ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS On January 19, 2007, the Board of Directors (“Board”) of Microfield Group, Inc. (the “Company”) approved a new Annual Incentive Bonus Plan (the “Plan”) for executive officers that will apply for the year beginning January 1, 2007 through December 31, 2007. The bonus targets for the executive officers and other eligible employees are recommended by the Compensation Committee and adopted by the Board. The bonus targets are based on performance measures tied to both revenue and operating income goals for the Company. Under the Plan, the Board approved annual revenue and operating income targets for the Company for 2007. If the Company exceeds its performance targets the executive officers will receive bonuses based on a sliding scale related to both revenue and operating income goals for the Company. These bonuses could be as high as 40% of the annual base compensation for the following executive employees: • A. Mark Walter, President, Microfield Group, Inc. and Christenson Electric, Inc.
• Gene Ameduri, President, EnergyConnect, Inc.
• Randall R. Reed, CFO, Microfield Group, Inc.
The bonus payable under the Plan to Rodney Boucher, CEO of Microfield Group, Inc. could be as high as 60% of his annual base compensation. The Compensation Committee of the Board will govern the Annual Incentive Bonus
Posted by NYSE Trader on :
If it makes it to .80 then its got a free ride to 1.00
Posted by a surfer on :
.MOVING NICE!!!!!
Posted by Repoman75 on :
Nice movement.. give me the insider stats, as well as the float info. I like the chart.. coming off the 52 week low.
Posted by a surfer on :
Commitments and contingencies Shareholders’ equity : Convertible Series 2 preferred stock, no par value, 10,000,000 shares authorized, 3,333,333 and 5,875,241 shares issued and outstanding at September 30, 2006 and December 31, 2005, respectively (Note 2) 1,400,000 2,367,699 Convertible Series 3 preferred stock, no par value, 10,000,000 shares authorized, 2,040 and 3,485 shares issued and outstanding at September 30, 2006 and December 31, 2005, respectively (Note 2) 856,670 1,463,658 Convertible Series 4 preferred stock, no par value, 10,000,000 shares authorized, 526 and 4,392 shares issued and outstanding at September 30, 2006 and December 31, 2005, respectively (Note 2) 200,000 1,643,423 Common stock, no par value, 225,000,000 and 125,000,000 shares authorized, at September 30, 2006 and December 31, 2005, respectively, 75,552,437 and 55,557,870 shares issued and outstanding at September 30, 2006 and December 31, 2005, respectively (Note 2) 110,912,176 91,532,139 Common stock warrants (Note 3) 36,374,570 38,391,161 Accumulated deficit (105,010,512 ) (107,494,133 )
Total shareholders’ equity 44,732,904 27,903,947
$ 61,412,981 $ 55,241,347
Posted by Repoman75 on :
What was the form 4? A buy? Can't open the link...
What's the "word" on the street.. any news forthcoming?
Posted by a surfer on :
Microfield Group Inc filed on 01/29/2007 Company Filings
Table of Contents View Header Printer Friendly Complete Document
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2008 Estimated average burden hours per response 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). 1. Name and Address of Reporting Person*MCCORMICK WILLIAM C
-------------------------------------------------------------------------------- (Last) (First) (Middle) 111 SW COLUMBIA, SUITE 480
-------------------------------------------------------------------------------- (Street)PORTLAND OR 97201
-------------------------------------------------------------------------------- (City) (State) (Zip) 2. Issuer Name and Ticker or Trading Symbol MICROFIELD GROUP INC [MICG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)X Director 10% Owner Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year) 01/04/2007 4. If Amendment, Date of Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line)X Form filed by One Reporting Person Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 01/04/2007 A 174,954 A $ 0.44 488,255 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Common Stock Option $ 0.44 01/04/2007 C 174,954 01/04/2007 08/23/2010 Common Stock 174,954 (1) 3,175,046 D Explanation of Responses: 1. Mr. McCormick exercised an option to acquire 174,954 shares at $0.44 per share. /s/William C. McCormick 01/26/2007 ** Signature of Reporting Person Date Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(b)(v). ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
Table of Contents View Header Printer Friendly Complete Document
Posted by a surfer on :
there is no word on the street..
Not even a thread at I--hub..
Posted by Repoman75 on :
Word of advice - learn to summarize these cumbersome filings, instead of just reposting... will help other investors get through to the point.
Ok, let me check out some of my sources.. will be back.
Posted by a surfer on :
quote:Originally posted by Repoman75: Word of advice - learn to summarize these cumbersome filings, instead of just reposting... will help other investors get through to the point.
Ok, let me check out some of my sources.. will be back.
LOL....
Posted by Repoman75 on :
quote:Originally posted by a surfer:
quote:Originally posted by Repoman75: Word of advice - learn to summarize these cumbersome filings, instead of just reposting... will help other investors get through to the point.
Ok, let me check out some of my sources.. will be back.
LOL....
What's so funny? I'm being serious.. newbies can't read this things... if you want to be a leader, need to summarize.
Check HSM.. I'm banned there. Nothing on RB either.
Posted by Repoman75 on :
Last relevant news...
Microfield's EnergyConnect Continues to Expand Demand Response Services to Additional Hospitals in the Thomas Jefferson Health System Thursday January 25, 8:30 am ET
PORTLAND, Ore.--(BUSINESS WIRE)--Microfield Group, Inc. ("Microfield") (OTCBB:MICG - News) today announced that its subsidiary EnergyConnect, Inc. ("EnergyConnect"), has signed agreements with four additional Main Line Health Systems hospitals as part of the Jefferson Health System network of hospitals. This includes Lankenau Hospital, Paoli Hospital, Bryn Mahr Hospital, and Bryn Mahr Rehabilitation Hospital. Additionally, four other Jefferson Health Systems Hospitals have agreed to be part of the EnergyConnect, Inc. program. They are the Frankford hospitals in Frankford, Bucks County, Torresdale, and Wellington. These hospitals, combined with the previously contracted Main TJU campus and Methodist Hospitals, represent the largest single network of hospitals participating in the PJM Demand Response program. Collectively, this group of facilities has a peak load of over sixty megawatts.
Randy Haines, TJU's Energy Manager, said "The success that we experienced this past year on our main campus has proven the value of EnergyConnect's E'Services to maximize the revenue that we have received from the PJM program. We now are utilizing this program throughout our entire hospital network."
Liz Kimmel, EnergyConnect's Director of Business Development said,"The confidence that Randy has demonstrated in EnergyConnect in enrolling these hospitals in our program continues to validate the excellent value that we bring to participants. This will help TJU in holding down health care costs."
EnergyConnect, Inc. is the leading provider of Energy Automation services. More than just demand response, EnergyConnect's Energy Automation solutions proactively engage energy market participants, Independent System Operators, Regional Transmission Organizations and Electric Utilities. EnergyConnect is on the web at www.EnergyConnectInc.com.
About Microfield Group, Inc.
Microfield Group combines selling wholesale services to regional power grids with traditional electrical contracting and design and integration of infrastructure for wind, solar and other distributed power systems. This combination provides the platform to be a contributor to the growing alternative energy industry and to provide business processes and software capabilities that link the adjustment of consumer energy consumption to the wholesale electric market. Microfield utilizes consumers of electricity to generate revenue from the regional grids and serves this market through proprietary software and models that enable consumers to adjust use, provide prices to determine beneficial actions, and automate all aspects of the process. Microfield is headquartered in Portland, Oregon, and its common stock is traded on the OTC Bulletin Board under the symbol "MICG." Additional information about Microfield is available at www.microfield.com. Posted by a surfer on :
Nothing on HSM.
Found last night. Volume scan.
Posted by a surfer on :
Seems to me that 2 things hurt this stock - insider selling by Vince Cushing (now gone from the company) and poor performance.
However, revenues have turned around positively, and if the insider is done dumping, good be good for a ride to $1 - $1.50. And insider bought $170K shares at .44 ... soo
I'll radar.
Posted by a surfer on :
Quit radaring and BUY!!!!
.73
This is not on any board I can find!!
Posted by a surfer on :
volume really perking up!!!
This is solid!!
Posted by cactus33 on :
wow this looks really good..
Posted by a surfer on :
quote:Originally posted by cactus33: wow this looks really good..
Cactus this is playing out perfect!!!
Posted by Jenna on :
What do you guys think will happen tomarrow?
Posted by cactus33 on :
good one, seems like it has more life.. repo likes it , all the better..
looks like its just starting.. could be a great one. jmho
Posted by stocktrader2006 on :
quote:Originally posted by Jenna: What do you guys think will happen tomarrow?
The sun will come up around 7am.
Posted by a surfer on :
quote:Originally posted by Jenna: What do you guys think will happen tomarrow?
Jenna if this closes at or near HOD My guess is it goes up more.
Keep in mind that this is NOT posted on ANY other boards. Allstocks is it.
Posted by Jenna on :
Damn!!!! Stupid Scottrade has this as a CR1...what are they doing lately....every time I try to buy I have to call it in!!!
Posted by a surfer on :
quote:Originally posted by Jenna: Damn!!!! Stupid Scottrade has this as a CR1...what are they doing lately....every time I try to buy I have to call it in!!!
They SUCK!!!!!
Its gotten to the point where I call 3 times a day at least.
I am opening another acct. tomorrow w/choice trade.
Posted by a surfer on :
hurrry Jenna!!!!
Posted by a surfer on :
burning thru .75!!!!!
Posted by Repoman75 on :
Very nice... but I don't like the buying restrictions.
HOWEVER, it shouldn't matter.. this should not be played as a momo.
Posted by a surfer on :
.765!!!!!!!!!! yeeeeehaw
Posted by a surfer on :
quote:Originally posted by Repoman75: Very nice... but I don't like the buying restrictions.
HOWEVER, it shouldn't matter.. this should not be played as a momo.
Repo Scottrade has become useless.
I know the restrictions throw up red flags for you...BUT they have literally thrown CR1's on legitimate stocks for increases in volume....WTF
Posted by Repoman75 on :
one thing that caught my eye looking at a couple charts.. look at the SPX on TRDY and the convergence right before january 2005.. and look at the convergence on the MICG chart right now.. looks similar.. granted they are two different stocks entirely, just caught my attention, b/c look how hard TRDY ran in the same situation, lol.. Im not in MICG yet, but this definately has my attention right now..
profitable last two quarters, may be buy time.
Posted by a surfer on :
quote:Originally posted by stocktrader22: profitable last two quarters, may be buy time.
I think this tests a buck tomorrow...IMO
longer term- one to two weeks is a guess but could test 1.40
Posted by cactus33 on :
im surprised you didnt get into this earlier trader.. seemed right up you alley..
jmho
quote:Originally posted by stocktrader22: profitable last two quarters, may be buy time.
Posted by a surfer on :
primed and ready....
Posted by a surfer on :
primed and tanking...
Posted by Jenna on :
Surf- maybe it's just filling the gap....people might be taking their profits....
Posted by Jenna on :
Isn't the rule that it pulls back half way - so I figure that would be around .685....we will see....I'm waiting....
Posted by a surfer on :
yeah I am holding till .64-.65 if it hits that I'm out..
I have faith. Just not as much as at 9:00 this AM
Posted by cactus33 on :
its doing what i thought, little pullback.. im gonna look for a good entry point, its still undervalued imo
jmho
Posted by a surfer on :
might be right here cactus... found a little support,,,we'll see
Posted by cactus33 on :
Microfield's EnergyConnect Joins with the Association of Independent Colleges and Universities of Pennsylvania (''AICUP'') to Deliver Demand Response Revenue to Its Members 8:30a ET January 31, 2007 (Business Wire)
Microfield Group, Inc. ("Microfield") (OTCBB: MICG) today announced that its subsidiary EnergyConnect, Inc. ("EnergyConnect"), an AICUP Corporate Affiliate, will present a series of four seminars in February at various locations in the State of Pennsylvania to provide education, training, analysis, and enrollment services for AICUP members for the PJM Demand Response and Synchronous Reserve Services Programs. AICUP is the only statewide organization that serves the interests of private higher education within Pennsylvania. Their membership includes eighty-five private colleges and universities.
Gene Ameduri, President of EnergyConnect, said, "The revenue that we have been able to provide through our Web Services to three AICUP universities, University of Pennsylvania, Drexel University, and Thomas Jefferson University, has convinced AICUP's Vice President of Finance and Administration, Tim Alexander, to facilitate the deployment of these PJM programs throughout their membership of eighty-five colleges and universities. We appreciate AICUP's confidence in EnergyConnect to deliver these additional revenues to its members, and anticipate this opportunity will help us continue our revenue growth in this important market segment."
EnergyConnect, Inc. is the leading provider of Energy Automation services. More than just demand response, EnergyConnect's Energy Automation solutions proactively engage energy market participants, Independent System Operators, Regional Transmission Organizations and Electric Utilities. EnergyConnect is on the web at www.EnergyConnectInc.com.
About Microfield Group, Inc.
Microfield Group combines selling wholesale services to regional power grids with traditional electrical contracting and design and integration of infrastructure for wind, solar and other distributed power systems. This combination provides the platform to be a contributor to the growing alternative energy industry and to provide business processes and software capabilities that link the adjustment of consumer energy consumption to the wholesale electric market. Microfield utilizes consumers of electricity to generate revenue from the regional grids and serves this market through proprietary software and models that enable consumers to adjust use, provide prices to determine beneficial actions, and automate all aspects of the process. Microfield is headquartered in Portland, Oregon, and its common stock is traded on the OTC Bulletin Board under the symbol "MICG." Additional information about Microfield is available at www.microfield.com.
Forward-Looking Statements
Posted by a surfer on :
looks like its holding.
Posted by a surfer on :
gaining bid support.
Posted by a surfer on :
aaahhhh thats better. .71x.73 1x1
Posted by IMAKEMONEY on :
LOOKING UP SURFER. GOOD PICK!
Posted by a surfer on :
you know whats strange is the last 2 days this has traded most between 2:30 and close. FWIW
Posted by cactus33 on :
might be a good entry point coming up??
Posted by NYSE Trader on :
Im in...see how this plays out
Posted by cactus33 on :
ouch, lol
Posted by cactus33 on :
making a little comeback, ARCA got on the bid and turned some heads i think
Posted by cactus33 on :
i bought some eod, did everyone bail, lol
Posted by NYSE Trader on :
I am still in...hopefully todays red day was just a minor pullback and tom we have another move up.
Posted by a surfer on :
I am still in. I was gone the last few hours of trading.
It should be fun tomorrow.
Posted by a surfer on :
The main thing I am focusing on is long term.
Look back to 05's run. It was not over night.
this might be a 1-4 month hold. Maybe longer...
I need a few longer term positions.
I think digging in to some more DD is in order as well.
Posted by Repoman75 on :
quote:Originally posted by a surfer: The main thing I am focusing on is long term.
Look back to 05's run. It was not over night.
this might be a 1-4 month hold. Maybe longer...
I need a few longer term positions.
I think digging in to some more DD is in order as well.
Exactly.. patience with this one. IF they sign a few more deals, could see $1+.
You'll be pulling up this thread 3 months from now when all the lightweights have left and say "See I told you so"
I do that all the time.
Posted by a surfer on :
This has been taken off restriction.
No more cr1. with Scottrade. Maybe my b!thching helped.
Posted by cactus33 on :
sounds like they just did it b/c of the high vol that day.. what a chit broker, lol
Posted by a surfer on :
looks to be back on track.
Posted by cactus33 on :
yep, looks like it .. still undervalued i think
jmho
Posted by NYSE Trader on :
ugh this is starting to hurt..
Posted by NYSE Trader on :
Here is some DD from the yahoo board:
Vincent Cushing was one of the original partners in Energy Connect, he has sold over 2 million shares in the past 6 months...as of Jan. 5 he still has 1.7 million shares left.
Posted by NYSE Trader on :
FYI Energy Connect is Microfields subsidiary
Posted by NYSE Trader on :
Also todays price bar indicates that the stock has found support on the 50dma.
Posted by matto on :
hey matto243 yahoo im
Posted by cactus33 on :
thanks for DD NYSE, resistance thinned out eod, Im treating this more of a long play, which is unusual for me. Hopefully i wont get my head handed to me, lol
Posted by a surfer on :
Man.. I was not around for the last 1.5 hours and when I left we were at .66. Kind of shocked me to see the close.
I still am in for a longer play here but it will be difficult to hold this under .55
Posted by NYSE Trader on :
Surfer and Cactus I'm with you, lets hope the patience pays off!
Posted by Rocketmist on :
Bid: 0.59 x 2500 Ask: 0.60 x 2500
All aboard. This is way too low.
Posted by cactus33 on :
nice to see green again..
Posted by NYSE Trader on :
-5.83...out at .60. Sorry to bail on you guys I just don't have the capital to sit around and wait for this one...I really don't see a strong catalysis for MICG and with that Insider selling, its going to be a while before this one moves, imo. Good luck to you guys…I missed the original run and never should have chased. Never stay with a stock for the wrong reasons.
Posted by cactus33 on :
lol, i dont blame you NYSE.. that close sucked, i'll watch it, if it goes to low i'll exit too..
good luck.
Posted by Rocketmist on :
I don't know guys, its almost at where it was before the run, where it was stable, I think once it hits that point it should be a pretty safe buy. Put it on the watch list, if it goes below the point it was before the run, might be a good rollback.
Posted by wes19c on :
Back in the green today.....
Posted by a surfer on :
still here, this is my long stock, so not worried.. yet, lol
its been killed since 5.00 a share, hopefully company gives a crap and tries to get pps up..
jmho
Posted by Rocketmist on :
If you look back the CEO did buy some shares, its just like that one guy selling all those insider shares. I haven't gotten in this one yet, but If there are 2, 10% gainer days in a row or if it hits where it was before the last run, or below that im getting in.
Posted by wes19c on :
jumped the gun and got in at .60 last week before i did much research on this one (which was stupid). I'm hoping to see another small jump in the next few days then i'm out. I just dont have much confidence in this one but i hope i'm wrong.
Posted by cactus33 on :
looking good today..
Posted by wes19c on :
more green today.....go baby!!
Posted by a surfer on :
WIth volume we go.
Posted by cactus33 on :
not looking so good..
Posted by a surfer on :
OMG... Just peeked back in....
Sh!t.
Posted by wes19c on :
Wow.....
Posted by a surfer on :
little comeback.
Posted by wes19c on :
looks like we're closing in red today
Posted by cactus33 on :
i got out this morning, took my hit and am moving on, chart went from good to bad real quick
Posted by wes19c on :
I hear ya, i'm debating on doing the same....
Posted by cactus33 on :
it was doing good again early in the week, ARCA sold into the last run .. F'ers sold into that nice run..
sucks..
Posted by a surfer on :
still holding.. I will wait it out a bit more..
Call me crazy.
Posted by wes19c on :
i think i'll stick with it for a couple more days. It should bounce back sometime soon, we need some volume
Posted by Rocketmist on :
Sorry to hear that guys, but if you forget about the past and look into the future the chart looks better than ever. Its at where it was before it ran under the same conditions as it ran last time. Which means it could run exactly the same because all the fundamentals are still there. And if not id call this a pretty safe play, the stock just had a small run and people realized it didn't go up that much and took their leave as it became too bearish. Once my stupid Bank of America account works, this is going to be one of the first I get into. Along with maybe scll.
Posted by wes19c on :
Microfield Group, Inc. ("Microfield") MICG today announced that during December 2006 and January 2007 its subsidiary EnergyConnect, Inc. ("EnergyConnect") entered into strategic alliances with two large international companies, expanded contracts with existing participants, and executed new contracts with additional participants. The alliances provide for innovative energy demand response sales, along with efficiency and procurement services through both direct and indirect demand response actions.
EnergyConnect will deliver demand response for the alliance members' existing customer building portfolios. EnergyConnect will also offer its participants value-added energy efficiency and energy procurement services through these new alliances members.
Gene Ameduri, EnergyConnect President, noted, "This growth through the end of the year combined with potential sales through the new alliances gives our new year a great start," Steve Schaefer, EnergyConnect's Senior Vice President of Sales and Marketing said. "The alliance agreements expand our sales channels, and provide additional value to our participants. We anticipate these alliances will rapidly increase our market penetration. These agreements represent more than two hundred Building Equivalents."
EnergyConnect, Inc. is the leading provider of Energy Automation services. More than just demand response, EnergyConnect's Energy Automation solutions proactively engage energy market participants, Independent System Operators, Regional Transmission Organizations and Electric Utilities. EnergyConnect is on the web at www.EnergyConnectInc.com. Posted by a surfer on :
up 10%...
Posted by wes19c on :
surf, you still in on this?? I'm gonna bail as soon as i break even. Go get us some volume!!
Posted by a surfer on :
I am still in.
Again patience IMO will win..
Posted by a surfer on :
WOW.....Thanks for posting that link surf.....I'm bailing
Posted by a surfer on :
look at the movement today... up 10%
Posted by a surfer on :
from tues.
Microfield Group Reports 2006 Results Tuesday February 20, 4:05 pm ET
PORTLAND, Ore.--(BUSINESS WIRE)--Microfield Group, Inc. (OTCBB: MICG - News) announced financial results today for the twelve months ended December 30, 2006. The Company produced revenue of $76,141,000 for the year 2006 compared to revenue of $57,935,000 for the twelve months ended December 31, 2005. This increase of $18,206,000 is the result of a full 12 months of revenue in 2006 from the acquisitions of EnergyConnect (ECI) and Christenson Electric (CEI). CEI was acquired on July 20, 2005, and ECI was acquired on October 13, 2005. ADVERTISEMENT
On a GAAP basis, the Company had net income of $833,000 or $0.01 per share for the twelve months ended December 30, 2006, compared to a net loss of $77,640,000 or $3.13 per share for the twelve months ended December 31, 2005.
On a pro forma basis for the twelve months ended December 30, 2006, the Company had a non-GAAP operating loss of $4,189,000 and a non-GAAP net loss of $5,219,000 or $0.08 per share. This non-GAAP operating loss excludes $1,442,000 of stock-based compensation expense included in the GAAP operating loss. This non-GAAP net loss excludes $8,319,000 of gain from warrant liability re-measurement and also excludes $825,000 of interest from late registration included in GAAP net income. Each of these three items is a non-cash income or expense.
GAAP basis sales, general and administrative costs for the twelve months ended December 30, 2006 were $14,912,000, compared to $8,988,000 in the twelve months ended December 31, 2005. This increase in overhead expense of $5,924,000 represents an increase of 65.9% in year over year expenses, and is due to a full twelve months of expenses in 2006 from the acquisitions of EnergyConnect (ECI) and Christenson Electric (CEI). CEI was acquired on July 20, 2005, and ECI was acquired on October 13, 2005. Also contributing to the increase were costs incurred in 2006 for stock-based compensation, and $362,000 in compliance with the new Sarbanes-Oxley legislation. There were none of either of these costs in 2005.
Commenting on the 2006 results, Rod Boucher, Chief Executive Officer, said, "We achieved significant progress at Microfield this year as we integrated the Wind business and EnergyConnect into the company. Wind contributed a substantial portion of our revenue growth. Additionally, we grew ECI revenue by three times, and sales activity in 2006 increased our participant base tenfold. While integrating the wind business proved difficult this year," continued Boucher, "we have implemented management changes and bolstered internal controls and procedures to correct this problem."
About Microfield Group, Inc.
Microfield Group combines selling wholesale services to regional power grids with traditional electrical contracting and design and integration of infrastructure for wind, solar and other distributed power systems. This combination provides the platform to be a contributor to the growing alternative energy industry and to provide business processes and software capabilities that link the adjustment of consumer energy consumption to the wholesale electric market. Microfield utilizes consumers of electricity to generate revenue from the regional grids and serves this market through proprietary software and models that enable consumers to adjust use, provide prices to determine beneficial actions, and automate all aspects of the process. Microfield is headquartered in Portland, Oregon, and its common stock is traded on the OTC Bulletin Board under the symbol "MICG." Additional information about Microfield is available at www.microfield.com.
Forward Looking Statements
This press release includes statements that may constitute "forward-looking" statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause or contribute to such differences that include, but are not limited to, competitive factors, the success of new products in the marketplace, dependence upon third-party vendors, and the ability to obtain financing. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
GAAP and Non-GAAP Financial Information
Non-GAAP operating loss, non-GAAP net loss and non-GAAP earnings per share are computed net of certain material items, as follows: (1) gain on remeasurement of the value of the warrants issued as a result of a private placements in October 2005 and June 2006, (2) expense charged for non-cash stock-based compensation, (3) non-cash charges for stock issued upon late registration, and (4) write-off of goodwill impairment in 2005, resulting from the acquisition of EnergyConnect, Inc. On October 13, 2005, the Company acquired EnergyConnect, Inc. for $107 million of the Company's common stock, and options and warrants to purchase the Company's common stock. Further details regarding this transaction can be found in the Form 8-K filed with the SEC on October 17, 2005. The non-GAAP financial measures are provided to enhance the overall understanding of our current financial performance and prospects for the future. Specifically, we believe the non-GAAP financial measures provided are useful information to both management and investors by excluding certain items that may not be indicative of our core operating results. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results.
MICROFIELD GROUP, INC. CONSOLIDATED BALANCE SHEET ($000'S)
December 30, December 31, 2006 2005 ------------- ------------ (Unaudited)
Cash $ 2,545 $ 729 Accounts receivable 9,105 8,537 Other current assets 3,301 3,388 ------------- ------------
Total current assets 14,951 12,654
Goodwill and intangibles 41,187 41,972 Other long term assets 679 615 ------------- ------------
Total assets $ 56,817 $ 55,241 ============= ============
Accounts payable $ 4,831 $ 8,084 Bank line of credit 3,830 5,957 Other current liabilities 3,097 4,311 ------------- ------------
Total current liabilities 11,758 18,352
Long term liabilities 1,261 8,985 ------------- ------------
Microfield Group Announces Engagement of Trilogy Capital Partners to Spearhead Financial Marketing and Investor Relations Initiatives Thursday October 18, 8:00 am ET Trilogy to Drive Investor Awareness in U.S. and Global Communities for Company's Next-Generation Alternative Energy Operations
PORTLAND, Ore.--(BUSINESS WIRE)--Microfield Group, Inc. (OTCBB:MICG) today announced that it has engaged leading investor relations firm Trilogy Capital Partners to manage financial communications, drive investment community visibility and support the Company’s core commitment of building shareholder value. ADVERTISEMENT
"Given Microfield’s emergence as a leader in the Alternative Energy space, one of the most important and exciting sectors in today’s global economy, we believe this is the proper time to enhance our profile in the equities market," said Rod Boucher, Chief Executive Officer of Microfield Group. "Trilogy brings us substantial market insight and a proven track record helping emerging growth firms to generate increased investor community awareness. At this point in our corporate development, Trilogy represents the ideal strategic relationship."
Trilogy's responsibilities under the agreement include ongoing contact with prospective investors and the brokerage community, dissemination of news, research and information to Microfield’s current shareholders, as well as outreach and special presentations to institutional investors and others in the financial community.
"Microfield is a unique company addressing a critical but largely untapped segment of the energy and cleantech sector with a compelling, high-growth business model," said Ryon Harms, President of Trilogy Capital Partners. "We look forward to working directly with Rod and his team to generate worldwide investment community. Our mission is clear: create mass visibility to help build value for Microfield shareholders."
Microfield helps large businesses and institutions generate new revenue through transactions with the wholesale energy markets, while simultaneously boosting energy conservation–without sacrificing functionality–by optimizing energy usage through a broad range of advanced services and products. The Company’s customers include commercial campuses and large office buildings, universities, government facilities, education, health care and other major institutions. Microfield’s services include the installation of advanced electrical systems, products and services, and in transactions between consumers of electricity and the wholesale market. The Company’s mission is to leverage its assets and value to successfully build a viable, profitable, and sustainable transaction-based electrical services and technology infrastructure business.
About Microfield Group, Inc.
Microfield Group combines selling wholesale services to regional power grids with traditional electrical contracting and design and integration of infrastructure for wind, solar and other distributed power systems. This combination provides the platform to be a contributor to the growing alternative energy industry and to provide business processes and software capabilities that link the adjustment of consumer energy consumption to the wholesale electric market. Microfield utilizes consumers of electricity to generate revenue from the regional grids and serves this market through proprietary software and models that enable consumers to adjust use, provide prices to determine beneficial actions, and automate all aspects of the process. Microfield is headquartered in Portland, Oregon, and its common stock is traded on the OTC Bulletin Board under the symbol "MICG." Additional information about Microfield is available at www.microfield.com.
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause or contribute to such differences that include, but are not limited to, competitive factors, the success of new products in the marketplace, dependence upon third-party vendors, and the ability to obtain financing. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Contact: Microfield Group, Inc. Chief Financial Officer Randy Reed, 503-419-3364 or Trilogy Capital Partners Financial Communications: Ryon Harms, 800-592-6067 ryon*trilogy-capital.com
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Microfield Group Appoints Phil Harris, Retired CEO and Chairman of PJM Interconnection, as Director; A. Mark Walter Resigns as Director Thursday October 18, 8:15 am ET
PORTLAND, Ore.--(BUSINESS WIRE)--Microfield Group, Inc. (OTCBB:MICG) announced today that the Board of Directors of MICG appointed Phillip G. Harris to serve on its Board of Directors, effective immediately. ADVERTISEMENT
Mr. Harris has over thirty (30) years of energy industry experience. Most recently, Mr. Harris retired from his positions as president and chief executive officer of PJM Interconnection and chairman of the PJM Board. PJM, the nation’s first fully functioning regional transmission organization, administers the world’s largest energy market and operates the world’s largest electricity grid.
Mr. Harris has served as a member of the North American Electric Reliability Council’s (NERC) Board of Trustees. He also is a member of the National Association of Corporate Directors, serving on its Corporate Advisory Committee. In 2005, Mr. Harris was named CEO of the Year by Platts Global Energy Awards, becoming the first chief executive from his industry to receive the honor.
The company also announced that A. Mark Walter, President of Microfield Group, Inc. and Christenson Electric, Inc. resigned from the board of directors, effective October 12, 2007.
About Microfield Group, Inc.
Microfield Group combines selling wholesale services to regional power grids with traditional electrical contracting and design and integration of infrastructure for wind, solar and other distributed power systems. This combination provides the platform to be a contributor to the growing alternative energy industry and to provide business processes and software capabilities that link the adjustment of consumer energy consumption to the wholesale electric market. Microfield utilizes consumers of electricity to generate revenue from the regional grids and serves this market through proprietary software and models that enable consumers to adjust use, provide prices to determine beneficial actions, and automate all aspects of the process. Microfield is headquartered in Portland, Oregon, and its common stock is traded on the OTC Bulletin Board under the symbol “MICG.” Additional information about Microfield is available at www.microfield.com. Posted by a surfer on :