Clean Energy Reports Gallons Delivered Rose 17% During The Third Quarter of 2013


natural gas

NEWPORT BEACH, CA--November 9, 2013: Clean Energy Fuels Corp. (Clean Energy or the Company) today announced operating results for the third quarter and nine months ended September 30, 2013.

Gallons delivered (defined below) for the third quarter of 2013 totaled 56.4 million gallons, compared to 50.9 million gallons delivered in the same period a year ago. Gallons delivered were up 17% for the third quarter of 2013 when excluding 2.5 million gallons delivered in the third quarter of 2012 by the Company’s Peruvian joint venture, which was sold in March of 2013. For the nine months ended September 30, 2013, gallons delivered totaled 158.9 million gallons, up from 143.2 million gallons for the nine months ended September 30, 2012.

Revenue for the third quarter ended September 30, 2013 was $86.3 million. Revenue for the third quarter ended September 30, 2012 was $91.5 million, which included $17.6 million in construction revenue related to the sale of two large CNG stations to one transit customer. For the nine months ended September 30, 2013, revenue totaled $267.5 million, which is up from $234.9 million a year ago. Additionally, when comparing periods, note that the Company recognized revenue attributable to the volumetric excise tax credit (VETC) of $6.0 million and $38.1 million in the third quarter and first nine months of 2013, but did not recognize any revenue attributable to VETC in the third quarter and first nine 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.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “The natural gas fuel market is on the cusp of unprecedented levels of growth, and I am proud of Clean Energy’s role in leading the way with our expanding network of both CNG & LNG stations to meet the growing needs of our fleet customers. With the recent introduction of the 12-liter engine and our strategic alliance with GE Capital to help offset the incremental cost of natural gas trucks, the final barriers to adoption are being removed for America’s trucking fleets to take advantage of both the economic and environmental benefits of natural gas fueling.”

Adjusted EBITDA for the third quarter of 2013 was $4.2 million. This compares with adjusted EBITDA of $(3.1) million in the third quarter of 2012. For the nine months ended September 30, 2013, adjusted EBITDA was $35.4 million, compared with $(6.7) 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 third quarter of 2013 was $0.16, compared with a non-GAAP loss per share for the third quarter of 2012 of $0.19. For the nine months ended September 30, 2013, non-GAAP loss per share was $0.19, compared with $0.52 per share for the first nine 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 third quarter of 2013 was $18.8 million, or $0.20 per share, and included a non-cash gain of $1.4 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 $5.7 million related to stock-based compensation, and foreign currency gains of $0.2 million on the Company’s IMW purchase notes. This compares with a net loss for the third quarter of 2012 of $16.3 million, or $0.19 per share, which included a non-cash gain of $5.7 million related to marking to market the Series I warrants, $6.0 million of non-cash stock-based compensation charges, and foreign currency gains of $0.7 million on the IMW purchase notes.

Net loss for the nine month period ended September 30, 2013, which included a non-cash gain of $0.9 million related to the valuation of the Series I warrants, non-cash stock-based compensation charges of $17.3 million, and foreign currency losses of $0.3 million on its IMW purchase notes, was $34.7 million, or $0.37 per share. This compares with a net loss in the nine months ended September 30, 2012 of $59.5 million, or $0.69 per share, which included a non-cash gain for the Series I warrants of $1.1 million, non-cash stock-based compensation charges of $16.5 million, and foreign currency gains of $0.7 million on its IMW purchase notes.

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