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Clean Energy Reports Gallons Delivered Rose 24% During The Third 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 Wednesday, December 5, 2012 by dialing 1.877.870.5176 from the U.S., or 1.858.384.5517 from international locations, and entering Replay Pin Number 402479. 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 (LCNG) 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; ServoTech Engineering, which provides design and engineering services for natural gas engine systems, 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 Statements of Operations

For the Three Months and Nine Months Ended September 30, 2011 and 2012

(Unaudited)

(In thousands, except share and per share data)

 
Three Months Ended September 30, Nine Months Ended September 30,
2011   2012 2011   2012
Revenue:
Product revenues $ 64,237 $ 82,720 $ 184,292 $ 206,201
Service revenues 7,845 8,739 22,244 28,734
Total revenue 72,082 91,459 206,536 234,935
Operating expenses:
Cost of sales:
Product cost of sales 48,853 67,392 139,591 162,985
Service cost of sales 3,901 3,839 10,591 12,662
Derivative gains:
Series I warrant valuation (1,524 ) (5,692 ) (3,059 ) (1,085 )
Selling, general and administrative 20,140 30,557 59,823 83,323
Depreciation and amortization 7,554 9,047 22,396 26,098
Total operating expenses 78,924 105,143 229,342 283,983
Operating loss (6,842 ) (13,684 ) (22,806 ) (49,048 )
Interest expense, net (3,194 ) (4,314 ) (5,520 ) (11,337 )
Other income (expense), net (2,450 ) 1,914 (1,662 ) 1,578
Income from equity method investments 99 152 474 315
Loss before income taxes (12,387 ) (15,932 ) (29,514 ) (58,492 )
Income tax benefit (expense) 960 (277 ) 2,872 (695 )
Net loss (11,427 ) (16,209 ) (26,642 ) (59,187 )
Loss (income) of noncontrolling interest 73 (112 ) (84 ) (333 )

Net loss attributable to Clean Energy Fuels Corp.

$ (11,354 )   (16,321 ) $ (26,726 )   (59,520 )
Loss per share attributable to Clean Energy Fuels Corp.
Basic $ (0.16 )   (0.19 ) $ (0.38 )   (0.69 )
Diluted $ (0.16 )   (0.19 ) $ (0.38 )   (0.69 )
Weighted average common shares outstanding
Basic 70,364,202 87,006,024 70,255,311 86,441,196
Diluted 70,364,202 87,006,024 70,255,311 86,441,196
 
 
       

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

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2011

   

2012

2011

   

2012

Construction Revenues 8.5 30.2 20.1 51.0
Construction Cost of Sales (7.6 ) (27.9 ) (17.3 ) (47.4 )
Fuel Tax Credits 4.5 13.4
Stock-based Compensation Expense, Net of Tax Benefits (3.2 ) (6.0 ) (10.1 ) (16.5 )
 




Stock quotes in this article: CLNE 

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