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, 2004

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

** **TheGoldfield Corporation******    **(Exact Name of Registrant as Specifiedin its Charter)

| Delaware(State or Other Jurisdiction of  Incorporation or Organization)100 Rialto Place, Suite 500, Melbourne, FL(Address of Principal Executive  Offices) | 88-0031580(IRS Employer Identification Number)32901(Zip Code) |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|
|                                                                                                                                                            |                                                          |
| (321)  724-1700(Registrant's Telephone Number, including Area Code)                                                                                        |

     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 thepast 90 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 3, 2004, 26,363,444 shares of the Registrant's common stockwere outstanding.

 

 

 

 

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THE GOLDFIELDCORPORATION AND SUBSIDIARIES

QUARTERLY REPORT ONFORM 10-QFOR THE QUARTER ENDED MARCH 31, 2004

INDEX

|  |  | PageNumber
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.  Item 1.

OTHER INFORMATION  Legal Proceedings

21
         
Item 2.

Changes in Securities, Use of Proceeds and Issuer  Purchases of Equity Securities

23
         
Item 6.

Exhibits and Reports on Form 8-K

23
     
Signatures

24
** **
2
****
**PART I.   FINANCIAL INFORMATION**       **Item 1. Financial Statements.**              
      THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
      March 31,       
      December 31,
      2004       
      2003
(unaudited)       ASSETS       Current assets       Cash and cash equivalents $    4,654,511           $    5,045,463 Accounts receivable and accrued billings   3,741,067           4,043,255 Contracts receivable (Note 3)    6,721,638           3,732,867 Current portion of notes receivable      39,789              42,969 Costs and estimated earnings in excess of        billings on uncompleted contracts    1,283,206             704,413 Deferred income taxes 
           164,735        
           194,492 Income taxes recoverable 
            27,391        
            37,658 Residential properties under construction
            11,021        
           361,436 Prepaid expenses     743,404             514,716 Other current assets     459,442               7,132 Total current assets  17,846,204          14,684,401 Property, buildings and equipment, net    6,301,292           5,911,013 Notes receivable, less current portion     557,853             570,061 Deferred charges and other assets       Deferred income taxes, less current portion      544,706           1,058,581 Land and land development costs
         1,451,051        
         1,438,965 Cash surrender value of life insurance      306,168             309,939 Other assets       72,188             121,337 Total deferred charges and other assets   2,374,113           2,928,822 Total assets       $  27,079,462        $ 24,094,297 LIABILITIES AND STOCKHOLDERS' EQUITY       Current liabilities             Accounts payable and accrued liabilities          $    3,306,242         $   2,296,085 Billings in excess of costs and estimated        earnings on uncompleted contracts          -               115,520 Note payable to bank (Note 5)
         2,816,412        
         1,578,923 Income taxes payable 
             2,248                 -         Current liabilities of discontinued operations (Note 4)
           103,543        
           128,380 Total current liabilities      6,228,445           4,118,908        Total liabilities   6,228,445           4,118,908 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; 27,736,771       and 27,570,104 shares issued at March 31, 2004       and December 31, 2003, respectively 
         2,773,677           2,757,010 Capital surplus   18,472,539          18,452,748 Retained earnings (deficit)     299,466            (539,704)Total  21,545,682          20,670,054       Less common stock in treasury, at cost; 1,373,327       and 1,373,327 shares at March 31, 2004 and       December 31, 2003, respectively     694,665             694,665 Total stockholders' equity  20,851,017          19,975,389 Total liabilities and stockholders' equity        $  27,079,462        $ 24,094,297              See accompanying notes to consolidated financial statements                     
3       
 
 
      THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)                     
      Three Months Ended       
      March 31,       
      2004       
      2003                            Revenue              Electrical construction       $   9,271,934        $   6,952,899 Real estate development       
      2,988,771        
      727,445 Total revenue       
      12,260,705        
      7,680,344               Costs and expenses              Electrical construction       
      7,548,274        
      5,749,598 Real estate development       
      2,075,029        
      644,731 Depreciation and amortization       
      486,520        
      345,597 Selling, general and administrative       
      764,494        
      580,358 Total costs and expenses       
      10,874,317        
      7,320,284               Other income, net               Interest income       
      20,575        
      39,486 Interest expense, net       
      (6,499)       
      (6,754)Loss on sale of property and equipment       
      (1,115)            (22,483)Other       
595        
      4,907 Total other income, net       
      13,556        
      15,156               Income from continuing operations              before income taxes       
      1,399,944        
      375,216               Income taxes (Note 7)       
      560,774        
      150,254               Income from continuing operations              available to common stockholders       
      839,170        
      224,962               Income from discontinued operations (Note 4)                -                   -                 Net income available to common stockholders       $    839,170        $    224,962               Earnings per share of common stock -              basic and diluted (Note 8)              Continuing operations       $          0.03              $          0.01 Discontinued operations       
      $               0.00        
      $               0.00 Net income              $          0.03        $          0.01               Weighted average common shares and               equivalents used in the calculations              of earnings per share              Basic         26,301,631          26,927,262 Diluted         26,352,967          27,050,729                                   See accompanying notes to consolidated financial statements                     
4                            
****
      THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)                                   
      Three Months Ended       
      March 31,          
      2004       
      2003                    Cash flows from operating activities                 Income from continuing operations available                    to common stockholders        $   839,170        $   224,962    Adjustments to reconcile net income to net                   cash used in operating activities                   Depreciation and amortization       
      486,520        
      345,597      Deferred income taxes       
      543,632        
      134,191      Loss on sale of property and equipment       
      1,115        
      22,483      Cash (used by) provided from changes in                     Accounts receivable and accrued billings       
      302,188        
      (1,517,460)       Contracts receivable       
      (2,988,771)       
      (703,445)       Costs and estimated earnings in excess                       of billings on uncompleted contracts       
      (578,793)       
      (833,990)       Land and land development costs       
      (12,086)       
      (1,053,389)       Land held for sale                 -          
      16,864        Residential properties under construction       
      350,415        
      39,777        Recoverable income taxes       
      10,267        
      16,555        Prepaid expenses and other assets       
      (631,849)       
      (151,370)       Accounts payable and accrued liabilities       
          1,010,157        
           1,059,798        Billings in excess of costs and estimated                        earnings on uncompleted contracts       
      (115,520)       
      (28,688)       Income taxes payable       
              2,248        
      8,533          Net cash used in operating activities                          of continuing operations       
      (781,307)       
      (2,419,582)         Net cash used in operating activities                          of discontinued operations       
            (24,837)       
                 -            Net cash used in operating activities       
      (806,144)       
      (2,419,582)                    Cash flows from investing activities                         Proceeds from the disposal of property and equipment
      49,500        
      28,000      Proceeds from notes receivable       
             15,388        
      94,897      Issuance of notes receivable       
                -          
      (22,326)     Net purchases of investment securities       
                -          
      (7,377)     Purchases of property and equipment       
           (927,414)       
      (1,506,054)     Cash surrender value of life insurance       
      3,771        
      1,360        Net cash used in investing activities                         of continuing operations            (858,755)           (1,411,500)                    Cash flows from financing activities                   Proceeds from the exercise of stock options        
      36,458        
                 -        Net borrowings on note payable to bank       
          1,237,489        
      547,746      Purchase of treasury stock       
                -          
      (97,061)       Net cash provided by financing activities                       of continuing operations           1,273,947        
      450,685                     Net decrease in cash and cash equivalents       
      (390,952)       
      (3,380,397)         Cash and cash equivalents at beginning of period       
      5,045,463        
      7,405,342    Cash and cash equivalents at end of period       $  4,654,511        $ 4,024,945                           Supplemental disclosure of cash flow information                   Income taxes paid       
      $        4,626        $             -        Interest paid       
      2,651                 2,866                           See accompanying notes to consolidated financial statements                 
5

**THE GOLDFIELD CORPORATION AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2004 and 2003**

**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, 2003, which was derived from theaudited consolidated financial statements.  The results of operations for theinterim periods shown in this report are not necessarily indicative of resultsto 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, 2003.

**Note 2 -**

**Reclassifications**

Certain prior periodamounts in the consolidated financial statements have been reclassified toconform with the current period presentation.

**Note 3 -**

**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, 2004 and December 31, 2003, contracts receivable had a balance of $6,721,638 and$3,732,867, respectively.

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

**Note 4 -**

**Discontinued Operations**

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

** Commitments and Contingencies 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 possible 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.  The Company soldthe Site property in 1964. The Company has commenced investigating the historicoperations that occurred at the Site as well as the nature and scope ofenvironmental conditions at the Site that may present concerns to the EPA. Based upon its investigation to date, the Company has determined that itsoperations at the Site were primarily exploratory and that the Company neverengaged in any milling or other processing activities at the Site.  At sometimes from 1950 to 1952, the Company's records reflect that it extracted alimited amount (111,670 tons) of surface ore from the Site for off-siteprocessing.  The Site has changed owners several times since it was sold by theCompany, and the Company believes that a substantial majority of the miningactivities and all of the milling and related processing and process wastedisposal activities likely were conducted by subsequent owners.

6
**The Company is in discussionswith the other PRPs with respect to negotiating an Administrative Order onConsent with the EPA pursuant to which the PRPs would perform an EngineeringEvaluation/Cost Analysis ("EE/CA") to determine what action, if any,is warranted at the Site.  The Company has reached an agreement with two otherPRPs at the Site (Combustion Engineering and Blue Tee Corp.) under which thegroup has offered to the EPA to undertake, finance and perform the EE/CA studyat the Site, with the members of the group sharing equally the costs of thiswork, subject to re-allocation of such costs among group members aftercompletion of the EE/CA.  The Company believes that completion of the EE/CAprocess will extend until the winter of 2004-2005, whereupon the EPA willdecide whether additional response action (remediation) may be necessary.  TheEPA has responded favorably to the group's offer to perform the EE/CA and thePRPs are currently negotiating the terms and conditions of an AdministrativeOrder on Consent with the EPA, along with an EE/CA Workplan, under which thePRPs will undertake, finance and perform the EE/CA.  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 the scope of the EE/CA study to be negotiated withthe EPA, incomplete information regarding the Site and the other PRPs,uncertainty regarding the extent of contamination and the Company's share, ifany, of liability for the contamination and the selection of alternativeremedies and changes in clean-up standards.  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)", andStatement of Position 96-1, "Environmental Remediation Liabilities", theCompany recognized a provision of $210,976 (within discontinued operations) forthis matter, which represents the current estimate of the Company's share ofthe costs associated with an emergency removal action previously undertaken bythe EPA, the anticipated cost of the EE/CA study and the anticipatedprofessional fees associated with the EE/CA study.  Total actual costs to beincurred at the Site in future periods may vary from this estimate, giveninherent uncertainties in evaluating environmental costs.  As of March 31, 2004, the Company incurred actual investigation and professional services costsof $107,433 and its reserve balance for the EE/CA study process is $103,543(accrued as a current liability within discontinued operations).  The accrualwill be reviewed periodically based upon facts and circumstances available atthe time, which could result in changes to its amount.  The EPA has indicatedthat it has made no determination whether any additional response action(remediation) will be required at the Site and will not do so until aftercompletion of the EE/CA process.  At this stage, the Company does not havesufficient information to determine the potential extent and nature of anynecessary future response action (remediation) at the Site, or to estimate thepotential additional future cost of such action or the Company's potentialliability for such costs.  The Company is also investigating whether any costincurred would be covered by insurance.

 

 

7

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

March 31,
   
December 31,

2004
   
 2003

(unaudited)
   
Total  assets of discontinued
   
  operations

$       -
   
$       -
   
Current  liabilities
   
  Reserve  for remediation

$ 103,543
   
$ 128,380
   
Total  liabilities of discontinued
   
  operations

$ 103,543
   
$ 128,380

There were no operating resultsfrom discontinued operations for each of the three month periods ended March 31, 2004 and 2003.

**Note 5 -**

**Note 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 (3.00% and3.07% at March 31, 2004 and December 31, 2003, respectively). The proceeds fromthe sales of the condominiums will be used to repay the loan. At the soleoption of the lender, the outstanding principal and interest is due and payablein full within 30 days of the lender providing written notice to the Company.The loan is guaranteed by the Company's electrical construction subsidiary andis secured by an agreement not to further encumber said condominium projects.Borrowings outstanding under this agreement were $2,816,412 and $1,578,923 asof March 31, 2004 and December 31, 2003, respectively. The amount available foradditional borrowing at March 31, 2004 was $3,183,588, of which $1,500,000 isavailable for the working capital needs of the Company. The loan agreementcontains various financial covenants including, but not limited to, minimumtangible net worth, minimum current ratio, and maximum debt to tangible networth ratio. Other loan covenants prohibit, among other things, incurringadditional indebtedness, issuing loans to other entities in excess of a certainamount, entering into a merger or consolidation, and any change in theCompany's current Chief Executive Officer without prior written consent fromthe lender.  The Company was in compliance with all such covenants as of March 31, 2004 and December 31, 2003.

Interest costs related to the construction ofcondominiums were capitalized. During the three month periods ended March 31, 2004 and 2003 the Company capitalized interest costs of $17,548 and $9,932,respectively.  

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 may only borrowfunds under the loan during the draw period, January 30, 2004 through September 30, 2004. During the draw period, the Company is obligated to make monthlypayments of accrued interest only.  As of the end of the draw period, onSeptember 30, 2004 (the "conversion date"), the loan will be payable in monthlypayments of principal equal to 1/36 of the outstanding principal balance of theloan at the conversion date, plus accrued interest for 36 consecutive months. The annual interest rate is equal to the "LIBOR Market Index Rate" plus one and nine-tenths percent(3.00% at March 31, 2004).  The loan will be secured by the equipment to bepurchased with the proceeds of the loan, and any replacements, accessions, orsubstitutions thereof and all cash and non-cash proceeds received thereof.There were no borrowings outstanding under this agreement as of March 31, 2004 and the amount available for additional borrowing as of the same date was$2,600,000. The loan agreement contains various financial covenants, including,but not limited to, minimum tangible net worth, minimum current ratio, andmaximum debt to tangible net worth ratio. Other loan covenants prohibit, amongother things, a change in fiscal year and any change in the Company's currentChief Executive Officer without prior written consent from the lender.  The Companywas in compliance with all such covenants as of March 31, 2004.

8
****Note 6 -**

**Commitments and  Contingencies**

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, 2004, outstanding performance bondsissued on behalf of the Company's electrical construction subsidiary amountedto approximately $4,800,000.

**Note 7 -**

**Income Taxes**

At March 31, 2004, the Company had tax net operating loss carryforwards of approximately $2,105,000 available tooffset future taxable income, which if unused will expire from 2009 through 2022. The Company has alternative minimum tax credit carryforwards of approximately $306,000,which are available to reduce future Federal income taxes over an indefiniteperiod.

**Note 8 -**

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

Basic earnings per common shareis computed by dividing net income by the weighted average number of commonstock shares outstanding during the period.  The computation of the weightedaverage number of common stock shares outstanding excludes 1,373,327 and 695,797shares of treasury stock for the three month periods ended March 31, 2004 and 2003, respectively.  Diluted earnings per share include additional dilution frompotential common stock equivalents, such as stock options outstanding. 

On September 17, 2002, theCompany's Board of Directors approved a Common Stock Repurchase Plan ("theRepurchase Plan") allowing the Company to repurchase up to five percent(approximately 1.3 million shares) of its outstanding Common Stock over thetwelve-month period which followed.  On June 11, 2003, the Board of Directorsapproved a one-year extension of the repurchase period (until September 16, 2004) and increased the total number of shares purchasable under theRepurchase Plan to 2.5 million.   The Company may repurchase its shares eitherin the open market or through private transactions.  The volume of the sharesto be repurchased is contingent upon market conditions and other factors.  Duringthe three month period ended March 31, 2004, the Company did not repurchase anyshares of its Common Stock. As of March 31, 2004, the total number of sharesrepurchased under the Repurchase Plan was 1,355,969 at a cost of $675,944(average cost of $0.498 per share) and the remaining number of shares availableto be repurchased under the Repurchase Plan is 1,144,031. The Company currentlyholds the repurchased stock as Treasury Stock, reported at cost.

**Note 9 -**

**Business Segment Information**

The Company is primarily involvedin two lines of business, electrical construction and real estate development. There were no material amounts of sales or transfers between lines of businessand no material amounts of foreign sales.  Any intersegment sales have beeneliminated.

 

 

9

The following table sets forthcertain segment information for the three months ended March 31, as indicated:

2004
   
2003

(unaudited)
   
(unaudited)

Sales from operations to    unaffiliated customers
   
    Electrical  construction

$ 9,271,934  
   
$6,952,899

    Real  estate development

  2,988,771  
   
   727,445

      Total

$12,260,705  
   
$7,680,344
   
Operating income
      
  Electrical  construction

$ 1,228,513  
   
$  848,998

  Real estate  development

    705,885  
   
     42,360 

    Total  operating income

 1,934,398  
   
   891,358
   
Other  income, net

    13,556  
   
     15,156 

General  corporate expenses

    (548,010) 
   
   (531,298)

Income from continuing    operations before income    taxes

$ 1,399,944  
   
  $  375,216

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.  

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

March 31,  2004

December 31, 2003

(unaudited)

Identifiable assets:

  Electrical  construction

$13,793,511

$11,988,779

  Real estate  development

  8,346,852

  6,157,845

  Corporate

  4,939,099

  5,947,673

    Total

$27,079,462

$24,094,297
      
**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 will bebased on the fair market value of the Common Stock at the date of grant.  Themaximum number of shares available for grant under the Plan is 1,300,000.  Theoptions must be exercised within 10 years of the date of grant.  On March 9, 1999, the Company granted options to purchase 985,000 shares, exercisable at$0.21875 per share, the fair market price of the Common Stock at the date ofgrant.  No stock options were granted during the three month periods ended March 31, 2004 and 2003.  As of March 31, 2004, 77,001 options were outstanding.

As permitted by Statement of FinancialAccounting 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 financial statementsduring the three month periods ended March 31, 2004 and 2003.  Had the Company usedthe fair value-based method of accounting to determine compensation cost forits 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 for the three monthperiods ended March 31, 2004 and 2003.

 

10
****Note 11 -**

**Recent Accounting  Pronouncements**

In January 2003, the FinancialAccounting Standards Board (the "FASB") issued Interpretation No. 46 ("FIN 46"),"Consolidation of Variable Interest Entities", and a revised interpretation ofFIN 46 ("FIN 46-R") was issued in December 2003.  FIN 46 requires certainvariable interest entities to be consolidated by the primary beneficiary of theentity if the equity investors in the entity do not have the characteristics ofa controlling financial interest or do not have sufficient equity at risk forthe entity to finance its activities without additional subordinated financialsupport from other parties.  The provisions of FIN 46 are effective immediatelyfor all arrangements entered into after January 31, 2003.  Since January 31, 2003, the Company has not invested in any entities it believes are variableinterest entities for which the Company is the primary beneficiary. FIN 46-R iseffective for the interim period ending March 31, 2004 for all new or existingarrangements. The adoption of FIN 46 or FIN 46-R did not have a significantimpact on the financial position or results of operations of the Company.

In March 2004, the Securities andExchange Commission (the "SEC") released SEC Staff Accounting Bulletin ("SAB")No. 105, "Application of Accounting Principles to Loan Commitments".  SAB No.105 provides the SEC staff position regarding the application of accountingprinciples generally accepted in the United States of America to loancommitments that relate to the origination of mortgage loans that will be heldfor resale.  SAB No. 105 contains specific guidance on the inputs to avaluation-recognition model to measure loan commitments accounted for at fairvalue.  Current accounting guidance requires the commitment to be recognized onthe balance sheet at fair value from its inception through its expiration orfunding.  SAB No. 105 requires that fair-value measurement include onlydifferences between the guaranteed interest rate in the loan commitment and amarket interest rate, excluding any expected future cash flows related to thecustomer relationship or loan servicing.  In addition, SAB No. 105 requires thedisclosure of both the accounting policy for loan commitments including themethods and assumptions used to estimate the fair value of loan commitments andany associated hedging strategies.  SAB No. 105 is effective for all loancommitments accounted for as derivatives and entered into subsequent to March 31, 2004.  Adoption of this SAB is not expected to have a significant impact on thefinancial position or results of operations of the Company.

In March 2004, the EmergingIssues Task Force (the "EITF") of the FASB reached a consensus on Issue No.03-06, "Participating Securities and the Two-Class Method under FASB StatementNo. 128, Earnings per Share", which determines whether a security should beconsidered a "participating security" for purposes of computing earnings pershare ("EPS") and how earnings should be allocated to a participating securitywhen using the two-class method for computing basic EPS.  SFAS No. 128 indicatesthat participating securities should be included in basic EPS, if the effect isdilutive, using either the two-class method or the if-converted method. Paragraph 60 of SFAS No. 128 more fully describes participating securitiesthrough certain broad examples. This Issue is effective for reporting periodsbeginning after March 31, 2004.Adoption of this Issue is not expected to have a significant impact on thefinancial position or results of operations of the Company.

11
**In March 2004, the EITF ofthe FASB reached a consensus on Issue No. 04-3, "Mineral Assets: Impairment andBusiness Combinations", which states that the value attributable to the valuebeyond proven and probable reserves (VBPP) and the effects of anticipatedfluctuations in future market prices of minerals should be considered in amanner that is consistent with the expectations of marketplace participantswhen an entity allocates the purchase price to assets acquired in a businesscombination.  Additionally, the EITF reached a consensus that the valueattributable to VBPP and the effects of anticipated fluctuations in futuremarket prices of minerals should be considered in the cash flow analysis usedto test mining assets for impairment under SFAS 144. This Issue should beapplied prospectively to business combinations completed and impairment testsperformed in reporting periods beginning after March 31, 2004. The additional consensusis effective prospectively to FAS 144 impairment tests completed after March 31, 2004.  Adoption of this Issue isnot expected to have a significant impact on the financial position or resultsof operations of the Company.

**Forward-Looking Statements**

We make "forward looking statements" within the"safe harbor" provision of the Private Securities Litigation ReformAct of 1995 throughout this document and in the documents we incorporate byreference into this Quarterly Report on Form 10-Q.  You can identify thesestatements by forward-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; ability to acquire land; adverseweather; natural disasters; and general economic conditions, both nationallyand in our region. Important factors which could cause our actual results todiffer materially from the forward-looking statements in this document are alsoset forth in the Management's Discussion and Analysis of Financial Conditionand Results of Operations section and elsewhere in this document.

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

**Item 2.**

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

**Overview**

The Company had higher electrical construction revenue inthe first three months of 2004 when compared to the same period in the prioryear, due to an increase in both transmission line construction and fiber opticprojects as a result of a greater availability of electrical constructioncontracts, while the operating margins of the electrical construction operationsincreased slightly over the same period in the prior year.  We can not projectthe levels of future demand for construction services.  To date, the Companyhas not experienced any significant increase in demand attributable toincreased grid construction stemming from the August 2003 blackout in the Northeastern United States.

12
**Revenues and operating income from the real estate developmentoperations increased significantly for the first three months of 2004 whencompared to the like period in the prior year, mainly due to a higher number ofcondominium units under construction.  Although the Company believes the marketremains strong for its condominium development projects, the results from thereal estate development operations may decline in 2004 depending upon thetiming of construction commencement and progress of the Company's projects.

**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 accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to makeestimates and judgments that affect the reported amounts of assets,liabilities, revenues and expenses, and related disclosure of contingent assetsand liabilities.  On an on-going basis, the Company evaluates its estimates,including those related to fixed price electrical construction contracts, realestate development projects, deferred income tax assets and environmentalremediation.  The Company bases its estimates on historical experience and onvarious other assumptions that are believed to be reasonable under thecircumstances, the results of which form the basis for making judgments aboutthe carrying values of assets and liabilities that are not readily apparentfrom other sources. Actual results may differ from these estimates underdifferent assumptions or conditions.  For example, for each critical accountingestimate, a hypothetical scenario of an adverse 5% change to the estimate andits resulting affect on after-tax income is detailed below.  The Companybelieves the following critical accounting policies affect its more significantjudgments and estimates used in the preparation of its consolidated financialstatements. The Company's management has discussed the selection anddevelopment of its critical accounting policies, estimates and relateddisclosure below 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, client needs,client delays in providing approvals, labor availability and governmentalregulation, may also affect the progress and estimated cost of a project'scompletion and thus the timing of income and revenue recognition.

The Company believes thecurrent assumptions and other considerations used to estimate the total costsare appropriate.  However, if actual experience differs from the assumptionsand other considerations used in estimating total costs, the resulting changecould have an adverse effect on the Company's results of operations.  Forexample, if a 5% unfavorable change in total estimated costs had occurred,after-tax income from continuing operations for the three months ended March 31, 2004 would have decreased $96,840.

 

13
**If a current estimate oftotal costs indicates a loss on a contract, the projected loss is recognized infull when determined. Revenue from change orders, extra work, variations in thescope of work and claims is recognized when realization is probable.

  **Percentage of Completion - Real Estate Development Segment**

Given our limited experiencein condominium development at the time, the initial condominium developmentproject was accounted for under the deposit method, thus deferring therecognition of related revenue and expenses until the project was complete andthe underlying titles were transferred to the buyers.

As of August 2002, commencingwith the second condominium development project, all revenue associated withreal estate development projects that meet the criteria specified by Statementof Financial Accounting Standards ("SFAS") No. 66, "Accounting for Sales ofReal Estate", have been recognized using the percentage of completion method. Under this method, revenue is recognized when (1)construction is beyond apreliminary stage, (2)buyers are unable to receive refunds of down-paymentsexcept in the event of non-delivery, (3)a substantial percentage of thecondominiums are under firm contracts, (4)collection of the sales price isreasonably assured and (5)sales proceeds and costs can be reasonablyestimated.  Revenue recognized is calculated based on the percentage ofcompletion, as determined by the ratio of fixed price construction contract costsincurred to date to the total fixed price construction contract.  A significantmajority of the total estimated project costs is attributable to the fixedprice construction contract; the residual estimated costs could vary fromactual and the variation is recognized in the period it is determined.

Because of the generalinvariability of costs of fixed-price construction contracts, the Companybelieves that a material difference in total actual project costs versus totalestimated project costs is unlikely, although possible.  If the Company were tohave encountered adverse circumstances which resulted in a 5% increase in totalproject costs, after-tax income from continuing operations for the three monthsended March 31, 2004 would have decreased $150,355.

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.

14
**As of March 31, 2004, the deferred tax asset was largely comprised of net operating loss ("NOL") carryforwardswhich will expire from 2009 through 2022.  Based on historical experience andother various assumptions including forecasts of future taxable income and taxplanning, the Company anticipates being able to generate sufficient taxableincome to utilize the NOL carryforwards prior to their respective expirationdates and therefore, did not record a valuation allowance against the deferredtax assets.  Had the Company forecasted an inability to utilize 5% of the NOLcarryforwards, prior to their respective expiration dates, after-tax incomefrom continuing operations for the three months ended March 31, 2004 would have decreased $35,785.

 **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 for a discussion on this matter.

In accordance with FinancialAccounting Standards Board ("FASB") Interpretation No. 14, "ReasonableEstimation of the Amount of a Loss - an interpretation of Statement of FinancialAccounting Standards No. 5 (Accounting for Contingencies)", and Statement ofPosition 96-1, "Environmental Remediation Liabilities", during the year endedDecember 31, 2003, the Company recognized a provision of $210,976 (withindiscontinued operations), which represents the Company's current estimate ofremediation costs for this matter.  Total actual remediation costs to beincurred in future periods may vary from this estimate, given inherentuncertainties in evaluating environmental costs.  In the current year, had theCompany determined its estimate for the provision for remediation to be 5% inexcess of its estimate recognized in the prior year, after-tax income fromdiscontinued operations for the three months ended March 31, 2004 would have decreased$6,324.

**Results of Operations**

**THREE MONTHS ENDED****MARCH 31, 2004 COMPARED TO THREE MONTHS ENDED****MARCH 31, 2003**

**Segment Information**

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

2004
   
2003

(unaudited)
   
(unaudited)

Revenue
   
   Electrical construction

$ 9,271,934
   
$6,952,899

   Real estate development

  2,988,771
   
   727,445

     Total

$12,260,705
   
$7,680,344
   
Operating  income
   
   Electrical construction

$ 1,228,513
   
$  848,998

   Real estate development

    705,885
   
    42,360

     Total

$ 1,934,398
   
$  891,358

15
**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.

**Continuing Operations**

 ** Revenues**

Total revenues in the three months ended March 31, 2004 increased by 59.6% to $12,260,705, compared to $7,680,344 in the threemonths ended March 31, 2003.  

Electrical construction revenueincreased by 33.4% in the three months ended March 31, 2004 to $9,271,934 from $6,952,899 in the three months ended March 31, 2003.  This increase wasprimarily attributable to an increase in both transmission line constructionand fiber optic projects as a result of a greater availability of electricalconstruction contracts.  To date, however, the Company has not noticed anincrease in demand attributable to increased grid construction stemming fromthe August 2003 blackout in the Northeastern United States.

Revenues recognized by the real estate development operationsfor the three months ended March 31, 2004 were $2,988,771 compared to $727,445for the three months March 31, 2003, an increase of 310.9%.  This increase was mainlya result of having a greater number of condominium units under constructionduring the three months ended March 31, 2004, when compared to the like periodin 2003. 

The real estate developmentoperations' third project, "Cape Club", a sixteen-unit oceanfront condominium developmentlocated in Cape Canaveral, Florida is currently under construction and itscompletion is anticipated in the second quarter of 2004. All units are undercontract for sale.  Cape Club is being accounted for under the percentage ofcompletion method as described in the above Critical Accounting Policies andEstimates.

"Oak Park", a townhouse-stylecondominium project in Cape Canaveral, Florida is currently in theplanning/permitting phase.  Preliminary plans call for a forty-unit complex tobe built, thirty-six of which have been reserved with refundable deposits. 

The Company's most recentplans are to develop a river-view residential complex on a two-acre parcel in Melbourne, Florida, acquired in January 2003 for approximately $1 million.  Initial planscall for a multi-phase development, with the first phase, "Pineapple House", athirty-three--unit luxury river-view condominium complex, currently undergoingthe permitting process. The Vested Rights application, which was filed with theCity of Melbourne in January 2004, was not acted upon by the City due to achange in the regulations affecting the property, which rendered the applicationunnecessary.  Commencement of construction is dependent upon the receipt ofrequired permits and approvals.

 ** Operating Results**

Electrical construction operations had an operatingincome of $1,228,513 in the three months ended March 31, 2004, compared to an operating income of $848,998 during the three months ended March 31, 2003, an increase of 44.7%.  As a percentage of revenue, operating margins on electricalconstruction operations increased to 13.2% for the three months ended March 31, 2004 from 12.2% for the three months ended March 31, 2003.  The Company's electrical construction subsidiary is customarily involved in a limited numberof projects at any one given time.  Therefore, operating results can varysignificantly from period to period depending upon the number of projectsunderway in any period and the particular operating characteristics of suchprojects.  The varying magnitude and duration of electrical constructionprojects may result in substantial fluctuation in the Company's backlog fromtime to time. At March 31, 2004, the approximate value of uncompleted contractswas $9,300,000 compared to $12,900,000 at March 31, 2003.  

16
**Real estate development operations had an operatingincome of $705,885 in the three months ended March 31, 2004, compared to $42,360 in the three months ended March 31, 2003, an increase of $663,525.  As apercentage of revenue, operating margins increased to 23.6% for the three monthsended March 31, 2004 from 5.8% for the three months ended March 31, 2003. The increase in operating margin was primarily due to a change of the projects underconstruction from relatively low-margin projects to higher-margin projects.  Operatingmargins from real estate development operations are expected to vary due to thetype and number of projects under construction at any given time and eachrespective project's estimated operating margin.

As of March 31, 2004, real estate development operation's backlog (outstanding real estate contracts forsale excluding partial revenue already recognized on said contracts under thepercentage of completion method) was approximately $900,000, compared toapproximately $4,700,000 as of March 31, 2003.  There can be no assurance thatsettlements of condominiums subject to contracts for sale will occur. 

**  Costs and Expenses**

Total costs and expenses, and the components thereof,increased to $10,874,317 in the three months ended March 31, 2004 from $7,320,284 in the three months ended March 31, 2003, an increase of 48.6%.

Electrical construction costs increased to $7,548,274 inthe three months ended March 31, 2004 from $5,749,598 in the three months ended March 31, 2003, an increase of 31.3%.  The increase in costs was primarilyattributable to both an increase in the volume of the work performed and an increasein subcontractor costs incurred as a result of required construction servicesoutside the scope of services generally provided by the Company.

Costs of the real estate development operations increasedto $2,075,029 for the three months ended March 31, 2004 from $644,731 for the three months ended March 31, 2003, an increase of 221.8%.  The increasewas due to increases in both construction and selling costs as a result of agreater volume of condominium units under construction during the three monthsended March 31, 2004, when compared to the same period in 2003.

Depreciation and amortization was$486,520 in the three months ended March 31, 2004, compared to $345,597 in the threemonths ended March 31, 2003.  The increase in depreciation and amortization wasprimarily a result of an increase in capital expenditures made in recent years,most of which were attributed to upgrading and replacing electricalconstruction equipment.

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

2004
   
2003

(unaudited)
   
(unaudited)

Electrical construction

  $ 32,255 
   
  $ 21,406 

Real estate development

  204,914 
   
    38,263 

Corporate

 527,325 
   
 520,689 

 Total

$764,494 
   
$580,358 
   
 

17
**In the three months ended March 31, 2004, total SG&A expenses increased by 31.7% when compared to the like period in 2003.  The increasewas mainly due to higher selling costs incurred by the real estate development operationsas a result of an increase in the volume of condominium units underconstruction during the three months ended March 31, 2004, when compared to the same period in 2003.  SG&A expenses, as a percentage of revenue,decreased to 6.2% in the three months ended March 31, 2004 from 7.6% in the three months ended March 31, 2003, largely as a result of increased revenue.

**  Income Taxes**

The provision for income taxes was $560,774 in the threemonths ended March 31, 2004, an effective tax rate of 40.1%, as compared to $150,254in the three months ended March 31, 2003, an effective tax rate of 40.0%. Theeffective tax rates differ from the statutory rate largely due to state incometaxes.

**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 topossible investigation and removal activities at a mine previously owned by theCompany. Please see Part II, Item 1. Legal Proceedings.

There were no operating results fromdiscontinued operations in each of the three month periods ended March 31, 2004 and 2003.

**Liquidity and Capital Resources**

**Working Capital Analysis**

Cash and cash equivalents at March 31, 2004 were $4,654,511 as compared to $5,045,463 at December 31, 2003. Working capital of continuingand discontinued operations at March 31, 2004 was $11,617,759, compared to $10,565,493at December 31, 2003.  The Company's ratio of current assets to currentliabilities (including continuing and discontinued operations) decreased to 2.9:1at March 31, 2004, from 3.6:1 at December 31, 2003.  This net decrease was primarilyattributable to three factors: an increase in the accounts payable and accruedliabilities of the electrical construction operations, due to a higher level ofelectrical construction activity; an increase in the accounts payable andaccrued liabilities of the real estate development operations, due to costsrelated to the construction of Cape Club; and an increase in the real estatedevelopment operation's construction loan (refer to note 5 of notes to theconsolidated financial statements), which was mainly attributable to CapeClub's construction costs.  The foregoing was offset by increases in the costsand estimated earnings in excess of billings on uncompleted contracts of theelectrical construction operations, also due to a higher level of electricalconstruction activity and the real estate development operation's contractsreceivable, which was mainly attributable to revenue recognized on the CapeClub condominium development project, of which all units are under contract forsale.

 

18

**Cash Flow Analysis**

Net cash flows for each of thethree month periods ended March 31 were as follows:

2004

2003
   
(unaudited)

(unaudited)
   
Operating activities

$ (806,144)

$(2,419,582) 
   
Investing activities

(858,755)

(1,411,500) 
   
Financing activities

1,273,947 

  450,685  
   
Net decrease in cash and   cash equivalents

$ (390,952)

$(3,380,397) 
   
  **OperatingActivities**

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

Net cash used by operatingactivities in the first quarter of 2004 was $806,144, compared to $2,419,582used during the same period in 2003.  Changes in the accounts receivable andaccrued billings provided $302,188 of cash during the first quarter of 2004,compared to cash used of $1,517,460 in first quarter of 2003.  Cash provided byaccounts receivable and accrued billings was significantly higher in the threemonths ended March 31, 2004 when compared to the same period in the prior year,primarily due to a substantial increase of cash collected in the first quarterof 2004 related to outstanding accounts receivable of the electricalconstruction operations when compared to cash collections in the same period ofthe prior year.  In the first three months of 2003, the Company usedapproximately $1 million of cash to purchase land for its latest real estatedevelopment project, Pineapple House.  To date, no land purchases for realestate development projects have been made in 2004.  Changes in the contractsreceivable of the real estate development operations used $2,988,771 of cash inthe first three months of 2004, when compared to $703,445 of cash used in the sameperiod of the prior year.  The increase in cash used by contracts receivable wasmainly due to an increase in the contracts receivable derived from Cape Club. Collectionof the majority of Cape Club's contracts receivable is expected in the secondquarter of 2004, upon completion of the condominium.

**  Investing Activities**

Net cash used by investingactivities in the first quarter of 2004 was $858,755, compared to $1,411,500 ofcash used in the like period of 2003. This decrease in cash usage by theCompany's investing activities during the first quarter of 2004, when comparedto the same period in 2003, was primarily the result of a decrease of capitalexpenditures in the first three months of 2004 to $927,414 from $1,506,054 forthe same period in 2003.  The majority of capital expenditures are attributableto purchases of machinery and equipment by the Company's electricalconstruction segment which were prompted by an increase in the volume of workperformed and an effort to reduce future equipment rental expense. Total capitalexpenditures in 2004 are expected to approximate $4.5 million, which theCompany anticipates funding through existing cash reserves and its new termloan with Wachovia Bank, N.A., as described in note 5 of notes to theconsolidated financial statements.

19
****  Financing Activities**

Net cash provided by financing activities in the firstquarter of 2004 was $1,273,947, compared to $450,685 of cash provided in thesame period in 2003. This increase in cash provided by financing activities inthe first quarter of 2004, relative to the comparable period in the prior year,was primarily due to the Company's increased net borrowings on the real estateconstruction loan (refer to note 5 of notes to the consolidated financialstatements) for costs related to the construction of Cape Club.  Proceeds fromthe sale of Cape Club, the majority of which is anticipated in the secondquarter of 2004, will be used to pay down the real estate construction loan.  Inthe three months ended March 31, 2003, the Company used cash in the amount of $97,061,to purchase Treasury Stock (208,829 shares of Common Stock at an average costof $0.465 per share) pursuant to the Common Stock Repurchase Plan as describedin note 8 of notes to the consolidated financial statements. The Company hasnot purchased any of its shares of Common Stock 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.

On January 30, 2004, the Company entered into a term loanin the amount of $2,600,000, as described in note 5 of notes to theconsolidated financial statements, to finance a portion of the electricalconstruction operations anticipated capital expenditures for the current year.As of May 3, 2004, draws in the amount of $843,060 have been made on theaforementioned loan and $1,756,940 is available for additional borrowing.

The Company currently has a real estate construction loan(see note 5 of notes to the consolidated financial statements) in favor ofWachovia Bank, N.A. As of May 3, 2004, borrowings outstanding under said loanwere $3,618,500 and $2,381,500 is available for borrowing, of which $1,500,000can be used for the working capital needs of the Company.  

The Company'scredit facilities require it to comply with various covenants, including, butnot limited to, minimum tangible net worth, minimum current ratio, and maximumdebt to tangible net worth ratio. Other loan covenants prohibit, among otherthings, incurring additional indebtedness, issuing loans to other entities inexcess of a certain amount, entering into a merger or consolidation, and anychange in the Company's current Chief Executive Officer without prior writtenconsent from the lender.  As of March 31, 2004, the Company was in compliancewith all such covenants.  However, there can be no assurance that the Companywill be able to sustain compliance with said covenants and therefore could riskeither a reduction or elimination of its present credit facilities.  TheCompany believes that its present ability to borrow, with the consent of itscurrent lender, is greater than its established credit facilities in place.  However,no assurance can be given as to the terms, availability or cost of any futurefinancing the Company may need.

**Forecast**

The Company anticipates its cash flows from operationsand credit facilities will provide sufficient cash to enable the Company tomeet its working capital needs, debt service requirements and planned capitalexpenditures for at least the next twelve months.  However, the Company'srevenues, results of operations and cash flows as well as its ability to seekadditional financing may be negatively impacted by factors including, but notlimited to, a decline in demand for electrical construction services and/or condominiumsin the markets served and general economic conditions, heightened competition,increased interest rates and adverse weather conditions. 

 

20

**Contractual Obligations**

There have been no materialchanges from the information included in the Company's Form 10-K for the yearended December 31, 2003.

**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, 2004 andeach has concluded that such disclosure controls and procedures aresufficiently effective to ensure that information required to be disclosed inour periodic reports filed under the Exchange Act is recorded, processed,summarized and reported, within the time periods specified by the Securitiesand Exchange Commission's rules and regulations.

**Changes in internal controls**

No changes in the Company's internal controls overfinancial reporting occurred during the first quarter of 2004 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 or bymanagement override of the controls.  The design of any system of controls isalso 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, 2004 toprovide reasonable assurance that the objectives of the disclosure controlsystem were met.

**PART II.  OTHERINFORMATION**

**Item 1.**

**  Legal Proceedings.**

21
****Environmental**

On September 8, 2003, the EPA issued a special notice letter notifying the Company that it is a PRP, along withthree other parties, with respect to possible investigation and removalactivities at the Anderson-Calhoun Mine/Mill Site (the "Site") inStevens County, Washington, which the EPA may request that the Company, alongwith the other PRPs, perform or finance.  The Company sold the Site property in1964. The Company has commenced investigating 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.  At some times from 1950 to1952, the Company's records reflect that it extracted a limited amount (111,670tons) of surface ore from the Site for off-site processing.  The Site haschanged owners several times since it was sold by the Company, and the Companybelieves that a substantial majority of the mining activities and all of themilling and related processing and process waste disposal activities likelywere conducted by subsequent owners.

The Company is in discussionswith the other PRPs with respect to negotiating an Administrative Order onConsent with the EPA pursuant to which the PRPs would perform an EngineeringEvaluation/Cost Analysis ("EE/CA") to determine what action, if any,is warranted at the Site.  The Company has reached an agreement with two otherPRPs at the Site (Combustion Engineering and Blue Tee Corp.) under which thegroup has offered to the EPA to undertake, finance and perform the EE/CA studyat the Site, with the members of the group sharing equally the costs of thiswork, subject to re-allocation of such costs among group members aftercompletion of the EE/CA.  The Company believes that completion of the EE/CAprocess will extend until the winter of 2004-2005, whereupon the EPA willdecide whether additional response action (remediation) may be necessary.  TheEPA has responded favorably to the group's offer to perform the EE/CA and thePRPs are currently negotiating the terms and conditions of an AdministrativeOrder on Consent with the EPA, along with an EE/CA Workplan, under which thePRPs will undertake, finance and perform the EE/CA.  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 the scope of the EE/CA study to be negotiated withthe EPA, incomplete information regarding the Site and the other PRPs,uncertainty regarding the extent of contamination and the Company's share, ifany, of liability for the contamination and the selection of alternativeremedies and changes in clean-up standards.  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)", andStatement of Position 96-1, "Environmental Remediation Liabilities", theCompany recognized a provision of $210,976 (within discontinued operations) forthis matter, which represents the current estimate of the Company's share ofthe costs associated with an emergency removal action previously undertaken bythe EPA, the anticipated cost of the EE/CA study and the anticipatedprofessional fees associated with the EE/CA study.  Total actual costs to beincurred at the Site in future periods may vary from this estimate, giveninherent uncertainties in evaluating environmental costs.  As of March 31, 2004, the Company incurred actual investigation and professional services costsof $107,433 and its reserve balance for the EE/CA study process is $103,543 (accruedas a current 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.

22
****Item 2.**

**Changes in Securities, Use of Proceeds and Issuer  Purchases of Equity Securities.**

The following table sets forth information regarding theCompany's purchases of its Common Stock on a monthly basis during the firstquarter of 2004:

**IssuerPurchases 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

January 1, 2004 through January 31, 2004

--

--

--

1,144,031

February 1, 2004 through February 29, 2004

--

--

--

1,144,031

March 1, 2004 through March 31, 2004

--

--

--

1,144,031

Total

--

--

--

1,144,031

(1) On September 17, 2002, the Company's Board ofDirectors approved a Common Stock Repurchase Plan ("the Repurchase Plan")allowing the Company to repurchase up to five percent (approximately 1.3million shares) of its outstanding Common Stock over the twelve-month periodwhich followed.  On June 11, 2003, the Board of Directors approved a one-yearextension of the repurchase period (until September 16, 2004) and increased the total number of shares purchasable under the Repurchase Plan to 2.5million. Over the course of the Plan, through March 31, 2004, the Company has repurchased 1,355,969 shares of its Common Stock at a cost of $675,944(average cost of $0.498 per share). The Company may repurchase its shareseither in the open market or through private transactions.  The volume of theshares to be repurchased is contingent upon market conditions and otherfactors.  

**Item 6.**

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

**(a) Exhibits in accordance withthe provisions of Item 601 of Regulation S-K**

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

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

 

23
**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 exhibits are intended to be furnished in accordance with Regulation S-KItem 601(b)(32)(ii) and shall not be deemed to be filed for purposes of Section18 of the Securities Act of 1934 or incorporated by reference into any filingunder the Securities Act of 1933, except as shall be expressly set forth byspecific reference.

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

The Registrantfiled with the Commission a Current Report on Form 8-K on March 23, 2004, reporting its financial results for the three and twelve months ended December 31, 2003.

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 14, 2004

/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,Assistant Secretary and Chief  Financial Officer.

 

 

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