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TheStreet Open House

Clean Energy Reports Revenues Rose 26% During The Second Quarter Of 2013

Stocks 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 Sunday, September 8, 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 418094. 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 Fuels Corp. (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America. We build and operate compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations; manufacture CNG and LNG equipment and technologies for ourselves and other companies; and develop renewable natural gas (RNG) production facilities. 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, market acceptance of natural gas as a vehicle fuel, future growth and sales opportunities in all of the Company’s markets, which include trucking, refuse, airport, taxi and transit, the availability of natural gas engines and natural gas heavy-duty trucks, the benefits of natural gas relative to diesel and gasoline, and the recognition of revenue attributable to the VETC. 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 effectively manage its current LNG plants and the construction of new LNG plants, 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 capture a substantial share of the anticipated growth in the market for natural gas fuel and otherwise 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-Q filed on August 8, 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
 
Condensed Consolidated Balance Sheets
 
December 31, 2012 and June 30, 2013
 
(Unaudited)
 
(In thousands, except share data)
 
  December 31,   June 30,
  2012     2013  
Assets
Current assets:
Cash and cash equivalents $ 108,522 $ 86,020
Restricted cash 8,445 8,568
Short-term investments 38,175 62,238
Accounts receivable, net of allowance for doubtful accounts of $905 and $811 as of December 31, 2012 and June 30, 2013, respectively 57,594 50,535
Other receivables 17,808 30,049
Inventory, net 38,152 35,950
Prepaid expenses and other current assets   16,002     16,041  
Total current assets 284,698 289,401
Land, property and equipment, net 428,177 456,144
Restricted cash 13,208 33,378
Notes receivable and other long-term assets 71,389 70,010
Investments in other entities 2,581
Goodwill 75,865 89,086
Intangible assets, net   99,282     84,436  
Total assets $ 975,200   $ 1,022,455  
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt and capital lease obligations $ 30,389 $ 28,439
Accounts payable 39,216 22,931
Accrued liabilities 30,794 42,306
Deferred revenue   13,521     14,800  
Total current liabilities 113,920 108,476
Long-term debt and capital lease obligations, less current portion 300,636 339,691
Other long-term liabilities   14,014     15,576  
Total liabilities 428,570 463,743
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 87,634,478 shares and 89,318,022 shares at December 31, 2012 and June 30, 2013, respectively 9 9
Additional paid-in capital 837,367 871,443
Accumulated deficit (300,814 ) (316,628 )
Accumulated other comprehensive income   6,151      
Total Clean Energy Fuels Corp. stockholders’ equity 542,713 554,824
Noncontrolling interest in subsidiary   3,917     3,888  
Total stockholders’ equity   546,630     558,712  
Total liabilities and stockholders’ equity $ 975,200   $ 1,022,455  
 
Clean Energy Fuels Corp. and Subsidiaries
 
Condensed Consolidated Statements of Operations
 
For the Three Months and Six Months Ended June 30, 2012 and 2013
 
(Unaudited)
 
(In thousands, except share and per share data)
 
  Three Months Ended   Six Months Ended
June 30, June 30,
  2012       2013     2012       2013  
Revenue:
Product revenues $ 57,705 $ 78,375 $ 123,481 $ 161,858
Service revenues   12,137     9,741     19,995     19,301  
Total revenues 69,842 88,116 143,476 181,159
Operating expenses:
Cost of sales:
Product cost of sales 43,691 58,925 95,593 105,739
Service cost of sales 4,839 3,016 8,823 6,943
Derivative (gains) losses:
Series I warrant valuation (8,899 ) 39 4,607 505
Selling, general and administrative 27,916 35,187 52,766 68,063
Depreciation and amortization   8,907     10,777     17,051     20,935  
Total operating expenses   76,454     107,944     178,840     202,185  
Operating loss (6,612 ) (19,828 ) (35,364 ) (21,026 )
Interest expense, net (3,321 ) (6,282 ) (7,023 ) (11,353 )
Other expense, net (1,177 ) (1,103 ) (336 ) (1,493 )
Income (loss) from equity method investment 72 163 (76 )
Gain from sale of equity method investment 4,705
Gain from sale of subsidiary       15,498         15,498  
Loss before income taxes (11,038 ) (11,715 ) (42,560 ) (13,745 )
Income tax expense   (172 )   (293 )   (418 )   (2,098 )
Net loss (11,210 ) (12,008 ) (42,978 ) (15,843 )
Loss (income) of noncontrolling interest   (84 )   65     (221 )   29  
Net loss attributable to Clean Energy Fuels Corp. $ (11,294 ) $ (11,943 ) $ (43,199 ) $ (15,814 )
Loss per share attributable to Clean Energy Fuels Corp.:
Basic $ (0.13 ) $ (0.13 ) $ (0.50 ) $ (0.17 )
Diluted $ (0.13 ) $ (0.13 ) $ (0.50 ) $ (0.17 )
Weighted-average common shares outstanding:
Basic   86,625,655     93,985,438     86,155,678     93,561,302  
Diluted   86,625,655     93,985,438     86,155,678     93,561,302  
 

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

 
  Three Months Ended   Six Months Ended
June 30, June 30,
  2012       2013     2012       2013  
Construction Revenues $ 7.5 $ 12.1 $ 22.6 $ 15.0
Construction Cost of Sales (6.8 ) (10.0 ) (21.1 ) (12.7 )
Fuel Tax Credits 6.0 32.2
Stock-based Compensation Expense, Net of Tax Benefits (5.8 ) (5.5 ) (10.4 ) (11.7 )




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