Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer, stated: “2013 will go down as the year the heavy-duty trucking industry began its transition to natural gas in a meaningful way. Over the last year, we made significant strides in building out our fueling infrastructure, establishing relationships with new customers and expanding our relationships with existing customers. We believe this will enable Clean Energy to capture a substantial share of the new and large trucking market, as well as extending our existing market position in the more established natural gas markets of refuse, transit and airports.”
Adjusted EBITDA for the fourth quarter of 2013 was $(1.8) million. This compares with adjusted EBITDA of $(5.7) million in the fourth quarter of 2012. For 2013, adjusted EBITDA was $33.6 million, compared with $(12.3) million for 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 fourth quarter of 2013 was $0.25, compared with a non-GAAP loss per share for the fourth quarter of 2012 of $0.23. For 2013, non-GAAP loss per share was $0.44, compared with $0.75 per share for 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 fourth quarter of 2013 was $32.3 million, or $0.34 per share, and included a non-cash gain of $0.1 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, foreign currency losses of $0.2 million on the Company’s purchase notes issued in September 2010 in connection with the Company’s acquisition of IMW Industries, Ltd. (IMW), a $1.4 million write down of the value of the remaining shares the Company expects to receive from Westport Innovations, Inc. (Westport Holdback Shares) from the sale of BAF (WPRT Holdback Shares Write-Down), and $1.3 million in additional lease exit charges related to the move of the Company’s headquarters (HQ Lease Exit). This compares with a net loss for the fourth quarter of 2012 of $41.7 million, or $0.46 per share, which included a non-cash gain of $2.3 million related to marking to market the Series I warrants, $5.6 million of non-cash stock-based compensation charges, foreign currency losses of $0.1 million on the IMW purchase notes, a one-time charge of $14.5 million related to the impairment of the Company’s investment in The Vehicle Production Group LLC (VPG, and such impairment, VPG Investment Impairment), a one-time charge of $0.6 million related to a settlement with the California Air Resource Board (CARB) related to certain vehicles (CARB Settlement), and a one-time charge of $2.1 million related to the settlement with the Internal Revenue Service (IRS) on certain VETC revenues (IRS Settlement).