Replies to post #109 on Energy Connect Group, Inc. (fka ECNG)

[timhyma]

Company Outlook



Andrew Warner, EnergyConnect’s CFO, said, “The results for the first nine months of 2010 exceeded our expectations, more than doubling year-to-date Adjusted EBITDA, compared to the prior year period. In September, we solidified our balance sheet, achieving a significant milestone of converting $3.3 million in debt into common stock, and in November, we secured a line of credit for $4.0 million with Silicon Valley Bank and Partners for Growth. Looking ahead, we now expect annual revenue growth of approximately 55% over last year, up from prior guidance of between 40% and 45% growth. We remain confident in our goal to deliver positive Non-GAAP Adjusted EBITDA for 2010. The guidance reflects the seasonality in our revenue recognition, where the majority of our capacity revenue is recognized in the second and third quarters of the year.”



As of November 5, 2010, the company had 133,102,130 shares outstanding.