Clean Energy Fuels Corp. (NASDAQ: CLNE) (Clean Energy or the Company) today announced operating results for the third quarter and nine months ended September 30, 2012.
Gallons delivered (defined below) for the third quarter of 2012 totaled 50.9 million gallons, up 24% from 40.9 million gallons delivered in the same period a year ago. For the nine months ended September 30, 2012, gallons delivered totaled 143.2 million gallons, up from 115.6 million gallons for the nine months ended September 30, 2011.
Revenue for the third quarter ended September 30, 2012 was $91.5 million, which is up from $72.1 million in the third quarter of 2011. For the nine months ended September 30, 2012, revenue totaled $234.9 million, which is up from $206.5 million a year ago. When comparing periods, the volumetric excise tax credit (VETC) revenue for the third quarter and first nine months of 2012 was $0 (as the VETC expired on December 31, 2011), compared to $4.5 million and $13.4 million for the third quarter and first nine months of 2011, respectively.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “I am very pleased that we were able to deliver a record level of gallons this quarter and feel that it is a testament to the continued growth of the industry. We have made significant progress with the construction of America’s Natural Gas Highway and feel that we will have the necessary infrastructure in place to support the transition of the heavy-duty trucking market when the desired engine technology becomes commercially available in the first half of next year.“
Adjusted EBITDA for the third quarter of 2012 was $(3.1) million. This compares with adjusted EBITDA of $1.8 million in the third quarter of 2011. For the nine months ended September 30, 2012, adjusted EBITDA was $(6.7) million, compared with $6.6 million for the same period in 2011. Adjusted EBITDA is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.