Clean Energy Profit Up, USA

Clean Energy Fuels announced operating results for the fourth quarter and year ended December 31, 2012.

Gallons delivered for the fourth quarter of 2012 totaled 51.7 million gallons, up 29% from 40.0 million gallons delivered in the same period a year ago. For 2012, gallons delivered totaled 194.9 million gallons, up 25% from 155.6 million gallons for 2011.

Revenue for the fourth quarter ended December 31, 2012 was $99.1 million, which is up from $86.2 million in the fourth quarter of 2011. For 2012, revenue totaled $334.0 million, which is up from $292.7 million a year ago. When comparing periods, the Company did not recognize any revenue attributable to the volumetric excise tax credit (VETC) in the fourth quarter and year ended December 31, 2012, compared to revenue attributable to VETC of $4.5 million and $17.9 million for the fourth quarter and year ended December 31, 2011, respectively. 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. We expect to recognize approximately $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, “2012 was a historical year for Clean Energy. Our revenues are higher than ever before, we delivered 25% more gallons of fuel to our customers than last year, and I am particularly proud that we accomplished our goal of building the first 70 LNG fueling stations along America’s Natural Gas Highway. We believe all of this has positioned the company extremely well for what should be an exciting 2013 as we grow our core businesses and more importantly, as the heavy-duty trucking industry begins to transition to natural gas in earnest.”

Adjusted EBITDA for the fourth quarter of 2012 was $(5.7) million. This compares with adjusted EBITDA of $(3.5) million in the fourth quarter of 2011. For 2012, adjusted EBITDA was $(12.3) million, compared with $3.1 million for 2011. Adjusted EBITDA is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.

Non-GAAP loss per share for the fourth quarter of 2012 was $0.23, compared with a non-GAAP loss per share for the fourth quarter of 2011 of $0.21. For 2012, non-GAAP loss per share was $0.75, compared with $0.47 per share for 2011. 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 fourth quarter of 2012 was $41.7 million, or $0.46 per share, and included a non-cash gain of $2.3 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 $5.6 million related to stock-based compensation, foreign currency losses of $0.1 million on the Company’s IMW purchase notes, a one-time charge of $14.5 million related to the impairment of the Company’s investment in The Vehicle Production Group LLC, a one-time charge of $0.6 million related to a settlement with the California Air Resource Board related to certain vehicles, and a one-time charge of $2.1 million related to the settlement with the Internal Revenue Service on certain VETC revenues. This compares with a net loss for the fourth quarter of 2011 of $20.9 million, or $0.29 per share, which included a non-cash loss of $0.4 million related to marking to market the Series I warrants, $3.4 million of non-cash stock-based compensation charges, a $3.0 million valuation allowance established on certain deferred tax assets, and foreign currency gains of $0.7 million on the Company’s IMW purchase notes.

GAAP net loss for 2012, which included a non-cash gain of $3.4 million related to the valuation of the Series I warrants, non-cash stock-based compensation charges of $22.1 million, foreign currency gains of $0.6 million on the Company’s IMW purchase notes, a one-time charge of $14.5 million related to the impairment of the Company’s investment in The Vehicle Production Group LLC, a one-time charge of $0.6 million related to a settlement with the California Air Resource Board related to certain vehicles, and a one-time charge of $2.1 million related to the settlement with the Internal Revenue Service on certain VETC revenues, was $101.3 million, or $1.16 per share. This compares with a net loss for 2011 of $47.6 million, or $0.68 per share, which included a non-cash gain for the Series I warrants of $2.7 million, non-cash stock-based compensation charges of $13.5 million, a $3.0 million valuation allowance established on certain deferred tax assets, and foreign currency losses of $0.6 million on the Company’s IMW purchase notes.

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LNG World News Staff, March 01, 2013