This company looks REAL solid. As soon as my funds settle, I'll be in. Probably tomorrow (I hope) Missed the 7% run up today, though. Do your DD.
[ May 11, 2006, 15:30: Message edited by: ChicagoPete ]
Posted by ChicagoPete on :
MELBOURNE, Fla., May 10 /PRNewswire-FirstCall/ -- The Goldfield Corporation (AMEX: GV - News), a leading provider of electrical construction services in the southeastern United States and a developer of condominiums, today announced, for three months ended March 31, 2006, the strongest operating results in many years:
* Revenue increased 70% to $14.0 million from $8.2 million in the like period of 2005.
* Operating income increased to $1.9 million from $0.2 million in the like period of 2005.
* Net income rose to $1.1 million ($.04 per share) from $0.1 million ($.01 per share) in the like period of 2005.
Commenting on the first quarter results, John H. Sottile, president of Goldfield, said, "Both our electrical construction and real estate development segments contributed to our strongest operating results in many years. In the electrical construction segment, revenue increased to $10.5 million from $7.1 million and operating income more than tripled to $1.8 million from $.6 million. In the real estate development segment, revenue increased to $3.5 million from $1.1 million and operating income almost tripled to $0.9 million from $0.3 million. Electrical construction results benefited from the efficiency of larger projects, and real estate development results benefited from the commencement of revenue recognition for the first phase of our new Pineapple House project."
Looking ahead in 2006, Mr. Sottile commented, "First quarter results get us off to a strong start. At March 31, our electrical construction backlog has increased nearly three-fold to $21.7 million from $7.7 million at the same point in 2005 and our real estate segment's backlog has increased to $12.7 million from $10.5 million at the same point last year. During the balance of 2006, it is currently estimated that substantially all of the electrical construction backlog and approximately 70% of the real estate segment backlog (approximately $9.0 million) will be recognized as revenue. Actual timing of revenue recognition may vary as the result of project delays and other factors."