USA: Clean Energy Reports Profit Growth

Clean Energy Fuels announced operating results for the first quarter ended March 31, 2013.

Gallons delivered for the first quarter of 2013 totaled 49.9 million gallons, up 14% from 43.7 million gallons delivered in the same period a year ago.

Revenue for the first quarter ended March 31, 2013 was $93.0 million, which is up from $73.6 million for the first quarter of 2012. When comparing periods, note that the Company recognized revenue attributable to the volumetric excise tax credit (VETC) of $26.2 million in the first quarter ended March 31, 2013, but did not recognize any revenue attributable to VETC in the first quarter ended March 31, 2012. The American Taxpayer Relief Act, signed into law on January 2, 2013, reinstated VETC through December 31, 2013 and made it retroactive to January 1, 2012. The Company recognized $20.8 million of VETC revenue in the first quarter of 2013 attributable to 2012 sales of CNG and LNG.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “Significant progress has taken place over the last few months in long-haul trucking’s transition to natural gas. The new 12-liter natural gas engines are being delivered to the truck manufacturers, shippers are requesting that their contract carriers make the switch to natural gas, and some of the biggest companies in America, like UPS, are announcing large orders of new natural gas trucks. With the initial stations of our ‘America’s Natural Gas Highway’ in place, we are now ready to start realizing the benefits of this investment.”

Adjusted EBITDA for the first quarter of 2013 was $20.0 million. This compares with adjusted EBITDA of $(2.0) million in the first quarter of 2012. Adjusted EBITDA is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.

Non-GAAP earnings per share for the first quarter of 2013 was $0.03, compared with a non-GAAP loss per share for the first quarter of 2012 of $0.16. Non-GAAP loss per share is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.

On a GAAP basis, net loss for the first quarter of 2013 was $3.9 million, or $0.04 per share, and included a non-cash loss of $0.5 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 $6.2 million related to stock-based compensation, and foreign currency losses of $0.2 million on the Company’s IMW purchase notes. This compares with a net loss for the first quarter of 2012 of $31.9 million, or $0.37 per share, which included a non-cash loss of $13.5 million related to marking to market the Series I warrants, $4.7 million of non-cash stock-based compensation charges, and foreign currency gains of $0.4 million on the IMW purchase notes.

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LNG World News Staff, May 9, 2013