Yesterday, the Goldfield Corporation, a leading provider of construction services to electric utilities through its Southeast Power Corporation subsidiary, announced record results for the year ending Dec. 31, 2012. These record results were the result of substantial growth in the company’s electrical construction business.
Goldfield’s net income for the year ending Dec. 31 was $12 million dollars, or $0.47 per share, having increased from $874,000, or $0.03 per share, for the same period of 2011. The company’s revenue for the year ending Dec. 31 was $81.6 million, as compared with $32.8 million in 2011. Goldfield’s 2012 revenue and net income were the highest the company has ever recorded in its entire 106-year history.
Goldfield’s net income for the fourth quarter ending Dec. 31, 2012 was $4.2 million, or $0.17 per share, as compared to $1.6 million, or $0.06 per share, for the same period of the previous year. The company’s revenue for the fourth quarter ending Dec. 31 was $25.7 million, as compared with $11.4 million for the same period of 2011.
These record results are a reflection of the dramatic increase in service demand by utilities that are upgrading and expanding their transmission and distribution infrastructure, as well as the strengthening of Goldfield’s capability in a larger service area.
“Our strategy of moving beyond our historic Florida base – and expanding our operations in Texas, the Carolinas and Virginia – has paid handsome dividends,” said Goldfield President and CEO John H. Sottile.
“Southeast Power’s fine reputation in the industry, together with our growth, has enabled us to attract very experienced and highly regarded new leadership,” Sottile added.
As announced previously, former Southeast Power CEO John Davis took over as president of Southeast Power on Jan. 1, 2013. Joining the Southeast Power team to oversee new business development is John E. White, former vice president of one of the largest electrical construction companies in the nation.
“With the strong team we have assembled, we believe we are well positioned to take advantage of future opportunities to build on our record growth,” Davis said.
Southeast Power’s construction backlog was $40.9 million on Dec. 31, as compared with $12.2 million at the end of 2011. This 2012 backlog included $23.8 million associated with a project that is scheduled for completion in August 2013.
“We believe we will meet the challenge of generating new business more than sufficient to offset completion of this project,” Davis said.
For more information, visit www.goldfieldcorp.com
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