Exhibit 99.1


GOLDFIELD ANNOUNCES SECOND QUARTER 2015 RESULTS
MELBOURNE, Florida, August 14, 2015 - The Goldfield Corporation (NYSE MKT: GV) today announced financial results for the three and six-month periods ended June 30, 2015. The Goldfield Corporation, headquartered in Florida, through its subsidiaries Power Corporation of America, Southeast Power Corporation and C and C Power Line, Inc., is a leading provider of construction services for electric utilities, with operations primarily in the southeastern and mid-Atlantic regions of the United States including Texas.
Three-Months Ended June 30, 2015
For the three-months ended June 30, 2015 compared to the same period last year:
Revenue increased 32.1% to $33.5 million from $25.3 million — attributable to higher revenue from both master service agreement (MSA) and non-MSA work.
Income from continuing operations before income taxes tripled to $2.8 million from $693,000 despite losses of $1.2 million incurred from continued adverse weather conditions causing construction delays in the current quarter on Texas projects, which are now substantially complete.
Net income rose to $1.3 million ($0.05 per share) from a net loss of $238,000 ($0.01 loss per share). Net income (loss) for the three-months ended June 30, 2015 and 2014 included special after tax charges of $201,000 and $665,000, respectively, in discontinued operations from a previously disclosed environmental remediation project, which is now substantially complete.
Six-Months Ended June 30, 2015
For the six-months ended June 30, 2015 compared to the same period last year:
Revenue increased 35.4% to $64.0 million from $47.3 million — mainly attributable to growth in MSAs.
Income from continuing operations before income taxes remained approximately the same at $1.2 million despite losses aggregating $5.1 million recognized in the six-months ended June 30, 2015 (largely in the first quarter) on the substantially completed projects in Texas.
Net income increased over three-fold to $466,000 ($0.02 per share) from $97,000 (nil per share). Net income for the six-months ended June 30, 2015 and 2014, included special after tax charges of $201,000 and $665,000, respectively, in discontinued operations from the environmental remediation project mentioned above.


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Backlog
Total backlog as of June 30, 2015 was $218.2 million compared to $223.5 million as of June 30, 2014. Backlog represents total revenue estimated over the life of an MSA plus estimated revenue from fixed-price contracts. Of this backlog, $73.0 million (33.4%) is expected to be realized within twelve months.
Compared to December 31, 2014, backlog as of June 30, 2015 declined $56.8 million (20.6%) and 12-month backlog declined $12.4 million (14.5%). These declines largely resulted from completion of certain MSA work and reduction of some future estimated work from these MSAs. Growth in non-MSA contracts partially offset the decrease in MSA backlog.
Existing MSAs have initial terms ranging from one to four years and generally provide for extensions. Total MSA backlog assumes the exercise of renewal options. Revenue from the exercise of renewal options represent $101.1 million (59.5%) of total estimated MSA backlog as of June 30, 2015. The estimated backlog from MSAs is calculated by using recurring historical revenue from current MSAs and projected needs based upon ongoing communications with customers. The size and amount of future projects awarded under MSAs cannot be determined with certainty and revenue from such contracts may vary substantially from current estimates.
John H. Sottile, President and Chief Executive Officer of Goldfield said, “We have now substantially completed our unprofitable Texas projects and have accomplished a reorganization of this operation. This will permit us to seek other projects from new and existing customers. Fortunately, our work outside Texas has remained strong. The general demand for electrical construction services is positive. Our focus is to achieve operating efficiencies, improved profit margins and to secure well qualified labor to take advantage of these opportunities.”
About Goldfield
Goldfield is a leading provider of electrical construction and maintenance services in the energy infrastructure industry, primarily in the southeastern and mid-Atlantic regions of the United States including Texas. The company specializes in installing and maintaining electrical transmission lines for a wide range of electric utilities.
For additional information on our second quarter 2015 results, please refer to our Quarterly Report on Form 10-Q being filed with the Securities and Exchange Commission and visit the Companys website at http://www.goldfieldcorp.com.
This press release includes forward-looking statements within the meaning of the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995 throughout this document. You can identify these statements by forward-looking words such as “may,” “will,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” and “continue” or similar words. We have based these statements on our current expectations about future events. Although we believe that our expectations reflected in or suggested by our forward-looking statements are reasonable, we cannot assure you that these expectations will be achieved. Our actual results may differ materially from what we currently expect. Factors that may affect the results of our operations include, among others: the level of construction

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activities by public utilities; the concentration of revenue from a limited number of utility customers; the loss of one or more significant customers; the timing and duration of construction projects for which we are engaged; our ability to estimate accurately with respect to fixed price construction contracts; and heightened competition in the electrical construction field, including intensification of price competition. Other factors that may affect the results of our operations include, among others: adverse weather; natural disasters; effects of climate changes; changes in generally accepted accounting principles; ability to obtain necessary permits from regulatory agencies; our ability to maintain or increase historical revenue and profit margins; general economic conditions, both nationally and in our region; adverse legislation or regulations; availability of skilled construction labor and materials and material increases in labor and material costs; and our ability to obtain additional and/or renew financing. Other important factors which could cause our actual results to differ materially from the forward-looking statements in this press release are detailed in the Company's Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operation sections of our Annual Report on Form 10-K and Goldfields other filings with the Securities and Exchange Commission, which are available on Goldfields website: http://www.goldfieldcorp.com. We may not update these forward-looking statements, even in the event that our situation changes in the future, except as required by law.

For further information, please contact:
The Goldfield Corporation
Phone:    (321) 724-1700
Email:     investorrelations@goldfieldcorp.com

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The Goldfield Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited)

 
Three months ended June 30,
 
Six months ended June 30,
 
2015
 
2014
 
2015
 
2014
Revenue
 
 
 
 
 
 
 
Electrical construction
$
33,296,684

 
$
22,890,318

 
$
63,696,846

 
$
44,409,433

Other
157,221

 
2,439,772

 
303,867

 
2,851,903

Total revenue
33,453,905

 
25,330,090

 
64,000,713

 
47,261,336

Costs and expenses
 
 
 
 
 
 
 
Electrical construction
27,222,221

 
19,963,568

 
56,455,944

 
38,291,826

Other
143,143

 
2,009,762

 
270,878

 
2,318,066

Selling, general and administrative
1,477,422

 
1,137,747

 
2,479,131

 
2,251,974

Depreciation and amortization
1,658,424

 
1,521,395

 
3,272,269

 
3,020,300

Loss (gain) on sale of property and equipment
11,564

 
(154,896
)
 
17,192

 
(162,901
)
Total costs and expenses
30,512,774

 
24,477,576

 
62,495,414

 
45,719,265

Total operating income
2,941,131

 
852,514

 
1,505,299

 
1,542,071

Other income (expense), net
 
 
 
 
 
 
 
Interest income
4,120

 
1,418

 
9,985

 
9,111

Interest expense
(163,775
)
 
(174,682
)
 
(333,828
)
 
(352,494
)
Other income, net
17,461

 
14,245

 
32,837

 
28,228

Total other expense, net
(142,194
)
 
(159,019
)
 
(291,006
)
 
(315,155
)
Income before income taxes
2,798,937

 
693,495

 
1,214,293

 
1,226,916

Income tax provision
1,285,701

 
266,443

 
547,392

 
464,583

Income from continuing operations
1,513,236

 
427,052

 
666,901

 
762,333

Loss from discontinued operations, net of tax benefit of $154,855 in 2015 and $405,478 in 2014
(201,037
)
 
(665,347
)
 
(201,037
)
 
(665,347
)
Net income (loss)
$
1,312,199

 
$
(238,295
)
 
$
465,864

 
$
96,986

 
 
 
 
 
 
 
 
Net income (loss) per share of common stock — basic and diluted
 
 
 
 
 
 
 
Continuing operations
$
0.06

 
$
0.02

 
$
0.03

 
$
0.03

Discontinued operations
(0.01
)
 
(0.03
)
 
(0.01
)
 
(0.03
)
Net income (loss)
$
0.05

 
$
(0.01
)
 
$
0.02

 
$
0.00

Weighted average shares outstanding — basic and diluted
25,451,354

 
25,451,354

 
25,451,354

 
25,451,354





The Goldfield Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
 
June 30, 2015
 
December 31, 2014
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
7,279,986

 
$
9,822,179

Accounts receivable and accrued billings, net
14,035,315

 
17,840,680

Costs and estimated earnings in excess of billings on uncompleted contracts
15,499,404

 
6,537,280

Deferred income taxes
948,459

 
2,274,896

Income taxes receivable
1,631,271

 
763,821

Residential properties under construction
673,817

 

Prepaid expenses
697,842

 
613,765

Other current assets
634,819

 
315,962

Total current assets
41,400,913

 
38,168,583

 
 
 
 
Property, buildings and equipment, at cost, net
37,204,360

 
37,002,843

Deferred charges and other assets
4,340,879

 
4,798,510

Total assets
$
82,946,152

 
$
79,969,936

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued liabilities
$
10,757,469

 
$
9,674,961

Contract loss accruals
182,572

 
2,547,816

Current portion of notes payable
7,952,926

 
3,685,859

Accrued remediation costs
800,113

 
1,048,380

Other current liabilities
361,275

 
1,537,971

Total current liabilities
20,054,355

 
18,494,987

 
 
 
 
Deferred income taxes
7,889,933

 
7,988,539

Other accrued liabilities
66,755

 
55,766

Notes payable, less current portion
23,696,574

 
22,657,973

Accrued remediation costs, less current portion
15,000

 
15,000

Total liabilities
51,722,617

 
49,212,265

Commitments and contingencies
 
 
 
Stockholders' equity
 
 
 
Common stock
2,781,377

 
2,781,377

Capital surplus
18,481,683

 
18,481,683

Retained earnings
11,268,662

 
10,802,798

Common stock in treasury, at cost
(1,308,187
)
 
(1,308,187
)
Total stockholders' equity
31,223,535

 
30,757,671

Total liabilities and stockholders' equity
$
82,946,152

 
$
79,969,936