to commonshares.

TheCompany paid dividends on its Series A Stock in the amount of $13,181 and$1,302 for the nine and three months ended September 30, 2001,respectively.  All 339,407 shares of theCompany's Series A Stock were redeemed on July 20, 2001, at a redemption priceof $1.00 per share.

**Note 9 -**

**Business Segment Information**

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

9

Thefollowing table sets forth certain segment information for the nine monthsended September 30, as indicated:

2002

 2001

Sales from operations to

 

 

  unaffiliated  customers

 

 

    Electrical  construction

$12,877,614

$15,558,122

    Real  estate

  5,060,842

     88,612

      Total

$17,938,456

$15,646,734

==========

==========

Gross profit

 

 

  Electrical  construction

$ 1,549,626

$ 2,475,643

  Real estate

  1,401,445

      9,848

    Total  gross profit

  2,951,071

  2,485,491

Other income, net

     47,529

    159,068

General corporate expenses

  (2,113,236)

  (1,777,320)

Income from continuing

 

 

  operations  before income

 

 

  taxes

$   885,364

$   867,239
            ==========
==========
Thefollowing table sets forth certain segment information for the three monthsended September 30, as indicated:

2002

 2001

Sales from operations to

 

 

  unaffiliated  customers

 

 

    Electrical  construction

$1,987,085

$4,489,015

    Real  estate

 4,960,765

    12,570

      Total

$6,947,850

$4,501,585

=========

=========

Gross profit (loss)

 

 

  Electrical  construction

 $ (337,772)

$  509,845

  Real estate

 1,347,253

    (17,963)

    Total  gross profit 

 1,009,481

   491,822

Other income, net

    17,964

    42,279

General corporate expenses

   (928,421)

   (390,913)

Income from continuing

 

 

  operations  before income

 

 

  taxes

$   99,024

$  143,248
   
=========
=========
The following table sets forth certain segment informationfor the periods indicated:

  September 30,

   December  31,

  2002

  2001

Identifiable assets

 

 

Continuing operations

 

 

  Electrical  construction

$ 9,410,179

$11,180,256

  Real estate

  2,707,648

  3,407,180

  Corporate

  7,098,267

  5,196,705

Discontinued operations

  3,297,523

  3,091,341

    Total

$22,513,617

$22,875,482
   
==========
==========
 

**Note 10 -**

**Preferred Stock Purchase Rights**

On September 17, 2002, theCompany announced that its Board of Directors adopted and entered into aShareholder Rights Agreement designed to protect and maximize shareholder valueand to assist the Board of Directors in ensuring fair and equitable benefit toall shareholders in the event of a hostile bid to acquire the Company.

The Company adopted this RightsAgreement to protect stockholders from coercive or otherwise unfair takeovertactics.  In general terms, The RightsAgreement imposes a significant penalty upon any person or group that acquires20% or more of the Company's outstanding common stock without the approval ofthe Company's Board of Directors.  TheRights Agreement was not adopted in response to any known attempt to acquirecontrol of the Company.

 

10

Under the Rights Agreement, adividend of one preferred Stock Purchase Right was declared for each commonshare held of record as of the close of business on September 18, 2002.  No separate certificates evidencing theRights will be issued unless and until they become exercisable.

The Rights generally will notbecome exercisable unless an acquiring entity accumulates or initiates a tenderoffer to purchase 20% or more of the Company's common stock.  In that event, each Right will entitle theholder, other than the unapproved acquirer and its affiliates, to purchaseeither the Company's common stock or shares in an acquiring entity at one-halfof market value.

The Right's initial exerciseprice, which is subject to adjustment, is $2.20.  The Company's Board of Directors generally will be entitled toredeem the Rights at a redemption price of $.001 per Right until an acquiringentity acquires a 20% position. The Rights expire on September 18, 2012.

The complete terms of the Rightsare set forth in, and the foregoing description is qualified in its entiretyby, the Rights Agreement between the Company and American Stock Transfer &Trust Company, as Rights Agent, a copy of which was filed with the Securitiesand Exchange Commission on September 18, 2002. 

**Note 11 -**

**Common Stock Repurchase Plan**

On September 17, 2002, theCompany's Board of Directors approved a Common Stock Repurchase Plan ("the Plan")allowing the Company to repurchase up to five percent (approximately 1.3million shares) of its outstanding Common Stock over the next twelve-monthperiod.  The Company may repurchase itsshares either in the open market or through private transactions.  The volume of the shares to be repurchasedis contingent upon market conditions and other factors.  As of September 30, 2002, pursuant to thePlan, the Company has repurchased 138,650 shares of its Common Stock at a costof $55,460.  The Company currently holdsthe repurchased stock as Treasury Stock, reported at cost.

**Note 12 -**

**Recent Accounting Pronouncements**

In August 2001, the FASB issuedSFAS No. 144 "Accounting for the Impairment or Disposal of Long-LivedAssets."  This Statement addressesfinancial accounting and reporting for the impairment or disposal of long-livedassets.  This statement supersedes SFASNo. 121, "Accounting for the Impairment of Long-Lived Assets and forLong-Lived Assets to Be Disposed Of," and the accounting and reporting provisionsof Accounting Principles Board Opinion No. 30, "Reporting the Results ofOperations - Reporting the Effects of Disposal of a Segment of a Business, andExtraordinary, Unusual and Infrequently Occurring Events and Transactions of aSegment of a Business."*** ***This Statementis effective for financial statements with fiscal years beginning afterDecember 15, 2001.  Adoption of thisStatement on January 1, 2002 did not have a significant impact on the financialposition or results of operations of the Company. However, the Company didreclassify the results of operations related to the mining segment fromearnings from continuing operations to earnings from discontinued operations inaccordance with the Statement.

11

**Forward-Looking Statements**

We make "forward lookingstatements" within the "safe harbor" provision of the Private SecuritiesLitigation Reform Act of 1995 throughout this document and in the documents we incorporate by reference intothis Quarterly Report on Form 10-Q.  You can identify these statements byforward-looking words such as "may," "will," "expect," "anticipate," "believe,""estimate," "plan," and "continue" or similar words.  We have based thesestatements on our current expectations about future events.  Although webelieve that our expectations reflected in or suggested by our forward-lookingstatements are reasonable, we cannot assure you that these expectations will beachieved.  Our actual results may differ materially from what we currentlyexpect.  Factors that may effect our results include, among others: thelevel of construction activities by public utilities; the timing and duration ofconstruction projects for which we are engaged; our ability to estimateaccurately with respect to fixed price construction contracts; heightenedcompetition in the electric construction field, including intensification ofprice competition; the availability of skilled construction labor; in connectionwith our real estate development projects, interest rates and general economicconditions, both nationally and in our region; and, in connection with ourmining operations, the actual amount realized in any sale thereof. Important factors which could cause our actual results to differ materially fromthe forward-looking statements in this document are also set forth in theManagement's Discussion and Analysis of Financial Condition and Results ofOperations section and elsewhere in this document.

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

**Item 2.**

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

**Critical AccountingPolicies and Estimates**

Thisdiscussion and analysis of the Company's financial condition and results ofoperations is based upon the Company's consolidated financial statements, whichhave been prepared in accordance with accounting principles generally acceptedin the United States.  The preparationof these financial statements requires the Company to make estimates andjudgments that affect the reported amounts of assets, liabilities, revenues andexpenses, and related disclosure of contingent assets and liabilities.  On an on-going basis, the Company evaluatesits estimates, including those related to fixed price electrical constructioncontracts, real estate development projects and deferred income taxassets.  The Company bases its estimateson historical experience and on various other assumptions that are believed tobe reasonable under the circumstances, the results of which form the basis formaking judgments about the carrying values of assets and liabilities that arenot readily apparent from other sources. Actual results may differ from theseestimates under different assumptions or conditions. The Company believes thefollowing critical accounting policies affect its most significant judgmentsand estimates used in the preparation of its consolidated financial statements.

A number of factors relating toour electrical construction segment affect the recognition of contract revenue. The Company recognizes revenue when electrical services are performed exceptwhen work is performed under a fixed price contract.  Revenue from fixedprice construction contracts is recognized on the percentage of completionmethod.  Under this method, estimated contract income and resulting revenueis generally accrued based on costs incurred to date as a percentage of totalestimated costs.  Total estimated costs, and thus contract income, areimpacted by changes in productivity, scheduling, and the unit cost of labor,subcontracts, materials and equipment.  Additionally, external factors suchas weather, client needs, client

 

12

delays in providing approvals,labor availability and governmental regulation, may also affect the progress andestimated cost of a project's completion and thus the timing of income andrevenue recognition.  If a current estimate of total contract costindicates 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 reasonably assured.

Given ourlimited experience in condominium development, the initial condominiumdevelopment project was accounted for under the deposit method, thus deferringthe recognition of related revenue and expenses until the project was completeand the underlying titles were transferred to the buyers.

Commencingwith the second condominium development project, all revenue associated withreal estate development projects that meet the criteria specified by SFAS No.66 "Accounting for Sales of Real Estate" will be recognized using thepercentage 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.  Revenue recognized is calculated based onthe percentage of completion, as determined by the fixed price constructioncontract costs incurred to date in relation to the total fixed priceconstruction contract.  If a buyer wereto default on the contract for sale, revenues and expenses recognized in priorperiods would be adjusted in the period of default.  A significant majority of the total estimated project costs isattributable to the fixed price construction contract; the residual estimatedcosts could vary from actual.  If acurrent estimate of total project cost indicates a loss on a project, theprojected loss is recognized in full when determined.  The timing of revenue and expense recognition is contingent onconstruction productivity.  Factorspossibly impeding construction productivity include, but are not limited to,supply of labor, materials and equipment, scheduling, permitting and unforeseenevents. 

The Company records a valuation allowance toreduce its deferred tax assets to the amount that is more likely than not to berealized.  While the Company has considered future taxable income andongoing prudent and feasible tax planning strategies in assessing the need forthe valuation allowance, in the event the Company were to determine that itwould be able to realize its deferred tax assets in the future in excess of itsnet recorded amount, an adjustment to the deferred tax asset would increaseincome in the period such determination was made.  Likewise, should theCompany determine that it would not be able to realize all or part of its netdeferred tax assets in the future, an adjustment to the deferred tax asset wouldbe charged to income in the period such determination was made.
Results of OperationsNine months ended September 30, 2002 compared to Nine months endedSeptember 30, 2001
**Continuing Operations**

 **Revenues**

Total revenues in the nine monthsended September 30, 2002 were $17,938,456, compared to $15,646,734 in the ninemonths ended September 30, 2001.  Thisnet increase was largely attributable to a significant increase in revenuesgenerated by the real estate operations, which were partially offset by adecrease in the electrical construction operation's revenue.

 

13

Electrical construction revenuedecreased by 17.2% in the nine months ended September 30, 2002 to $12,877,614from $15,558,122 in the nine months ended September 30, 2001. The decrease wasprimarily attributable to a decrease in both transmission line construction andfiber optic projects as a result of a decline in demand for construction andmaintenance services provided to electrical utilities.  There was no revenue earned from fiber opticconstruction during the nine months ended September 30, 2002.

Revenues recognized by the realestate operations for the nine months ended September 30, 2002 were $5,060,842in comparison to $88,612 for the nine months ended September 30, 2001, anincrease of $4,972,230.  This significantincrease was attributed to the completion and sale of the Company's firstcondominium development project, a twelve-unit riverfront condominium, "CountryClub Point", as well as partial revenue recognition on the second condominiumdevelopment project, a six-unit oceanfront condominium, "Riomar".

Country Club Point was accountedfor under the deposit method; accordingly, related revenue and expenses weredeferred until the sale of the condominiums occurred and the underlying titleswere transferred to the buyers.  Riomaris being accounted for under the percentage of completion method. 

 **Operating Results**

Electrical construction operationshad a gross profit of $1,549,626 in the nine months ended September 30, 2002,compared to a gross profit of $2,475,643 during the nine months ended September30, 2001, a decrease of 37.4%.  Grossprofit was lower for the nine months ended September 30, 2002 due primarily todecreased revenue and margins on transmission line construction.  As a percentage of revenue, gross margins onelectrical construction operations decreased to 12.0% for the nine months endedSeptember 30, 2002 from 15.9% for the nine months ended September 30,2001.    The decrease in the grossmargin percentage was a result of a net increase in transmission lineconstruction costs as a percentage of revenue. The net increase was comprised of an increase, as a percentage ofrevenue, in sub-contractor, insurance and depreciation costs, partially offsetby a decrease in salaries for the nine months ended September 30, 2002, incomparison to September 30, 2001.  Thevarying magnitude and duration of electrical construction projects may resultin substantial fluctuation in the Company's backlog from time to time.  At September 30, 2002, the approximate valueof uncompleted contracts was $5,400,000 compared to $17,500,000 at September30, 2001.  The Company expectselectrical construction performance in the fourth quarter will be adverselyaffected by a lower level of activity attributable to a general slackening ofnear-term industry demand. Recent bidding activity suggests this downtrend maybe temporary.

Real estate operations had a grossprofit of $1,401,445 in the nine months ended September 30, 2002, compared to agross profit of $9,848 in the nine months ended September 30, 2001, an increaseof $1,391,597.  This significantincrease was the result of the completion and the sale of the Country ClubPoint and the commencement of construction on Riomar during the nine monthsended September 30, 2002.  As apercentage of revenue, gross margins increased to 27.7% for the nine monthsended September 30, 2002 from 11.1% for the nine months ended September 30,2001. Selling expenses associated with the real estate operations, includingreal estate commissions, title insurance and other closing costs are notincluded in the gross profit calculation. These costs, including incentivecompensation costs, are included in the category of selling, general andadministrative expenses.

 

14

 **Costs and Expenses**

Total costs and expenses, and thecomponents thereof, increased to $17,100,621 in the nine months ended September30, 2002 from $14,938,563 in the nine months ended September 30, 2001.

Electrical construction costs were$10,333,579 in the nine months ended September 30, 2002, a decrease of 15.1%from $12,172,189 in the nine months ended September 30, 2001.  This decrease was primarily attributable tothe lower level of construction activity.

Cost of real estate operationsincreased to $3,657,184 for the nine months ended September 30, 2002 from$75,164 for the nine months ended September 30, 2001.  This increase of $3,582,020 was the result of construction andother costs associated with both Country Club Point and Riomar that wererecognized during the nine months ended September 30, 2002.

Depreciation and amortization was$1,032,302 in the nine months ended September 30, 2002, compared to $967,890 inthe nine months ended September 30, 2001. The increase in depreciation and amortization for 2002 was largely aresult of recent capital expenditures, most of which have occurred in theCompany's electrical construction business.

Selling, general andadministrative expenses of the Company increased to $2,077,556 in the ninemonths ended September 30, 2002, from $1,723,320 in the nine months endedSeptember 30, 2001.  The net increasewas primarily a result of increases in selling expenses associated with thereal estate operations and professional and legal expenses related to theproposed sale of the mining operations. These increases were partially offset by a decrease in proxysolicitation costs.  Selling, generaland administrative expenses, as a percentage of revenue, increased to 11.6%from 11.0% in the nine months ended September 30, 2002 as compared to the ninemonths ended September 30, 2001.

 **Other Income**

Otherincome in the nine months ended September 30, 2002 was $47,529, compared to$159,068 in the nine months ended September 30, 2001.  The decrease in other income for 2002 was mainly a result ofdecreased interest income as a result of the general decline in interest rates.

 **Income Taxes**

The provision for income taxes was$356,713 in the nine months ended September 30, 2002, an effective tax rate of40.3%, as compared to an income tax provision of $305,858 in the nine monthsended September 30, 2001, an effective tax rate of 35.3%. The effective taxrate differs from the statutory rate for the nine months ended September 30,2002 largely due to state income taxes and nondeductible expenses for taxpurposes.  For the nine months endedSeptember 30, 2001, the effective income tax rate varies from the statutoryrate as a result of state income taxes, nondeductible expenses for tax purposesand the realization of net operating loss carryforwards.
Discontinued Operations
OnDecember 18, 2001, the Company announced it was considering strategic moves tomaximize shareholder value, including possible divestiture of its miningoperations.  To assist in this review,the Company retained the investment banking firm, McFarland Dewey & Co.,LLC.  On April 23, 2002, the Companyannounced that it had signed a letter of intent to sell all of its existingmining operations to an unaffiliated private purchaser.  This letter of intent has expired and theCompany is actively pursuing discussions with another possible purchaser.  Any

 

15

sale will be contingent upon the Companyfinding a buyer that can offer a price and terms that are acceptable to theCompany.  There can be no assurance thata sale of the Company's mining operations will materialize. Accordingly, asrequired by SFAS No. 144, the operating results of the mining operations forthe third quarter ended September 30, 2002 and prior periods have been restatedas discontinued operations.

Based on management's estimate,the Company expects proceeds from the sale of the mining operations toapproximate the carrying value of the mining companies.  The Company does not expect to incuroperating losses during the disposal period. The actual results on disposal of the mining segment, includingoperating results through the disposal period, may be different frommanagement's estimates and the difference could be material. To the extentactual proceeds from the eventual sale of the assets of the mining segment andoperating results during the period differ from management's estimatesreflected in these consolidated financial statements, the variance will bereported within discontinued operations in future periods.

 **Revenues**

Revenue from mining operationsincreased 44.6% to $2,103,849 in the nine months ended September 30, 2002 from$1,454,489 in the nine months ended September 30, 2001.  Higher revenues were primarily a result ofan increase in the volume of construction aggregate and other projectsperformed.

 **Operating Results**

During the nine months ended September30, 2002, mining operations experienced a gross profit of $299,903 compared toa gross loss of $131,028 during the nine months ended September 30, 2001.  As a percentage of revenue, gross margins inthe mining operations improved to 14.3% for the nine months ended September 30,2002 from (9.0)% for the nine months ended September 30, 2001. Gross marginsimproved as a result of increased volume in the construction aggregatebusiness, reductions in per-unit zeolite operating costs and reduced depreciationexpense. The operating results from mining included depreciation expense of$54,288 during the nine months ended September 30, 2002, compared to $186,653during the nine months ended September 30, 2001.  In conformity with SFAS No. 144, "Accounting for theImpairment or Disposal of Long-Lived Assets", the provision fordepreciation expense on the mining assets was suspended at the end of March2002.

St. Cloud Mining Company, awholly owned subsidiary of the Company, sold 12,382 tons of natural zeoliteduring the nine months ended September 30, 2002, compared to 12,418 tons duringthe nine months ended September 30, 2001.

 **Costs and Expenses**

Mining costs were $1,749,658 inthe nine months ended September 30, 2002, compared to $1,398,864 in the ninemonths ended September 30, 2001.  Thisincrease of 25.1% was primarily a result of increased costs associated with theincreased construction aggregate business.

 **Other Income**

Other income in the nine monthsended September 30, 2002 was $354,289, compared to $463,666 in the nine monthsended September 30, 2001.  For the ninemonths ended September 30, 2002 and 2001, other income included $301,132 and$421,953, respectively, from the gain on sale of land in New Mexico earned bythe Company's mining subsidiary.

 

16
Three months ended September 30, 2002 compared to Three months endedSeptember 30, 2001
**Continuing Operations**

 **Revenues**

Total revenues in the three monthsended September 30, 2002 were $6,947,850, compared to $4,501,585 in the threemonths ended September 30, 2001.  Thisincrease in total revenues was a result of a substantial increase in revenuesgenerated by the real estate operations, which was offset by a significantdecrease in revenues earned by the electrical construction operations.

Electrical construction revenuedecreased by 55.7% in the three months ended September 30, 2002 to $1,987,085from $4,489,015 in the three months ended September 30, 2001, principally as aresult of a decrease in transmission line construction projects. The overalldecrease in electrical construction revenue was a result of a decline in demandof construction and maintenance services provided to electrical utilities.   

Revenues for the real estateoperations were $4,960,765 and $12,570 for the three months ended September 30,2002 and 2001, respectively.  Thissignificant increase of $4,948,195 was attributed to the completion and sale ofCountry Club Point, as well as commencement of construction on Riomar.

 **Operating Results**

Electrical construction operationshad a gross loss of $337,772 in the three months ended September 30, 2002,compared to a gross profit of $509,845 during the three months ended September30, 2001.  The overhead allocation offixed costs to a lower revenue base during the current period contributed tothe decrease in current margin.  Theoverhead allocation is primarily comprised of fixed costs, mainly insurance anddepreciation expenses.  As a percentageof revenue, gross margins on electrical construction operations decreased to (17.0)%for the three months ended September 30, 2002 from 11.4% for the three monthsended September 30, 2001.  Salaries,depreciation and insurance, as a percent of revenue, all increased in the threemonths ended September 30, 2002 in comparison to the three months endedSeptember 30, 2001.

Real estate operations had a grossprofit of $1,347,253 for the three months ended September 30, 2002, compared toa gross loss of $17,963 for the three months ended September 30, 2001.  This significant increase was the result ofthe completion and sale of Country Club Point and the commencement ofconstruction on Riomar during the three months ended September 30, 2002.  As a percent of revenue, gross marginsincreased to 27.2% for the three months ended September 30, 2002 from (142.9)%for the three months ended September 30, 2001.

 **Costs and Expenses**

Total costs and expenses, and thecomponents thereof, increased to $6,866,790 in the three months ended September30, 2002 from $4,400,616 in the three months ended September 30, 2001.

Electrical construction costs were$1,983,146 in the three months ended September 30, 2002, a decrease of 45.9%from $3,663,792 in the three months ended September 30, 2001.  This decrease was principally attributableto the lower level of construction activity.

Real estate operation costs were$3,612,774 and $29,334 for the three months ended September 30, 2002 and 2001,respectively.  This significant increaseof $3,583,440 was the result of construction and other costs associated withCountry Club Point and Riomar that were recognized during the three monthsended September 30, 2002.

 

17

Depreciation and amortization was$354,944 in the three months ended September 30, 2002, compared to $334,579 inthe three months ended September 30, 2001. The increase in depreciation and amortization was largely a result ofrecent capital expenditures, most of which have occurred in the Company'selectrical construction business.

Selling, general andadministrative expenses of the Company increased to $915,926 in the threemonths ended September 30, 2002, from $372,911 in the three months endedSeptember 30, 2001. The increase was primarily a result of selling expensesassociated with the real estate operations, legal expenses related to theproposed sale of the mining operations and professional fees attributable tothe implementation of the Shareholder Rights Agreement.  Selling, general and administrative expensesas a percentage of revenue increased to 13.2% from 8.3% in the three monthsended September 30, 2002 as compared to the three months ended September 30,2001.

 **Other Income**

Otherincome in the three months ended September 30, 2002 was $17,964, compared to$42,279 in the three months ended September 30, 2001.  The decrease in other income for 2002 was mainly a result oflosses incurred on the sale of capital equipment.

 **Income Taxes**

The provision for income taxes was$39,923 in the three months ended September 30, 2002, an effective tax rate of40.3%, as compared to an income tax provision of $51,358 in the three monthsended September 30, 2001, an effective tax rate of 35.9%. The effective taxrate differs from the statutory rate for the three months ended September 30,2002 and 2001 primarily due to state income taxes and nondeductible expensesfor tax purposes.
Discontinued Operations
 **Revenues**

Revenue from mining operationsincreased 35.1% to $649,444 in the three months ended September 30, 2002 from$480,720 in the three months ended September 30, 2001.  Higher revenues were a result of an increasein the volume of construction aggregate and other construction projectsperformed.

 **Operating Results**

During the three months endedSeptember 30, 2002, mining operations experienced a gross profit of $118,293compared to a gross loss of $50,567 during the three months ended September 30,2001.  As a percentage of revenue, grossmargins in the mining operations improved to 18.2% for the three months endedSeptember 30, 2002 from (10.5)% for the three months ended September 30,2001.  Gross margins improved generallyas a result of increased volume in both construction aggregate and otherconstruction business and reduced depreciation expense.  The operating results from mining includeddepreciation expense of $62,384 during the three months ended September 30,2001.  In conformity with SFAS No. 144,"Accounting for the Impairment or Disposal of Long-Lived Assets", theprovision for depreciation expense on the mining assets was suspended at theend of March 2002.

 

18

St. Cloud Mining Company, awholly owned subsidiary of the Company, sold 3,748 tons of natural zeoliteduring the three months ended September 30, 2002, compared to 3,970 tons duringthe three months ended September 30, 2001.

 **Costs and Expenses**

Mining costs were $531,151 in thethree months ended September 30, 2002, compared to $468,903 in the three monthsended September 30, 2001.  This increaseof 13.3% was primarily a result of costs associated with the increasedconstruction aggregate and other construction business.

 **Other Income**

Other income in the three monthsended September 30, 2002 was $68,696, compared to $246,262 in the three monthsended September 30, 2001.  For the threemonths ended September 30, 2002 and 2001, other income included $52,812 and$235,388, respectively, from the gain on sale of land in New Mexico earned bythe Company's mining subsidiary.
Liquidity and CapitalResources
Cash and cash equivalents,including both continuing and discontinued operations, at September 30, 2002were $7,674,888 as compared to $4,662,126 as of December 31, 2001.  Working capital, including both continuingand discontinued operations, at September 30, 2002 was $10,247,954, compared to$8,528,097 at December 31, 2001.  TheCompany's ratio of current assets to current liabilities increased to 6.0:1 atSeptember 30, 2002, from 3.6:1 at December 31, 2001. This increase in thecurrent ratio is primarily due to the decreased level of accounts payable andaccrued liabilities and the decreased level of note payable to bank as of September30, 2002. These items are a result of the lower level of operations inelectrical construction and the completion of Country Club Point and therelated reduction in bank financing during the nine months ended September 30,2002.

During thenine months ended September 30, 2002 and 2001, the Company received proceeds of$23,333 and $129,354 from the exercise of 106,667 and 591,331 stock options ofthe Company's Common Stock, respectively. During the three months ended September 30, 2002 and 2001, the Companyreceived proceeds of $5,469 and $4,740 from the exercise of 25,000 and 21,666stock options of the Company's Common Stock, respectively.  The options were exercisable at $0.21875 pershare, the fair market value of the Common Stock at the date of the grant.  At September 30, 2002, 243,668 shares werereserved for possible exercise of options to purchase Common Stock issued underthe 1998 Executive Long-term Incentive Plan.

In August 2002, the Company beganinvesting a portion of its cash, in excess of operating requirements, inshort-term highly liquid U.S. government debt securities.  As of September 30, 2002, short-terminvestments had a balance of $249,880.

The Company paid cash dividends onits Series A Stock in the amount of $13,181 and $1,302 during the nine andthree months ended September 30, 2001, respectively.  On September 19, 2001, the Board of Directors of the Company, inaccordance with the Restated Certificate of Incorporation, voted to redeem itsSeries A Stock. All 339,407 shares of Series A Stock were redeemed on July 20,2001 for $1 per share, or $339,407. The Company has paid no cash dividends onits Common Stock since 1933, and it is not expected that the Company will payany cash dividends on its Common Stock in the immediate future.

 

19

 

On September 17, 2002, theCompany's Board of Directors approved a Common Stock Repurchase Plan ("thePlan") allowing the Company to repurchase up to five percent of its outstandingCommon Stock over the next twelve-month period.  The Company may repurchase its shares either in the open marketor through private transactions.  Thevolume of shares to be repurchased is contingent upon market conditions andother factors. As of September 30, 2002, pursuant to the Plan, the Company hasrepurchased 138,650 shares of its Common Stock at a cost of $55,460.

On April 15, 2002, the Companyentered into a new loan agreement with Wachovia Bank, N.A.("Wachovia") for a $6,000,000 line of credit. On September 30, 2002the Company had a loan balance with Wachovia in the amount of $342,350. Thisnew line of credit replaces the previous line of credit and mortgage notepayable provided by SunTrust Bank of Central Florida, N.A.("SunTrust").   The mortgagenote payable with SunTrust, which had a balance of $955,268 at December 31,2001, was repaid on April 15, 2002 with proceeds from the new credit facilitywith Wachovia.  The new credit facilitywill primarily be used to finance the costs of constructing condominium unitsin Florida and is fully described in Note 5 - Note Payable to Bank. 

The Company's capitalexpenditures for continuing operations for the nine months ended September 30,2002 increased to $1,034,051 from $1,009,428 for the nine months endedSeptember 30, 2001.  The majority of the2002 capital expenditures were attributable to the construction of a new officebuilding for the Company's electrical construction segment.

As of September 30, 2002, the Company had expendedapproximately $5,280,000 in land acquisition and development costs on its fourcondominium projects.  This was fundedfrom internal cash reserves and bank financing. Outstanding borrowings underbank financing were $342,350 and $955,268 as of September 30, 2002, andDecember 31, 2001, respectively.  It isanticipated that future construction costs will be funded through bankfinancing which will be repaid from the proceeds from condominium sales. Theamount of borrowings outstanding at anytime will be dependant upon the fundingneeds of current condominium development projects.  The primary focus of the Company's real estate operations is onthe development of small, high-end, waterfront condominium projects.  To date, the Company has purchased foursites, three of which are waterfront, in the Cocoa Beach, Florida area. 

In the third quarter of 2002, Country Club Point wascompleted and the sale of all twelve units occurred, yielding sales proceeds of$4,310,000 and a pre-tax profit of approximately $1,000,000.  As of September 30, 2002, all debt incurredby this project was repaid with the related sales proceeds.  

The Company has commenced construction on Riomar.  Five of the six units at Riomar (totalestimated aggregate sales price of $4,050,000) are under contract for sale.Riomar is anticipated to be completed in the summer of 2003.  

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

 

20

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

                                       Payments  Due By  Period            

 

Total

Less  Than1 Year

 

1-2  Years

After  2Years

Continuing  operations

 

 

 

 

  Note  payable

$342,350

$342,350

     --

--

  Operating  lease

 101,865

  76,399

$25,466

--

  Standby letter of

 

 

 

 

    credit

 100,000

 100,000

     --

--

Discontinued operations

      --

      --

     --

--

 

 

 

 

    Total

$544,215

$518,749

$25,466

--
   
=======
=======
=======
==               
**Item 4.**

**Controls and Procedures**

**(a)Evaluation of disclosure controls and procedures**

Based on theirevaluation of our disclosure controls and procedures conducted as of a datewithin 90 days of the date of filing this report on Form 10-Q, the Company'sChief Executive Officer and Chief Financial Officer have concluded that theCompany's disclosure controls and procedures (as defined in Rules 13a-14 and15d-14 promulgated under the Securities Exchange Act of 1934) are effective asof such date.

**(b)Changes in internal controls**

There were no significant changes in our internalcontrols or in other factors that could significantly affect these controlssubsequent to the date that the evaluation was conducted.
 
21

PARTII.  OTHER INFORMATION

**Item 6.**

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

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

10-4  Performance-Based Bonus Plan effectiveJanuary 1, 2002

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

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

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

TheRegistrant filed with the Commission, a Current Report on Form 8-K on September18, 2002, relating to the adoption of a new Rights Agreement and the relateddeclaration of a dividend of one Right for each outstanding share of CommonStock of the Registrant held of record at the close of business on September18, 2002.

**SIGNATURES**

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

THE GOLDFIELD CORPORATION

(Registrant)

Dated:  November 13,2002
   
/s/John H. Sottile
   
(John H. Sottile)
   
Chairman of the Board of  Directors,
   
President, Chief Executive  Officer and
   
Director.
         
/s/Stephen R. Wherry
   
(Stephen R. Wherry)
   
Vice President, Treasurer and  Chief
   
Financial Officer.

22

 

 

CERTIFICATION

I, John H. Sottile, certify that:

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

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

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

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

  a)designed such disclosure controls and procedures to ensure that materialinformation relating to the registrant, including its consolidatedsubsidiaries, is made known to us by others within those entities, particularlyduring the period in which this quarterly report is being prepared;

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

 c)  presented in this quarterlyreport our conclusions about the effectiveness of the disclosure controls andprocedures based on our evaluation as of the Evaluation Date;

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

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

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

6. The registrant's other certifying officersand I have indicated in this quarterly report whether or not there weresignificant changes in internal controls or in other factors that couldsignificantly affect internal controls subsequent to the date of our mostrecent evaluation, including any corrective actions with regard to significantdeficiencies and material weaknesses.

DatedNovember 13, 2002

/s/John H. Sottile

(John H. Sottile)

Chairman of the Board of Directors,

President, Chief Executive Officer and

Director.

23

 

CERTIFICATION

I, Stephen R. Wherry, certify that:

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

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

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

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

  a)designed such disclosure controls and procedures to ensure that materialinformation relating to the registrant, including its consolidatedsubsidiaries, is made known to us by others within those entities, particularlyduring the period in which this quarterly report is being prepared;

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

 c)  presented in this quarterlyreport our conclusions about the effectiveness of the disclosure controls and proceduresbased on our evaluation as of the Evaluation Date;

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

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

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

6. The registrant's other certifying officersand I have indicated in this quarterly report whether or not there weresignificant changes in internal controls or in other factors that couldsignificantly affect internal controls subsequent to the date of our mostrecent evaluation, including any corrective actions with regard to significantdeficiencies and material weaknesses.

DatedNovember 13, 2002

/s/Stephen R. Wherry

(Stephen R. Wherry)

Vice President, Treasurer and Chief

Financial Officer.

 

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