Exhibit 99.1


GOLDFIELD ANNOUNCES IMPROVED RESULTS
MELBOURNE, Florida, November 12, 2015 - The Goldfield Corporation (NYSE MKT: GV) today announced significantly improved financial results for the three and nine-month periods ended September 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.
Nine-Months Ended September 30, 2015
For the nine-months ended September 30, 2015 compared to the same period last year:
Revenue increased 30.2% to $91.1 million from $69.9 million — mainly attributable to growth in master service agreement (MSA) work.
Income from continuing operations before income taxes increased 35.5% to $4.3 million despite losses recognized in the first two quarters of this year on the now completed projects in Texas.
Net income almost doubled to $2.2 million ($0.09 per share) from $1.3 million ($0.05 per share). Net income for the nine-months ended September 30, 2015 and 2014, included after tax charges of $300,000 and $665,000, respectively, in discontinued operations from a previously disclosed environmental remediation project, which is now completed.
Three-Months Ended September 30, 2015
For the three-months ended September 30, 2015 compared to the same period last year:
Revenue increased 19.4% to $27.1 million from $22.7 million — mainly attributable to higher revenue from MSA work.
Income from continuing operations before income taxes increased 59.0% to $3.0 million from $1.9 million, with our operating margin growing to 15.8% from 13.0%.
Net income rose 47.1% to $1.7 million ($0.07 per share) from $1.2 million ($0.05 per share). Net income for the three-months ended September 30, 2015 included after tax charges of $99,000 in discontinued operations from the environmental remediation project mentioned above.


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Backlog
Twelve-month electrical construction backlog has remained steady. As of September 30, 2015, $88.5 million of backlog is expected to be realized within twelve months, compared to $87.4 million at the same date last year. Total backlog, which includes total revenue estimated over the life of an MSA plus estimated revenue from fixed-price contracts, was $214.5 million as of September 30, 2015, compared to $287.3 million as of the same date last year. This decline resulted from completion of some MSA work, not replaced by new work and the reduction in estimated work under certain MSAs. 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 are pleased with the strong growth in our revenue and our improved operating margin. With the drag from our unprofitable Texas projects and the environmental remediation work completed, we have a positive outlook.”
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 third 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 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

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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 Income
(Unaudited)

 
Three months ended September 30,
 
Nine months ended September 30,
 
2015
 
2014
 
2015
 
2014
Revenue
 
 
 
 
 
 
 
Electrical construction
$
26,813,125

 
$
22,111,299

 
$
90,509,971

 
$
66,520,732

Other
249,236

 
548,052

 
553,102

 
3,399,954

Total revenue
27,062,361

 
22,659,351

 
91,063,073

 
69,920,686

Costs and expenses
 
 
 
 
 
 
 
Electrical construction
20,966,266

 
17,849,577

 
77,422,210

 
56,141,402

Other
231,163

 
420,331

 
502,040

 
2,738,397

Selling, general and administrative
1,072,870

 
997,214

 
3,552,001

 
3,249,188

Depreciation and amortization
1,677,097

 
1,495,141

 
4,949,367

 
4,515,441

Gain on sale of property and equipment
(84,179
)
 
(161,035
)
 
(66,988
)
 
(323,936
)
Total costs and expenses
23,863,217

 
20,601,228

 
86,358,630

 
66,320,492

Total operating income
3,199,144

 
2,058,123

 
4,704,443

 
3,600,194

Other income (expense), net
 
 
 
 
 
 
 
Interest income
4,918

 
7,647

 
14,903

 
16,758

Interest expense
(175,651
)
 
(163,632
)
 
(509,478
)
 
(516,127
)
Other income, net
14,216

 
11,830

 
47,053

 
40,059

Total other expense, net
(156,517
)
 
(144,155
)
 
(447,522
)
 
(459,310
)
Income before income taxes
3,042,627

 
1,913,968

 
4,256,921

 
3,140,884

Income tax provision
1,199,211

 
728,243

 
1,746,602

 
1,192,826

Income from continuing operations
1,843,416

 
1,185,725

 
2,510,319

 
1,948,058

Loss from discontinued operations, net of tax benefit of ($39,395), $0, ($194,249) and ($405,478), respectively
(98,918
)
 

 
(299,956
)
 
(665,347
)
Net income
$
1,744,498

 
$
1,185,725

 
$
2,210,363

 
$
1,282,711

 
 
 
 
 
 
 
 
Net income (loss) per share of common stock — basic and diluted
 
 
 
 
 
 
 
Continuing operations
$
0.07

 
$
0.05

 
$
0.10

 
$
0.08

Discontinued operations
0.00

 

 
(0.01
)
 
(0.03
)
Net income
$
0.07

 
$
0.05

 
$
0.09

 
$
0.05

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)
 
September 30, 2015
 
December 31, 2014
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
7,645,491

 
$
9,822,179

Accounts receivable and accrued billings, net
18,786,292

 
17,840,680

Costs and estimated earnings in excess of billings on uncompleted contracts
11,612,548

 
6,537,280

Deferred income taxes
581,909

 
2,274,896

Income taxes receivable
815,737

 
763,821

Residential properties under construction
1,097,094

 

Prepaid expenses
685,620

 
613,765

Other current assets
339,928

 
315,962

Total current assets
41,564,619

 
38,168,583

 
 
 
 
Property, buildings and equipment, at cost, net
37,039,527

 
37,002,843

Deferred charges and other assets
4,295,516

 
4,798,510

Total assets
$
82,899,662

 
$
79,969,936

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued liabilities
$
9,669,477

 
$
9,674,961

Contract loss accruals
267,702

 
2,547,816

Current portion of notes payable
8,133,482

 
3,685,859

Accrued remediation costs
164,631

 
1,048,380

Other current liabilities
29,286

 
1,537,971

Total current liabilities
18,264,578

 
18,494,987

 
 
 
 
Deferred income taxes
7,868,045

 
7,988,539

Other accrued liabilities
69,227

 
55,766

Notes payable, less current portion
23,665,518

 
22,657,973

Accrued remediation costs, less current portion
64,260

 
15,000

Total liabilities
49,931,628

 
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
13,013,161

 
10,802,798

Common stock in treasury, at cost
(1,308,187
)
 
(1,308,187
)
Total stockholders' equity
32,968,034

 
30,757,671

Total liabilities and stockholders' equity
$
82,899,662

 
$
79,969,936