Clean Energy Fuels Corp. announced operating results for the first quarter ended March 31, 2011.
Revenue for the first quarter ended March 31, 2011 rose 67% to $65.3 million, up from $39.0 million for the first quarter of 2010.
Gasoline gallon equivalents (gallons) delivered for the first quarter of 2011, which includes compressed natural gas (CNG), liquefied natural gas (LNG), biomethane and the gallons associated with providing operations & maintenance services, totaled 35.5 million gallons, up from 28.6 million gallons delivered in the same period a year ago.
Adjusted EBITDA for the first quarter of 2011 was $3.9 million. This compares with adjusted EBITDA of $1.0 million in the first quarter of 2010. When comparing periods, the volumetric excise tax credit (VETC) revenue for the first quarter of 2011 was $4.2 million, compared to $0 for the first quarter of 2010. The VETC expired in December 2009, and was subsequently reinstated in the fourth quarter of 2010, when it was made retroactive to January 1, 2010. Accordingly, the Company recorded $3.6 million of VETC revenue in the fourth quarter of 2010 that applied to the first quarter of 2010. Adjusted EBITDA is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.
Non-GAAP loss per share for the first quarter of 2011 was $0.05, compared with a non-GAAP loss per share for the first quarter of 2010 of $0.07. Non-GAAP earnings (loss) per share is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.
Net loss for the first quarter of 2011 was $9.8 million, or $0.14 per share, and included a non-cash charge of $3.3 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market, and a non-cash charge of $3.4 million related to stock-based compensation. This compared with a net loss for the first quarter of 2010 of $24.4 million, or $0.41 per share, which included a non-cash charge of $18.6 million related to marking to market the Series I warrants, $3.0 million of non-cash stock-based compensation charges and an alternative minimum tax (AMT) refund of $1.3 million recorded in the first quarter of 2010.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer , stated, “ We believe the prospects for our growth are greater than ever. We are seeing a number of indications of accelerating adoption rates for natural gas vehicles in the heavy-duty sector where major trucking companies operate fleets with high volume fuel usage. Dillon Transport’s shift to LNG-powered trucks for transport of raw materials for Owens-Corning, the UPS decision to work with us to fuel their fleet of LNG-fueled trucks in the Las Vegas to California corridor, and Fair Oaks Dairy’s move to LNG for its 24/7 fleet that serves Kroger stores are just a few recent examples of the adoption of natural gas fueling for heavy duty trucking. We plan to continue our focus on developing a national LNG fueling corridor to support natural gas truck deployment by regional and national fleet operators. Meanwhile, the growth in the adoption in our traditional markets continues as operators of refuse, transit, shuttle, taxi, airport and municipal fleets expand their use of CNG after seeing compelling economic and environmental benefits. ”
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Source: Clean Energy, May 10, 2011;