The Goldfield Corporation Announces Resumption of Stock Repurchase Program
December 10 2018 - 6:04AM
The Goldfield Corporation (NYSE American: GV), (“Goldfield” or the
“Company”), a leading provider of electrical construction services
for the utility industry and industrial customers through its
subsidiaries, Power Corporation of America, C and C Power Line,
Inc., Southeast Power Corporation and Precision Foundations, Inc.,
today announced that its Board of Directors has authorized the
Company to resume its repurchase of Common Stock pursuant to its
previously adopted repurchase plan, which has been extended until
September 30, 2019. The plan authorized the repurchase of up to
3,500,000 shares, of which 2,345,060 have been repurchased to date,
leaving approximately 1,154,940 shares authorized for repurchase
under the program.
President and Chief Executive Officer John H. Sottile said, “We
are pleased that the Board has authorized the resumption of our
stock repurchase program. We believe that the repurchase of shares
at recent trading-price levels represents a prudent investment in
the Company’s future.”
Stock repurchases may be made through a variety
of methods, including open market or privately negotiated
transactions. The timing and number of shares repurchased will
depend on a variety of factors, including price, general business
and market conditions, and alternative investment opportunities.
Goldfield’s stock repurchase program does not obligate it to
repurchase any specific dollar value or number of shares of stock,
and may be suspended, increased, extended, or discontinued by the
Company’s Board of Directors at any time.
About Goldfield
Goldfield 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
results, please refer to our filings with the Securities and
Exchange Commission which can be found on the Company’s website at
http://www.goldfieldcorp.com.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the “safe harbor” provision of the Private
Securities Litigation Reform Act of 1995 throughout this document.
You can identify these statements by forward-looking words such as
“may,” “will,” “expect,” “anticipate,” “believe,” “estimate,”
“plan,” and “continue” or similar words. We have based these
statements on our current expectations about future events.
Although we believe that our expectations reflected in or suggested
by our forward-looking statements are reasonable, we cannot assure
you that these expectations will be achieved. Our actual results
may differ materially from what we currently expect. Factors that
may affect the results of our operations include, among others: the
level of construction activities by public utilities; the
concentration of revenue from a limited number of utility
customers; the loss of one or more significant customers; the
timing and duration of construction projects for which we are
engaged; our ability to estimate accurately with respect to fixed
price construction contracts; and heightened competition in the
electrical construction field, including intensification of price
competition. Other factors that may affect the results of our
operations include, among others: adverse weather; natural
disasters; effects of climate changes; changes in generally
accepted accounting principles; ability to obtain necessary permits
from regulatory agencies; our ability to maintain or increase
historical revenue and profit margins; general economic conditions,
both nationally and in our region; adverse legislation or
regulations; availability of skilled construction labor and
materials and material increases in labor and material costs; and
our ability to obtain additional and/or renew financing. Other
important factors which could cause our actual results to differ
materially from the forward-looking statements in this press
release are detailed in the Company’s Risk Factors and Management’s
Discussion and Analysis of Financial Condition and Results of
Operation sections of our Annual Report on Form 10-K and
Goldfield’s other filings with the Securities and Exchange
Commission, which are available on Goldfield’s website:
http://www.goldfieldcorp.com. We may not update these
forward-looking statements, even in the event that our situation
changes in the future, except as required by law.
For further information, please contact:The Goldfield
CorporationSteve CarrPhone: (312) 780-7211Email:
scarr@dresnerco.com
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