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THE GOLDFIELD
CORPORATION
Setting the pace for our national energy
infrastructure system
NYSE MKT: GV
Investor Presentation
March 2017
Forward-Looking Statements
This presentation 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 presentation 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.
Investor Contact: Kristine Walczak, Dresner Corporate Services, 312.780.7205, kwalczak@dresnerco.com
NYSE MKT: GV 2
Goldfield (NYSE MKT: GV)
Constructs and maintains energy
infrastructure systems for the
power utility industry,
supporting the delivery of
energy including:
NYSE MKT: GV 3
• transmission lines
• distribution systems
• substations
• drilled pier foundations
• barehanded and hot work
Why Goldfield?
• A Leader In Electrical Grid Infrastructure
• Large modern fleet of equipment with dedicated service and maintenance in each
location to maximize efficiency and minimize downtime
• Strong Geographic Footprint
• Southeast and mid-Atlantic regions of the United States and Texas
• Favorable Industry Dynamics Support Growth
• EEI projects U.S. transmission investments of $22 billion in 2017 and $21 billion in
2018*
• Record Financial Performance
• Strong margins and growing revenues
• Strong balance sheet to support growing capital demand
4NYSE MKT: GV *Source: EEI Actual and Planned Transmission Investments By Investor‐Owned Utilities (2009‐2018) Oct. 2015
$0.03
$0.47
$0.18
$0.00
$0.19
$0.52
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
2011 2012 2013* 2014* 2015 2016
$32.8
$81.6 $89.2
$98.4
$120.6
$130.4
$0
$40
$80
$120
$160
2011 2012 2013 2014 2015 2016
Strong Long-Term Financial Performance
5NYSE MKT: GV
M
ill
io
ns
Consolidated Revenue EPS from Continuing Operations
*2014 and 2013 operations adversely affected primarily by severe weather conditions and unexpected issues in Texas
- - - 5-Year CAGR of 32% - - - 5-Year CAGR of 77%
Strong Long-Term Financial Performance
6NYSE MKT: GV
M
ill
io
ns
Net Income (Loss) EBITDA†
† Appendix contains reconciliations from the non‐GAAP measures to the GAAP measures
*2014 and 2013 operations adversely affected primarily by severe weather conditions and unexpected issues in Texas
- - - 5-Year CAGR of 72% - - - 5-Year CAGR of 48%
$3.9
$20.7
$12.2
$6.8
$14.9
$27.6
$0
$5
$10
$15
$20
$25
$30
2011 2012 2013* 2014* 2015 2016
$6.5
$23.5
$17.1
$10.8
$19.9
$32.2
$0
$10
$20
$30
$40
2011 2012 2013* 2014* 2015 2016
Margin
M
ill
io
ns
Electrical Construction Margin†
- - - 5-Year CAGR of 38% - - - 5-Year CAGR of 38%
M
ill
io
ns
$0.9
$12.0
$3.8
-$0.3
$4.5
$13.0
-$5
$0
$5
$10
$15
2011 2012 2013* 2014* 2015 2016
M
ill
io
ns
$6.8
$23.9
$17.2
$11.4
$20.1
$33.6
$0
$10
$20
$30
$40
2011 2012 2013* 2014* 2015 2016
Strong Shareholder Return Metrics
7NYSE MKT: GV
12.7% 12.8%
16.8%
0%
5%
10%
15%
20%
2014 2015 2016
13.5%
14.9%
19.1%
0%
5%
10%
15%
20%
25%
2014 2015 2016
5-Year ROIC
(for each year)
5-Year ROE
(for each year)
6.1% 6.4%
8.5%
0%
2%
4%
6%
8%
10%
2014 2015 2016
5-Year ROA
(for each year)
$15.3
$27.3 $31.1
$30.8
$35.3
$48.3
$0
$20
$40
$60
2011 2012 2013 2014 2015 2016
$0.60
$1.07
$1.22
$1.21
$1.39
$1.90
$0
$1
$2
2011 2012 2013 2014 2015 2016
Shareholder’s Equity Book Value
M
ill
io
ns
- - - 5-Year CAGR of 26% - - - 5-Year CAGR of 26%
Peer Group
8NYSE MKT: GV
Market
Cap
$664M
MYR Group Inc.
through its
subsidiaries,
provides specialty
electrical
construction
services. The
Company performs
construction
services in two
segments:
Transmission and
Distribution and
Commercial and
Industrial.
Market
Cap
$3,71M
EMCOR Group, Inc. is
an electrical and
mechanical
construction and
facilities services firm,
specializing in
providing construction
services relating to
electrical and
mechanical systems in
all types of non-
residential and certain
residential facilities.
Market
Cap
$3,23M
MasTec, Inc. is an
infrastructure
construction company
with five operating
segments:
Communications, Oil
and Gas, Electrical
Transmission, Power
Generation and
Industrial, and Other.
It offers its service
offerings in markets,
including wireless
services and electrical
transmission.
Market
Cap
$5,67M
Quanta Services, Inc. is
a provider of specialty
contracting services,
offering infrastructure
solutions primarily to
the electric power and
oil and gas industries
in the United States,
Canada and Australia
and selected other
international markets.
Market
Cap
$159.8M
Willbros Group, Inc. is
a specialty energy
infrastructure
contractor serving the
oil, gas, refining,
petrochemical and
power industries. The
Company's offerings
include construction,
maintenance and
facilities development
services. The Company
operates through
three segments: Oil &
Gas, Utility T&D and
Canada.
All market cap as of 3/14/17 and from Capital IQ
Goldfield, through its operating subsidiary, Power Corporation of America, serves
investor owned and municipal utilities as well as government agencies. Because it
operates in both union and non-union environments, Goldfield can meet its
customers’ demands while delivering safe, high-quality construction projects.
A Premier Electrical Infrastructure Company
Serving the electrical industry since 1983,
Southeast Power Corporation constructs
transmission and distribution power lines,
substations, foundations and installs fiber
optic systems.
Established in 1989, C and C Power Line, Inc.
is a union-based, full service electrical
contractor, performing transmission,
distribution and substation work.
9NYSE MKT: GV
Comprehensive Service Offering
10
Distribution Telecom/Fiber Storm Restoration
Transmission Foundations Substations
NYSE MKT: GV
Southeast
Power
formed,
solidifying
market
position in
Southeastern
U.S.
Goldfield History
Goldfield
incorporated
Acquired
Frontier
Airlines
and took
control of
General
Host
Dubbed by
Time as one of
the fastest
growing
conglomerates
Acquired
Mamba
Engineering
which entered
Goldfield into
electrical
infrastructure
Expanded
Southeast
Power
into the
Carolinas
Expanded
Southeast
Power
into Texas
Acquired C and C
Power Line,
establishing
union-based
operations in
Florida
11NYSE MKT: GV
GV joins stock
exchange
making it the
oldest listed
company
Office
Locations
Melbourne, FL
Port Orange, FL
Titusville, FL
Spartanburg, SC
Bastrop, TX
Jacksonville, FL
Strong Geographic Reach
• Large, modern fleet of equipment reduces downtime and improves safety,
worker efficiency and competitive edge to execute projects of all sizes and
complexity
• Dedicated service and maintenance in each location maximize efficiency and
minimize downtime
• Capital purchases are centrally managed utilizing cash, bank financing, master
lease arrangements and RPOs
12NYSE MKT: GV
Project Milestones
13NYSE MKT: GV
• Prime electrical contractor for construction of Walt Disney World’s Magic Kingdom and Epcot Center
1970 -1980
• Electrical contractor for NASA in building of shuttle runway lighting and various electrical
construction projects for NASA rocket launch pads
1974
• Constructed first 500kV power line for Florida Power & Light
1974
• Storm restoration for hurricane Andrew, one of the most devastating in U.S. history
1992
• Constructed 110 mile Bakersfield to Big Hill 345kV Transmission Line in Texas as part of Competitive
Renewable Energy Zone (CREZ) Project
2012
• Environmentally sensitive and highly regulated projects including replacement of transmission lines
in Matlacha Pass National Wildlife Refuge
2016
High Quality Customer Base
We commit only to the work we can properly supervise,
equip and complete to our customer’s satisfaction and
timetable
14NYSE MKT: GV
Favorable Industry Dynamics
• Recent presidential executive order to prioritize and jumpstart
infrastructure projects around the country
• Transmission investments are projected at $22 billion in 2017 and $21
billion in 2018 driven by need to ensure grid reliability, integration of
renewable energy, and upgrade of aging infrastructure throughout the
U.S.*
• Competitive transmission solicitations spurred by FERC 1000 ruling
• Growing need for additional transmission to deliver new generation of
natural gas and renewable energy resources to load centers
• Federal programs, including wind and solar projects, will increase
infrastructure spending
15NYSE MKT: GV *Source: EEI Actual and Planned Transmission Investments By Investor‐Owned Utilities (2009‐2018) Oct. 2015
Favorable Regional Dynamics
16NYSE MKT: GV
Duke Energy
• Constructing two 280-megawatt
combined-cycled natural gas units
in Asheville, NC to replace one
376-megawatt coal plant to be
retired in 2020
• Building a 1,640 megawatt
combined-cycle natural gas plant
in FL to replace two 1960s-era
coal plants
Florida Power & Light
• Strategically phasing out older,
less efficient oil and coal-fired
plants and replacing with
advanced, fuel-efficient energy
centers
• Investing to increase use of zero-
emissions solar power with plans
to install significantly more solar
panels every year through at least
2020
$12.2
$76.4
$74.5
$275.0
$202.9 $190.0
$0
$50
$100
$150
$200
$250
$300
2011 2012 2013 2014 2015* 2016*
146 133
172
195
258
292
0
50
100
150
200
250
300
350
2011 2012 2013 2014 2015 2016
Proven Performance
17NYSE MKT: GV
M
ill
io
ns
Projects Awarded Backlog
- - - 5-Year CAGR of 15% - - - 5-Year CAGR of 73%
*The decline in backlog in 2015 and 2016 resulted primarily from completion of work under existing master service
agreements (“MSA”) awarded in 2014 and not yet eligible for renewal. The size and amount of future projects awarded
under MSAs cannot be determined with certainty and revenue from such contracts may vary substantially from current
estimates. Backlog is only 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. The Company’s electrical construction revenue in 2016 exceeded its 12‐month backlog as of
December 31, 2015 by 48.5%.
Long-Term Value Creation
18NYSE MKT: GV
Grow in existing
markets and expand
into adjacent
geographic markets
which are aligned
with capabilities
Leverage long-term
customer
relationships to
support customers’
growth and
expansion
Organic
Growth
Evaluate targeted,
niche companies
typically under the
radar of industry
acquirers
Opportunities that
will achieve long-
term objectives and
leverage core
capabilities
Strategic
Acquisitions
Dedication to Safety
• Member of the Electrical Transmission &
Distribution Partnership – a formal collaboration of
industry stakeholders including premier electrical
contractors, OSHA, EEI, IBEW and NECA working
together to improve safety for workers
• Proactive approach to safety with Zero Incident
accident prevention policy
19NYSE MKT: GV
• World-class safety training making the work environment safer
• Executive level management and oversight of full-time safety personnel
• Ongoing safety training for all employees
• Accredited apprenticeship programs for advancement of Groundman to
Lineman
Appendix
NYSE MKT: GV 20
Appendix
NYSE MKT: GV 21
Definitions
Consolidated Revenue 5-Year CAGR - Compound annual growth rate of consolidated revenue for the previous five years of the calculated period
EPS from Continuing Operations 5-Year CAGR - Compound annual growth rate of earnings per share for the previous five years of the calculated
period
EBITDA 5-Year CAGR - Compound annual growth rate of net income (loss) plus: interest expense, provision (benefit) for income taxes and
depreciation and amortization for the previous five years of the calculated period
Electrical Construction Margin 5-Year CAGR - Compound annual growth rate of electrical construction margin for the previous five years of the
calculated period
5-Year ROIC - Summation of five years NOPAT less adjusted taxes divided by the sum of five years of the same period’s invested capital
5-Year ROE - Summation of previous five years net income divided by the summation of total shareholder equity of the same five-year period
5-Year ROA - Summation of previous five years net income divided by the summation total assets for the same five-year period
Book Value Per Share - Total shareholders equity divided by the total number of shares outstanding
ROIC - NOPAT (Net operating profit "NOPAT" less adjusted taxes) divided by invested capital
NOPAT - Net income plus loss from discontinued operations net of tax minus gain on discontinued operations net of tax plus after tax
other expense minus after tax other income
Average Invested Capital - Fixed assets plus intangibles plus current assets minus current liabilities minus cash (Average is calculated
based on a 2 point average of current periods ending balance of invested capital and the same period in the prior year)
Appendix
NYSE MKT: GV 22
EBITDA Reconciliation 2016 2015 2014 2013 2012 2011
Net income (GAAP as reported) $12,999,749 $4,493,142 ($319,061) $3,783,303 $11,961,229 $873,724
Interest expense, net of amount capitalized 591,176 667,596 681,101 594,632 348,372 168,165
Provision for income taxes, net 7,743,691 3,177,446 385,706 2,808,386 4,783,340 73,608
Depreciation and amortization 6,312,164 6,559,241 6,064,636 4,967,311 3,570,122 2,808,150
EBITDA $27,646,780 $14,897,425 $6,812,382 $12,153,632 $20,663,063 $3,923,647
Total Margin Reconciliation 2016 2015 2014 2013 2012 2011
Consolidated Margin (GAAP as reported) $33,614,531 $20,058,977 $11,436,629 $17,161,018 $23,885,489 $6,836,634
Other Operations Margin (1,409,215) (169,205) (677,951) (86,659) (410,848) (370,063)
Electrical Construction Margin $32,205,316 $19,889,772 $10,758,678 $17,074,359 $23,474,641 $6,466,571