Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “The natural gas fuel market is on the cusp of unprecedented levels of growth, and I am proud of Clean Energy’s role in leading the way with our expanding network of both CNG & LNG stations to meet the growing needs of our fleet customers. With the recent introduction of the 12-liter engine and our strategic alliance with GE Capital to help offset the incremental cost of natural gas trucks, the final barriers to adoption are being removed for America’s trucking fleets to take advantage of both the economic and environmental benefits of natural gas fueling.”
Adjusted EBITDA for the third quarter of 2013 was $4.2 million. This compares with adjusted EBITDA of $(3.1) million in the third quarter of 2012. For the nine months ended September 30, 2013, adjusted EBITDA was $35.4 million, compared with $(6.7) million for the same period in 2012. Adjusted EBITDA is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.
Non-GAAP loss per share for the third quarter of 2013 was $0.16, compared with a non-GAAP loss per share for the third quarter of 2012 of $0.19. For the nine months ended September 30, 2013, non-GAAP loss per share was $0.19, compared with $0.52 per share for the first nine months in 2012. Non-GAAP loss per share is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.
On a GAAP basis, net loss for the third quarter of 2013 was $18.8 million, or $0.20 per share, and included a non-cash gain of $1.4 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market, a non-cash charge of $5.7 million related to stock-based compensation, and foreign currency gains of $0.2 million on the Company’s IMW purchase notes. This compares with a net loss for the third quarter of 2012 of $16.3 million, or $0.19 per share, which included a non-cash gain of $5.7 million related to marking to market the Series I warrants, $6.0 million of non-cash stock-based compensation charges, and foreign currency gains of $0.7 million on the IMW purchase notes.