EX-99.1 2 ex99_1.htm EXHIBIT 99.1 ex99_1.htm
Exhibit 99.1
 
MICROFIELD GROUP, INC.
  
PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENTS
  
FOR THE YEAR ENDED 12/30/06
  
   
                   
   
CEI/ECI/MICG
    
PRO
    
ECI/MICG
  
   
CONSOLIDATED
    
FORMA
    
CONSOLIDATED
  
   
Year
    
ADJUSTMENTS
    
Year
  
   
Ended
    
TO REMOVE
    
Ended
  
   
12/30/06 1
    
CEI 2
    
12/30/06 3
  
                   
REVENUE
     76,140,699       (72,933,646 )     3,207,053  
COST OF SALES
     66,859,917       (63,823,049 )     3,036,868  
                         
GROSS PROFIT
     9,280,782       (9,110,597 )     170,185  
                         
SALES, GENERAL AND ADMIN EXPENSE
     13,469,421       (8,835,735 )     4,633,686  
STOCK-BASED COMPENSATION
     1,442,251       -       1,442,251  
                         
TOTAL OPERATING EXPENSE
     14,911,672       (8,835,735 )     6,075,937  
                         
NET OPERATING LOSS
     (5,630,890 )     (274,862 )     (5,905,752 )
                         
OTHER INCOME (EXPENSE)
     6,463,850       1,020,355       7,484,205  
                         
NET LOSS
     832,960       745,493       1,578,453  
                         
1  Per the audited financial statements from Microfield’s 2006 Form 10-K.
2  For purposes of this pro forma, the income statement amounts of  CEI as of December 30, 2006, were adjusted out of the consolidated amounts that were included in the December 30, 2006 audited income statement filed in Microfield’s 2006 Form 10-K.
3  These unaudited amounts represent the pro forma combined income statements of ECI and MICG as of   December 30, 2006, after elimination of the CEI income statement amounts.

 
 
 


MICROFIELD GROUP, INC.
  
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
  
AS OF 12/30/06
  
   
                   
   
CEI/ECI/MICG
    
PRO FORMA
    
ECI/MICG
  
   
CONSOLIDATED
    
ADJUSTMENTS
    
CONSOLIDATED
  
   
As of
    
TO REMOVE
    
As of
  
   
12/30/06 1
    
CEI 2
    
12/30/06 3
  
   
(Audited)
    
(Unaudited)
    
(Unaudited)
  
                   
CASH
     2,544,784       (2,091,250 )     453,533  
ACCOUNTS RECEIVABLE
     9,105,485       (9,006,793 )     98,693  
OTHER CURRENT ASSETS
     3,300,567       (3,251,721 )     48,846  
                         
TOTAL CURRENT ASSETS
     14,950,836       (14,349,764 )     601,072  
                         
FIXED ASSETS, NET
     659,295       (588,779 )     70,515  
GOODWILL
     35,977,047       (6,623,520 )     29,353,527  
INTANGIBLES, NET
     5,466,087       (3,320,251 )     2,145,837  
OTHER ASSETS
     94,081       (84,081 )     10,000  
                         
TOTAL ASSETS
     57,147,346       (24,966,395 )     32,180,951  
                         
                         
ACCOUNTS PAYABLE
     5,063,271       (3,636,037 )     1,427,234  
OTHER CURRENT LIABILITIES
     3,376,891       (3,093,719 )     283,172  
OPERATING LINE OF CREDIT
     3,830,321       (3,710,905 )     119,416  
                         
TOTAL CURRENT LIABILITIES
     12,270,484       (10,440,661 )     1,829,823  
                         
LONG TERM LIABILITIES
     1,260,859       (1,260,859 )     -  
                         
CAPITAL
     150,277,177       (387,537 )     149,889,640  
RETAINED EARNINGS
     (106,661,173 )     (12,877,338 )     (119,538,512 )
                         
NET EQUITY
     43,616,004       (13,264,876 )     30,351,128  
                         
TOTAL LIABILITIES AND EQUITY
     57,147,346       (24,966,395 )     32,180,951  
                         
1 Per the audited financial statements from Microfield’s 2006 Form 10-K.
2  For purposes of this pro forma, the balance sheet totals of  CEI as of December 30, 2006, were adjusted out of the consolidated totals that were included in the December 30, 2006 audited balance sheet included in Microfield’s 2006 Form 10-K.
3  These unaudited amounts represent the pro forma combined balance sheets of ECI and MICG as of December 30, 2006, after elimination of the CEI balance sheet amounts.

 
 
 


MICROFIELD GROUP, INC.
  
PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENTS
  
FOR THE NINE MONTHS ENDED 9/29/07
  
   
                   
   
CEI/ECI/MICG
    
PRO
    
ECI/MICG
  
   
CONSOLIDATED
    
FORMA
    
CONSOLIDATED
  
   
Nine Months
    
ADJUSTMENTS
    
Nine Months
  
   
Ended
    
TO REMOVE
    
Ended
  
   
9/29/07 1
    
CEI 2
    
9/29/07 3
  
                   
REVENUE
     52,005,473       (41,597,436 )     10,408,037  
COST OF SALES
     41,020,602       (34,108,022 )     6,912,579  
                         
GROSS PROFIT
     10,984,872       (7,489,414 )     3,495,458  
                         
SALES, GENERAL AND ADMIN EXPENSE
     12,156,047       (7,108,567 )     5,047,480  
STOCK-BASED COMPENSATION
     668,443       -       668,443  
                         
TOTAL OPERATING EXPENSE
     12,824,490       (7,108,567 )     5,715,923  
                         
NET OPERATING LOSS
     (1,839,619 )     (380,847 )     (2,220,466 )
                         
OTHER INCOME (EXPENSE)
     (342,644 )     587,523       244,879  
                         
NET LOSS
     (2,182,263 )     206,677       (1,975,587 )4
                         
1  Per the unaudited financial statements from Microfield’s 2007 third quarter Form 10-Q.
2  For purposes of this pro forma, the income statement amounts of  CEI as of September 29, 2007, were adjusted out of the consolidated amounts that were included in the September 29, 2007 unaudited income statement filed in Microfield’s 2007 third quarter Form 10-Q.
3  These unaudited amounts represent the pro forma combined income statements of ECI and MICG as of  September 29, 2007, after elimination of the CEI income statement amounts.
4  The Company’s direct costs for legal, advisory and other services in connection with this transaction are estimated to be approximately $250,000, and are not included in this loss amount through the nine months ended September 29, 2007.  These direct costs will be included in the financial statements in 2008.

 
 
 


MICROFIELD GROUP, INC.
  
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS
  
AS OF 9/29/07
  
   
                   
   
CEI/ECI/MICG
    
PRO FORMA
    
ECI/MICG
  
   
CONSOLIDATED
    
ADJUSTMENTS
    
CONSOLIDATED
  
   
As of
    
TO REMOVE
    
As of
  
   
9/29/07 1
    
CEI 2
    
9/29/07 3
  
   
(Unaudited)
    
(Unaudited)
    
(Unaudited)
  
                   
CASH
     1,824,799       (1,140,654 )     684,145  
ACCOUNTS RECEIVABLE
     10,520,414       (8,620,181 )     1,900,233  
OTHER CURRENT ASSETS
     3,626,244       (3,360,059 )     266,185  
                         
TOTAL CURRENT ASSETS
     15,971,457       (13,120,894 )     2,850,562  
                         
FIXED ASSETS, NET
     750,866       (664,473 )     86,393  
GOODWILL
     35,977,047       (6,623,520 )     29,353,527  
INTANGIBLES, NET
     5,069,574       (3,103,037 )     1,966,537  
OTHER ASSETS
     94,663       (84,081 )     10,583  
                         
TOTAL ASSETS
     57,863,608       (23,596,006 )     34,267,602  
                         
                         
ACCOUNTS PAYABLE
     5,487,321       (3,365,129 )     2,122,192  
OTHER CURRENT LIABILITIES
     4,512,397       (4,512,397 )     -  
OPERATING LINE OF CREDIT
     5,109,719       (4,991,286 )     118,433  
                         
TOTAL CURRENT LIABILITIES
     15,109,437       (12,868,812 )     2,240,625  
                         
LONG TERM LIABILITIES
     71,430       (71,430 )     -  
                         
CAPITAL
     151,526,177       (4,522,964 )     147,003,213  
RETAINED EARNINGS
     (108,843,436 )     (6,132,800 )     (114,976,236 )
 
                       
NET EQUITY
     42,682,741       (10,655,764 )     32,026,977  
 
                       
TOTAL LIABILITIES AND EQUITY
     57,863,608       (23,596,006 )     34,267,602  
                         
1  Per the unaudited financial statements from Microfield’s 2007 third quarter Form 10-Q.
2  For purposes of this pro forma, the balance sheet totals of  CEI as of September 29, 2007, were adjusted out of the consolidated totals that were included in the September 29, 2007 unaudited balance sheet filed in Microfield’s 2007 third quarter Form 10-Q.
3  These unaudited amounts represent the pro forma combined balance sheets of ECI and MICG as of September 29, 2007, after elimination of the CEI balance sheet amounts.