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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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88-0031580
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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¨
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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x
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Page
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Consolidated Statements of
Income
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Item 1.
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Financial Statements (Unaudited).
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September 30,
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December 31,
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||||
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2013
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2012
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||||
ASSETS
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Current assets
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||||
Cash and cash equivalents
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$
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9,332,522
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$
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7,845,943
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Accounts receivable and accrued billings
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13,439,389
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13,288,812
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Current portion of notes receivable
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53,379
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46,919
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Construction inventory
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—
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108,974
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Real estate inventory
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395,062
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351,634
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Costs and estimated earnings in excess of billings on uncompleted contracts
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5,392,282
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7,411,544
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Deferred income taxes
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474,050
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773,307
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Income taxes receivable
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949,474
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—
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Residential properties under construction
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1,217,179
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215,648
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Prepaid expenses
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764,388
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974,278
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Other current assets
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21,013
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37,844
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Total current assets
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32,038,738
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31,054,903
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Property, buildings and equipment, at cost, net of accumulated depreciation of $25,826,554 in 2013 and $23,152,625 in 2012
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30,950,456
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23,817,328
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Notes receivable, less current portion
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115,710
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151,861
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Deferred charges and other assets
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||||
Land and land development costs
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1,539,924
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1,027,957
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Cash surrender value of life insurance
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540,563
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617,090
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Restricted cash
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480,943
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418,307
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Other assets
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24,825
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31,081
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Total deferred charges and other assets
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2,586,255
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2,094,435
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Total assets
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$
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65,691,159
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$
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57,118,527
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities
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Accounts payable and accrued liabilities
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$
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7,745,038
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$
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6,637,932
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Billings in excess of costs and estimated earnings on uncompleted contracts
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1,074,753
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374,052
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Current portion of notes payable
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5,894,888
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4,219,720
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Income taxes payable
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—
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1,001,062
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Accrued remediation costs
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228,682
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—
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Total current liabilities
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14,943,361
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12,232,766
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Deferred income taxes
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5,155,933
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4,045,820
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Other accrued liabilities
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20,939
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10,556
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Notes payable, less current portion
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15,006,579
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13,535,956
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Accrued remediation costs
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900,000
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—
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Total liabilities
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36,026,812
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29,825,098
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Commitments and contingencies (notes 5 and 6)
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Stockholders’ equity
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||||
Preferred stock, $1 par value, 5,000,000 shares authorized, none issued
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—
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—
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Common stock, $.10 par value, 40,000,000 shares authorized; 27,813,772 shares issued and 25,451,354 shares outstanding
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2,781,377
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2,781,377
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Additional paid-in capital
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18,481,683
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18,481,683
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Retained earnings
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9,709,474
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7,338,556
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Treasury stock, 2,362,418 shares, at cost
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(1,308,187
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)
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(1,308,187
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)
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Total stockholders’ equity
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29,664,347
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27,293,429
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Total liabilities and stockholders’ equity
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$
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65,691,159
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$
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57,118,527
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Three Months Ended
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Nine Months Ended
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September 30,
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September 30,
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2013
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2012
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2013
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2012
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Revenue
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Electrical construction
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$
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23,308,530
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$
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19,127,906
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$
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65,955,156
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$
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54,712,899
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Other
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1,762
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550,510
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447,786
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1,189,810
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Total revenue
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23,310,292
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19,678,416
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66,402,942
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55,902,709
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Costs and expenses
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Electrical construction
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18,590,749
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13,474,473
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53,885,682
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39,385,078
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Other
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1,762
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381,956
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361,128
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780,479
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Selling, general and administrative
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1,075,834
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858,009
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2,946,863
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2,622,729
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Depreciation
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1,281,946
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953,604
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3,693,818
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2,573,045
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Loss (gain) on sale of property and equipment
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27,888
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42,757
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433
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(154,502
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)
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||||
Total costs and expenses
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20,978,179
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15,710,799
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60,887,924
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45,206,829
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Total operating income
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2,332,113
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3,967,617
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5,515,018
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10,695,880
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Other income (expenses), net
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Interest income
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6,238
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5,974
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17,506
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17,300
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Interest expense
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(159,065
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)
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(106,513
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)
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(444,398
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)
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(207,515
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)
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||||
Other income, net
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57,479
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|
605
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86,040
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21,157
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Total other expenses, net
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(95,348
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)
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(99,934
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)
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(340,852
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)
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(169,058
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)
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Income from continuing operations before income taxes
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2,236,765
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3,867,683
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5,174,166
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10,526,822
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||||
Income tax provision
|
955,108
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1,253,117
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2,054,808
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2,821,728
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||||
Income from continuing operations
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1,281,657
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2,614,566
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3,119,358
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7,705,094
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Loss from discontinued operations, net of tax benefit of $451,560 in 2013
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—
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—
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(748,440
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)
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—
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Net income
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$
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1,281,657
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$
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2,614,566
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$
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2,370,918
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$
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7,705,094
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Net income per share of common stock — basic and diluted
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Continuing operations
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$
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0.05
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$
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0.10
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$
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0.12
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$
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0.30
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Discontinued operations
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—
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—
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(0.03
|
)
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—
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|
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Net income
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$
|
0.05
|
|
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$
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0.10
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$
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0.09
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$
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0.30
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Weighted average shares outstanding — basic and diluted
|
25,451,354
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25,451,354
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25,451,354
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25,451,354
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Nine Months Ended September 30,
|
||||||
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2013
|
|
2012
|
||||
Cash flows from operating activities
|
|
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|
||||
Net income
|
$
|
2,370,918
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|
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$
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7,705,094
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Adjustments to reconcile net income to net cash provided by operating activities
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|
|
|
||||
Depreciation
|
3,693,818
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|
|
2,573,045
|
|
||
Deferred income taxes
|
1,409,370
|
|
|
2,302,016
|
|
||
Loss (gain) on sale of property and equipment
|
433
|
|
|
(154,502
|
)
|
||
Loss on cash surrender value of life insurance
|
5,776
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|
|
6,994
|
|
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Other expenses
|
—
|
|
|
1,500
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Accounts receivable and accrued billings
|
(150,577
|
)
|
|
155,682
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|
||
Construction inventory
|
108,974
|
|
|
(141,019
|
)
|
||
Real estate inventory
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(43,428
|
)
|
|
346,829
|
|
||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
2,019,262
|
|
|
(4,628,384
|
)
|
||
Residential properties under construction
|
(1,001,531
|
)
|
|
(23,424
|
)
|
||
Income taxes receivable
|
(949,474
|
)
|
|
137
|
|
||
Prepaid expenses and other assets
|
232,977
|
|
|
(2,105,547
|
)
|
||
Land and land development costs
|
(511,967
|
)
|
|
(533,852
|
)
|
||
Restricted cash
|
(62,636
|
)
|
|
(124,971
|
)
|
||
Accounts payable and accrued liabilities
|
367,431
|
|
|
4,189,936
|
|
||
Billings in excess of costs and estimated earnings on uncompleted contracts
|
700,701
|
|
|
(716,640
|
)
|
||
Income taxes payable
|
(1,001,062
|
)
|
|
211,619
|
|
||
Accrued remediation costs
|
1,128,682
|
|
|
—
|
|
||
Net cash provided by operating activities
|
8,317,667
|
|
|
9,064,513
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Proceeds from disposal of property and equipment
|
221,930
|
|
|
233,330
|
|
||
Proceeds from notes receivable
|
29,691
|
|
|
27,790
|
|
||
Purchases of property, buildings and equipment
|
(10,299,251
|
)
|
|
(7,688,944
|
)
|
||
Proceeds from life insurance
|
70,751
|
|
|
—
|
|
||
Net cash used in investing activities
|
(9,976,879
|
)
|
|
(7,427,824
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from notes payable
|
8,500,000
|
|
|
8,061,364
|
|
||
Repayments on notes payable
|
(3,933,652
|
)
|
|
(3,834,235
|
)
|
||
Installment loan repayments
|
(1,420,557
|
)
|
|
(308,061
|
)
|
||
Net cash provided by financing activities
|
3,145,791
|
|
|
3,919,068
|
|
||
Net increase in cash and cash equivalents
|
1,486,579
|
|
|
5,555,757
|
|
||
Cash and cash equivalents at beginning of period
|
7,845,943
|
|
|
3,319,824
|
|
||
Cash and cash equivalents at end of period
|
$
|
9,332,522
|
|
|
$
|
8,875,581
|
|
Supplemental disclosure of cash flow information
|
|
|
|
||||
Interest paid
|
$
|
444,688
|
|
|
$
|
197,808
|
|
Income taxes paid, net
|
$
|
2,144,414
|
|
|
$
|
307,956
|
|
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
||||
Liability for equipment acquired
|
$
|
750,058
|
|
|
$
|
641,962
|
|
Equipment funded by installment loan
|
$
|
—
|
|
|
$
|
7,902,877
|
|
|
|
|
September 30,
|
|
December 31,
|
||||
|
Maturity Date
|
|
2013
|
|
2012
|
||||
Working Capital Loan
|
January 16, 2014
|
|
$
|
—
|
|
|
$
|
—
|
|
$6.94 Million Equipment Loan
|
February 22, 2016
|
|
3,940,629
|
|
|
4,931,781
|
|
||
$1.50 Million Equipment Loan
|
October 17, 2016
|
|
1,186,500
|
|
|
1,443,000
|
|
||
$4.25 Million Equipment Loan
|
September 19, 2016
|
|
3,564,000
|
|
|
4,250,000
|
|
||
$7.90 Million Installment Sale Contract
|
July 17, 2016
|
|
5,710,338
|
|
|
7,130,895
|
|
||
$1.50 Million Equipment Loan (2013)
|
April 22, 2017
|
|
1,500,000
|
|
|
—
|
|
||
$5.0 Million Equipment Loan
|
April 22, 2018
|
|
5,000,000
|
|
|
—
|
|
||
Total notes payable
|
|
|
20,901,467
|
|
|
17,755,676
|
|
||
Current portion of notes payable
|
|
|
(5,894,888
|
)
|
|
(4,219,720
|
)
|
||
Notes payable, less current portion
|
|
|
$
|
15,006,579
|
|
|
$
|
13,535,956
|
|
|
|
September 30,
|
|
December 31,
|
||||
|
|
2013
|
|
2012
|
||||
Accrued remediation costs current
|
|
$
|
228,682
|
|
|
$
|
—
|
|
Accrued remediation costs non-current
|
|
900,000
|
|
|
—
|
|
||
Total liabilities of discontinued operations
|
|
$
|
1,128,682
|
|
|
$
|
—
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Provision for remediation costs
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,200,000
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations before income taxes
|
—
|
|
|
—
|
|
|
(1,200,000
|
)
|
|
—
|
|
||||
Income tax benefit
|
—
|
|
|
—
|
|
|
451,560
|
|
|
—
|
|
||||
Loss from discontinued operations, net of tax
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(748,440
|
)
|
|
$
|
—
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2013
|
|
2012
|
|
2013
|
|
2012
|
||||||||
Income tax provision
|
$
|
955,108
|
|
|
$
|
1,253,117
|
|
|
$
|
2,054,808
|
|
|
$
|
2,821,728
|
|
Effective income tax rate
|
42.7
|
%
|
|
32.4
|
%
|
|
39.7
|
%
|
|
26.8
|
%
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
|
2013
|
|
2012
|
||||
Revenue
|
|
|
|
||||
Electrical construction
|
$
|
65,955,156
|
|
|
$
|
54,712,899
|
|
Other
|
447,786
|
|
|
1,189,810
|
|
||
Total revenue
|
66,402,942
|
|
|
55,902,709
|
|
||
Costs and expenses
|
|
|
|
||||
Electrical construction
|
53,885,682
|
|
|
39,385,078
|
|
||
Other
|
361,128
|
|
|
780,479
|
|
||
Selling, general and administrative
|
2,946,863
|
|
|
2,622,729
|
|
||
Depreciation
|
3,693,818
|
|
|
2,573,045
|
|
||
Loss (gain) on sale of property and equipment
|
433
|
|
|
(154,502
|
)
|
||
Total costs and expenses
|
60,887,924
|
|
|
45,206,829
|
|
||
Total operating income
|
$
|
5,515,018
|
|
|
$
|
10,695,880
|
|
|
2013
|
|
2012
|
||||
Electrical construction operations
|
$
|
208,692
|
|
|
$
|
206,875
|
|
Other
|
301,357
|
|
|
290,499
|
|
||
Corporate
|
2,436,814
|
|
|
2,125,355
|
|
||
Total
|
$
|
2,946,863
|
|
|
$
|
2,622,729
|
|
|
2013
|
|
2012
|
||||
Electrical construction operations
|
$
|
3,664,584
|
|
|
$
|
2,546,306
|
|
Other
|
8,419
|
|
|
4,763
|
|
||
Corporate
|
20,815
|
|
|
21,976
|
|
||
Total
|
$
|
3,693,818
|
|
|
$
|
2,573,045
|
|
|
2013
|
|
2012
|
||||
Income tax provision
|
$
|
2,054,808
|
|
|
$
|
2,821,728
|
|
Effective income tax rate
|
39.7
|
%
|
|
26.8
|
%
|
|
2013
|
|
2012
|
||||
Provision for remediation costs
|
$
|
(1,200,000
|
)
|
|
$
|
—
|
|
|
|
|
|
||||
Loss from discontinued operations before income taxes
|
(1,200,000
|
)
|
|
—
|
|
||
Income tax benefit
|
451,560
|
|
|
—
|
|
||
Loss from discontinued operations, net of tax
|
$
|
(748,440
|
)
|
|
$
|
—
|
|
|
2013
|
|
2012
|
||||
Revenue
|
|
|
|
||||
Electrical construction
|
$
|
23,308,530
|
|
|
$
|
19,127,906
|
|
Other
|
1,762
|
|
|
550,510
|
|
||
Total revenue
|
23,310,292
|
|
|
19,678,416
|
|
||
Costs and expenses
|
|
|
|
||||
Electrical construction
|
18,590,749
|
|
|
13,474,473
|
|
||
Other
|
1,762
|
|
|
381,956
|
|
||
Selling, general and administrative
|
1,075,834
|
|
|
858,009
|
|
||
Depreciation
|
1,281,946
|
|
|
953,604
|
|
||
Loss on sale of property and equipment
|
27,888
|
|
|
42,757
|
|
||
Total costs and expenses
|
20,978,179
|
|
|
15,710,799
|
|
||
Total operating income
|
$
|
2,332,113
|
|
|
$
|
3,967,617
|
|
|
2013
|
|
2012
|
||||
Electrical construction operations
|
$
|
49,429
|
|
|
$
|
42,157
|
|
Other
|
87,369
|
|
|
99,634
|
|
||
Corporate
|
939,036
|
|
|
716,218
|
|
||
Total
|
$
|
1,075,834
|
|
|
$
|
858,009
|
|
|
2013
|
|
2012
|
||||
Electrical construction operations
|
$
|
1,272,295
|
|
|
$
|
946,100
|
|
Other
|
2,753
|
|
|
2,852
|
|
||
Corporate
|
6,898
|
|
|
4,652
|
|
||
Total
|
$
|
1,281,946
|
|
|
$
|
953,604
|
|
|
2013
|
|
2012
|
||||
Income tax provision
|
$
|
955,108
|
|
|
$
|
1,253,117
|
|
Effective income tax rate
|
42.7
|
%
|
|
32.4
|
%
|
|
2013
|
|
2012
|
||||
Net cash provided by operating activities
|
$
|
8,317,667
|
|
|
$
|
9,064,513
|
|
Net cash used in investing activities
|
(9,976,879
|
)
|
|
(7,427,824
|
)
|
||
Net cash provided by financing activities
|
3,145,791
|
|
|
3,919,068
|
|
||
Net increase in cash and cash equivalents
|
$
|
1,486,579
|
|
|
$
|
5,555,757
|
|
|
|
|
Actual as of
|
||||
|
Covenant
|
|
September 30, 2013
|
||||
Tangible net worth minimum
|
$
|
18,000,000
|
|
|
$
|
29,664,347
|
|
Outside debt not to exceed
|
500,000
|
|
|
—
|
|
||
Maximum debt/worth ratio not to exceed
|
2.25:1.00
|
|
|
1.21:1.00
|
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3.
|
Defaults Upon Senior Securities.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits.
|
*10-1
|
Second Amendment to the Lease Agreement, dated June 7, 2004, signed July 29, 2013 and effective November 1, 2013.
|
*31-1
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, 15 U.S.C. Section 7241
|
*31-2
|
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, 15 U.S.C. Section 7241
|
*32-1
|
**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350
|
*32-2
|
**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Schema Document
|
101.CAL
|
XBRL Calculation Linkbase Document
|
101.LAB
|
XBRL Label Linkbase Document
|
101.PRE
|
XBRL Presentation Linkbase Document
|
*
|
Filed herewith.
|
**
|
These exhibits are intended to be furnished in accordance with Regulation S-K Item 601(b)(32) and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference.
|
Dated: November 12, 2013
|
|
|
THE GOLDFIELD CORPORATION
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ JOHN H. SOTTILE
|
|
|
|
John H. Sottile
|
|
|
|
Chairman of the Board, President and Chief
|
|
|
|
Executive Office (Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ STEPHEN R. WHERRY
|
|
|
|
Stephen R. Wherry
|
|
|
|
Senior Vice President, Chief Financial
|
|
|
|
Officer, Treasurer and Assistant Secretary
|
|
|
|
(Principal Financial and Accounting Officer)
|
1.
|
Section 1.1 Lease Term is amended to read as follows:
|
2.
|
Annual Minimum Rent/Base Rent
is amended to add the 1688 W. Hibiscus Blvd. building consisting of 5,084 square feet to the existing Lease and subject to new rental amount as set forth below.
|
By:
/s/ Hugh M. Evans
|
|
|
Name: Hugh M. Evans, Jr., Vice President
|
|
Dated:
July 29, 2013
|
By:
/s/ John H. Sottile
|
|
|
Name: John H. Sottile, President
|
|
Dated:
July 24, 2013
|
1.
|
I have reviewed this quarterly report on Form 10-Q of The Goldfield Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of The Goldfield Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|