USA: Clean Energy Fuels Revenue Climbs

Clean Energy Fuels said it revenue rose to $86.2 million in the quarter ended December 31, 2011, from $83.2 million in revenue for the fourth quarter a year ago.

Revenue attributable to the volumetric excise tax credit (VETC) decreased by $11.5 million in the fourth quarter of 2011 when compared to the fourth quarter of 2010. For 2011, revenue totaled $292.7 million, which is an increase of 38% from $211.8 million in 2010.

When comparing periods, revenue for the fourth quarter and year ended December 31, 2011 attributable to VETC was $4.5 million and $17.9 million, respectively. For the fourth quarter and full year of 2010, the Company recorded revenue attributable to VETC of $16.0 million. Since VETC was not available in 2010 until the fourth quarter of 2010, when it was reinstated and made retroactive to January 1, 2010, the Company recorded its full year of VETC revenue for 2010 in the fourth quarter of 2010. VETC expired on December 31, 2011. The Company incurred $5.7 million of interest expense in 2011, which was not incurred in 2010, on the $200 million of convertible notes it issued during the year. Selling, general and administrative expenses increased $23.6 million during 2011, primarily related to the Company’s efforts to begin building the initial phase of America’s Natural Gas Highway. The initial phase of America’s Natural Gas Highway is planned to consist of approximately 150 LNG fueling stations to enable medium and heavy-duty trucks to transport goods coast to coast and border to border within the continental United States.

Gasoline gallon equivalents (gallons) delivered for the fourth quarter of 2011, which includes CNG, LNG, biomethane and the gallons associated with providing operations and maintenance services, totaled 40.0 million, compared to 31.7 million gallons delivered in the same period a year ago. For 2011, gallons delivered increased 27% to 155.6 million gallons, up from 122.7 million gallons delivered in 2010.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “I am very pleased with our progress in 2011. We grew our core markets, increased our sales, engineering and construction staffs, embarked on construction of America’s Natural Gas Highway for medium- and heavy-duty trucking, and we raised $350 million, with an additional commitment of $100 million, in financing to fund the Highway and other projects. We believe we are strongly positioned to grow well into the future as we can offer a compelling opportunity to shippers and fleet owners across the country to achieve cost savings while simultaneously reducing emissions and using a domestic fuel.”

Adjusted EBITDA for the fourth quarter of 2011 was ($3.5) million, compared with $20.2 million in the fourth quarter of 2010. Adjusted EBITDA for 2011 was $3.1 million, compared with $21.3 million for 2010.

Net loss for the fourth quarter of 2011 was $20.9 million, which included a non-cash loss of $0.4 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market, a non-cash charge of $3.4 million related to stock-based compensation, a $3.0 million valuation allowance established on certain deferred tax assets, and foreign currency gains of $0.7 million on its IMW purchase notes. This compared with net income of $13.8 million, for the fourth quarter of 2010, which included a non-cash gain of $4.4 million related to valuing the Company’s Series I warrants and marking them to market, a non-cash charge of $2.7 million related to stock-based compensation, foreign currency gains of $1.6 million on the Company’s IMW purchase notes, and impairment charges of $2.2 million.

Net loss for the year ended December 31, 2011 totaled $47.6 million, or $0.68 per share, and included a non-cash gain of $2.7 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market, a non-cash charge of $13.5 million related to stock-based compensation, a $3.0 million valuation allowance established on certain deferred tax assets, and foreign currency losses of $0.6 million on its IMW purchase notes. This compared with a net loss of $2.5 million, or $0.04 per share in 2010, which included a non-cash gain of $10.3 million related to marking to market the Series I warrants, non-cash stock based compensation charges of $11.9 million, foreign currency gains of $2.3 million on the Company’s IMW purchase notes, impairment charges of $2.2 million, and an alternative minimum tax refund of $1.3 million.

[mappress]

LNG World News Staff, March 13, 2012