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GOLDFIELD ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 1992

GOLDFIELD ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 1992
 MELBOURNE, Fla., May 8 /PRNewswire/ -- The Goldfield Corporation (AMEX: GV) announced today a net loss of $273,433 (($.01) per share) for the first quarter ended March 31, 1992, compared to a net loss of $182,757 (($.01) per share) for the like 1991 period. Sales were $2,123,276 in the first quarter of 1992 compared to $2,623,078 in the first quarter of 1991.
 For the first quarter ended March 31, 1992, the mining operations had sales of $475,434 and an operating loss of $187,816 compared to sales of $1,004,010 and an operating profit of $187,066 for the first quarter ended March 31, 1991. Mining results for the 1992 period were lower primarily due to decreased royalty income. For the first quarter ended March 31, 1992, royalties from the Harlan coal properties were $43,369, compared to $76,045 in the like 1991 period. During the three months ended March 31, 1991, the company earned $304,834 from the Getchell gold royalty. The company sold the Getchell gold royalty on Nov. 14, 1991. Royalty income is included in the operating profit for mining operations.
 Electrical construction earned contract revenue of $1,647,842 and had an operating profit of $155,695 for the first quarter ended March 31, 1992, compared to $1,619,068 and $19, respectively, for the like 1991 period. Electrical construction results were higher principally due to lower insurance costs.
 Goldfield is engaged in the business of mining base and precious metals and industrial minerals and electrical construction. It also owns a royalty interest in coal properties.
 THE GOLDFIELD CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Operations
 (Unaudited)
 Three Months ended
 March 31 1992 1991
 Revenue $1,647,842 $1,619,068
 Sales of base and
 precious metals
 mined and milled 475,434 1,004,010
 Royalty income 43,369 380,879
 Other income, net 95,004 44,186
 Total revenue $2,261,649 $3,048,143
 Costs and expenses:
 Cost of contract
 revenue earned 1,331,539 1,428,151
 Cost of base and
 precious metals mined
 and milled 610,063 1,061,236
 Depreciation 260,370 289,541
 Amortization of
 repurchased royalties 6,519 47,404
 General & admin. 320,976 335,668
 Interest 5,615 68,900
 Total costs and expns. 2,535,082 3,230,900
 Income (loss) from
 opers. bef. inc. taxes (273,433) (182,757)
 Income taxes -- --
 Net income (loss) (273,433) (182,757)
 Preferred stock dividends 5,939 5,939
 Earnings (loss) available
 to com. stockholders $(279,372) $(188,696)
 Earnings (loss) per
 share of com. stock $( .01) $( .01)
 Weighted avg. no. of
 shares outstng. 30,167,480 30,163,294
 -0- 5/8/92
 /CONTACT: John H. Sottile of the Goldfield Corporation, 407-724-1700/
 (GV) CO: The Goldfield Corporation ST: Florida IN: MNG SU: ERN


JB-AH-AW -- FL004 -- 8019 05/08/92 10:34 EDT
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Publication:PR Newswire
Date:May 8, 1992
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