SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[x] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1996
OR
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from ________________ to _______________
Commission file number - 1-7525
THE GOLDFIELD CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 88-0031580
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
100 Rialto Place, Suite 500, Melbourne, Florida 32901
(Address of principal executive offices) (Zip Code)
(407) 724-1700
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes X No
There were 26,854,748 shares of common stock, par value $.10 per
share, of The Goldfield Corporation outstanding as of July 25, 1996.
<TABLE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
THE GOLDFIELD CORPORATION
and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
ASSETS 1996 1995
<S> <C> <C>
Current assets
Cash and cash equivalents $ 3,558,582 $ 4,447,810
Accounts receivable and accrued billings 1,438,700 1,538,039
Current portion of notes receivable (Note 2) 180,741 191,438
Inventories (Note 3) 208,069 165,608
Costs and estimated earnings in excess of
billings on uncompleted contracts 912,603 639,186
Prepaid expenses and other current assets 111,393 162,470
Total current assets 6,410,088 7,144,551
Properties, net 4,664,555 4,355,900
Notes receivable, less current portion (Note 2) 697,500 810,000
Deferred charges and other assets
Deferred income taxes (Note 4) 860,000 860,000
Repurchased royalties at cost, net 147,771 160,810
Cash surrender value of life insurance 520,200 515,499
Total deferred charges and other assets 1,527,971 1,536,309
Total assets $13,300,114 $13,846,760
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 750,714 $ 819,847
Billings in excess of costs and estimated
earnings on uncompleted contracts 1,989 35,151
Current portion of long-term obligation (Note 5) 20,000 --
Current portion of deferred gain (Note 2) 46,690 48,720
Total current liabilities 819,393 903,718
Long-term obligation, less current portion (Note 5) 280,000 --
Deferred gain on installment sale, less
current portion (Note 2) 125,860 138,040
Total liabilities 1,225,253 1,041,758
Stockholders' equity
Preferred stock, $1 par value per share,
5,000,000 shares authorized; issued and
outstanding 339,407 shares of Series A
7% voting cumulative convertible stock 339,407 339,407
Common stock, $.10 par value per share,
40,000,000 shares authorized; issued
26,872,106 shares 2,687,211 2,687,211
Capital surplus 18,369,860 18,369,860
Retained earnings (deficit) (9,302,897) (8,572,756)
Total 12,093,581 12,823,722
Less common stock in treasury, 17,358 shares,
at cost 18,720 18,720
Total stockholders' equity 12,074,861 12,805,002
Total liabilities and stockholders' equity $13,300,114 $13,846,760
See accompanying Notes to Consolidated Financial Statements
</TABLE>
<TABLE>
THE GOLDFIELD CORPORATION
and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenue
Electrical construction $2,171,484 $2,747,686 $5,049,546 $4,352,675
Mining 388,346 434,552 736,332 901,887
Royalty income -- 40,012 -- 74,079
Other income, net 88,416 158,518 188,186 274,623
Total revenue 2,648,246 3,380,768 5,974,064 5,603,264
Costs and expenses
Electrical construction 2,353,568 2,406,171 4,985,139 4,061,188
Mining 354,843 386,899 671,513 850,693
Depreciation 222,973 196,491 449,670 395,588
Amortization of repurchased
royalties 6,520 6,520 13,039 13,039
General and administrative 278,855 282,227 572,965 549,658
Total costs and expenses 3,216,759 3,278,308 6,692,326 5,870,166
Income (loss) from operations
before income taxes (568,513) 102,460 (718,262) (266,902)
Income taxes (Note 4) -- 38,000 -- 44,000
Net income (loss) (568,513) 64,460 (718,262) (310,902)
Preferred stock dividends 5,940 5,940 11,879 11,879
Earnings (loss) available
to common stockholders $ (574,453) $ 58,520 $ (730,141) $ (322,781)
Earnings (loss) per share
of common stock (Note 6) $(0.02) $ 0.00 $(0.03) $(.01)
Weighted average number
of shares outstanding 26,854,748 26,854,748 26,854,748 26,854,748
See accompanying Notes to Consolidated Financial Statements
</TABLE>
<TABLE>
THE GOLDFIELD CORPORATION
and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Cash flows from operating
activities
Net income (loss) $(568,513) $64,460 $(718,262) $(310,902)
Adjustments to reconcile net
income (loss) to net cash
provided from (used by)
operating activities
Depreciation and amortization 229,493 203,011 462,709 408,627
Deferred income taxes -- 38,000 -- 44,000
Deferred gain on sale of
subsidiary (10,150) (12,180) (14,210) (24,360)
Loss (gain) on sale of property
and equipment 2,575 (35,431) (2,691) (38,774)
Decrease (increase) in accounts
receivable and accrued billings (190,086) (883,948) 99,339 (459,928)
Increase in inventories (12,570) (74,561) (42,461) (51,593)
Decrease (increase) in costs and
estimated earnings in excess of
billings on uncompleted contracts 46,396 118,360 (273,417) (197,219)
Decrease in prepaid expenses
and other current assets 74,287 47,875 51,077 74,855
Decrease (increase) in cash
surrender value of life insurance -- 4,279 (4,701) (422)
Increase (decrease) in accounts
payable and accrued liabilities (74,818) 629,229 (69,133) 765,872
Increase (decrease) in billing
in excess of costs and
estimated earnings on
uncompleted contracts (34,870) 60,094 (33,162) (23,534)
Total adjustments 30,257 94,728 173,350 497,524
Net cash provided from
(used by) operating
activities (538,256) 159,188 (544,912) 186,622
Cash flows from investing activities
Proceeds from the disposal of
fixed assets 1,700 35,843 8,008 35,993
Payments made to grant loans (10,726) (300,000) (30,726) (300,000)
Proceeds from notes receivable 134,828 53,001 153,923 100,962
Purchases of fixed assets (93,416) (181,187) (290,504) (455,328)
Payments made to acquire fixed
assets of Fiber Optic Services -- -- (173,138) --
Net cash generated (used) by
investing activities 32,386 (392,343) (332,437) (618,373)
Cash flows from financing activities
Payments of preferred
stock dividends (5,940) (5,940) (11,879) (11,879)
Net cash used by financing
activities (5,940) (5,940) (11,879) (11,879)
Net decrease in
cash and cash equivalents (511,810) (239,095) (889,228) (443,630)
Cash and cash equivalents at
beginning of period 4,070,392 5,671,003 4,447,810 5,875,538
Cash and cash equivalents
at end of year $3,558,582 $5,431,908 $3,558,582 $5,431,908
Interest paid $-- $-- $-- $--
Taxes paid -- -- -- --
See accompanying Notes to Consolidated Financial Statements
</TABLE>
THE GOLDFIELD CORPORATION
and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 1996
Note 1 - Basis of Presentation
In the opinion of management, the accompanying unaudited interim
consolidated financial statements include all adjustments necessary
to present fairly the financial position of the Company, the results
of its operations and changes in cash flows for the interim periods
reported. These adjustments are of a normal recurring nature. All
financial statements presented herein are unaudited. However, the
balance sheet as of December 31, 1995, was derived from the audited
consolidated balance sheet. These statements should be read in
conjunction with the financial statements included in the Company's
annual report on Form 10-K for the year ended December 31, 1995.
The results of operations for the interim periods shown in this
report are not necessarily indicative of results to be expected for
the fiscal year.
Note 2 - Sale of Mining Subsidiary
In April 1993, the capital stock of The San Pedro Mining Corporation
("San Pedro"), a then wholly-owned subsidiary of the Company was
sold for $1,220,000 of which $50,000 in cash was paid at closing
with the balance of the purchase price represented by a promissory
note payable to the Company in equal monthly principal installments
of $15,000 through January 2000, with the exception of six
installments being reduced to $7,500 payable February 1996 through
July 1996 as a result of an amendment dated April 3, 1996. The note
bears interest at the rate of prime plus 1% (9.25% at June 30, 1996)
payable monthly and is secured by a first real estate mortgage and
personal property security agreement upon substantially all of the
assets of and a pledge of all of the outstanding capital stock of
San Pedro.
Since the purchaser's initial investment in the property amounted to
less than 20% of the sale price, the installment method of profit
recognition was used resulting in a deferred gain of $330,214. In
the six months ended June 30, 1996 and 1995, $14,210 and $24,360,
respectively, of such deferred gain was recognized as revenue. The
installment method recognizes proportionate amounts of the gain
associated with the transaction as cash is received.
The primary assets of San Pedro were represented by mining
properties with a net book value of $889,786 at the date of sale.
Note 3 - Inventories
<TABLE>
Inventories are summarized as follows:
June 30, December 31,
1996 1995
<S> <C> <C>
Materials and supplies $119,975 $111,856
Industrial mineral products 59,728 46,838
Ores in process 28,366 6,914
Total inventories $208,069 $165,608
</TABLE>
Note 4 - Income Taxes
<TABLE>
The income tax provision (benefit) consists of the following:
Three Months Three Months
Ended June 30, Ended June 30,
1996 1995
<S> <C> <C>
Current
Federal $ -- $ --
State -- --
-- --
Deferred
Federal -- 32,000
State -- 6,000
Total $ -- $38,000
Six Months Six Months
Ended June 30, Ended June 30,
1996 1995
Current
Federal $ -- $ --
State -- --
-- --
Deferred
Federal -- 37,000
State -- 7,000
Total $ -- $44,000
</TABLE>
The deferred income tax benefit as of June 30, 1996 and 1995
represents the portion of deferred tax assets that the Company
estimates will ultimately be realized.
Temporary differences and carryforwards which give rise to
deferred tax assets and liabilities as of June 30, 1996 and
December 31, 1995 are as follows:
<TABLE>
June 30, December 31,
1996 1995
<S> <C> <C>
Deferred tax assets
Depletion, mineral rights
and deferred development
and exploration cost $ 325,000 $ 325,000
Accrued workers' compensation
costs 67,000 99,000
Accrued vacation and bonus 13,000 15,000
Property and equipment,
principally due to differences
in depreciation and valuation
write-downs 372,000 389,000
Net operating loss carryforwards 2,994,000 2,685,000
Investment tax credit
carryforwards 264,000 295,000
Alternative minimum tax
credit carryforwards 256,000 256,000
4,291,000 4,064,000
Valuation allowance (3,431,000) (3,204,000)
Total net deferred tax assets 860,000 860,000
Deferred tax liabilities -- --
Net deferred tax assets $ 860,000 $ 860,000
</TABLE>
The Company has recorded a valuation allowance in accordance with
the provisions of SFAS 109 to reflect the estimated amount of
deferred tax assets which may not be realized. In assessing the
realizability of deferred tax assets, management considers whether
it is more likely than not that some portion or all of the
deferred tax assets will not be realized. The ultimate
realization of deferred tax assets is dependent upon the
generation of future taxable income during the periods in which
those temporary differences become deductible. Management
considers the projected future taxable income and tax planning
strategies in making this assessment. The Company increased the
valuation allowance for net deferred tax assets by approximately
$227,000 and $110,000 for the six months ended June 30, 1996 and
1995, respectively.
At June 30, 1996, the Company had tax net operating loss
carryforwards of approximately $7,900,000 available to offset
future regular taxable income, which if unused, will expire from
1999 through 2011.
Additionally, the Company has investment tax credit carryforwards
of approximately $264,000 available to reduce future Federal
income taxes, which if unused, will expire from 1997 through 2000.
In addition, the Company has alternative minimum tax credit
carryforwards of approximately $256,000 which are available to
reduce future Federal income taxes over an indefinite period.
Note 5 - Acquisition of Fiber Optic Services
In January 1996, the Company acquired the fixed assets of Fiber
Optic Services for payments of $173,138 and future payments equal
to 2 1/2 times their average pre-tax earnings for the five years
ended December 31, 2000. The future payments have been estimated to
be $300,000 and have been recorded on the balance sheet of the
Company as a long-term obligation. This acquisition was accounted
for as a purchase. Accordingly, the initial payments and estimated
amount of additional payments based on earnings were allocated to
the fixed assets acquired based upon their estimated fair market
values. Proforma effects of this acquisition for the six months
ended June 30, 1995 are considered immaterial.
Fiber Optic Services is engaged in the construction of fiber optic
communication systems throughout the United States primarily for
electric utilities and communication companies.
Note 6 - Earnings (Loss) Per Share of Common Stock
Earnings (loss) per common share, after deducting dividend
requirements on the Company's Preferred Stock of $11,879 in each of
the six month periods ended June 30, 1996 and 1995 were based on the
weighted average number of shares of Common Stock outstanding,
excluding average shares of Treasury stock, of 17,358 for each of
the six month periods ended June 30, 1996 and 1995. The inclusion
of Common Stock issuable upon conversion of Preferred Stock has not
been included in the per share calculations because such inclusion
would not have a material effect on the earnings (loss) per common
share.
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Results of Operations - Six Months Ended June 30, 1996 Compared to
Six Months Ended June 30, 1995.
Net Income (Loss)
The Company incurred a net loss of $718,262 for the six months ended
June 30, 1996, compared to a net loss of $310,902 for the six months
ended June 30, 1995. The higher loss in the 1996 period primarily
resulted from unanticipated cost overruns on a single construction
project which was completed in July 1996.
Revenues
Total revenues for the six months ended June 30, 1996 were
$5,974,064, compared to $5,603,264 in the like 1995 period. The
increase in revenues was attributable to electrical construction
operations.
Electrical construction revenue increased by 16% in the six months
ended June 30, 1996 to $5,049,546 from $4,352,675 for the six months
ended June 30, 1995. The increase in electrical construction
revenue was primarily due to revenue from the newly acquired
subsidiary, Fiber Optic Services, which was $369,509 for the six
months ended June 30, 1996.
Revenue from mining operations for the six months ended June 30,
1996 decreased by 18% to $736,332 from $901,887 for the like period
in 1995. Mining revenue decreased primarily as a result of the
change in the needs of one customer which accounted for approximately
59% of zeolite sales for the six months ended June 30, 1995, as compared
to only 8% to the same customer for the six months ended June 30, 1996.
Operating Results
Electrical construction operations had an operating loss of $222,984
during the six months ended June 30, 1996, compared to an operating
profit of $55,923 for the six months ended June 30, 1995. The
decrease in operating results was due to unanticipated cost overruns
on a single construction project which was completed in July 1996.
The varying magnitude and duration of electrical construction
projects may result in substantial fluctuation in the Company's
backlog from time to time. At June 30, 1996, the approximate value
of uncompleted contracts was $2,300,000, compared to $3,480,000 at
February 14, 1996 and $3,650,000 at June 30, 1995.
During the six months ended June 30, 1996, the operating loss from
mining operations was $91,299, compared to an operating loss of
$22,290 during the six months ended June 30, 1995. Operating
profit(loss) includes royalty income and depreciation expense. The
decrease in operating results from mining operations in the second
quarter of 1996 was due to the decrease in royalty income. There was
no royalty income recognized during the six months ended June 30,
1996, compared to $74,079 during the six months ended June 30, 1995.
During 1995, the lessee suspended mining operations at Harlan Fuel
Company and the Company is, therefore, currently entitled to receive
only the annual minimum royalties of $150,000. Such annual minimum
royalties are payable January 31st of the year following and will be
recognized when realization of the income is assured.
The St. Cloud Mining Company, a wholly-owned subsidiary of the
Company ("St. Cloud"), sold 7,200 tons of natural zeolite during the
six months ended June 30, 1996, compared to 11,380 tons during the
six months ended June 30, 1995.
In the six months ended June 30, 1996, St. Cloud sold 2,000 tons of
construction aggregate. There were no sales of construction
aggregate in the like 1995 period.
Surface and underground mining of base and precious metals has been
halted at St. Cloud since the third quarter of 1991 and the first
quarter of 1992, respectively, due to declining prices and mine
grades. St. Cloud's viability is sensitive to the future price of
base and precious metals, particularly silver.
During the six months ended June 30, 1996, The Lordsburg Mining
Company, a wholly-owned subsidiary of the Company ("Lordsburg"),sold
7,095 tons of barren, siliceous flux to copper smelters, compared to
4,710 tons sold during the six months ended June 30, 1995.
Lordsburg also sold 10,269 tons of construction aggregate material
during the six months ended June 30, 1996, compared to 11,830 tons
sold during the six months ended June 30, 1995.
Production from underground mining at Lordsburg, which was suspended
in February 1994, had previously been intermittent due to low ore
grade and inconsistent smelter demand. The ore produced from the
mine was used by nearby copper smelters as precious metal bearing
siliceous flux. Future demand for underground ores cannot be
determined at this time.
Although the Company has continued limited production of construction
aggregates and siliceous flux at Lordsburg, a final decision with respect
to the future operations at Lordsburg has not been reached.
Other Income
Other income for the six months ended June 30, 1996 was $188,186,
compared to $274,623 for the six months ended June 30, 1995. The
decrease was primarily attributable to decreased interest income.
Costs and Expenses
Electrical construction costs were $4,985,139 and $4,061,188 for the
six months ended June 30, 1996 and June 30, 1995, respectively. The
increase in cost was attributable to the higher level of operations
and the aforementioned cost overruns on a single construction
project.
Depreciation and amortization was $462,709 in the six months ended
June 30, 1996, compared to $408,627 in the six months ended June 30,
1995.
General corporate expenses of the Company were $592,165 in the six
months ended June 30, 1996, compared to $575,158 in the six months
ended June 30, 1995.
Results of Operations - Three Months Ended June 30, 1996 Compared to
Three Months Ended June 30, 1995.
Net Income (Loss)
The Company incurred a net loss of $568,513 for the three months
ended June 30, 1996, compared to a net profit of $64,460 for the
three months ended June 30, 1995. The decrease in operating results
was primarily the result of unanticipated cost overruns on a single
construction project completed in July 1996.
Revenues
Total revenues for the three months ended June 30, 1996 were
$2,648,246, compared to $3,380,768 in the like 1995 period. The
decrease in revenues was attributable to electrical construction
operations.
Electrical construction revenue decreased by 21% in the three months
ended June 30, 1996 to $2,171,484 from $2,747,686 for the three
months ended June 30, 1995. Revenue from the newly acquired
subsidiary, Fiber Optic Services, was $253,592 for the three months
ended June 30, 1996.
Revenue from mining operations for the three months ended June 30,
1996 decreased by 11% to $388,346 from $434,552 for the second
quarter of 1995. Mining revenue decreased as a result of the change
in the needs of one customer which accounted for approximately 55%
of zeolite sales for the quarter ended June 30, 1995, compared to no
sales to this customer in the quarter ended June 30, 1996.
Operating Results
Electrical construction operations had an operating loss of $326,735
during the three months ended June 30, 1996, compared to an
operating profit of $225,701 for the three months ended June 30,
1995. The decrease in operating results was primarily the result of
unanticipated cost overruns on a single construction project
completed in July 1996.
During the three months ended June 30, 1996, the operating loss from
mining operations was $41,739, compared to an operating profit of
$13,218 during the three months ended June 30, 1995. Operating
profit(loss) includes royalty income and depreciation expense. The
decrease in operating results from mining operations in the second
quarter of 1996 was primarily due to the decrease in royalty income.
There was no royalty income recognized during the second quarter of
1996 compared to $40,012 in the second quarter of 1995.
St. Cloud sold 3,164 tons of natural zeolite in the second quarter
of 1996, compared to 5,108 tons in the second quarter of 1995.
In the three months ended June 30, 1996, St. Cloud sold 2,000 tons
of construction aggregate. There were no sales of construction
aggregate for St. Cloud in the like 1995 period.
During the three months ended June 30, 1996 Lordsburg sold 4,979
tons of barren, siliceous flux to copper smelters, compared to 3,330
tons sold during the three months ended June 30, 1995. Lordsburg
also sold 7,040 tons of construction aggregate material during the
three months ended June 30, 1996, compared to 6,923 tons sold during
the three months ended June 30, 1995.
Other Income
Other income for the three months ended June 30, 1996 was $88,416,
compared to $158,518 for the three months ended June 30, 1995. The
decrease was due to a decrease in both the gain on sale of assets
and interest income.
Costs and Expenses
Electrical construction costs were $2,353,568 and $2,406,171 for the
three months ended June 30, 1996 and June 30, 1995, respectively.
Depreciation and amortization was $229,493 in the three months ended
June 30, 1996, compared to $203,011 in the three months ended June
30, 1995.
General corporate expenses of the Company were $288,455 in the three
months ended June 30, 1996, compared to $294,977 in the three months
ended June 30, 1995.
Liquidity and Capital Resources
Cash and cash equivalents as of June 30, 1996 were $3,558,582
compared to $4,447,810 as of December 31, 1995 and $5,431,908 at
June 30, 1995. Working capital at June 30, 1996 was $5,590,695,
compared to $6,240,833 at December 31, 1995 and $6,951,178 at June
30, 1995. The Company's ratio of current assets to current
liabilities was 7.8 to 1 at June 30, 1996, compared to 7.9 to 1 at
December 31, 1995 and 5.6 to 1 at June 30, 1995.
The Company paid cash dividends on its Series A Preferred Stock in
the amount of $11,879 in each of the six months ended June 30, 1996
and 1995. No cash dividends have been paid by the Company on its
Common Stock since 1933, and it is not expected that the Company
will pay any cash dividends on its Common Stock in the immediate
future.
Pursuant to an unsecured line of credit agreement between Southeast
Power Corporation ("Southeast Power"), a wholly-owned subsidiary of
the Company, and SunTrust Bank, Central Florida, N.A. (guaranteed by
the Company), Southeast Power may borrow up to $1,000,000 at the
bank's prime rate of interest. This credit line expires April 30,
1997 at which time the Company expects to renew it for an additional
year. No borrowings were outstanding under this line of credit
during the six months ended June 30, 1996 and 1995.
The Company's capital expenditures for the six months ended June 30,
1996 were $763,642, compared to $455,328 for the six months ended
June 30, 1995. The capital expenditures for 1996 include the
acquisition of the fixed assets of Fiber Optic Services for $473,138
as described in Note 5 of Notes to Consolidated Financial
Statements.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security-Holders.
(a) The Annual Meeting of Stockholders was held on June 4, 1996.
(b) This information is omitted pursuant to instruction 3.
(c) At the Annual Meeting of Stockholders, the stockholders
elected 5 Directors. Set forth below are the votes cast
for the election of Directors:
<TABLE>
For Withheld
<S> <C> <C>
John P. Fazzini 19,628,604 1,076,617
Danforth E. Leitner 19,631,675 1,073,546
James Sottile 19,632,825 1,072,396
John H. Sottile 19,622,312 1,082,909
John M. Starling 19,658,489 1,046,732
</TABLE>
The stockholders also voted to approve the appointment of
KPMG Peat Marwick LLP as Independent Accountants. Votes
cast in favor were 19,949,260, against were 599,606 and
abstaining were 156,606.
(d) Not applicable.
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits in accordance with the provisions of Item 601 of
Regulation S-K
None.
(b) Reports on Form 8-K
No Current Report on Form 8-K was filed during the second
quarter ended June 30, 1996.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
THE GOLDFIELD CORPORATION
(Registrant)
Date: August 8, 1996 /s/ John H. Sottile
(John H. Sottile)
President and Chief
Executive Officer
Date: August 8, 1996 /s/ Stephen R. Wherry
(Stephen R. Wherry, C.P.A.)
Vice President, Treasurer
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 3,558,582
<SECURITIES> 0
<RECEIVABLES> 1,619,441
<ALLOWANCES> 0
<INVENTORY> 208,069
<CURRENT-ASSETS> 6,410,088
<PP&E> 21,495,916
<DEPRECIATION> 16,831,361
<TOTAL-ASSETS> 13,300,114
<CURRENT-LIABILITIES> 819,393
<BONDS> 0
0
339,407
<COMMON> 2,687,211
<OTHER-SE> 9,048,243
<TOTAL-LIABILITY-AND-EQUITY> 13,300,114
<SALES> 5,785,878
<TOTAL-REVENUES> 5,974,064
<CGS> 5,656,652
<TOTAL-COSTS> 6,692,326
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (718,262)
<INCOME-TAX> 0
<INCOME-CONTINUING> (718,262)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (718,262)
<EPS-PRIMARY> (.03)
<EPS-DILUTED> (.03)
</TABLE>
