 MELBOURNE, Fla., Aug. 05, 2020 GLOBE NEWSWIRE -- The Goldfield Corporation NYSE American: GV, a leading provider of electrical construction services for the utility industry and industrial customers, today announced financial results for the three and six months ended June 30, 2020 and the appointment of Acting Co-CEOs. Through its subsidiaries, Power Corporation of America PCA, C and C Power Line, Inc., Southeast Power Corporation and Precision Foundations, Inc., Goldfield provides electrical construction services primarily in the Southeast, mid-Atlantic, and Texas-Southwest regions of the United States. Goldfield is also engaged in real estate development operations of residential properties on the east coast of Central Florida. The Companys President and CEO John H. Sottile is currently hospitalized and being treated for a non-COVID related respiratory condition, and the timing of his ability to resume his duties cannot currently be determined. Today, the Companys Board of Directors appointed its Chief Financial Officer Stephen R. Wherry and the President of PCA Jason M. Spivey to the positions of Acting Co-CEOs to discharge the duties of CEO during the absence of Mr. Sottile.Acting Co-CEO and President of PCA Jason M. Spivey said, Second-quarter revenue and earnings improved year over year despite the unprecedented health and economic environment in which we are operating. We believe our strategy to expand into substation and distribution services, develop new customer relationships and secure profitable projects from new and existing customers, is beginning to take hold. We ended the quarter with backlog near record levels, as we renewed various master service agreements and secured additional projects.Acting Co-CEO and Chief Financial Officer Stephen R. Wherry added, The entire Goldfield team has responded well to the COVID-19 crisis. I thank our management and all of our employees for focusing first on their health and safety. Our Company remains well-positioned in very attractive long-term markets, with our customers continued investments in grid hardening, renewable integration and system reliability intact. To date the COVID-19 crisis has not materially affected our electrical construction operations. We will remain vigilant and continue to adapt to the unforeseen nature of this current situation.SIX MONTHS ENDED JUNE 30, 2020For the six months ended June 30, 2020, compared to the same period in 2019: Electrical construction revenue increased 11.3, or 9.1 million, to 89.7 million from 80.6 million, primarily due to increases in master service agreement MSA project activity and service line expansion in the Texas-Southwest region and improved transmission line volume in the Southeast region, partially offset by lower MSA customer project activity in the mid-Atlantic region. Real estate development revenue decreased to 2.9 million from 11.3 million primarily due to the decrease in the number and type of units sold and the timing of completion of units available for sale. Consolidated revenue increased 0.8, or 0.8 million, to 92.6 million from 91.9 million, primarily due to the increase in electrical construction revenue offset by the decline in real estate development activity. Gross margin on electrical construction improved to 17.1 from 14.6, primarily attributable to increased MSA activity and service line expansion in the Texas-Southwest region, which provided improved absorption of fixed-costs, as well as higher foundation construction activity with improved margins. These increases were partially offset by lower transmission project activity and the delayed start-up of a newly awarded MSA in the mid-Atlantic region. To a lesser extent crew availability in the Southeast region also offset the increases in electrical construction gross margin. Gross margin on real estate development increased to 32.7 from 26.1 primarily due to the type of units sold. Operating income increased 18.5 to 5.4 million from 4.6 million primarily due to higher electrical construction gross profit, partially offset by lower real estate development gross profit and higher depreciation expenses. Net income increased 51.7 to 3.9 million, or 0.16 per share, from 2.6 million, or 0.11 per share, primarily due to the increase in electrical construction activity and lower tax expense due to adjustments related to the Coronavirus Aid, Relief, and Economic Security Act CARES Act, partially offset by lower real estate development activity. EBITDA a non-GAAP measure1 increased 14.2 to 11.4 million compared to 10.0 million. This increase was primarily due to the increase in electrical construction gross profit offset by the decline in real estate development operations gross profit.THREE MONTHS ENDED JUNE 30, 2020For the quarter ended June 30, 2020, compared to the same period in 2019: Electrical construction revenue increased 19.0 to 46.7 million from 39.2 million due to increased MSA project activity in the Southeast region and both improved MSA transmission project volume and service line expansion in the Texas-Southwest region, partially offset by lower MSA customer project activity in the mid-Atlantic region. Real estate development revenue operations decreased 4.1 million, to 1.1 million from 5.2 million, primarily due to the decrease in the number of units sold and the timing of completion of units available for sale. Consolidated revenue increased 7.7 to 47.8 million from 44.4 million, attributable to improved electrical construction operations project activity, partially offset by the decline in real estate development activity. Gross margin on electrical construction grew to 18.7 from 14.5, primarily attributable to the increase in transmission project activity at higher margin in the Texas-Southwest region, which provided improved absorption of fixed-costs. Gross margin on real estate development increased to 33.4 from 20.0 primarily due to the type of units sold. Operating income increased 130.9 to 3.8 million from 1.6 million, mainly due to improved electrical construction gross profit, partially offset by lower real estate development gross profit and higher depreciation expenses. Net income increased 200.5 to 2.5 million, or 0.10 per share, from 0.8 million, or 0.03 per share, primarily due to the increase in electrical construction activity, partially offset by lower real estate development activity. EBITDA a non-GAAP measure 1 increased 54.2 to 6.9 million compared to 4.5 million primarily due to improved electrical construction gross profit, partially offset by the decline in real estate development operations gross profit.Backlog a non-GAAP measure1At June 30, 2020, total backlog increased 109.2 to 417.3 million from 199.5 million at June 30, 2019, primarily attributable to the award of four new MSAs. Total backlog includes total revenue estimated over the remaining life of the MSAs plus estimated revenue from fixed-price contracts.The Companys 12-month electrical construction backlog increased 60.5 to 171.2 million from 106.7 million at June 30, 2019, mainly due to increased MSAs and a higher level of project activity.Backlog is estimated at a particular point in time and is not determinative of total revenue in any particular period. It does not reflect future revenue from a significant number of short-term projects undertaken and completed between the estimated dates.Conference CallThe Company will host a conference call and webcast to discuss results at 10 a.m. Eastern time on Thursday, August 6, 2020. To participate in the conference call via telephone, please dial 866 373-3407 domestic or 412 902-1037 international at least five minutes prior to the start of the event. Goldfield will also webcast the conference call live via the internet. Interested parties may access the webcast at: or through the Investor Relations section of the Companys website at Please access the website at least 15 minutes prior to the start of the call to register and download and install any necessary audio software. The webcast will be archived at this link or through the Investor Relations section of the Companys website for six months.About GoldfieldGoldfield is a leading provider of electrical construction services engaged in the construction of electrical infrastructure for the utility industry and industrial customers, primarily in the Southeast, mid-Atlantic and Texas-Southwest regions of the United States. For additional information on our second quarter 2020 results, please refer to our report on Form 10-Q being filed with the Securities and Exchange Commission and visit the Companys website at Represents Non-GAAP Financial Measure - The non-GAAP financial measures used in this earnings release are more fully described in the accompanying supplemental data and reconciliation of the non-GAAP financial measures to the reported GAAP measures. The EBITDA non-GAAP measure in this press release and on The Goldfield Corporations website is provided to enable investors and analysts to evaluate the Companys performance excluding the effects of certain items that impact the comparability of operating results between reporting periods and compare the Companys operating results with those of its competitors. EBITDA should be used to supplement, and not in lieu of, results prepared in conformity with GAAP. Because not all companies use identical calculations, the presentations of EBITDA and Backlog may not be comparable to other similarly-titled measures of other companies. 