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Clean Energy Reports Gallons Delivered Rose 23% During The First Quarter Of 2012

Today’s Conference Call

The Company will host an investor conference call today at 4:30 p.m. Eastern time (1:30 p.m. Pacific). Investors interested in participating in the live call can dial 1.877.407.4018 from the U.S. and international callers can dial 1.201.689.8471. A telephone replay will be available approximately two hours after the call concludes through Thursday, June 7, 2012 by dialing 1.877.870.5176 from the U.S., or 1.858.384.5517 from international locations, and entering Replay Pin Number 392543. There also will be a simultaneous, live webcast with accompanying investor slides available on the Investor Relations section of the Company's web site at http://investors.cleanenergyfuels.com/index.cfm, which will be available for replay for 30 days.

About Clean Energy Fuels Corp.

Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and is a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, RNG production, vehicle conversion and compressor technology. Today Clean Energy fuels over 25,680 vehicles at 298 strategic locations across the U.S. and Canada with a broad customer base in the refuse, transit, trucking, shuttle, taxi, airport and municipal fleet markets. The Company is building “America’s Natural Gas Highway,” a network comprised initially of approximately 150 LNG truck fueling stations connecting major freight trucking corridors across the country. Clean Energy del Peru, a joint venture that Clean Energy has 49% ownership of, fuels vehicles and provides CNG to commercial customers in Peru. Clean Energy owns (70%) and operates a landfill gas facility in Dallas that produces RNG for delivery in the nation's gas pipeline network, and is building a second facility in Canton, Michigan. The Company owns and operates LNG production plants in Willis, Texas and Boron, California with combined capacity of 260,000 LNG gallons per day and that are designed to expand to 340,000 LNG gallons per day as demand increases. Wholly owned subsidiaries include: NorthStar, the recognized leader in LNG/LCNG (liquefied to compressed natural gas) fueling system technologies and station construction and operations; BAF Technologies, Inc., a leading provider of natural gas vehicle systems and conversions for taxis, vans, pick-up trucks and shuttle buses, and Canadian-based I.M.W. Industries, Ltd., a leading supplier of compressed natural gas equipment for vehicle fueling and industrial applications that has more than 1,400 installations in 26 countries. For more information about Clean Energy and its subsidiaries visit: www.cleanenergyfuels.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, such as statements regarding fuel cost savings and environmental benefits driving the transition to natural gas fueling for transportation in America, the completion of America’s Natural Gas Highway, and anticipated significant volume expansion in 2013 and beyond. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to, changes in the prices of natural gas relative to gasoline and diesel, the Company’s failure to recognize the anticipated benefits of building America’s Natural Gas Highway, the availability and deployment of, as well as the demand for, natural gas engines that are well-suited for the U.S. long-haul, heavy-duty truck market, future availability of equity or debt financing needed to fund the growth of the Company’s business, the Company’s ability to source and supply sufficient LNG to meet the needs of its business, the Company’s ability to efficiently manage its growth and retain and hire key personnel, the acceptance of natural gas vehicles in the Company’s markets, the availability of natural gas vehicles, relaxation or waiver of fuel emission standards, the Company’s ability to compete successfully, the Company’s failure to manage risks and uncertainties related its international operations, construction and permitting delays at station construction projects, the Company’s ability to integrate acquisitions, the availability of tax and related government incentives for natural gas fueling and vehicles, compliance with governmental regulations and the Company’s ability to manage and grow its RNG business. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Additionally, the Company's Form 10-Q filed on May 7, 2012 with the SEC ( www.sec.gov) contains risk factors that may cause actual results to differ materially from the forward-looking statements contained in this press release.

Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
December 31, 2011 and March 31, 2012 (Unaudited)
(In thousands, except share data)
   

December 31, 2011

March 31, 2012
Assets
Current assets:
Cash and cash equivalents $238,125 $190,666
Restricted cash 4,792 8,450
Short-term investments 33,329 37,893
Accounts receivable, net of allowance for doubtful accounts of $712 and $666 as of December 31, 2011 and March 31, 2012, respectively 56,455 61,161
Other receivables 19,601 17,036
Inventory, net 35,287 38,536
Prepaid expenses and other current assets 14,027 13,966
Total current assets 401,616 367,708
Land, property and equipment, net 277,334 309,939
Restricted cash 54,804 41,512
Notes receivable and other long-term assets 16,650 17,689
Investments in other entities 16,459 16,954
Goodwill 73,741 73,741
Intangible assets, net 102,103 99,732
Total assets $942,707 $927,275
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt and capital lease obligations $22,925 $30,837
Accounts payable 36,668 28,097
Accrued liabilities 28,255 30,080
Deferred revenue 21,267 25,948
Total current liabilities 109,115 114,962
Long-term debt and capital lease obligations, less current portion 266,497 254,949
Other long-term liabilities 22,687 33,831
Total liabilities 398,299 403,742
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value. Authorized 1,000,000 shares; issued and outstanding no shares
Common stock, $0.0001 par value. Authorized 149,000,000 shares; issued and outstanding 85,433,258 shares and 86,329,061 shares at December 31, 2011 and March 31, 2012, respectively 9 9
Additional paid-in capital 741,650 752,276
Accumulated deficit (199,559) (231,464)
Accumulated other comprehensive income (loss) (1,216) (950)
Total Clean Energy Fuels Corp. stockholders’ equity 540,884 519,871
Noncontrolling interest in subsidiary 3,524 3,662
Total stockholders’ equity 544,408 523,533
Total liabilities and stockholders’ equity $942,707 $927,275
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three Months Ended
March 31, 2011 and 2012 (Unaudited)
(In thousands, except share data)
 
Three Months Ended March 31,
2011 2012
 
Revenue:
Product revenues $ 58,532 $ 65,776
Service revenues 6,809 7,858
Total revenues 65,341 73,634
 
Operating expenses:
Cost of sales:
Product cost of sales 43,850 51,902
Service cost of sales 3,154 3,984
Derivative (gains) losses:
Series I warrant valuation 3,300 13,506
Selling, general and administrative 18,030 24,850
Depreciation and amortization 7,210 8,144
Total operating expenses 75,544 102,386
Operating loss (10,203 ) (28,752 )
 
Interest expense, net (820 ) (3,702 )
Other income, net 601 841
Income from equity method investments 211 91
Loss before income taxes (10,211 ) (31,522 )
Income tax (expense) benefit 735 (246 )
Net loss (9,476 ) (31,768 )
Income of noncontrolling interest (277 ) (137 )
Net loss attributable to Clean Energy Fuels Corp. $ (9,753 ) $ (31,905 )
 
Loss per share attributable to Clean Energy Fuels Corp.
Basic and diluted $ (0.14 ) $ (0.37 )
 
Weighted average common shares outstanding
Basic and diluted 70,096,000 85,677,090

Included in net loss are the following amounts (in millions):

 
Three Months Ended

March 31,

2011 2012
Construction Revenues 6.3 13.3
Construction Cost of Sales (5.1) (12.9)
Fuel Tax Credits 4.2
Stock Option Expense, Net of Tax Benefits (3.4) (4.7)




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