http://www.google.com/finance?q=AMEX:GV
http://www.goldfieldcorp.com/
Mar. 18, 2011
Q3 2011 data
Check list:
1.Major Business.
Southeast Power: Electronic line construction, Optic cable installation. Customer concentrated, top3 count over 50%.usually first 2 quarter higher, last 2 lower.
Baywater development: Real Estate, built 5 condo's so far. The latest pineapple one has 33 units. Sold 4 in first 3Q 2010. 4 units left as Sept. 2010. Bought 2 new inventory during first 2Q 2010, sold one at Q3.
2.Price, Tangible book value, Share outstanding, Market Cap.
Current price $0.36. Book value: $0.56. Shares: 25.45m. Market Cap:$9.2m
3.Current asset, Current liability, Debt, Debt maturity and interest, Inventory, Cash.
Current asset: $11.1m . Current liability: $4.1m. Total debt: $4.5m. Inventory: $1.3m(5 units of RE). Cash $1.9m.
4. Credit facilities:
Working Capital loan: $3.0m. Outstanding $0.5m. LIBOR+1.8%. Set at 2005 at $1.0m. Mar. 2006, changed to $3.0m.
Mortgage: $0.5m. $0.5m outstanding:$0.5m.Set at 2002 at $6m. including 1.5m for working capital use. At 2005, changed to 6m not include working capital use. 2007 changed to $14m. 2009 changed to $3m.
Equipment loan: $3.8m. Outstanding: $3.5m. LIBOR+2.5%. It was set at 2004 and initial principle is $2.6m. 2005 changed to $2.0m. 2008 changed to $3.5m. 2009 changed to $3.8m. Feb. 2011, the principle increased to $6.9m.
4.Revenue, Earning, FCF, Dividend, Dividend policy, R&D, Revenue/Price ratio.
3Q2010 2009 2008 2007 2006 2005 2004 2003 2002 Ave
Elect Rev. 23.2m 27.8m 29.1m 26.8m 36.4m 28.8m 28.8m 26.5m 16m
RE Rev 1.4m 1.5m 2.4m 0.5m 11.1m 10.6m 3.9m 6.5m 6m
Corp Exp (1.9m) (2.3m) (2.6m) (2.6m) (2.9m) (2.6m) (2.4m) (2.5m) (2.7m)
Income/S (0.02) (0.08) (0.21) (0.09) 0.12 0.09 (0.01) 0.01 0.02
FCF (1.6m) 0 3.5m 0 1.1m (8.0) 1.0m (4.0m) 3.0m
Elect FCF* 1.8m** (0.7m) 3.1m 0.1m 4.4m 3.8m (1.8m) 0.2m 1.9m
5.SG&A, R&D expense.
Ref above Corp Exp.
6.Insider holding, options, Insider trading info, share buy back.
Q1 2010 Q1 2006 Q1 2005 Q1 2001 Q1 2000
John Scottile(CEO): 1.6m(6.4%) 1.3m(5%) 1.0m(4%) 913k 661k
Al Marino 0.9m 0.9m
All directors: 3.2m(12.4%)
He bought 230k at end of 1999 at around $0.30 level. Exercised 250k options at Q1 2001
Bought back 2.3m share since 2002 to Dec. 2009. at $0.55 per share.
7.Management compensation.
2009: CEO: 0.5m Top 3: 1m
8.Employee numbers. Revenue/Employee. Compensation/Employee.
125(107 hour-rate) around 250k revenue per employee.
9.Industry comparison.
Major competitors in the same industry. Whether the business is competitive?
10.Auditor
KPMG
11.Major events.
2008: Write down $3.1m of its pineapple condo inventory
12.Comments.
(1) The average cash generated by electronic segment is not enough to cover corporation cost. It seems very sensitive to revenue level.
(2) The equipment loan increase from $3.8m to $6.9m is very unusual. It is likely a big project is going on. However, there is no release which is strange.
(3)The Real estate segment can be assumed to be not lose in future.
(4)After 10 years of operation, except the $3.1m wrote down, the company's equity down from $18.3m to $14.3m. Shares from 26.9m to 25.5m. So generally the past 10 years didn't made any money at all even excluding the wrote down.
(5)From no debt at Dec. 2000 to Debt $4.5m at Sept .2010.
Southeast Power: Electronic line construction, Optic cable installation. Customer concentrated, top3 count over 50%.usually first 2 quarter higher, last 2 lower.
Baywater development: Real Estate, built 5 condo's so far. The latest pineapple one has 33 units. Sold 4 in first 3Q 2010. 4 units left as Sept. 2010. Bought 2 new inventory during first 2Q 2010, sold one at Q3.
2.Price, Tangible book value, Share outstanding, Market Cap.
Current price $0.36. Book value: $0.56. Shares: 25.45m. Market Cap:$9.2m
3.Current asset, Current liability, Debt, Debt maturity and interest, Inventory, Cash.
Current asset: $11.1m . Current liability: $4.1m. Total debt: $4.5m. Inventory: $1.3m(5 units of RE). Cash $1.9m.
4. Credit facilities:
Working Capital loan: $3.0m. Outstanding $0.5m. LIBOR+1.8%. Set at 2005 at $1.0m. Mar. 2006, changed to $3.0m.
Mortgage: $0.5m. $0.5m outstanding:$0.5m.Set at 2002 at $6m. including 1.5m for working capital use. At 2005, changed to 6m not include working capital use. 2007 changed to $14m. 2009 changed to $3m.
Equipment loan: $3.8m. Outstanding: $3.5m. LIBOR+2.5%. It was set at 2004 and initial principle is $2.6m. 2005 changed to $2.0m. 2008 changed to $3.5m. 2009 changed to $3.8m. Feb. 2011, the principle increased to $6.9m.
4.Revenue, Earning, FCF, Dividend, Dividend policy, R&D, Revenue/Price ratio.
3Q2010 2009 2008 2007 2006 2005 2004 2003 2002 Ave
Elect Rev. 23.2m 27.8m 29.1m 26.8m 36.4m 28.8m 28.8m 26.5m 16m
RE Rev 1.4m 1.5m 2.4m 0.5m 11.1m 10.6m 3.9m 6.5m 6m
Elect Income 1.3m (0.1m) 1.2m 0.5m 4.7m 3.2m 0.9m 1.7m 1.7m
RE Income 0.2m 0 (4.0m) (1.4m) 2.8m 3.3m 0.7m 1.2m 1.2mCorp Exp (1.9m) (2.3m) (2.6m) (2.6m) (2.9m) (2.6m) (2.4m) (2.5m) (2.7m)
Income/S (0.02) (0.08) (0.21) (0.09) 0.12 0.09 (0.01) 0.01 0.02
FCF (1.6m) 0 3.5m 0 1.1m (8.0) 1.0m (4.0m) 3.0m
Elect FCF* 1.8m** (0.7m) 3.1m 0.1m 4.4m 3.8m (1.8m) 0.2m 1.9m
*only added depreciation and deduct capital expenditure from income.
** based on a $2.0m in depreciation and estimate $1.5m in capital expenditure.
Not paying dividend since 1933.
Revenue is around 3 times of market cap.
Ref above Corp Exp.
6.Insider holding, options, Insider trading info, share buy back.
Q1 2010 Q1 2006 Q1 2005 Q1 2001 Q1 2000
John Scottile(CEO): 1.6m(6.4%) 1.3m(5%) 1.0m(4%) 913k 661k
Al Marino 0.9m 0.9m
All directors: 3.2m(12.4%)
He bought 230k at end of 1999 at around $0.30 level. Exercised 250k options at Q1 2001
Bought back 2.3m share since 2002 to Dec. 2009. at $0.55 per share.
7.Management compensation.
2009: CEO: 0.5m Top 3: 1m
8.Employee numbers. Revenue/Employee. Compensation/Employee.
125(107 hour-rate) around 250k revenue per employee.
9.Industry comparison.
Major competitors in the same industry. Whether the business is competitive?
10.Auditor
KPMG
11.Major events.
2008: Write down $3.1m of its pineapple condo inventory
12.Comments.
(1) The average cash generated by electronic segment is not enough to cover corporation cost. It seems very sensitive to revenue level.
(2) The equipment loan increase from $3.8m to $6.9m is very unusual. It is likely a big project is going on. However, there is no release which is strange.
(3)The Real estate segment can be assumed to be not lose in future.
(4)After 10 years of operation, except the $3.1m wrote down, the company's equity down from $18.3m to $14.3m. Shares from 26.9m to 25.5m. So generally the past 10 years didn't made any money at all even excluding the wrote down.
(5)From no debt at Dec. 2000 to Debt $4.5m at Sept .2010.
