USA: Clean Energy Revenue Rises

Clean Energy Fuels announced operating results for the second quarter and six months ended June 30.

Gallons delivered for the second quarter of 2012 totaled 48.6 million gallons, up 24% from 39.2 million gallons delivered in the same period a year ago. For the six months ended June 30, gallons delivered totaled 92.3 million gallons, up from 74.7 million gallons for the six months ended June 30.

Revenue for the second quarter  was $69.8 million, which is up from $69.1 million in the second quarter of 2011. For the six months ended June 30, revenue totaled $143.5 million, which is up from $134.5 million a year ago. When comparing periods, the volumetric excise tax credit (VETC) revenue for the second quarter and first six months of 2012 was $0 (as the VETC expired on December 31, 2011), compared to $4.7 million and $8.9 million for the second quarter and first six months of 2011, respectively.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “I am very encouraged by the growth that we are seeing in the natural gas fueling market as a whole and feel that it is a validation of our efforts to create and expand this industry over the last 15 years. This quarter, we continued to grow our traditional core CNG markets and made steady progress in the construction of our America’s Natural Gas Highway stations. We continue to keep a close relationship with the engine manufacturers, OEM’s, and fleet customers in order to be ready as our stations continue to come on line over the remainder of 2012 and 2013.”

Adjusted EBITDA for the second quarter of 2012 was $(1.6) million. This compares with adjusted EBITDA of $0.9 million in the second quarter of 2011. For the six months ended June 30 adjusted EBITDA was $(3.6) million, compared with $4.8 million for the same period in 2011. Adjusted EBITDA is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.

Non-GAAP loss per share for the second quarter of 2012 was $0.16, compared with a non-GAAP loss per share for the second quarter of 2011 of $0.10. For the six months ended June 30 non-GAAP loss per share was $0.33, compared with $0.15 per share for the first six months of 2011. Non-GAAP earnings (loss) per share is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.

On a GAAP basis, net loss for the second quarter of 2012 was $11.3 million, and included a non-cash gain of $8.9 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 $5.8 million related to stock-based compensation, and foreign currency losses of $0.5 million on its IMW purchase notes. This compares with a net loss for the second quarter of 2011 of $5.6 million, or $0.08 per share, which included a non-cash gain of $4.8 million related to marking to market the Series I warrants, $3.6 million of non-cash stock-based compensation charges, and foreign currency gains of $0.1 million on its IMW purchase notes.

Net loss for the six month period ended June 30, which included a non-cash charge of $4.6 million related to the valuation of the Series I warrants, non-cash stock-based compensation charges of $10.4 million, and foreign currency losses of $0.1 million on its IMW purchase notes, was $43.2 million. This compares with a net loss for the six months ended June 30, 2011 of $15.4 million, which included a non-cash gain for the Series I warrants of $1.5 million, non-cash stock-based compensation charges of $6.9 million, and a foreign currency gain of $0.5 million on its IMW purchase notes.

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LNG World News Staff, August 7, 2012