Clean Energy Fuels Corp. (NASDAQ: CLNE) (Clean Energy or the Company) today announced operating results for the first quarter ended March 31, 2014.
Gallons delivered (defined below) for the first quarter of 2014 totaled 59.3 million gallons, compared to 49.9 million gallons delivered in the same period a year ago. Gallons delivered were up 24% for the first quarter of 2014 when excluding 2.2 million gallons delivered in the first quarter of 2013 by the Company’s Peruvian joint venture, which was sold in March of 2013.
Revenue for the first quarter ended March 31, 2014 was $95.3 million, which was up from $93.0 million for the first quarter of 2013. Excluding the VETC revenue in the first quarter of 2013, revenue increased 43% between periods. When comparing periods, note that the Company recognized revenue attributable to the volumetric excise tax credit (VETC) of $26.2 million in the quarter ended March 31, 2013, but did not recognize any revenue attributable to VETC in the first quarter of 2014 as the legislation under which the Company received such revenue expired on December 31, 2013.
Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer, stated “We believe our years of experience and leadership position in established markets like refuse and transit are positioning us extremely well to capitalize on the young, but significant opportunity in the heavy-duty truck market. Opening stations and adding incremental volume to existing stations are top priorities for our company and we continue to make significant progress toward those goals.”
Adjusted EBITDA for the first quarter of 2014 was $(6.8) million. This compares with adjusted EBITDA of $20.0 million in the first quarter of 2013. Adjusted EBITDA in the first quarter of 2013 included $26.2 million of VETC revenue. Adjusted EBITDA is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.