President’s Comments at Goldfield’s Annual Meeting

MELBOURNE, Fla., May 22, 2020 (GLOBE NEWSWIRE) -- The Goldfield Corporation (NYSE American: GV) released the comments made earlier today by Mr. John H. Sottile, President, Chief Executive Officer and Chairman of the Board, at The Goldfield Corporation’s annual meeting of stockholders. Goldfield is headquartered in Melbourne, Florida, and through its subsidiaries, Power Corporation of America, C and C Power Line, Inc., Southeast Power Corporation and Precision Foundations, Inc., is a leading provider of electrical construction services for the utility industry and industrial customers, with operations 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.

THE GOLDFIELD CORPORATION

ANNUAL SHAREHOLDERS’ MEETING MAY 22, 2020

COMMENTS BY JOHN H. SOTTILE, PRESIDENT

In 2019, Goldfield achieved its highest level of revenue in its 113-year history as a public company and recorded strong earnings growth and a healthy electrical construction margin. We achieved these results across all geographic regions through the acquisition of new customers, continued growth with existing customers, as well as a service line expansion. This performance reflects our commitment to strengthen our operations while successfully and safely executing customer projects and delivering to our shareholders.

We experienced solid growth in 2019 compared to 2018. Revenue increased almost 31% year over year to a record $181 million in 2019 from $138 million in 2018 resulting from improved results in both real estate development and electrical construction operations. Electrical construction revenue in 2019 improved approximately 23% year over year due to increases in project work under both master and non-master service agreements. Specifically, in 2019 we experienced growth in transmission project activity in both the Southeast and Texas-Southwest regions, combined with service line expansion in the Texas-Southwest and mid-Atlantic regions. Additionally, net income increased to $6.7 million from $5 million, fueled by revenue growth and improved margins. Finally, earnings per share improved to $0.27 from $0.20.