Clean Energy Q3 Revenue Climbs, USA

Clean Energy Fuels announced operating results for the third quarter and nine months ended September 30.

Gallons delivered  for the third quarter of 2012 totaled 50.9 million gallons, up 24% from 40.9 million gallons delivered in the same period a year ago. For the nine months ended September 30, 2012, gallons delivered totaled 143.2 million gallons, up from 115.6 million gallons for the nine months ended September 30, 2011.

Revenue for the third quarter ended September 30, 2012 was $91.5 million, which is up from $72.1 million in the third quarter of 2011. For the nine months ended September 30, 2012, revenue totaled $234.9 million, which is up from $206.5 million a year ago. When comparing periods, the volumetric excise tax credit (VETC) revenue for the third quarter and first nine months of 2012 was $0 (as the VETC expired on December 31, 2011), compared to $4.5 million and $13.4 million for the third quarter and first nine months of 2011, respectively.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “I am very pleased that we were able to deliver a record level of gallons this quarter and feel that it is a testament to the continued growth of the industry. We have made significant progress with the construction of America’s Natural Gas Highway and feel that we will have the necessary infrastructure in place to support the transition of the heavy-duty trucking market when the desired engine technology becomes commercially available in the first half of next year.”

Adjusted EBITDA for the third quarter of 2012 was $(3.1) million. This compares with adjusted EBITDA of $1.8 million in the third quarter of 2011. For the nine months ended September 30, 2012, adjusted EBITDA was $(6.7) million, compared with $6.6 million for the same period in 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 third quarter of 2012 was $0.19, compared with a non-GAAP loss per share for the third quarter of 2011 of $0.11. For the nine months ended September 30, 2012, non-GAAP loss per share was $0.52, compared with $0.26 per share for the first nine months of 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 third quarter of 2012 was $16.3 million, or $0.19 per share, and included a non-cash gain of $5.7 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 $6.0 million related to stock-based compensation, and foreign currency gains of $0.7 million on its IMW purchase notes. This compares with a net loss for the third quarter of 2011 of $11.4 million, or $0.16 per share, which included a non-cash gain of $1.5 million related to marking to market the Series I warrants, $3.2 million of non-cash stock-based compensation charges, and foreign currency losses of $1.7 million on its IMW purchase notes.

Net loss for the nine month period ended September 30, 2012, which included a non-cash gain of $1.1 million related to the valuation of the Series I warrants, non-cash stock-based compensation charges of $16.5 million, and foreign currency gains of $0.7 million on its IMW purchase notes, was $59.5 million, or $0.69 per share. This compares with a net loss for the nine months ended September 30, 2011 of $26.7 million, or $0.38 per share, which included a non-cash gain for the Series I warrants of $3.1 million, non-cash stock-based compensation charges of $10.1 million, and a foreign currency loss of $1.2 million on its IMW purchase notes.

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LNG World News Staff, November 6, 2012; Image: Clean Energy