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TheStreet Open House

Clean Energy Reports Gallons Delivered Rose 24% During The Second Quarter Of 2012

Stock quotes in this article: CLNE

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, September 6, 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 available on the Investor Relations section of the Company's web site at www.cleanenergyfuels.com, which will be available for replay for 30 days.

About Clean Energy Fuels

Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle fueling market. We have operations in compressed natural gas (CNG) and liquefied natural gas (LNG) vehicle fueling and construction and operation of natural gas fueling stations. Wholly-owned subsidiaries include IMW Industries, Ltd., which supplies CNG equipment for vehicle fueling and industrial applications; NorthStar, which supplies LNG and liquefied to compressed natural gas fueling system technologies and equipment, station construction and operations; BAF Technologies, which provides natural gas vehicle systems and conversions for taxis, vans, pick-up trucks and shuttle buses; and Clean Energy Renewable Fuels (CERF), which develops renewable natural gas (RNG), or biomethane, production facilities in the U.S. For more information, 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 America’s Natural Gas Highway, future growth and sales opportunities in all of the Company’s markets, which include trucking, refuse, airport, taxi and transit, and the timeliness and availability of natural gas engines and natural gas heavy-duty trucks. 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 August 6, 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

As of December 31, 2011 and June 30, 2012

(Unaudited)

(In thousands, except share data)

 

December 31, 2011

June 30, 2012

Assets
Current assets:
Cash and cash equivalents $ 238,125 $ 172,715
Restricted cash 4,792 7,067
Short-term investments 33,329 37,079
Accounts receivable, net of allowance for doubtful accounts of $712 and $859 as of December 31, 2011 and June 30, 2012, respectively 56,455 63,565
Other receivables 19,601 20,976
Inventory, net 35,287 36,470
Prepaid expenses and other current assets   14,027     15,132  
Total current assets 401,616 353,004
Land, property and equipment, net 277,334 355,017
Restricted cash 54,804 21,348
Notes receivable and other long-term assets 16,650 16,853
Investments in other entities 16,459 16,954
Goodwill 73,741 73,741
Intangible assets, net   102,103     100,749  
Total assets $ 942,707   $ 937,666  
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt and capital lease obligations $ 22,925 $ 33,784
Accounts payable 36,668 31,733
Accrued liabilities 28,255 29,151
Deferred revenue   21,267     44,389  
Total current liabilities 109,115 139,057
Long-term debt and capital lease obligations, less current portion 266,497 253,830
Other long-term liabilities   22,687     22,620  
Total liabilities 398,299 415,507
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 86,790,309 shares at December 31, 2011 and June 30, 2012, respectively 9 9
Additional paid-in capital 741,650 760,938
Accumulated deficit (199,559 ) (242,758 )
Accumulated other comprehensive loss   (1,216 )   225  
Total Clean Energy Fuels Corp. stockholders’ equity 540,884 518,414
Noncontrolling interest in subsidiary   3,524     3,745  
Total stockholders’ equity   544,408     522,159  
Total liabilities and stockholders’ equity $ 942,707   $ 937,666  
 

Clean Energy Fuels Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

For the Three Months and Six Months Ended June 30, 2011 and 2012

(Unaudited)

(In thousands, except share data)

 
 
Three Months Ended June 30, Six Months Ended June 30,
2011 2012 2011 2012
 
Revenue:
Product revenues $ 61,523 $ 57,705 $ 120,055 $ 123,481
Service revenues 7,590 12,137 14,399 19,995
Total revenues 69,113 69,842 134,454 143,476
Operating expenses:
Cost of sales:
Product cost of sales 46,888 43,691 90,737 95,593
Service cost of sales 3,536 4,839 6,690 8,823
Derivative (gains) losses:
Series I warrant valuation (4,835 ) (8,899 ) (1,535 ) 4,607
Selling, general and administrative 21,653 27,916 39,683 52,766
Depreciation and amortization 7,632 8,907 14,842 17,051
Total operating expenses 74,874 76,454 150,417 178,840
Operating loss (5,761 ) (6,612 ) (15,963 ) (35,364 )
Interest expense, net (1,506 ) (3,321 ) (2,327 ) (7,023 )
Other income (expense), net 187 (1,177 ) 788 (336 )
Income from equity method investments 164 72 375 163
Loss before income taxes (6,916 ) (11,038 ) (17,127 ) (42,560 )
Income tax benefit (expense) 1,177 (172 ) 1,912 (418 )
Net loss (5,739 ) (11,210 ) (15,215 ) (42,978 )
Loss (income) of noncontrolling interest 120 (84 ) (157 ) (221 )
Net loss attributable to Clean Energy Fuels Corp. $ (5,619 ) $ (11,294 ) $ (15,372 ) $ (43,199 )
 
Loss per share attributable to Clean Energy Fuels Corp.
Basic $ (0.08 ) $ (0.13 ) $ (0.22 ) $ (0.50 )
Diluted $ (0.08 ) $ (0.13 ) $ (0.22 ) $ (0.50 )
 
Weighted average common shares outstanding
Basic 70,302,782 86,625,655 70,199,963 86,155,678
Diluted 70,302,782 86,625,655 70,199,963 86,155,678
 

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

 
Three Months Ended

June 30,

Six Months Ended

June 30,

2011   2012   2011   2012  
Construction Revenues 5.3 7.5 11.6 20.8
Construction Cost of Sales (4.6 ) (6.6 ) (9.7 ) (19.5 )
Fuel Tax Credits 4.7 8.9
Stock Option Expense, Net of Tax Benefits (3.6 ) (5.8 ) (6.9 ) (10.4 )




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