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GOLDFIELD ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDED SEPT. 30

 MELBOURNE, Fla., Nov. 11 /PRNewswire/ -- The Goldfield Corporation (AMEX: GV) announced today a net loss of $196,983 (($.01) per share) for the three-month period ended Sept. 30, 1993, compared to a net income of $1,201,115 ($.04 per share) for the like 1992 period. In the three- month period ended Sept. 30, 1993, sales were $3,019,733, compared to $6,120,098 for the like 1992 period. For the nine-month period ended Sept. 30, 1993, net income was $780,422 ($.03 per share) after a non- cash benefit of $917,500 ($.04 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 $137,058 (($.01) per share) for the nine-month period ended Sept. 30, 1993, compared to a net income of $1,006,397 ($.03 per share) for the like 1992 period. In the nine-month period ended Sept. 30, 1993, sales were $8,832,810, compared to $11,287,707 for the like 1992 period.
 In the three-month period ended Sept. 30, 1993, mining operations had revenue of $411,984 and an operating loss of $100,169, compared to revenue of $595,780 and an operating profit of $31,375 for the like 1992 period. For the nine-month period ended Sept. 30, 1993, mining revenue was $1,362,572 with an operating loss of $374,998, compared to mining revenue of $1,552,271 and operating loss of $204,030 for the like 1992 period. In the three-month period ended Sept. 30, 1993, royalties from the Harlan coal properties were $50,775, compared to $44,052 for the like 1992 period. In the nine-month period ended Sept. 30, 1993, royalties from the Harlan coal properties were $153,734, compared to $101,788 for the like 1992 period. Royalty income is included in the operating profit for mining operations.
 In the three-month period ended Sept. 30, 1993, electrical construction earned revenue of $2,607,749 and had an operating profit of $113,508, compared to electrical construction revenue of $5,524,318 and an operating profit of $1,391,043 for the like 1992 period. For the nine-month period ended Sept. 30, 1993, electrical construction revenue was $7,470,238 and operating profit was $643,056, compared to electrical construction revenue of $9,735,436 and an operating profit of $1,856,249 for the nine-month period in 1992.
 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 Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenue
 Electrical
 construction $2,607,749 $5,524,318 $7,470,238 $9,735,436
 Mining 411,984 595,780 1,362,572 1,552,271
 Option proceeds
 from contract
 for sale --- 102,727 252,727 205,454
 Royalty income 50,775 44,052 153,734 101,788
 Other income, net 87,385 55,196 241,100 222,650
 Total revenue 3,157,893 6,322,073 9,480,371 11,817,599
 Costs and expenses
 Electrical
 construction 2,328,715 3,926,900 6,372,576 7,334,524
 Mining 471,911 510,492 1,619,099 1,551,328
 Depreciation 258,724 310,546 733,353 864,041
 Amortization of
 repurchased royalties 6,519 6,519 19,558 19,558
 General and
 administrative 305,007 344,715 949,249 1,009,474
 Interest --- 3,786 3,594 14,277
 Total costs
 and expenses 3,370,876 5,102,958 9,697,429 10,793,202
 Income (loss) from
 operations before
 income taxes and
 cumulative effect
 of change in account-
 ing for income taxes(212,983) 1,219,115 (217,058) 1,024,397
 Income taxes (benefit)(16,000) 18,000 (80,000) 18,000
 Income (loss) from
 operations before
 cumulative effect
 of change in account-
 ing for income taxes(196,983) 1,201,115 (137,058) 1,006,397
 Cumulative effect of
 change in accounting
 for income taxes --- --- 917,500 ---
 Net income (loss) (196,983) 1,201,115 780,442 1,006,397
 Preferred stock
 dividends 5,940 5,940 17,819 17,819
 Earnings (loss)
 available to
 common stockholders (202,923) $1,195,175 $762,623 $988,578
 Earnings (loss)
 per share
 Income (loss) from
 operations before
 change in accounting
 for income taxes $(0.01) $0.04 $(0.01) $0.03
 Cumulative effect of
 change in accounting
 for income taxes --- --- 0.04 ---
 Earnings (loss) per
 share of common
 stock $(0.01) $0.04 $0.03 $0.03
 Weighted average
 number of shares
 outstanding 26,854,748 30,167,480 26,854,748 30,167,480
 -0- 11/11/93
 /CONTACT: John H. Sottile of The Goldfield Corporation, 407-724-1700/
 (GV)


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

RK-JB -- FL002 -- 3057 11/11/93 08:04 EST
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Date:Nov 11, 1993
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