Clean Energy Reports Q1 Revenue of USD 73.6 Million (USA)

Clean Energy Fuels announced its operating results for the first quarter ended March 31, 2012.

Gallons Delivered (the company defines Gallons Delivered as its CNG, LNG, RNG and the gallons associated with providing operations and maintenance services delivered to its customers during the period ) for the first quarter of 2012 totaled 43.7 million gallons, up 23% from 35.5 million gallons delivered in the same period a year ago.

Revenue for the first quarter ended March 31, 2012 rose to $73.6 million, up from $65.3 million for the first quarter of 2011.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “Significant fuel cost savings and environmental benefits are driving the transition to natural gas fueling for transportation in America. To support this transition, we are diligently working on building out America’s Natural Gas Highway. We also continue to monitor the development of new natural gas engines for the heavy-duty trucking market. We believe we are approaching an inflection point when these elements all come together, so we are working hard to maximize our lead in the industry and preparing ourselves for anticipated increased volume expansion in 2013 and beyond.”

Adjusted EBITDA for the first quarter of 2012 was $(2.0) million. This compares with adjusted EBITDA of $3.9 million in the first quarter of 2011. For comparison purposes, the volumetric excise tax credit (VETC) revenue for the first quarter of 2012 was $0 (as the VETC expired on December 31, 2011), and was $4.2 million in the first quarter of 2011.

Non-GAAP loss per share for the first quarter of 2012 was $0.16, compared with a non-GAAP loss per share for the first quarter of 2011 of $0.05.

Net loss for the first quarter of 2012 was $31.9 million, or $0.37 per share, and included a non-cash charge of $13.5 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 $4.7 million related to stock-based compensation, and foreign currency gains of $0.4 million on its IMW purchase notes. This compared with a net loss for the first quarter of 2011 of $9.8 million, or $0.14 per share, which included a non-cash charge of $3.3 million related to marking to market the Series I warrants, $3.4 million of non-cash stock-based compensation charges, and foreign currency gains of $0.3 million on its IMW purchase notes.

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LNG World News Staff, May 8, 2012