Goldfield 8-K Goldfield Announces First Quarter Results

For Immediate Release

Goldfield Announces First Quarter Results

MELBOURNE, Florida, May 13, 2005 - - The Goldfield Corporation (AMEX: GV), a leading provider of electrical construction services in the southeastern United States and a developer of condominiums, today announced its first quarter earnings results for 2005.

For the three month period ended March 31, 2005, as compared to the like period in 2004, the company's revenues decreased 32.9 percent to $8,231,473 from $12,260,705; income from continuing operations, before income taxes was $240,814, compared to $1,399,944; net income from continuing operations was $149,304, or 1 cent per share, compared with net income of $839,170, or 3 cents per share; and net income (including discontinued operations) was $136,552, or 1 cent per share, compared to $839,170, or 3 cents per share.

In commenting on the first quarter results, John H. Sottile, president of Goldfield, said "Electrical construction results were solid, although not up to the record level of last year's first quarter." Mr. Sottile also noted that "The contribution of the real estate development operation was adversely affected in this year's first quarter by the timing of the flow of real estate projects. Two new large projects are just now coming on stream. The backlog for real estate development operations at March 31, 2005 was approximately $10,495,000, compared to $900,000 at the same point last year. This backlog assumes settlement of existing sales contracts from the Oak Park project, which recently commenced construction, but does not include any amount from the substantially larger initial-phase of the Pineapple House project. Goldfield expects to complete and deliver to buyers in 2005 all backlog reflected at March 31."

About Goldfield
Goldfield is a leading provider of electrical construction and maintenance services in the energy infrastructure industry in the southeastern United States. The company specializes in installing and maintaining electrical transmission lines for a wide range of electric utilities. Goldfield is also involved in the development of high-end condominium projects on Florida's east coast.

Statements in this release are based on current expectations. These statements are forward looking and actual results may differ materially. For further details see the company's filings with the Securities and Exchange Commission.

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Further Information

Investors:
The Goldfield Corporation, 321-724-1700 or investorrelations@goldfieldcorp.com

THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
			Three Months Ended
			March 31,
			2005	2004
Revenue
	Electrical construction		$           7,100,316	$           9,271,934
	Real estate development		1,131,157	2,988,771
		Total revenue	8,231,473	12,260,705
Costs and expenses
	Electrical construction		5,917,573	7,548,274
	Real estate development		692,452	2,075,029
	Depreciation and amortization		625,731	486,520
	Selling, general and administrative		750,778	764,494
		Total costs and expenses	7,986,534	10,874,317
Other income (expense), net
	Interest income		28,458	20,575
	Interest expense, net		(32,986)	(6,499)
	Loss on sale of property and equipment		(1,486)	(1,115)
	Other		1,889	595
		Total other income (expense), net	(4,125)	13,556
Income from continuing operations
	before income taxes		240,814	1,399,944
Income taxes			91,510	560,774
Income from continuing operations			149,304	839,170
Loss from discontinued operations			(12,752)	-
Net income			$             136,552	$              839,170
Earnings per share of common stock -
	basic and diluted
		Continuing operations	$                  0.01	$                   0.03
		Discontinued operations	-	-
		Net income	$                  0.01	$                   0.03
Weighted average common shares and
	equivalents used in the calculations
	of earnings per share
		Basic	25,833,696	26,301,631
		Diluted	25,867,275	26,352,967
May 13, 2005