USA: Clean Energy Fuels Turns to Profit in Q4

Clean Energy Fuels Corp. announced operating results for the fourth quarter and year ended December 31, 2010.

Revenue for the fourth quarter ended December 31, 2010 rose 97% to $83.2 million, up from $42.2 million for the fourth quarter of 2009. For the year ended December 31, 2010, revenue totaled $211.8 million, which is an increase of 61% from $131.5 million a year ago.

Adjusted EBITDA for the fourth quarter of 2010 was $20.2 million, compared with $5.6 million in the fourth quarter of 2009. Adjusted EBITDA for 2010 was $21.3 million, compared with $15.5 million for 2009. Adjusted EBITDA is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.

For the fourth quarter of 2010, non-GAAP earnings per share was $0.17. This compares with non-GAAP earnings per share for the same period a year ago of $0.02. For the year ended December 31, 2010, non-GAAP loss per share was $0.04, and was $0.03 per share for 2009. Non-GAAP earnings/loss per share is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.

Net income for the fourth quarter of 2010 was $13.8 million, or $0.18 per share, and included a non-cash gain of $4.4 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market and a non-cash charge of $2.7 million related to stock-based compensation. This compares with a net loss for the fourth quarter of 2009 of $1.9 million, or $0.03 per share, which included a non-cash gain of $0.4 million related to marking to market the Series I warrants and $3.5 million of non-cash stock-based compensation charges.

For the year ended December 31, 2010, net loss totaled $2.5 million, or $0.04 per share, and 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 and an alternative minimum tax (AMT) refund of $1.3 million recorded in the first quarter of 2010. This compared to a net loss for 2009 of $33.2 million, or $0.60 per share, which included a loss of $17.4 million related to marking to market the Series I warrants and a non-cash charge of $14.1 million related to stock-based compensation charges.

During the fourth quarter of 2010, the Company recorded $16.0 million of revenue attributable to Volumetric Excise Tax Credits (VETC) and $2.2 million of impairment charges. The VETC amount represents Clean Energy’s claim for credits earned in all of 2010, as the credit was reinstated in the fourth quarter of 2010 and made retroactive to January 1, 2010. During the fourth quarter of 2009, the Company recorded $3.7 million of VETC revenue, and for 2009, the Company recorded $15.5 million of VETC revenue.

Gasoline gallon equivalents (gallons) delivered for the fourth quarter of 2010, which includes CNG, LNG, biomethane and the gallons associated with providing operations & maintenance services, totaled 31.7 million gallons, up from 29.5 million gallons delivered in the same period a year ago. For 2010, gallons delivered increased to 122.7 million, up from 101.0 million gallons delivered in 2009.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “I am happy to report on delivering revenue growth of more than 60% during the year. Reflecting back on 2010, not only do we see positive momentum in our fuel sales trends, but I am extremely pleased with the build out of our operations, which now includes Northstar’s liquefied-natural gas fueling system capabilities, IMW’s global compressor operations, as well as BAF’s enhanced vehicle conversion business. With this comprehensive service offering, and a commitment to upholding the highest standards in quality and service, our opportunities to meet the varying needs of our customers and potential customers is greatly expanded. We expect to see improvements across all aspects of our operations in 2011.”

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Source: Clean Energy Fuels, March 11, 2011;