Goldfield Wins Major Electrical Construction Mandates
December 16 2019 - 6:34AM
The Goldfield Corporation (NYSE American: GV), a leading provider
of electrical construction services for the utility industry and
industrial customers primarily in the Southeast, mid-Atlantic, and
Texas-Southwest regions of the United States, has been awarded two
significant contracts to construct new and rebuild transmission
lines in Florida. These projects are expected to produce
approximately $50 million in revenue through 2021 of which
approximately $35 million is expected to be completed during 2020.
The projects include transmission, substation and foundation
construction services. The work will be performed by the Company’s
subsidiaries, C and C Power Line, Inc. and Precision Foundations,
Inc.
John H. Sottile, President and Chief Executive Officer of
Goldfield commented, “These awards confirm the operating strength
of our electrical construction and foundation subsidiaries. In
addition, we are experiencing strong improvement in fourth quarter
results and anticipate significant growth in revenue and that
earnings will more than double when compared to the fourth quarter
of 2018.”
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, mid-Atlantic and Texas-Southwest regions of the United
States. To a lesser extent, Goldfield is also engaged in real
estate operations focused on the development of residential
properties on the east coast of Central Florida. For additional
information, please visit http://www.goldfieldcorp.com.
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 Company’s Risk Factors and Management’s
Discussion and Analysis of Financial Condition and Results of
Operation sections of our Annual Report on Form 10-K and
Goldfield’s other filings with the Securities and Exchange
Commission, which are available on Goldfield’s 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
CorporationRobert Winters or Josh LittmanPhone: (312)
445-2870Email: gv@alpha-ir.com
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