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Clean Energy Reports Gallons Delivered Rose 25% In 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, March 28, 2013, which can be reached by dialing 1.877.870.5176 from the U.S., or 1.858.384.5517 from international locations, and entering Replay PIN Number 408656. 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, the transition of the heavy-duty trucking industry to natural gas, future growth and sales opportunities in all of the Company’s markets, which include trucking, refuse, airport, taxi and transit, the timeliness and availability of natural gas engines and natural gas heavy-duty trucks, the recognition of revenue attributable to the VETC, and the recognition of certain expenses in the future. 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 to 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-K, filed on February 28, 2013 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
Consolidated Balance Sheets
(In thousands, except share data)
 
      December 31,
2011       2012
Assets
Current assets:
Cash and cash equivalents $ 238,125 $ 108,522
Restricted cash 4,792 8,445
Short-term investments 33,329 38,175

Accounts receivable, net of allowance for doubtful accounts of $712 and $905 as of December 31, 2011and December 31, 2012, respectively

56,455 57,594
Other receivables 19,601 17,808
Inventory, net 35,287 38,152
Prepaid expenses and other current assets   22,252     16,002  
Total current assets 409,841 284,698
Land, property and equipment, net 257,463 428,177
Restricted cash 54,804 13,208
Notes receivable and other long-term assets 16,650 71,389
Investments in other entities 16,459 2,581
Goodwill 73,741 75,865
Intangible assets, net   102,103     99,282  
Total assets $ 931,061   $ 975,200  
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt and capital lease obligations $ 22,925 $ 30,389
Accounts payable 36,668 39,216
Accrued liabilities 28,255 30,794
Deferred revenue   9,621     13,521  
Total current liabilities 97,469 113,920
Long-term debt and capital lease obligations, less current portion 266,497 300,636
Other long-term liabilities   22,687     14,014  
Total liabilities 386,653 428,570
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 85,433,258shares and 87,634,478 shares at December 31, 2011 and December 31, 2012, respectively

9 9
Additional paid-in capital 741,650 837,367
Accumulated deficit (199,559 ) (300,814 )
Accumulated other comprehensive loss   (1,216 )   6,151  
Total Clean Energy Fuels Corp. stockholders’ equity. 540,884 542,713
Noncontrolling interest in subsidiary   3,524     3,917  
Total stockholders’ equity   544,408     546,630  
Total liabilities and stockholders’ equity $ 931,061   $ 975,200  
 
 
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three Months Periods and Years Ended December 31, 2011 and 2012
(In thousands, except share and per share data)
 
      Three Months Ended       Year Ended
December 31, December 31,
2011       2012 2011       2012
Revenue:
Product revenues $ 75,991 $ 87,576 $ 260,283 $ 293,777
Service revenues 10,190 11,497 32,434 40,231
Total revenue 86,181 99,073 292,717 334,008
Operating expenses:
Cost of sales:
Product cost of sales 61,317 73,486 200,908 236,471
Service cost of sales 5,185 4,551 15,776 17,213
Derivative (gains) losses:
Series I warrant valuation 404 (2,306 ) (2,655 ) (3,391 )
Selling, general and administrative 27,027 34,653 86,850 117,976
Depreciation and amortization 8,010 10,163 30,406 36,261
Total operating expenses 101,943 120,547 331,285 404,530
Operating loss (15,762 ) (21,474 ) (38,568 ) (70,522 )
Interest expense, net (4,096 ) (4,732 ) (9,616 ) (16,069 )
Other income (expense), net 1,051 (342 ) (611 ) 1,236
Impairment of cost method investment (14,544 ) (14,544 )
Income from equity method investments 163 16 637 331
Loss before income taxes (18,644 ) (41,076 ) (48,158 ) (99,568 )
Income tax (expense) benefit (2,169 ) (599 ) 703 (1,294 )
Net loss (20,813 ) (41,675 ) (47,455 ) (100,862 )
Loss (income) of noncontrolling interest (94 ) (60 ) (178 ) (393 )
Net loss attributable to Clean Energy Fuels Corp. $ (20,907 ) $ (41,735 ) $ (47,633 ) $ (101,255 )
Loss per share:
Basic and diluted $ (0.29 ) $ (0.46 ) $ (0.68 ) $ (1.16 )
Weighted average common shares outstanding:
Basic and diluted 70,890,569 90,474,665 70,415,431 87,455,073
 

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

        Three Months Ended       Year
December 31, December 31,
2011       2012 2011       2012
Construction Revenues 17.1 28.9 37.2 79.9
Construction Cost of Sales (16.3 ) (27.6 ) (33.6 ) (75.0 )
Fuel Tax Credits 4.5 17.9
Stock-based Compensation Expense, Net of Tax Benefits (3.4 ) (5.6 ) (13.5 ) (22.1 )




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