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Clean Energy Reports Gallons Delivered Rose 17% During The Third Quarter Of 2013

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 Saturday, December 7, 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 13572489. 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 growth in the natural gas fuels market, the benefits of the Company’s strategic alliance with GE Capital to help offset the incremental cost of natural gas trucks, 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 November 7, 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 September 30, 2013
(Unaudited)
(In thousands, except share data)
 
  December 31, September 30,
2012 2013
Assets
Current assets:
Cash and cash equivalents $ 108,522 $ 352,136
Restricted cash 8,445 10,632
Short-term investments 38,175 54,307
Accounts receivable, net of allowance for doubtful accounts of $905 and $768 as of December 31, 2012 and September 30, 2013, respectively 57,594 56,259
Other receivables 17,808 27,685
Inventory, net 38,152 39,720
Prepaid expenses and other current assets 16,002 17,402  
Total current assets 284,698 558,141
Land, property and equipment, net 428,177 468,224
Restricted cash 13,208 564
Notes receivable and other long-term assets 71,389 75,918
Investments in other entities 2,581

Goodwill 75,865 90,031
Intangible assets, net 99,282 83,706  
Total assets $ 975,200 $ 1,276,584  
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt and capital lease obligations $ 30,389 $ 25,797
Accounts payable 39,216 30,861
Accrued liabilities 30,794 49,957
Deferred revenue 13,521 13,501  
Total current liabilities 113,920 120,116
Long-term debt and capital lease obligations, less current portion 300,636

529,424

Long-term debt, related party

65,000

Other long-term liabilities 14,014 14,061  
Total liabilities 428,570 728,601
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 89,355,397 shares at December 31, 2012 and September 30, 2013, respectively 9 9
Additional paid-in capital 837,367 877,351
Accumulated deficit (300,814 ) (335,464 )
Accumulated other comprehensive income 6,151 2,158  
Total Clean Energy Fuels Corp. stockholders’ equity 542,713 544,054
Noncontrolling interest in subsidiary 3,917 3,929  
Total stockholders’ equity 546,630 547,983  
Total liabilities and stockholders’ equity $ 975,200 $ 1,276,584  
 
 
Clean Energy Fuels Corp. and Subsidiaries
Condensed Consolidated Statements of Operations
For the Three Months and Nine Months Ended September 30, 2012 and 2013
(Unaudited)
(In thousands, except share and per share data)
 
  Three Months Ended   Nine Months Ended
September 30, September 30,
2012   2013 2012   2013
Revenue:
Product revenues $ 82,720 $ 75,389 $ 206,201 $ 237,247
Service revenues   8,739     10,932   28,734   30,233  
Total revenues 91,459 86,321 234,935 267,480
Operating expenses:
Cost of sales:
Product cost of sales 67,392 51,941 162,985 157,680
Service cost of sales 3,839 2,866 12,662 9,809
Derivative gains:
Series I warrant valuation (5,692 ) (1,366 ) (1,085 ) (861 )
Selling, general and administrative 30,557 33,511 83,323 101,574
Depreciation and amortization   9,047     10,924   26,098   31,859  
Total operating expenses   105,143     97,876   283,983   300,061  
Operating loss (13,684 ) (11,555 ) (49,048 ) (32,581 )
Interest expense, net (4,314 ) (7,418 ) (11,337 ) (18,771 )
Other income (expense), net 1,914 736 1,578 (757 )
Income (loss) from equity method investment 152 315 (76 )
Gain from sale of equity method investment 4,705
Gain from sale of subsidiary           15,498  
Loss before income taxes (15,932 ) (18,237 ) (58,492 ) (31,982 )
Income tax expense   (277 )   (558 ) (695 ) (2,656 )
Net loss (16,209 ) (18,795 ) (59,187 ) (34,638 )
Income of noncontrolling interest   (112 )   (41 ) (333 ) (12 )
Net loss attributable to Clean Energy Fuels Corp. $ (16,321 ) $ (18,836 ) $ (59,520 ) $ (34,650 )
Loss per share attributable to Clean Energy Fuels Corp.:
Basic $ (0.19 ) $ (0.20 ) $ (0.69 ) $ (0.37 )
Diluted $ (0.19 ) $ (0.20 ) $ (0.69 ) $ (0.37 )
Weighted-average common shares outstanding:
Basic   87,006,024     94,338,525   86,441,196   93,823,223  
Diluted   87,006,024     94,338,525   86,441,196   93,823,223  
 

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

 
  Three Months Ended   Nine Months Ended
Sept. 30, Sept. 30,
2012   2013 2012   2013
Construction Revenues $ 31.0 $ 5.2 $ 53.6 $ 20.2
Construction Cost of Sales (28.4 ) (3.9 ) (49.5 ) (16.6 )
Fuel Tax Credits 6.0 38.1
Stock-based Compensation Expense, Net of Tax Benefits (6.0 ) (5.7 ) (16.5 ) (17.3 )
 




Stock quotes in this article: CLNE 

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