USA: Clean Energy Fuels Reports Revenue Rose 46% to $45.7 Million for the Third Quarter Ended September 30, 2010

Clean Energy Fuels Corp. today announced operating results for the third quarter and nine months ended September 30, 2010.

Revenue for the quarter ended September 30, 2010 rose 46% to $45.7 million, from $31.2 million for the third quarter of 2009.

For the nine months ended September 30, 2010, revenue totaled $128.7 million, which is an increase of 44% from $89.3 million a year ago.

For the third quarter of 2010, gasoline gallon equivalents (gallons) delivered, which includes CNG, LNG, biomethane and the gallons associated with providing operations & maintenance services, totaled 31.3 million gallons, up from 29.5 million gallons delivered in the same period a year ago. For the nine months of 2010, gallons delivered increased to 91.0 million gallons, up from 71.5 million gallons in the first nine months of 2009.

On a non-GAAP basis, loss per share for the third quarter of 2010 was $0.10. This compares with non-GAAP earnings per share for the same period a year ago of $0.01 per share.

Non-GAAP loss per share was $0.23 for the first nine months of 2010, and was $0.06 per share for the first nine months of 2009. Non-GAAP loss per share and Adjusted EBITDA were significantly impacted by the expiration of the Volumetric Excise Tax Credit (VETC) on December 31, 2009.

When comparing Adjusted EBITDA and non-GAAP loss per share between periods, the VETC for the third quarter and first nine months of 2009 was $3.7 million and $11.8 million, respectively, but was $0 in the third quarter and first nine months of 2010 as the credit expired December 31, 2009.

Including the non-cash gain of $7.9 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market and the non-cash stock-based compensation charges of $3.3 million, the net loss for the third quarter of 2010 was $1.8 million, or $0.03 per share.

This compares with a net loss of $18.5 million, or $0.31 per share, in the third quarter of 2009, which included $15.4 million of non-cash Series I warrant charges and $3.6 million of non-cash stock-based compensation charges. For the nine-month period ended September 30, 2010, including a non-cash gain of $5.9 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market, non-cash stock-based compensation charges of $9.2 million, and an AMT refund of $1.3 million recorded in the first quarter of 2010, the net loss for the period was $16.3 million, or $0.27 per share.

This compares with a net loss for the first nine months of 2009 of $31.3 million, or $0.59 per share, which included $17.8 million of non-cash Series I warrant charges and $10.6 million of non-cash stock-based compensation charges. Adjusted EBITDA for the third quarter of 2010 was $(0.6) million, compared with $5.4 million in the third quarter of 2009.

Adjusted EBITDA for the first nine months of 2010 was $1.8 million, compared with $9.9 million for the first nine months of 2009.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “We continued to leverage our expertise in the field of natural gas fueling during the third quarter and subsequent weeks to maintain our leadership position. Noteworthy was our announced partnership with the largest retail operator of truck stops in North America, Pilot Flying J. This partnership affords us the ability to create a nationwide network of LNG Stations for heavy-duty trucks and to orchestrate the expansion of that network based on geographic demand trends. This is particularly important as we expand beyond our core markets of airports, refuse, and municipal transportation to include high volume regional trucking fleets, which represent a large part of our nation’s fuel consumption on an annual basis.

“We also completed the acquisition of IMW Industries, Ltd during the third quarter and see this as a means to extend our reach globally, satisfy much of our internal compressor needs domestically, expand our product offerings to our U.S. customers, and to ultimately contribute significantly to our bottom line. We believe this acquisition will allow us to integrate platform and station design and be more competitive for our customers,” said Mr. Littlefair.

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Source: Clean Energy Fuels, November 9, 2010