USA: Clean Energy Reports Profit Growth

Clean Energy Fuels said its revenue for the second quarter ended June 30, 2013 was $88.1 million, which is up from $69.8 million for the second quarter of 2012.

For the six months ended June 30, 2013, revenue totaled $181.2 million, which is up from $143.5 million a year ago. When comparing periods, note that the Company recognized revenue attributable to the volumetric excise tax credit (VETC) of $6.0 million and $32.2 million in the second quarter and first six months of 2013, but did not recognize any revenue attributable to VETC in the second quarter and first six months of 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. Also during the second quarter, the Company sold its subsidiary BAF Technologies, Inc. and recognized a gain of $15.5 million on the transaction.

Gallons delivered for the second quarter of 2013 totaled 52.6 million gallons, up 8% from 48.6 million gallons delivered in the same period a year ago. Gallons delivered were up 13% for the second quarter of 2013 when excluding 2.1 million gallons delivered in the second quarter of 2012 by the Company’s Peruvian joint venture, which was sold in March of 2013. For the six months ended June 30, 2013, gallons delivered totaled 102.5 million gallons, up from 92.3 million gallons for the six months ended June 30, 2012.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “I am very encouraged by the significant development that has taken place over the first half of the year in both our core markets as well as in the long-haul trucking market’s transition to natural gas. The 12-liter natural gas engines have been well received by the early adopters and shippers are now starting to request that their contract carriers make the switch to natural gas. Clean Energy’s investment in ‘America’s Natural Gas Highway’ has laid the foundation to enable this transition to natural gas fueled trucking throughout the country.”

Adjusted EBITDA for the second quarter of 2013 was $11.1 million. This compares with adjusted EBITDA of $(1.6) million in the second quarter of 2012. For the six months ended June 30, 2013, adjusted EBITDA was $31.2 million, compared with $(3.6) million for the same period in 2012. 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 second quarter of 2013 was $0.07, compared with a non-GAAP loss per share for the second quarter of 2012 of $0.16. For the six months ended June 30, 2013, non-GAAP loss per share was $0.03, compared with $0.33 per share for the first six months in 2012. 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 second quarter of 2013 was $11.9 million, or $0.13 per share, and included a non-cash loss of $40,000 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 $5.5 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 second quarter of 2012 of $11.3 million, or $0.13 per share, which included a non-cash gain of $8.9 million related to marking to market the Series I warrants, $5.8 million of non-cash stock-based compensation charges, and foreign currency losses of $0.5 million on the IMW purchase notes.

Net loss for the six month period ended June 30, 2013, which included a non-cash charge of $0.5 million related to the valuation of the Series I warrants, non-cash stock-based compensation charges of $11.7 million, and foreign currency losses of $0.4 million on its IMW purchase notes, was $15.8 million, or $0.17 per share. This compares with a net loss in the six months ended June 30, 2012 of $43.2 million, or $0.50 per share, which included a non-cash charge for the Series I warrants of $4.6 million, non-cash stock-based compensation charges of $10.4 million, and foreign currency losses of $0.1 million on its IMW purchase notes.

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LNG World News Staff, August 9, 2013