Exhibit 99.1

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GOLDFIELD ACHIEVES RECORD REVENUE AND EARNINGS IN 2016
Highest Annual Revenue And Earnings In 110-Year Public Company History
Fifth Consecutive Year of Record Revenue
MELBOURNE, Florida, March 15, 2017 - The Goldfield Corporation (NYSE MKT: GV) today announced financial results for the three months and year ended December 31, 2016. 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 electrical construction services for the utility industry and industrial customers, with operations primarily in the Southeast and mid-Atlantic regions of the United States and Texas.
President and Chief Executive Officer John H. Sottile said, “We are proud of our accomplishments in 2016, as revenue grew 8.2% and earnings per share improved 183% over 2015. In 2016, we also realized our fifth consecutive year of record revenues. We believe that the strategies which helped us achieve these milestones will continue to serve us well. Additionally, over the past five years our revenue has grown nearly 300 percent while earnings improved from $0.03 per share to $0.51 per share. This demonstrates our ability to grow our business, strengthen our operations and deliver results to our stockholders while successfully and safely executing projects and meeting the needs of our customers. We anticipate continuing strength in infrastructure spending, particularly in transmission construction, and believe we are well positioned to secure new projects in our markets.”
Year Ended December 31, 2016
For the year ended December 31, 2016 compared to 2015
Revenue increased 8.2% to a record $130.4 million from $120.6 million, attributable to continued growth in fixed-price contracts and other electrical construction work, partially offset by lower master service agreement volume, due to customer project scheduling.
Income from continuing operations before taxes increased 155.0% to $20.9 million from $8.2 million, fueled by a 93.2% growth in electrical construction operations income before income taxes (a non-GAAP measure) (1) resulting from higher revenue from several large projects and sharply improved margins.

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Net income grew to a record $13.0 million, or $0.51 per share, from $4.5 million, or $0.18 per share.
Margins on electrical construction operations operating income (a non-GAAP measure) (1) increased to 19.7% from 11.0% due to improved performance on several projects.
EBITDA (a non-GAAP measure) (1) grew to $27.6 million from $14.9 million as a result of the same factors which drove the growth in pre-tax operating income.
Three months ended December 31, 2016
For the three months ended December 31, 2016 compared to 2015
Revenue increased 7.6% to $31.8 million from $29.5 million driven by improved electrical construction revenue in both transmission and other electrical construction projects.
Income from continuing operations before taxes increased 9.2% to $4.3 million from $3.9 million.
Net income grew to $2.6 million, or $0.10 per share, from $2.3 million, or $0.09 per share.
Margins on electrical construction operations operating income (a non-GAAP measure) (1) decreased to 16.1% from 17.7% due to more favorable margins on certain projects last year.
EBITDA (a non-GAAP measure) (1) improved to $6.1 million from $5.7 million as a result of the same factors which drove the growth in pre-tax operating income.
Backlog
As of December 31, 2016, the Company’s 12-month electrical construction backlog increased to $97.6 million from $84.7 million as of December 31, 2015. Total backlog, which includes total revenue estimated over the remaining life of a master service agreement (MSA) plus estimated revenue from fixed-price contracts, was $190.0 million as of December 31, 2016, compared to $202.9 million as of year-end 2015. 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.
Backlog is only estimated at a particular point in time and is not determinative of total revenue in any particular period. It does not reflect future revenue from a significant number of short-term projects undertaken and completed between the estimated dates. The Company’s electrical construction revenue in 2016 exceeded its 12-month backlog as of December 31, 2015 by 48.5%.

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About Goldfield
Goldfield is a leading provider of electrical construction services engaged in the construction of electrical infrastructure for the utility industry and industrial customers, primarily in the Southeast and mid-Atlantic regions of the United States and Texas. For additional information on our 2016 results, please refer to our report on Form 10-K being filed with the Securities and Exchange Commission and visit the Companys website at http://www.goldfieldcorp.com.
___________________
(1) Represents Non-GAAP Financial Measure - The non-GAAP financial measures used in this earnings release are more fully described in the accompanying supplemental data and reconciliation of non-GAAP financial measures to the reported GAAP measures. The non-GAAP measures in this press release and on The Goldfield Corporation’s website are provided to enable investors and analysts to evaluate the Company’s performance excluding the effects of certain items that impact the comparability of operating results between reporting periods and compare the Company’s operating results with those of its competitors. These measures should be used to supplement, and not in lieu of, results prepared in conformity with GAAP. Because not all companies use identical calculations, this presentation of electrical construction operations operating income (loss), electrical construction operations income (loss) before taxes and EBITDA may not be comparable to other similarly-titled measures of other companies.
Forward-Looking Statements
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 important factors which could cause our actual results to differ materially from the forward-looking statements in this press release are detailed in the Companys 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
Contact: Kristine Walczak
Phone:    (312) 780-7205
Email:     kwalczak@dresnerco.com

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

 
Three Months Ended
 
Year Ended December 31,
 
December 31,
 
December 31,
 
2016
 
2015
 
2016
 
2015
Revenue
 
 
 
 
 
 
 
Electrical construction
$
30,385,541

 
$
29,106,590

 
$
125,771,361

 
$
119,616,561

Other
1,368,303

 
401,508

 
4,652,102

 
954,610

Total revenue
31,753,844

 
29,508,098

 
130,423,463

 
120,571,171

Costs and expenses
 
 
 
 
 
 
 
Electrical construction
23,470,017

 
22,304,579

 
93,566,045

 
99,726,789

Other
944,660

 
283,365

 
3,242,887

 
785,405

Selling, general and administrative
1,306,026

 
1,195,492

 
5,913,132

 
4,747,492

Depreciation and amortization
1,640,086

 
1,609,873

 
6,312,164

 
6,559,241

(Gain) loss on sale of property and equipment
(16,621
)
 
44,148

 
(17,535
)
 
(22,840
)
Total costs and expenses
27,344,168

 
25,437,457

 
109,016,693

 
111,796,087

Total operating income
4,409,676

 
4,070,641

 
21,406,770

 
8,775,084

Other income (expense), net
 
 
 
 
 
 
 
Interest income
8,096

 
5,824

 
33,465

 
20,727

Interest expense, net of amount capitalized
(133,863
)
 
(158,118
)
 
(591,176
)
 
(667,596
)
Other income, net
26,102

 
28,828

 
68,465

 
75,880

Total other expense, net
(99,665
)
 
(123,466
)
 
(489,246
)
 
(570,989
)
Income from continuing operations before income taxes
4,310,011

 
3,947,175

 
20,917,524

 
8,204,095

Income tax provision
1,720,401

 
1,631,602

 
7,809,768

 
3,378,205

Income from continuing operations
2,589,610

 
2,315,573

 
13,107,756

 
4,825,890

Loss from discontinued operations, net of income tax benefit of $0, $6,509, $66,077 and $200,759, respectively

 
(32,793
)
 
(108,007
)
 
(332,748
)
Net income
$
2,589,610

 
$
2,282,780

 
$
12,999,749

 
$
4,493,142

Net income (loss) per share of common stock — basic and diluted
 
 
 
 
 
 
 
Continuing operations
$
0.10

 
$
0.09

 
$
0.52

 
$
0.19

Discontinued operations

 

 

 
(0.01
)
Net income
$
0.10

 
$
0.09

 
$
0.51

 
$
0.18

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)
 
December 31,
 
December 31,
 
2016
 
2015
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
20,599,648

 
$
11,374,238

Accounts receivable and accrued billings, net
19,094,407

 
17,250,067

Costs and estimated earnings in excess of billings on uncompleted contracts
7,313,099

 
10,292,199

Income taxes receivable
533,837

 

Residential properties under construction
1,552,131

 
145,450

Prepaid expenses
1,037,715

 
1,210,780

Deferred income taxes

 
773,245

Other current assets
1,298,044

 
1,188,630

Total current assets
51,428,881

 
42,234,609

 
 
 
 
Property, buildings and equipment, at cost, net
33,245,947

 
34,671,947

Deferred charges and other assets
6,627,329

 
4,257,051

Total assets
$
91,302,157

 
$
81,163,607

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued liabilities
$
11,386,119

 
$
10,067,553

Current portion of notes payable, net
6,101,855

 
5,815,510

Income taxes payable

 
483,763

Accrued remediation costs
102,526

 
135,786

Other current liabilities
845,057

 
234,161

Total current liabilities
18,435,557

 
16,736,773

 
 
 
 
Deferred income taxes
8,204,324

 
8,328,492

Accrued remediation costs, less current portion
112,380

 
107,429

Notes payable, less current portion, net
16,231,373

 
20,656,402

Other accrued liabilities
67,961

 
83,698

Total liabilities
43,051,595

 
45,912,794

Commitments and contingencies
 
 
 
Stockholdersequity
 
 
 
Common stock
2,781,377

 
2,781,377

Capital surplus
18,481,683

 
18,481,683

Retained earnings
28,295,689

 
15,295,940

Common stock in treasury, at cost
(1,308,187
)
 
(1,308,187
)
Total stockholdersequity
48,250,562

 
35,250,813

Total liabilities and stockholdersequity
$
91,302,157

 
$
81,163,607





The Goldfield Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Electrical construction operations operating income (loss), is defined as total operating income (loss) adjusted for non-electrical construction activity within total operating income (loss) including: other operations gross margins (loss) and non-electrical construction selling, general and administrative, depreciation and amortization, and gain or loss on sale of property and equipment. Electrical construction operations operating income (loss), a non-GAAP financial measure, does not purport to be an alternative to the Company’s total operating income (loss) as a measure of operations. Because not all companies use identical calculations, this presentation of electrical construction operations operating income (loss) may not be comparable to other similarly-titled measures of other companies. We believe investors may benefit from the presentation of electrical construction operations operating income (loss) in evaluating our operating performance because it provides our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations and is useful in comparing our operating results with those of our competitors.
 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 31,
 
December 31,
Electrical Construction Operations Operating Income
 
2016
 
2015
 
2016
 
2015
Total operating income (GAAP as reported)
 
$
4,409,676

 
$
4,070,641

 
$
21,406,770

 
$
8,775,084

Total operating income (GAAP as reported) as a percentage of total revenue of $31,753,844, $29,508,098, $130,423,463 and $120,571,171, respectively
 
13.9
%
 
13.8
%
 
16.4
%
 
7.3
%
Other operations gross margin
 
(423,643
)
 
(118,143
)
 
(1,409,215
)
 
(169,205
)
Non-electrical construction selling, general and administrative
 
856,744

 
1,144,854

 
4,647,321

 
4,443,178

Non-electrical construction depreciation and amortization
 
34,280

 
41,834

 
132,333

 
134,771

Non-electrical construction loss on sale of property and equipment
 
206

 
113

 
206

 
113

Electrical construction operations operating income
 
$
4,877,263

 
$
5,139,299

 
$
24,777,415

 
$
13,183,941

Electrical construction operations operating income as a percentage of electrical construction revenue of $30,385,541, $29,106,590, $125,771,361 and $119,616,561, respectively
 
16.1
%
 
17.7
%
 
19.7
%
 
11.0
%




The Goldfield Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Electrical construction operations income (loss) before income taxes, is defined as consolidated income (loss) from continuing operations before income taxes adjusted for non-electrical construction activity within income (loss) from continuing operations before income taxes including: other operations gross margins (loss) and non-electrical construction selling, general and administrative, depreciation and amortization, gain or loss on sale of property and equipment, interest income, interest expense, and other income. Electrical construction operations income (loss) before income taxes, a non-GAAP financial measure, does not purport to be an alternative to the Company’s consolidated income (loss) from continuing operations before income taxes as a measure of income (loss). Because not all companies use identical calculations, this presentation of electrical construction operations income (loss) before income taxes may not be comparable to other similarly-titled measures of other companies. We believe investors may benefit from the presentation of electrical construction operations income (loss) before income taxes in evaluating our performance because it provides our investors with an additional tool to compare our performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core results and is useful in comparing our results with those of our competitors.
 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 31,
 
December 31,
Electrical Construction Operations Income Before Income Taxes
 
2016
 
2015
 
2016
 
2015
Total income from continuing operations before income taxes (GAAP as reported)
 
$
4,310,011

 
$
3,947,175

 
$
20,917,524

 
$
8,204,095

Other operations gross margin
 
(423,643
)
 
(118,143
)
 
(1,409,215
)
 
(169,205
)
Non-electrical construction selling, general and administrative
 
856,744

 
1,144,854

 
4,647,321

 
4,443,178

Non-electrical construction depreciation and amortization
 
34,280

 
41,834

 
132,333

 
134,771

Non-electrical construction loss on sale of property and equipment
 
206

 
113

 
206

 
113

Non-electrical construction interest income
 
(3,065
)
 
(1,501
)
 
(10,791
)
 
(7,672
)
Non-electrical construction interest expense
 
2,349

 

 
2,349

 

Non-electrical construction other income, net
 
(25,172
)
 
(28,083
)
 
(62,044
)
 
(72,109
)
Electrical construction operations income before income taxes
 
$
4,751,710

 
$
4,986,249

 
$
24,217,683

 
$
12,533,171





The Goldfield Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
EBITDA, a non-GAAP performance measure used by management, is defined as net income (loss) plus: interest expense, provision (benefit) for income taxes and depreciation and amortization, as shown in the table below. EBITDA, a non-GAAP financial measure, does not purport to be an alternative to net income (loss) as a measure of operating performance. Because not all companies use identical calculations, this presentation of EBITDA may not be comparable to other similarly-titled measures of other companies. We use, and we believe investors benefit from the presentation of, EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
 
 
Three Months Ended
 
Twelve Months Ended
 
 
December 31,
 
December 31,
EBITDA
 
2016
 
2015
 
2016
 
2015
Net income (GAAP as reported)
 
$
2,589,610

 
$
2,282,780

 
$
12,999,749

 
$
4,493,142

Interest expense, net of amount capitalized
 
133,863

 
158,118

 
591,176

 
667,596

Provision for income taxes, net (1)
 
1,720,401

 
1,625,093

 
7,743,691

 
3,177,446

Depreciation and amortization (2)
 
1,640,086

 
1,609,873

 
6,312,164

 
6,559,241

EBITDA
 
$
6,083,960

 
$
5,675,864

 
$
27,646,780

 
$
14,897,425

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(1) Provision for income tax, net is equal to the total amount of tax provision, which includes the tax benefit for discontinued operations.
(2) Depreciation and amortization includes depreciation on property, plant and equipment and amortization of finite-lived intangible assets.