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Clean Energy Fuels Corp. (NASDAQ:CLNE) (the Company) today announced operating results for the second quarter and six months ended June 30, 2012.
Gallons delivered (defined below) 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, 2012, gallons delivered totaled 92.3 million gallons, up from 74.7 million gallons for the six months ended June 30, 2011.
Revenue for the second quarter ended June 30, 2012 was $69.8 million, which is up from $69.1 million in the second quarter of 2011. For the six months ended June 30, 2012, 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, 2012, 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.