Printer Friendly

GOLDFIELD ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDED SEPT. 30, 1992

GOLDFIELD ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDED SEPT. 30, 1992
 MELBOURNE, Fla., Nov. 4 /PRNewswire/ -- The Goldfield Corporation (AMEX: GV) announced today a net income of $1,201,115 ($.04 per share) for the three month period ended Sept. 30, 1992, compared to a net loss of $127,628 (nil per share) for the like 1991 period. In the three month period ended Sept. 30, 1992, sales were $6,120,098, compared to $2,105,628 in the like period of 1991. A net income of $1,006,397 ($.03 per share) was reported for the nine month period ended Sept. 30, 1992, compared to a net loss of $473,926 (($.02) per share) for the like 1991 period. In the nine month period ended Sept. 30, 1992, sales were $11,287,707, compared to $6,630,606 in the like period of 1991.
 In the three month period ended Sept. 30, 1992, the mining operations had revenue of $595,780 and an operating profit of $31,375, compared to $720,559 and an operating profit of $257,030 for the like period in 1991. For the nine month period ended Sept. 30, 1992, mining revenue was $1,552,271 with an operating loss of $204,030, compared to $2,471,909 and operating profit of $669,801 for the like period in 1991. Mining results for both 1992 periods were lower primarily due to decreased royalty income. In the three month period ended Sept. 30, 1992, royalties from the Harlan coal properties were $44,052, compared to $36,541 in the like 1991 period. In the nine month period ended Sept. 30, 1992, royalties from the Harlan coal properties were $101,788 compared to $180,963 in the like 1991 period. During the three and nine months ended Sept. 30, 1991, the company earned $356,166 and $1,046,609, respectively from the Getchell gold royalty. The company sold the Getchell gold royalty on Nov. 14, 1991. Royalty income is included in the operating profit (loss) for mining operations.
 In the three month period ended Sept. 30, 1992, electrical construction earned revenue of $5,524,318 and had an operating profit of $1,391,043, compared to $1,385,069 and an operating loss of $94,782 for the like period in 1991. For the nine month period ended Sept. 30, 1992, electrical construction revenue was $9,735,436 and operating profit was $1,856,249, compared to $4,158,697 and an operating loss of $165,160 for the nine month period in 1991. Electrical construction results were higher for both 1992 periods principally due to increased revenue and profit margins from contract work.
 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 Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Revenue
 Electrical
 construction $5,524,318 $1,385,069 $9,735,436 $4,158,697
 Mining 595,780 720,559 1,552,271 2,471,909
 Royalty income 44,052 392,707 101,788 1,227,572
 Other income, net 157,923 83,890 428,104 248,222
 Total revenue 6,322,073 2,582,225 11,817,599 8,106,400
 Costs and expenses
 Electrical
 construction 3,926,900 1,288,953 7,334,524 3,751,162
 Mining 510,492 757,015 1,551,328 2,649,718
 Depreciation 310,546 266,186 864,041 839,161
 Amortization of
 repurchased royalties 6,519 34,093 19,558 143,116
 General and
 administrative 344,715 320,820 1,009,474 1,035,363
 Interest 3,786 42,786 14,277 161,806
 Total costs
 and expenses 5,102,958 2,709,853 10,793,202 8,580,326
 Income (loss) from
 operations before
 income taxes 1,219,115 (127,628) 1,024,397 (473,926)
 Income taxes 18,000 --- 18,000 ---
 Net income (loss) 1,201,115 (127,628) 1,006,397 (473,926)
 Preferred stock
 dividends 5,940 5,940 17,819 17,819
 Earnings (loss)
 available to common
 stockholders $1,195,175 $(133,568) $988,578 $(491,745)
 Earnings (loss) per
 share of common
 stock $0.04 $ 0.00 $ 0.03 $(0.02)
 Weighted average
 number of shares
 outstanding 30,167,480 30,163,294 30,167,480 30,163,294
 -0- 11/4/92
 /CONTACT: John H. Sottile of The Goldfield Corporation, 407-724-1700/
 (GV) CO: The Goldfield Corporation ST: Florida IN: MNG SU: ERN


JJ-AW-JB -- FL006 -- 2357 11/04/92 09:49 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 4, 1992
Words:775
Previous Article:FORD CHAIRMAN'S STATEMENT ON 1992 PRESIDENTIAL ELECTION
Next Article:/REPEATING FROM YESTERDAY'S FILE FOR POINTS NEEDING/
Topics:


Related Articles
GOLDFIELD ANNOUNCES AGREEMENT TO SELL GOLD ROYALTY INTEREST FOR $7 MILLION AND THIRD QUARTER EARNINGS FOR 1991
GOLDFIELD ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 1992
GOLDFIELD ANNOUNCES RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 1992
GOLDFIELD ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 1993
GOLDFIELD ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDED SEPT. 30
GOLDFIELD ANNOUNCES 1993 RESULTS
Goldfield Reports Third Quarter Results.
Goldfield Reports Nine Months And Third Quarter 2002 Earnings Results.
Goldfield Announces Third Quarter Results.
Goldfield Records Strong Results.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters