DailyTrends.com Small Cap Update: Goldfield (GV)
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The company has two subsidiaries. Their Southeast Power Corporation subsidiary builds and maintains electrical facilities for utilities and industrial customers in the southeastern US. The unit also lays fiber-optic cable, mostly overhead installations.
Goldfield also has such real estate operations in Florida (under Bayswater Development) as developing luxury waterfront condominiums off the east coast of Florida.
The company, which had been in the mining industry since 1906, divested its mining operations in 2002 after finding that recovering precious metals had become economically unfeasible.
These hurricanes (Katrina, Rita, and now Wilma) have increased demand for their construction services and the ability to build electrical transmission lines. Even though the real estate side of the business in my mind is going to slow, it will not affect earnings negatively moving forward.
Goldfield (GV) is trading almost one times net tangible assets and has had recent insider buying.
Revenue for the most recent quarter was $9.47 million with net income of $573,000.
I expect that the rest of 2005 will be very good for them, with increases in overall profitability.
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