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GOLDFIELD ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 1993

 MELBOURNE, Fla., May 14 /PRNewswire/ -- The Goldfield Corporation (AMEX: GV) announced today a net income of $823,401 ($.03 per share) after a noncash benefit of $917,500 ($.03 per share) representing the cumulative effect of a change in accounting for income taxes pursuant to Statement of Financial Accounting Standards Statement No. 109 "Accounting for Income Taxes", adopted by Goldfield effective Jan. 1, 1993. Excluding the accounting change, the net loss was $94,099 (nil per share) for the first quarter ended March 31, 1993, compared to a net loss of $273,433 (($.01) per share) for the like 1992 period. Sales were $2,968,415 in the first quarter of 1993, compared to $2,123,276 in the first quarter of 1992.
 For the first quarter ended March 31, 1993, the mining operations had sales of $348,485 and an operating loss of $244,603, compared to sales of $475,434 and an operating loss of $187,816 for the first quarter ended March 31, 1992. Mining results for the 1992 period were lower primarily due to decreased revenue from Goldfield's flux operations in Hidalgo County, New Mexico. For the first quarter e March 31, 1993, royalties from the Harlan coal properties were $49,152, compared to $43,369 in the like 1992 period. Royalty income is included in the operating profit for mining operations.
 Electrical construction earned contract revenue of $2,619,930 and had an operating profit of $166,309 for the first quarter ended March 31, 1993, compared to $1,647,842 and $155,695 respectively, for the like 1992 period. Although revenue increased 59 percent, operating profits increased only 7 percent due to lower gross margins on contract revenue.
 Goldfield is engaged in the business of mining and electrical construction. Its mining business includes the mining of base and precious metals as well as industrial minerals. Goldfield also owns a royalty interest in coal properties.
 THE GOLDFIELD CORPORATION
 and Subsidiaries
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Revenue
 Electrical construction $2,619,930 $1,647,842
 Mining 348,485 475,434
 Option proceeds from
 contract for sale 252,727 25,909
 Royalty income 49,152 43,369
 Other income, net 58,255 69,095
 Total revenue 3,328,549 2,261,649
 Costs and expenses
 Electrical construction 2,309,082 1,331,539
 Mining 550,875 610,0
 Depreciation 237,545 260,370
 Amortization of
 repurchased royalties 6,519 6,519
 General and administrative 331,864 320,976
 Interest 2,263 5,615
 Total costs and expenses 3,438,148 2,535,082
 Loss from operations before
 income taxes and cumulative
 effect of change in
 accounting for income taxes (109,599) (273,433)
 Income taxes (benefit) (15,500) ---
 Loss from operations before
 cumulative effect of change
 in accounting for income taxes (94,099) (273,433)
 Cumulative effect of change
 in accounting for income taxes 917,500 ---
 Net income (loss) 823,401 (273,433)
 Preferred stock dividends 5,939 5,939
 Earnings (loss) available to
 common stockholders $ 817,462 $ (279,372)
 Earnings (loss) per share
 Loss from operations before
 change in accounting for
 income taxes $ --- $(0.01)
 Cumulative effect of change in
 accounting for income taxes 0.03 ---
 Earnings (loss) per share of
 common stock $0.03 $(0.01)
 Weighted average number of
 shares outstanding 26,854,748 30,167,480
 -0- 5/14/92
 /CONTACT: John H. Sottile of The Goldfield Corporation, 407-724-1700/
 (GV)


CO: The Goldfield Corporation ST: Florida IN: MNG SU: ERN

AW-JB -- FL001 -- 8447 05/14/93 08:05 EDT
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Publication:PR Newswire
Date:May 14, 1993
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