USA: Clean Energy Fuels Q3 Revenue Up 58 Percent

Clean Energy Fuels Corp. announced operating results for the third quarter and nine months ended September 30, 2011.

Revenue for the third quarter ended September 30, 2011 rose 58% to $72.1 million, from $45.7 million in third quarter of 2010. For the nine months ended September 30, 2011, revenue totaled $206.5 million, which is an increase of 60% from $128.7 million a year ago.

Gasoline gallon equivalents (gallons) delivered for the third quarter of 2011, (which includes CNG, LNG, biomethane and the gallons associated with providing operations and maintenance services), totaled 40.9 million, up from 31.3 million gallons delivered in the same period a year ago. For the first nine months of 2011, gallons delivered increased to 115.6 million, from 91.0 million gallons in the first nine months of 2010.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “As of today, we have more station and vehicle projects underway than ever in the Company’s history. We are on track to set a record for station completions this year, with growth across each of our markets, which encompass refuse, airport, transit and regional and national trucking. We are also embarking on building the backbone of America’s Natural Gas Highway. With this year’s expansion efforts, both internally with new subsidiary capabilities, as well as with key partnerships in engineering and construction, we believe we are in a strong position to make substantial strides in our business plan in the next 18 months.”

Adjusted EBITDA for the third quarter of 2011 was $1.8 million, compared with $(0.6) million in the third quarter of 2010. Adjusted EBITDA for the first nine months of 2011 was $6.6 million, compared with $1.8 million for the first nine months of 2010. Adjusted EBITDA is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.

On a non-GAAP basis, loss per share for the third quarter of 2011 was $0.11. This compares with non-GAAP loss per share for the same period a year ago of $0.10 per share. Non-GAAP loss per share was $0.26 for the first nine months of 2011, and was $0.23 per share for the first nine months of 2010. Non-GAAP loss per share is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.

When comparing periods, the volumetric excise tax credit (VETC) revenue for the third quarter and the first nine months of 2011 was $4.5 million and $13.4 million, respectively, and was $0 for the corresponding periods in 2010. The VETC expired in December 2009, and was subsequently reinstated in the fourth quarter of 2010, when it was made retroactive to January 1, 2010. Accordingly, the Company recorded $4.3 million and $11.9 million of VETC revenue in the fourth quarter of 2010 that applied to gallons delivered in the third quarter and the first nine months of 2010, respectively.

The net loss for the third quarter of 2011 was $11.4 million, or $0.16 per share, and included a non-cash gain of $1.5 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market, and a $3.2 million non-cash stock-based compensation charge. This compares with a net loss of $1.8 million, or $0.03 per share, in the third quarter of 2010, which included a non-cash gain of $7.9 million related to the Series I warrant adjustment and $3.3 million of non-cash stock-based compensation charges.

The net loss for the nine-month period ended September 30, 2011, which included a non-cash gain of $3.1 million related to the requirement that Clean Energy value its Series I warrants and mark them to market each quarter and non-cash stock-based compensation charges of $10.1 million, was $26.7 million, or $0.38 per share. This compares with a net loss for the first nine months of 2010 of $16.3 million, or $0.27 per share, which included a non-cash gain of $5.9 million for the Series I warrant valuation, 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.

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Source: Clean Energy, November 9, 2011