8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (or Date of Earliest Event Reported): November 8, 2007

THE GOLDFIELD CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-7525	88-0031580
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

1684 West Hibiscus Blvd. Melbourne, FL	32901
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (321) 724-1700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02.Results of Operations and Financial Condition.

The information in this Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of The Goldfield Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

On November 8, 2007, The Goldfield Corporation issued a press release announcing its results of operations for the three and nine months ended September 30, 2007. A copy of this press release is attached and incorporated by reference herein as Exhibit 99-1.

Item 9.01.Financial Statements and Exhibits.

Exhibit	Description of Exhibit
99.1.	Press release, dated November 8, 2007, announcing financial results for the three and nine months ended September 30, 2007.

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 8, 2007

THE GOLDFIELD CORPORATION
By:	/s/ Stephen R. Wherry
	Stephen R. Wherry
	Senior Vice President, Chief Financial Officer, Treasurer and Assistant Secretary (Principal Financial and Accounting Officer)

2

EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1.	Press release, dated November 8, 2007, announcing financial results for the three and nine months ended September 30, 2007.

3

EX-99.1

  

Exhibit 99.1     

GOLDFIELD ANNOUNCES THIRD QUARTER RESULTS

MELBOURNE, Florida, November 8, 2007 - The Goldfield Corporation (AMEX: GV), a leading provider of electrical construction services in the southeastern United States and a developer of condominiums on Florida’s east coast, today announced results for the three and nine months ended September 30, 2007.

Revenues for the nine months ended September 30, 2007 were $17.7 million and the Company had an operating loss of $3.0 million, compared to revenues of $38.4 million and operating income of $4.6 million in the nine months ended September 30, 2006.

Revenues for the three months ended September 30, 2007 were $6.6 million and the Company had an operating loss of $1.0 million, compared to revenues of $12.1 million and operating income of $1.2 million in the three months ended September 30, 2006.

The decline in results during the 2007 periods reflects a slowdown in our electrical construction operations and the continuing weakness in the Florida condominium market. For the three and nine months ended September 30, 2007, the electrical construction segment had revenues of $6.5 million and $20.5 million, respectively, compared to $8.9 million and $30.6 million, respectively, in the comparable prior year periods, and operating income of $279,000 and $963,000, respectively, compared to $1.1 million and $4.9 million, respectively, in the comparable prior year periods. These decreases were primarily due to the slowdown noted above as well as unanticipated costs associated with customer initiated delays arising during the course of certain projects.

The real estate development segment had nominal revenues for the three months ended September 30, 2007, and negative revenues of $2.8 million for the nine months ended September 30, 2007, (resulting from the reversal of $7.2 million of previously recognized revenues) compared to revenues of $3.2 million and $7.8 million, respectively, in the comparable prior year periods, and operating losses of $635,000 and $1.8 million, respectively, compared to operating income of $819,000 and $1.8 million, respectively, in the comparable prior year periods. These decreases were due to the reversal of previously recognized revenues and income as a result of customer defaults on contracts to purchase condominium units, as well as a re-valuation of our unsold condominium units.

Net loss for the nine months ended September 30, 2007 was $1.7 million or $0.07 per share, compared to net earnings of $3.0 million or $0.12 per share in the comparable prior year period. Net loss for the three months ended September 30, 2007 was $271,000 or $0.01 per share, compared to net earnings of $913,000 or $0.04 per share in the comparable prior year quarter.

John H. Sottile, Goldfield’s President and Chief Executive Officer commented, “Recent developments indicate that we are seeing a rebound in our electrical construction operations. As we previously announced, Southeast Power was recently selected to partner with a major utility in a multi-year project involving the upgrading of 46.2 miles of transmission line to support load growth in central Florida. Work has commenced on this project in the fourth quarter. In addition, three other construction projects on which work had been suspended are being resumed in the fourth quarter.”

- more -

Mr. Sottile continued, “With respect to our real estate development operations, our recently commenced marketing efforts and price reductions at Pineapple House have met with early success. With the project completed and a number of the units already occupied, prospective purchasers can now see for themselves the project’s high quality. These new efforts have resulted in the sales of five additional condominium units in recent weeks, one of which has already been closed.”

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

- Tables to Follow -

The Goldfield Corporation and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007			2006
Revenue
Electrical construction	$	6,518,999		$	8,903,823		$	20,531,121		$	30,582,150
Real estate development		41,042			3,244,927			(2,807,828	)		7,794,414
Total revenue		6,560,041			12,148,750			17,723,293			38,376,564
Costs and expenses
Electrical construction		5,496,723			7,189,242			17,244,833			23,772,776
Real estate development		46,293			2,187,300			(1,729,933	)		5,336,218
Selling, general and administrative		841,222			965,393			2,498,556			2,883,523
Depreciation		757,846			607,185			2,265,963			1,834,595
Write down of inventory		473,227			-			473,227			-
(Gain) loss on sale of assets		(6,927	)		4,439			(17,220	)		(24,884	)
Total costs and expenses		7,608,384			10,953,559			20,735,426			33,802,228
Total operating income (loss)		(1,048,343	)		1,195,191			(3,012,133	)		4,574,336
Other income (expense), net
Interest income		53,779			90,525			166,664			142,210
Interest expense, net		(235,381	)		(61,430	)		(414,085	)		(161,386	)
Other		515,282			19,683			577,795			133,304
Total other income (expense), net		333,680			48,778			330,374			114,128
Income (loss) from operations
before income taxes		(714,663	)		1,243,969			(2,681,759	)		4,688,464
Income tax expense (benefit)		(456,444	)		479,434			(955,027	)		1,806,967
Income (loss) from continuing operations		(258,219	)		764,535			(1,726,732	)		2,881,497
Gain (loss) from discontinued
operations, net of tax		(12,661	)		148,637			(12,661	)		148,637
Net income (loss)	$	(270,880	)	$	913,172		$	(1,739,393	)	$	3,030,134
Earnings (loss) per share of common stock -
basic and diluted
Continuing operations	$	(0.01	)	$	0.03		$	(0.07	)	$	0.11
Discontinued operations	$	-		$	0.01		$	-		$	0.01
Net income (loss)	$	(0.01	)	$	0.04		$	(0.07	)	$	0.12
Weighted average number of common shares
outstanding – basic and diluted		25,451,354			25,572,159			25,451,354			25,572,181

The Goldfield Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

	September 30,			December 31,
ASSETS	2007			2006
Current assets
Cash and cash equivalents	$	4,134,995		$	6,801,600
Accounts receivable and accrued billings, net		4,317,650			4,908,511
Contracts receivable		-			10,623,909
Remediation insurance receivable		253,049			329,888
Current portion of notes receivable		43,675			41,453
Construction inventory		30,209			216,989
Real estate inventories		10,232,940			801,411
Costs and estimated earnings in excess of
billings on uncompleted contracts		3,298,477			2,358,738
Residential properties under construction		-			3,784,165
Prepaid expenses and other current assets		1,924,729			1,022,377
Total current assets		24,235,724			30,889,041
Property, buildings and equipment, at cost, net		10,425,164			9,465,378
Notes receivable, less current portion		363,821			407,409
Deferred charges and other assets		1,654,684			1,142,348
Total assets	$	36,679,393		$	41,904,176
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	2,973,529		$	5,359,893
Billings in excess of costs and estimated
earnings on uncompleted contracts		-			24,444
Notes payable		7,208,453			8,663,768
Capital leases, due within one year		321,233			317,160
Current liabilities of discontinued operations		112,813			208,221
Total current liabilities		10,616,028			14,573,486
Deferred income taxes		412,165			861,400
Other accrued liabilities		25,654			20,821
Notes payable, less current portion		2,363,776			1,207,745
Capital leases, less current portion		655,415			894,976
Total liabilities		14,073,038			17,558,428
Commitments and contingencies
Stockholders' equity
Common stock		2,781,377			2,781,377
Capital surplus		18,481,683			18,481,683
Retained earnings		2,651,482			4,390,875
Common stock in treasury, at cost		(1,308,187	)		(1,308,187	)
Total stockholders' equity		22,606,355			24,345,748
Total liabilities and stockholders' equity	$	36,679,393		$	41,904,176