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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Goldfield Corp | AMEX:GV | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.00 | 0 | 01:00:00 |
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x
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Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the fiscal year ended December 31, 2017
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¨
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Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the transition period from
to
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Delaware
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88-0031580
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Title of each class
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Name of each exchange on which registered
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Common Stock
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NYSE AMERICAN
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par value $0.10 per share
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Large accelerated filer
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¨
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Accelerated filer
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x
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Non-accelerated filer
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¨
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Smaller reporting company
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x
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Emerging growth company
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¨
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Page
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Santee Cooper (South Carolina Public Service Authority)
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Central Electric Power Cooperative, Inc.
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Florida Power & Light Company
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Duke Energy Corporation
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CPS Energy
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Orlando Utilities Commission
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Lower Colorado River Authority
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Lee County Electric Cooperative
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•
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unanticipated technical problems with the materials or services being supplied by us, which may require us to incur additional costs to remedy the problem;
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
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2017
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2016
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||||||||||||
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High
|
|
Low
|
|
High
|
|
Low
|
||||||||
First Quarter
|
$
|
8.65
|
|
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$
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5.00
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$
|
1.74
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$
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1.13
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Second Quarter
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6.08
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4.00
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3.44
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1.70
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||||
Third Quarter
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6.30
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4.00
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4.00
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2.54
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||||
Fourth Quarter
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6.38
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4.05
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5.40
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2.60
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Year Ended December 31,
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||||||||||||||||||||||
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2017
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2016
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2015
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2014
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2013
|
||||||||||
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(In thousands except per share and share amounts)
|
||||||||||||||||||||||
Continuing operations
|
|
|
|
|
|
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|
|
|
||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electrical construction
|
$
|
109,154
|
|
|
|
$
|
125,771
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|
|
|
$
|
119,617
|
|
|
|
$
|
94,827
|
|
|
|
$
|
88,755
|
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Other
|
4,799
|
|
|
|
4,652
|
|
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|
955
|
|
|
|
3,537
|
|
|
|
449
|
|
|||||
Total revenue
|
$
|
113,954
|
|
|
|
$
|
130,423
|
|
|
|
$
|
120,571
|
|
|
|
$
|
98,363
|
|
|
|
$
|
89,204
|
|
Income before taxes from continuing operations
|
$
|
9,609
|
|
|
|
$
|
20,918
|
|
|
|
$
|
8,204
|
|
|
|
$
|
778
|
|
|
|
$
|
7,792
|
|
Income tax provision
|
1,036
|
|
|
|
7,810
|
|
|
|
3,378
|
|
|
|
653
|
|
|
|
3,285
|
|
|||||
Income from continuing operations
|
8,573
|
|
|
|
13,108
|
|
|
|
4,826
|
|
|
|
125
|
|
|
|
4,507
|
|
|||||
Discontinued operations
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss from operations, net of tax
|
(276
|
)
|
|
|
(108
|
)
|
|
|
(333
|
)
|
|
|
(444
|
)
|
|
|
(724
|
)
|
|||||
Net income (loss)
|
$
|
8,298
|
|
|
|
$
|
13,000
|
|
|
|
$
|
4,493
|
|
|
|
$
|
(319
|
)
|
|
|
$
|
3,783
|
|
Earnings (loss) per share — basic and diluted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
0.34
|
|
|
|
$
|
0.52
|
|
|
|
$
|
0.19
|
|
|
|
$
|
—
|
|
|
|
$
|
0.18
|
|
Discontinued operations
|
(0.01
|
)
|
|
|
—
|
|
|
|
(0.01
|
)
|
|
|
(0.02
|
)
|
|
|
(0.03
|
)
|
|||||
Net income (loss)
|
$
|
0.33
|
|
|
|
$
|
0.51
|
|
|
|
$
|
0.18
|
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
0.15
|
|
Weighted average shares outstanding — basic and diluted
|
25,451,354
|
|
|
|
25,451,354
|
|
|
|
25,451,354
|
|
|
|
25,451,354
|
|
|
|
25,451,354
|
|
|||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
||||||||||
Balance sheet data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
(2)
|
$
|
93,632
|
|
|
|
$
|
91,302
|
|
|
|
$
|
81,164
|
|
|
|
$
|
79,910
|
|
|
|
$
|
77,530
|
|
Long term debt including current portion, net
(2)
|
22,251
|
|
|
|
22,333
|
|
|
|
26,472
|
|
|
|
26,284
|
|
|
|
31,483
|
|
|||||
Stockholders’ equity
|
56,548
|
|
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|
48,251
|
|
|
|
35,251
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|
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|
30,758
|
|
|
|
31,077
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|
|||||
Working capital
|
35,995
|
|
|
|
32,993
|
|
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|
25,498
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|
|
|
19,674
|
|
|
|
21,923
|
|
(1)
|
For information as to Discontinued Operations, see note 4 to the consolidated financial statements.
|
(2)
|
Reflects t
he
presentation of debt issuance costs in accordance with t
he adoption of Accounting Standard Update No. 2015-03 and 2015-15,
which resulted in a reduction of total assets and long term debt
of
$60,000
and
$49,000
as of December 31, 2014, and 2013, respectively.
|
|
2017
|
|
2016
|
||||
Revenue
|
|
|
|
||||
Electrical construction
|
$
|
109,154,476
|
|
|
$
|
125,771,361
|
|
Other
|
4,799,043
|
|
|
4,652,102
|
|
||
Total revenue
|
113,953,519
|
|
|
130,423,463
|
|
||
Costs and expenses
|
|
|
|
||||
Electrical construction
|
86,714,412
|
|
|
93,566,045
|
|
||
Other
|
3,147,791
|
|
|
3,242,887
|
|
||
Selling, general and administrative
|
6,611,315
|
|
|
5,913,132
|
|
||
Depreciation and amortization
|
7,217,901
|
|
|
6,312,164
|
|
||
Loss (gain) on sale of property and equipment
|
76,810
|
|
|
(17,535
|
)
|
||
Total costs and expenses
|
103,768,229
|
|
|
109,016,693
|
|
||
Total operating income
|
$
|
10,185,290
|
|
|
$
|
21,406,770
|
|
|
2017
|
|
2016
|
||||
Electrical construction operations
|
$
|
1,587,101
|
|
|
$
|
1,265,811
|
|
Other
|
1,014,560
|
|
|
832,260
|
|
||
Corporate
|
4,009,654
|
|
|
3,815,061
|
|
||
Total
|
$
|
6,611,315
|
|
|
$
|
5,913,132
|
|
|
2017
|
|
2016
|
||||
Electrical construction operations
|
$
|
7,086,361
|
|
|
$
|
6,179,831
|
|
Other
|
15,207
|
|
|
15,103
|
|
||
Corporate
|
116,333
|
|
|
117,230
|
|
||
Total
|
$
|
7,217,901
|
|
|
$
|
6,312,164
|
|
|
2017
|
|
2016
|
||||
Income tax provision
|
$
|
1,035,997
|
|
|
$
|
7,809,768
|
|
Effective income tax rate
|
10.8
|
%
|
|
37.3
|
%
|
|
2017
|
|
2016
|
||||
Net cash provided by operating activities
|
$
|
8,203,477
|
|
|
$
|
18,057,251
|
|
Net cash used in investing activities
|
(10,167,988
|
)
|
|
(4,669,739
|
)
|
||
Net cash used in financing activities
|
(105,380
|
)
|
|
(4,162,102
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
$
|
(2,069,891
|
)
|
|
$
|
9,225,410
|
|
|
|
|
|
Actual as of
|
||||
Covenants Measured at Quarter End:
|
|
Covenant
|
|
December 31, 2017
|
||||
Tangible net worth minimum
|
|
$
|
20,000,000
|
|
|
$
|
55,696,240
|
|
Outside debt not to exceed
|
|
$
|
500,000
|
|
|
$
|
—
|
|
Maximum debt/tangible net worth ratio not to exceed
|
|
2.5 : 1.0
|
|
|
0.67 : 1.0
|
|
||
Covenants Measured at Year End:
|
|
|
|
|
||||
Earnings to fixed charge coverage ratio must equal or exceed
|
|
1.3 : 1.0
|
|
|
2.44 : 1.00
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
18,529,757
|
|
|
$
|
20,599,648
|
|
Accounts receivable and accrued billings
|
21,566,842
|
|
|
19,094,407
|
|
||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
6,074,346
|
|
|
7,313,099
|
|
||
Income taxes receivable
|
619,552
|
|
|
533,837
|
|
||
Residential properties under construction
|
2,412,202
|
|
|
1,552,131
|
|
||
Prepaid expenses
|
993,668
|
|
|
1,037,715
|
|
||
Other current assets
|
1,532,110
|
|
|
1,298,044
|
|
||
Total current assets
|
51,728,477
|
|
|
51,428,881
|
|
||
|
|
|
|
||||
Property, buildings and equipment, at cost, net of accumulated depreciation of $38,927,654 in 2017 and $33,140,214 in 2016
|
36,072,300
|
|
|
33,245,947
|
|
||
Deferred charges and other assets
|
|
|
|
||||
Land and land development costs
|
4,326,728
|
|
|
4,930,331
|
|
||
Cash surrender value of life insurance
|
550,335
|
|
|
550,672
|
|
||
Restricted cash
|
102,027
|
|
|
173,041
|
|
||
Goodwill
|
101,407
|
|
|
101,407
|
|
||
Intangibles, net of accumulated amortization of $263,134 in 2017 and $201,634 in 2016
|
750,666
|
|
|
812,166
|
|
||
Other assets
|
—
|
|
|
59,712
|
|
||
Total deferred charges and other assets
|
5,831,163
|
|
|
6,627,329
|
|
||
Total assets
|
$
|
93,631,940
|
|
|
$
|
91,302,157
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable and accrued liabilities
|
$
|
9,379,535
|
|
|
$
|
11,386,119
|
|
Billings in excess of costs and estimated earnings on uncompleted contracts
|
166,268
|
|
|
845,057
|
|
||
Current portion of notes payable, net
|
6,099,787
|
|
|
6,101,855
|
|
||
Accrued remediation costs
|
87,553
|
|
|
102,526
|
|
||
Total current liabilities
|
15,733,143
|
|
|
18,435,557
|
|
||
Deferred income taxes
|
4,698,720
|
|
|
8,204,324
|
|
||
Accrued remediation costs, less current portion
|
434,164
|
|
|
112,380
|
|
||
Notes payable, less current portion, net
|
16,151,567
|
|
|
16,231,373
|
|
||
Other accrued liabilities
|
66,033
|
|
|
67,961
|
|
||
Total liabilities
|
37,083,627
|
|
|
43,051,595
|
|
||
Commitments and contingencies (notes 4 and 8)
|
—
|
|
|
—
|
|
||
Stockholders’ equity
|
|
|
|
||||
Preferred stock, $1 par value, 5,000,000 shares authorized, none issued
|
|
|
|
|
|
||
Common stock, $.10 par value, 40,000,000 shares authorized; 27,813,772 shares issued and 25,451,354 shares outstanding
|
2,781,377
|
|
|
2,781,377
|
|
||
Additional paid-in capital
|
18,481,683
|
|
|
18,481,683
|
|
||
Retained earnings
|
36,593,440
|
|
|
28,295,689
|
|
||
Treasury stock, 2,362,418 shares, at cost
|
(1,308,187
|
)
|
|
(1,308,187
|
)
|
||
Total stockholders’ equity
|
56,548,313
|
|
|
48,250,562
|
|
||
Total liabilities and stockholders’ equity
|
$
|
93,631,940
|
|
|
$
|
91,302,157
|
|
|
Years Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Revenue
|
|
|
|
||||
Electrical construction
|
$
|
109,154,476
|
|
|
$
|
125,771,361
|
|
Other
|
4,799,043
|
|
|
4,652,102
|
|
||
Total revenue
|
113,953,519
|
|
|
130,423,463
|
|
||
Costs and expenses
|
|
|
|
||||
Electrical construction
|
86,714,412
|
|
|
93,566,045
|
|
||
Other
|
3,147,791
|
|
|
3,242,887
|
|
||
Selling, general and administrative
|
6,611,315
|
|
|
5,913,132
|
|
||
Depreciation and amortization
|
7,217,901
|
|
|
6,312,164
|
|
||
Loss (gain) on sale of property and equipment
|
76,810
|
|
|
(17,535
|
)
|
||
Total costs and expenses
|
103,768,229
|
|
|
109,016,693
|
|
||
Total operating income
|
10,185,290
|
|
|
21,406,770
|
|
||
Other income (expense), net
|
|
|
|
||||
Interest income
|
31,696
|
|
|
33,465
|
|
||
Interest expense, net of amount capitalized
|
(665,268
|
)
|
|
(591,176
|
)
|
||
Other income, net
|
57,654
|
|
|
68,465
|
|
||
Total other expense, net
|
(575,918
|
)
|
|
(489,246
|
)
|
||
Income from continuing operations before income taxes
|
9,609,372
|
|
|
20,917,524
|
|
||
Income tax provision
|
1,035,997
|
|
|
7,809,768
|
|
||
Income from continuing operations
|
8,573,375
|
|
|
13,107,756
|
|
||
Loss from discontinued operations, net of income tax benefit of $164,235 and $66,077, respectively
|
(275,624
|
)
|
|
(108,007
|
)
|
||
Net income
|
$
|
8,297,751
|
|
|
$
|
12,999,749
|
|
Net income (loss) per share of common stock — basic and diluted
|
|
|
|
||||
Continuing operations
|
$
|
0.34
|
|
|
$
|
0.52
|
|
Discontinued operations
|
(0.01
|
)
|
|
—
|
|
||
Net income
|
$
|
0.33
|
|
|
$
|
0.51
|
|
Weighted average shares outstanding — basic and diluted
|
25,451,354
|
|
|
25,451,354
|
|
|
Years Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities
|
|
|
|
||||
Net income
|
$
|
8,297,751
|
|
|
$
|
12,999,749
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
||||
Depreciation and amortization
|
7,217,901
|
|
|
6,312,164
|
|
||
Amortization of debt issuance costs
|
23,506
|
|
|
23,418
|
|
||
Deferred income taxes
|
(3,505,604
|
)
|
|
649,077
|
|
||
Loss (gain) on sale of property and equipment
|
76,810
|
|
|
(17,535
|
)
|
||
Other losses (gains)
|
337
|
|
|
(1,072
|
)
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Accounts receivable and accrued billings
|
(2,472,435
|
)
|
|
(1,844,340
|
)
|
||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
1,238,753
|
|
|
2,979,100
|
|
||
Residential properties under construction
|
(860,071
|
)
|
|
(1,406,681
|
)
|
||
Income taxes receivable
|
(85,715
|
)
|
|
(533,837
|
)
|
||
Prepaid expenses and other assets
|
(130,307
|
)
|
|
(43,912
|
)
|
||
Land and land development costs
|
603,603
|
|
|
(2,513,242
|
)
|
||
Restricted cash
|
71,014
|
|
|
134,051
|
|
||
Income taxes payable
|
—
|
|
|
(483,763
|
)
|
||
Accounts payable and accrued liabilities
|
(1,900,088
|
)
|
|
1,221,487
|
|
||
Billings in excess of costs and estimated earnings on uncompleted contracts
|
(678,789
|
)
|
|
610,896
|
|
||
Accrued remediation costs
|
306,811
|
|
|
(28,309
|
)
|
||
Net cash provided by operating activities
|
8,203,477
|
|
|
18,057,251
|
|
||
Cash flows from investing activities
|
|
|
|
||||
Proceeds from disposal of property and equipment
|
133,733
|
|
|
263,876
|
|
||
Proceeds from notes receivable
|
—
|
|
|
56,048
|
|
||
Purchases of property, buildings and equipment
|
(10,301,721
|
)
|
|
(4,989,663
|
)
|
||
Net cash used in investing activities
|
(10,167,988
|
)
|
|
(4,669,739
|
)
|
||
Cash flows from financing activities
|
|
|
|
||||
Proceeds from notes payable
|
22,600,000
|
|
|
4,700,000
|
|
||
Repayments on notes payable
|
(22,697,255
|
)
|
|
(8,840,137
|
)
|
||
Debt issuance costs
|
(8,125
|
)
|
|
(21,965
|
)
|
||
Net cash used in financing activities
|
(105,380
|
)
|
|
(4,162,102
|
)
|
||
Net (decrease) increase in cash and cash equivalents
|
(2,069,891
|
)
|
|
9,225,410
|
|
||
Cash and cash equivalents at beginning of year
|
20,599,648
|
|
|
11,374,238
|
|
||
Cash and cash equivalents at end of year
|
$
|
18,529,757
|
|
|
$
|
20,599,648
|
|
Supplemental disclosure of cash flow information
|
|
|
|
||||
Interest paid, net of amounts capitalized
|
$
|
621,797
|
|
|
$
|
548,959
|
|
Income taxes paid, net
|
$
|
4,463,081
|
|
|
$
|
8,112,214
|
|
Supplemental disclosure of non-cash investing
|
|
|
|
||||
Liability for equipment acquired
|
$
|
57,279
|
|
|
$
|
165,703
|
|
|
Common stock
|
|
Additional
paid-in capital |
|
Retained earnings
|
|
Treasury
stock |
|
Total
stockholders’ equity |
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance as of December 31, 2015
|
27,813,772
|
|
|
$
|
2,781,377
|
|
|
$
|
18,481,683
|
|
|
$
|
15,295,940
|
|
|
$
|
(1,308,187
|
)
|
|
$
|
35,250,813
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
12,999,749
|
|
|
—
|
|
|
12,999,749
|
|
|||||
Balance as of December 31, 2016
|
27,813,772
|
|
|
2,781,377
|
|
|
18,481,683
|
|
|
28,295,689
|
|
|
(1,308,187
|
)
|
|
48,250,562
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
8,297,751
|
|
|
—
|
|
|
8,297,751
|
|
|||||
Balance as of December 31, 2017
|
27,813,772
|
|
|
$
|
2,781,377
|
|
|
$
|
18,481,683
|
|
|
$
|
36,593,440
|
|
|
$
|
(1,308,187
|
)
|
|
$
|
56,548,313
|
|
|
2017
|
|
2016
|
||||
Costs incurred on uncompleted contracts
|
$
|
48,681,608
|
|
|
$
|
47,282,570
|
|
Estimated earnings
|
16,076,125
|
|
|
18,644,216
|
|
||
|
64,757,733
|
|
|
65,926,786
|
|
||
Less billings to date
|
58,849,655
|
|
|
59,458,744
|
|
||
Total
|
$
|
5,908,078
|
|
|
$
|
6,468,042
|
|
Included in the consolidated balance sheets under the following captions
|
|
|
|
||||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
$
|
6,074,346
|
|
|
$
|
7,313,099
|
|
Billings in excess of costs and estimated earnings on uncompleted contracts
|
(166,268
|
)
|
|
(845,057
|
)
|
||
Total
|
$
|
5,908,078
|
|
|
$
|
6,468,042
|
|
|
2017
|
|
2016
|
||||
Current
|
|
|
|
||||
Federal
|
$
|
3,863,151
|
|
|
$
|
6,157,900
|
|
State
|
558,993
|
|
|
1,014,213
|
|
||
|
4,422,144
|
|
|
7,172,113
|
|
||
Deferred
|
|
|
|
||||
Federal
|
(3,270,928
|
)
|
|
570,770
|
|
||
State
|
(115,219
|
)
|
|
66,885
|
|
||
|
(3,386,147
|
)
|
|
637,655
|
|
||
Total
|
$
|
1,035,997
|
|
|
$
|
7,809,768
|
|
|
2017
|
|
2016
|
||||
Income tax provision
|
$
|
1,035,997
|
|
|
$
|
7,809,768
|
|
Discontinued operations
|
(164,235
|
)
|
|
(66,077
|
)
|
||
Total
|
$
|
871,762
|
|
|
$
|
7,743,691
|
|
|
2017
|
|
2016
|
||||
Deferred tax assets
|
|
|
|
||||
Accrued vacation
|
$
|
113,893
|
|
|
$
|
146,215
|
|
Acquisition costs capitalized
|
58,886
|
|
|
98,484
|
|
||
Accrued remediation costs
|
130,168
|
|
|
80,100
|
|
||
Accrued payables
|
174,674
|
|
|
122,235
|
|
||
Percentage completed contract method for tax
|
276,413
|
|
|
—
|
|
||
Accrued workers’ compensation
|
159,237
|
|
|
127,033
|
|
||
Capitalized bidding costs
|
121,227
|
|
|
8,846
|
|
||
Inventory adjustments
|
139,565
|
|
|
133,991
|
|
||
Accrued lease expense
|
17,902
|
|
|
32,683
|
|
||
Accrued contract losses
|
50,220
|
|
|
89
|
|
||
Other
|
4,103
|
|
|
5,214
|
|
||
Total deferred tax assets
|
1,246,288
|
|
|
754,890
|
|
||
Deferred tax liabilities
|
|
|
|
||||
Tax amortization in excess of financial statement amortization
|
(10,850
|
)
|
|
(12,156
|
)
|
||
Tax depreciation in excess of financial statement depreciation
|
(5,934,158
|
)
|
|
(8,947,058
|
)
|
||
Total deferred tax liabilities
|
(5,945,008
|
)
|
|
(8,959,214
|
)
|
||
Total net deferred tax liabilities
|
$
|
(4,698,720
|
)
|
|
$
|
(8,204,324
|
)
|
|
2017
|
|
2016
|
Federal statutory rate
|
34.0%
|
|
35.0%
|
State tax rate, net of federal tax
|
3.1
|
|
3.3
|
Nondeductible expenses
|
3.6
|
|
1.6
|
Domestic production activities deduction
|
(4.0)
|
|
(3.2)
|
Tax Act rate change
|
(26.0)
|
|
—
|
Other
|
0.1
|
|
0.6
|
Total
|
10.8%
|
|
37.3%
|
|
2017
|
|
2016
|
||||
Balance as of January 1
|
$
|
4,723
|
|
|
$
|
4,723
|
|
Increase from current year tax positions
|
—
|
|
|
—
|
|
||
Decrease from settlements with taxing authority
|
—
|
|
|
—
|
|
||
Balance as of December 31
|
$
|
4,723
|
|
|
$
|
4,723
|
|
|
Estimated useful lives in years
|
|
2017
|
|
2016
|
||||
Land
|
—
|
|
$
|
530,221
|
|
|
$
|
371,228
|
|
Land improvements
|
7 - 15
|
|
495,484
|
|
|
470,754
|
|
||
Buildings and improvements
|
5 - 40
|
|
2,588,053
|
|
|
2,155,578
|
|
||
Leasehold improvements
|
7 - 39
|
|
252,646
|
|
|
252,646
|
|
||
Machinery and equipment
|
2 - 10
|
|
70,892,181
|
|
|
62,955,883
|
|
||
Construction in progress
|
—
|
|
241,369
|
|
|
180,072
|
|
||
Total
|
|
|
74,999,954
|
|
|
66,386,161
|
|
||
Less accumulated depreciation
|
|
|
38,927,654
|
|
|
33,140,214
|
|
||
Net properties, buildings and equipment
|
|
|
$
|
36,072,300
|
|
|
$
|
33,245,947
|
|
Branch Banking and Trust Company
|
|
Maturity Date
|
|
2017
|
|
2016
|
|
Interest Rates
|
||||||||
|
|
|
|
2017
|
|
2016
|
||||||||||
Working Capital Loan
|
|
November 28, 2019
|
|
$
|
2,750,000
|
|
|
$
|
3,950,000
|
|
|
3.38
|
%
|
|
2.44
|
%
|
$22.6 Million Equipment Loan
|
|
March 9, 2021
|
|
$
|
19,540,000
|
|
|
$
|
—
|
|
|
3.25
|
%
|
|
—
|
%
|
$10.0 Million Equipment Loan
|
|
July 28, 2020
|
|
—
|
|
|
7,579,630
|
|
|
—
|
%
|
|
2.81
|
%
|
||
$17.0 Million Equipment Loan
|
|
March 6, 2020
|
|
—
|
|
|
9,601,000
|
|
|
—
|
%
|
|
2.50
|
%
|
||
$2.0 Million Equipment Loan
|
|
March 6, 2020
|
|
—
|
|
|
1,256,625
|
|
|
—
|
%
|
|
2.50
|
%
|
||
Total notes payable
|
|
|
|
22,290,000
|
|
|
22,387,255
|
|
|
|
|
|
||||
Less unamortized debt issuance costs
|
|
38,646
|
|
|
54,027
|
|
|
|
|
|
||||||
Total notes payable, net
|
|
22,251,354
|
|
|
22,333,228
|
|
|
|
|
|
||||||
Less current portion of notes payable, net
|
|
6,099,787
|
|
|
6,101,855
|
|
|
|
|
|
||||||
Notes payable net, less current portion
|
|
$
|
16,151,567
|
|
|
$
|
16,231,373
|
|
|
|
|
|
2018
|
$
|
6,120,000
|
|
2019
|
8,870,000
|
|
|
2020
|
6,120,000
|
|
|
2021
|
1,180,000
|
|
|
Total payments of debt
|
$
|
22,290,000
|
|
2018
|
|
|
$
|
4,636,362
|
|
2019
|
|
|
3,570,048
|
|
|
2020
|
|
|
837,971
|
|
|
2021 and beyond
|
|
|
7,999
|
|
|
Total minimum operating lease payments
|
|
|
$
|
9,052,380
|
|
|
|
Certified Zone Status
|
|
|
|
||
Plan Name:
|
EIN Number
|
Plan Number
|
2017
|
2016
|
FIP Implemented
|
Surcharge Imposed
|
Expiration Date of Collective Bargaining Agreement
|
National Electrical Benefit Fund
|
53-0181657
|
001
|
Green
|
Green
|
Not applicable (green-zone plan)
|
Not applicable (green-zone plan)
|
August 31, 2019
|
2018
|
|
|
$
|
2,871,492
|
|
2019
|
|
|
369,069
|
|
|
2020
|
|
|
128,244
|
|
|
2021 and beyond
|
|
|
64,122
|
|
|
Total committed expenditures
|
|
|
$
|
3,432,927
|
|
|
2017
|
|
2016
|
||||||||
|
Amount
|
|
% of Total revenue
|
|
Amount
|
|
% of Total revenue
|
||||
Electrical construction operations
|
|
|
|
|
|
|
|
||||
Customer A
|
$
|
38,306
|
|
|
34
|
|
$
|
23,669
|
|
|
18
|
Customer B
|
—
|
|
|
—
|
|
18,630
|
|
|
14
|
||
Customer C
|
16,912
|
|
|
15
|
|
33,770
|
|
|
26
|
||
Customer D
|
11,681
|
|
|
10
|
|
—
|
|
|
—
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Useful Life
(Years) |
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Indefinite-lived and non-amortizable acquired intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Goodwill
|
Indefinite
|
|
$
|
101,407
|
|
|
$
|
—
|
|
|
$
|
101,407
|
|
|
$
|
101,407
|
|
|
$
|
—
|
|
|
$
|
101,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Definite-lived and amortizable acquired intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Trademarks/Names
|
15
|
|
$
|
640,000
|
|
|
$
|
(170,670
|
)
|
|
$
|
469,330
|
|
|
$
|
640,000
|
|
|
$
|
(128,002
|
)
|
|
$
|
511,998
|
|
Customer relationships
|
20
|
|
350,000
|
|
|
(70,000
|
)
|
|
280,000
|
|
|
350,000
|
|
|
(52,500
|
)
|
|
297,500
|
|
||||||
Non-competition agreement
|
5
|
|
10,000
|
|
|
(8,664
|
)
|
|
1,336
|
|
|
10,000
|
|
|
(7,332
|
)
|
|
2,668
|
|
||||||
Other
|
1
|
|
13,800
|
|
|
(13,800
|
)
|
|
—
|
|
|
13,800
|
|
|
(13,800
|
)
|
|
—
|
|
||||||
Total
|
|
$
|
1,013,800
|
|
|
$
|
(263,134
|
)
|
|
$
|
750,666
|
|
|
$
|
1,013,800
|
|
|
$
|
(201,634
|
)
|
|
$
|
812,166
|
|
Name and Title
|
Year in which
service began
as officer
|
|
Age
(1)
|
John H. Sottile
Chairman of the Board, President and Chief Executive Officer, Director
|
1983
|
|
70
|
Stephen R. Wherry
Senior Vice President, Chief Financial Officer, Treasurer, and Assistant Secretary
|
1988
|
|
59
|
Jason M. Spivey President
Power Corporation of America and Southeast Power Corporation
|
2017
|
|
47
|
(1)
|
As of
February 28, 2018
|
Item 15.
|
Exhibits, Financial Statement Schedules.
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
3-1 (p)
|
|
Restated Certificate of Incorporation of the Company, as amended, is hereby incorporated by reference to Exhibit 3-1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1987, heretofore filed with the Commission (file No. 1-7525).
|
|
|
|
3-2
|
|
|
|
|
|
3-3
|
|
|
|
|
|
4-1 (p)
|
|
Specimen copy of Company’s Common Stock certificate is hereby incorporated by reference to Exhibit 4-5 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1987, heretofore filed with the Commission (file No. 1-7525).
|
|
|
|
+10-1
|
|
|
|
|
|
+10-1(a)
|
|
|
|
|
|
+10-1(b)
|
|
|
|
|
|
+10-1(c)
|
|
|
|
|
|
+10-1(d)
|
|
|
|
|
|
+10-1(e)
|
|
|
|
|
|
+10-1(f)
|
|
|
|
|
|
+10-1(g)
|
|
|
|
|
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+10-2
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+10-2(a)
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+10-2(b)
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+10-3
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+10-4
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10-5
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10-5(a)
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10-5(b)
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10-5(c)
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10-5(d)
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10-5(e)
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10-5(f)
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10-5(g)
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10-5(h)
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10-5(i)
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10-5(j)
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10-5(k)
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10-5(l)
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10-5(m)
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10-5(n)
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10-5(o)
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10-5(p)
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10-5(q)
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10-5(r)
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10-5(s)
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10-5(t)
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10-5(u)
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10-5(v)
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10-5(w)
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10-5(x)
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10-5(y)
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10-5(z)
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10-5(aa)
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10-5(bb)
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10-5(cc)
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10-5(dd)
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10-5(ee)
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10-5(ff)
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10-5(gg)
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10-5(hh)
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10-5(ii)
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10-5(jj)
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10-5(kk)
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10-5(ll)
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10-5(mm)
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10-5(nn)
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10-6
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10-7
|
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10-7(a)
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10-7(b)
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10-7(c)
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10-8
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10-8(a)
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10-8(b)
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10-9
|
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10-10
|
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10-10(a)
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10-10(b)
|
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10-10(c)
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10-11
|
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10-11(a)
|
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10-11(b)
|
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10-11(c)
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10-12
|
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10-13
|
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10-13(a)
|
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10-13(b)
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10-13(c)
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(p)
|
|
Filed as a paper exhibit with the U.S. Securities and Exchange Commission
|
|
|
|
11
|
|
For computation of per share earnings, see note 9 to the consolidated financial statements.
|
|
|
|
*21
|
|
|
|
|
|
*23
|
|
|
|
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|
*24
|
|
|
|
|
|
*31-1
|
|
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*31-2
|
|
|
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*32-1
|
|
|
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|
*32-2
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Schema Document
|
|
|
|
101.CAL
|
|
XBRL Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Presentation Linkbase Document
|
*
|
Filed herewith.
|
**
|
These exhibits are furnished in accordance with Regulation S-K Item 601(b)(32) and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section. These exhibits shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates them by reference.
|
+
|
Management contract, compensatory plan or arrangement.
|
By:
|
|
/s/ JOHN H. SOTTILE
|
|
|
(John H. Sottile)
|
|
|
|
|
|
Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)
|
Signature
|
|
Title
|
|
|
|
/s/ JOHN H. SOTTILE
|
|
Chairman of the Board, President and Chief Executive Officer (Principal Executive Officer)
|
(John H. Sottile)
|
|
|
|
|
|
/s/ STEPHEN R. WHERRY
|
|
Senior Vice President, Chief Financial Officer, Treasurer and Assistant Secretary (Principal Financial and Accounting Officer)
|
(Stephen R. Wherry)
|
|
|
|
|
|
*
|
|
Director
|
(David P. Bicks)
|
|
|
|
|
|
*
|
|
Director
|
(Harvey C. Eads, Jr.)
|
|
|
|
|
|
*
|
|
Director
|
(John P. Fazzini)
|
|
|
|
|
|
*
|
|
Director
|
(Danforth E. Leitner)
|
|
|
|
|
|
*
|
|
Director
|
(Stephen L. Appel)
|
|
*By:
|
|
/s/ JOHN H. SOTTILE
|
|
|
John H. Sottile
|
|
|
Attorney-in-Fact
|
1 Year Goldfield Chart |
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