MELBOURNE, Fla., June 30 FL-Goldfield-contract
MELBOURNE, Fla., June 30 /PRNewswire-FirstCall/ -- The Goldfield
Corporation (Amex: GV), a leading provider of electrical construction services
in the southeastern United States, announced that it has recently been awarded
new electrical construction contracts aggregating $12.5 million, including
significant awards outside its customary southeastern base.
The contracts include installation of 105 miles of optical ground wire
(OPGW) in central Colorado; 6.5 miles of 161 kV transmission line in western
Tennessee (contract subject to final regulatory approval); 40 miles of OPGW
near Birmingham, Alabama; and a small tie line in northern Texas. In
addition, Goldfield has been awarded Phase II of the previously announced
multi-phase upgrade of 46.2 miles of high voltage (230 kV) transmission line
to support load growth in the central Florida area. Phase II consists of 11
miles of 230 kV rebuild. Phase I of this project was completed in May 2008
ahead of schedule and below budget. Southeast Power, Goldfield's electrical
construction subsidiary, is the "preferred contracting partner" for the
remaining segments.
John H. Sottile, President of The Goldfield Corporation, commented, "For
several years, Southeast Power has been working towards expanding our customer
and geographic base to include the western parts of the United States. These
new projects represent an important initial step in implementing our business
plan."
Mr. Sottile also commented, "With aggressive competition for the fewer
available electrical construction jobs, work is expected to remain slow
throughout the summer. The challenging economic environment, which has
impacted Southeast Power over the past few quarters, is expected to continue
into our third quarter, but we are encouraged by this growth in new business
and new territories."
About Goldfield
Goldfield is a leading provider of electrical construction and maintenance
services in the energy infrastructure industry in the southeastern United
States. The company specializes in installing and maintaining electrical
transmission lines for a wide range of electric utilities. Goldfield is also
involved in the development of high-end condominium projects on Florida's east
coast. For additional information, please visit
http://www.goldfieldcorp.com .
This press release includes forward-looking statements based on our
current expectations. Our actual results may differ materially from what we
currently expect. Factors that may affect the results of our electrical
construction operations include, among others: the level of construction
activities by public utilities; the timing and duration of construction
projects for which we are engaged; adverse weather; our ability to estimate
accurately with respect to fixed price construction contracts; heightened
competition in the electrical construction field, including intensification of
price competition, and the availability of skilled construction labor.
Factors that may affect the results of our real estate development operations
include, among others: interest rates; ability to obtain necessary permits
from regulatory agencies; adverse legislation or regulations; ability to
acquire land; our ability to maintain or increase historical revenues and
profit margins; our ability to collect contracts receivable and close homes in
backlog, particularly related to buyers purchasing homes as investments;
availability of labor and materials and material increases in labor and
material costs; ability to obtain additional construction financing; increases
in interest rates and availability of mortgage financing; increases in
construction and homeowner insurance and the availability of insurance; the
level of consumer confidence; the negative impact of claims for contract
rescission or cancellation by unit purchasers due to various factors including
the increase in the cost of condominium insurance; adverse weather; natural
disasters; changes in generally accepted accounting principles; the continued
weakness in the Florida condominium market and general economic conditions,
both nationally and in our region. 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 .
For further information, please contact:
The Goldfield Corporation
Phone: (321) 724-1700
Email: investorrelations@goldfieldcorp.com
SOURCE The Goldfield Corporation
