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GOLDFIELD CORP

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2020 10-Q, filed Nov 4, 2020. Its latest SEC filing is a SC 13G/A from Feb 11, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Builds electrical infrastructure for utility and industrial customers, and develops residential properties for home buyers in Central Florida.

How Did They Make Money?

Utility and industrial customers pay for electrical construction work as the company performs it; home buyers pay for residential properties at closing.

FY2019 revenue

Who Were Their Customers?

Utilities and industrial customers contract for electrical infrastructure work through competitive bids, negotiated deals or master service agreements. Home buyers seek single-family homes, townhomes or condominiums.

Did Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2019 and turned 5 cents into free cash flow.

Operating income, FY2019
6% of revenue
▲ +48% vs FY2018 ($7.6M, 5%)
Net income, FY2019
4% of revenue
▲ +34% vs FY2018 ($5M, 4%)
Free cash flow, FY2019
5% of revenue
▲ Now profitable vs FY2018 (−$12.8M, −9%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q3 FY2020, the three months to Sep 30, 2020
Revenue
▲ +8%
vs $44.7M in Q3 FY2019
Net income
▼ −6%
vs $1.2M in Q3 FY2019
  • Dec 30, 2020 FR Utility completed its acquisition of Goldfield Goldfield became a wholly owned subsidiary, and its shares ceased trading on NYSE American.
  • Nov 24, 2020 Goldfield agreed to be acquired by FR Utility The agreement set a cash tender offer followed by a merger, with shares converted into a cash payment.
  • Aug 26, 2020 Chairman and CEO John H. Sottile died Stephen Wherry and Jason Spivey continued as acting co-CEOs.

Grew. Revenue grew 50% in 4 years, from $120.6M in FY2015 to $180.6M in FY2019, about 11% a year.

Residential development The latest report describes residential property development alongside electrical construction; the older report described Goldfield primarily as a contractor building electrical infrastructure.

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