Clean Energy (CLNE)

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Clean Energy Reports 75.2 Million Gallons Delivered and Revenue of $85.8 Million for First Quarter of 2015

http://www.streetinsider.com/Press+Releases/Clean+Energy+Reports+75.2+Million+Gallons+Delivered+and+Revenue+of+%2485.8+Million+for+First+Quarter+of+2015/10546414.html

NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- Clean Energy Fuels Corp. (NASDAQ: CLNE) (Clean Energy or the Company) today announced operating results for the first quarter ended March 31, 2015.

Gallons delivered (defined below) for the first quarter of 2015 increased 27% to 75.2 million gallons, compared to 59.3 million gallons delivered in the same period a year ago. CNG, LNG and RNG gallons delivered were 52.4 million, 18.3 million and 4.5 million, respectively, for the first quarter of 2015, compared to 39.4 million, 16.7 million and 3.2 million, respectively, in the same period of 2014.

Revenue for the first quarter of 2015 was $85.8 million, a decrease of 10% compared to $95.3 million for the first quarter of 2014. Construction revenue in the first quarter of 2015 was $9.8 million less than construction revenue in the first quarter of 2014, principally due to timing of revenue recognition on construction projects in-process as of March 31, 2015 totaling approximately $9.1 million. Lower fuel prices which were driven by lower natural gas commodity costs reduced revenue by approximately $3.7 million in the first quarter of 2015 compared to the same period in 2014. Revenue for IMW Industries, Ltd. (IMW), Clean Energy’s compressor manufacturing subsidiary, was lower by $7.9 million when compared to the same period in 2014 due to anticipated effects of the soft global oil market and changes in customer mix. Revenue related to gallons delivered increased by $8.4 million comparing the first quarter of 2015 to the first quarter of 2014.

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated, “I’m pleased with the progress we are making to drive volume growth across our different market sectors. While gasoline and diesel prices declined, so did our commodity cost, and our margins increased despite the depressed oil market. We continue to open new stations in our national network and sign up fleet customers across the country that will enjoy the environmental and economic benefits associated with natural gas vehicle fuel. Additionally, our new virtual CNG pipeline business, NG Advantage, has made strong progress including their recent contract announcement with International Paper, and we look to expand that business as new opportunities emerge.”

Adjusted EBITDA for the first quarter of 2015 totaled $(5.6) million. This compares to Adjusted EBITDA of $(6.8) million in the first quarter of 2014. 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 first quarter of 2015 was $(0.32), compared with a non-GAAP loss per share for the first quarter of 2014 of $(0.30). 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 first quarter of 2015 was $31.1 million, or $0.34 per share, and included a non-cash gain of $0.9 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 $2.7 million related to stock-based compensation. This compares with a net loss for the first quarter of 2014 of $28.6 million, or $0.30 per share, which included a non-cash gain of $4.5 million related to the mark-to-market accounting treatment of the Series I warrants, a non-cash charge of $3.4 million related to stock-based compensation, foreign currency losses of $0.3 million on the Company’s purchase notes issued in September 2010 in connection with the Company’s acquisition of IMW, a $0.5 million write down of the value of the Westport Innovations, Inc. shares held by the Company from the sale of its former subsidiary BAF Technologies, Inc. (WPRT Holdback Shares Write-Down), and $0.1 million in additional lease exit charges related to the move of the Company’s headquarters (HQ Lease Exit).