Clean Energy Fuels Corp. (NASDAQ: CLNE) today announced its
operating results for the quarter ended March 31, 2009.
Gasoline gallon equivalents (Gallons) delivered during the first
quarter of 2009 totaled 18.3 million. This compares with 17.6
million Gallons in the same period a year ago. Gasoline gallon
equivalents include the Company�s sales of CNG, LNG, and biomethane
and the Gallons associated with providing operations and
maintenance services.
Revenue for the quarter ended March 31, 2009 was $30.2 million,
compared with $29.9 million in the same period in 2008.
Gross margins increased to $8.6 million, which is up from $7.5
million in the first quarter of 2008.
Net loss for the first quarter of 2009 was $6.5 million, or
$0.13 per share, compared with a net loss of $5.4 million, or $0.12
per share, in the first quarter of 2008.
Non-GAAP loss per share for the first quarter of 2009, which
excludes employee-related stock based compensation charges and the
mark-to-market loss on the Company�s Series I warrants, was $0.06.
This compares with non-GAAP loss per share of $0.07 in the first
quarter of 2008.
Andrew J. Littlefair, Clean Energy�s President and Chief
Executive Officer, stated, �We are seeing positive momentum for the
natural gas industry. Despite the pressures of a weak economy, we
continue to win contracts to build new stations and serve a growing
number of natural gas fleets. Our new contracts also reflect
geographic expansion that bodes well for our long-term success.
�We also look forward to the outcome of the Bill (H.R. 1835)
that was introduced into the House in early April. Named the New
Alternative Transportation to Give Americans Solutions Act, or NAT
GAS Act, it is intended to create and expand incentives that will
advance the use of natural gas as a primary transportation fuel.
From local to federal levels, we expect current and new incentives
will broaden public awareness of the benefits of natural gas and
will drive demand for natural gas vehicles nationwide.�
Non-GAAP Financial Measures
To supplement the Company�s consolidated financial statements,
which statements are prepared and presented in accordance with
GAAP, the Company uses a non-GAAP financial measure called non-GAAP
Earnings per Share (Non-GAAP EPS).
The Company uses this non-GAAP financial measure for financial
and operational decision making and as a means to evaluate
period-to-period comparisons. Management believes that this
non-GAAP financial measure provides meaningful supplemental
information regarding the Company's performance by excluding
certain expenses that may not be indicative of our core business
operating results and may help in comparing our current-period
results with those of prior periods. Management believes that they
and investors benefit from referring to this non-GAAP financial
measure in assessing Company performance and when planning,
forecasting and analyzing future periods. Management believes this
non-GAAP financial measure is useful to investors because (1) it
allows for greater transparency with respect to key metrics used by
management in its financial and operational decision making and (2)
it is used by institutional investors and the analyst community to
help them analyze the results of Clean Energy's business.
The material limitations of Non-GAAP EPS are as follows:
Non-GAAP EPS is not a recognized term under GAAP and does not
purport to be an alternative to earnings per share as an indicator
of operating performance or any other GAAP measure. Moreover,
because not all companies use identical measures and calculations,
the presentation of Non-GAAP EPS may not be comparable to other
similarly-titled measures of other companies. These limitations are
compensated for by using Non-GAAP EPS in conjunction with
traditional GAAP operating performance and cash flow measures.
Non-GAAP EPS
Non-GAAP EPS is defined as net income (loss), plus
employee-related stock based compensation charges, net of related
tax benefits, plus or minus any mark-to-market losses or gains on
the Company�s Series I warrants, plus significant expenses not
expected to recur in the foreseeable future, the total of which is
divided by the Company's weighted average shares outstanding on a
diluted basis. For future quarters, we may add back other
non-recurring significant expenditures or other significant
non-cash charges we incur to calculate our Non-GAAP EPS. As it
relates to stock-based compensation, because of varying available
valuation methodologies, the volatility of the expense depending on
market forces outside of management's control, subjective
assumptions and the variety of award types that companies can use
under FAS 123R, the Company's management believes that providing
Non-GAAP EPS excluding these charges provides helpful information
for investors when evaluating the Company's operating results
(excluding the impact of these non-cash charges) over different
periods of time. The Company also believes excluding significant
items not expected to recur in the foreseeable future and
significant non-cash gains or losses provides investors with
helpful information when assessing the Company's underlying
financial performance.
There are a number of limitations related to the use of Non-GAAP
EPS versus EPS calculated in accordance with GAAP. First, non-GAAP
EPS excludes stock-based compensation expenses that are recurring.
Stock-based expenses have been and will continue to be for the
foreseeable future a significant recurring expense in the Company's
business. Second, stock-based awards are an important part of the
Company's employees' compensation and impact their performance.
Finally, the components of the costs that the Company excludes in
its calculation of Non-GAAP EPS may differ from the components that
its peer companies exclude when they report their results of
operations. These limitations are compensated for by using non-GAAP
EPS in conjunction with traditional GAAP EPS and other GAAP
profitability measures. Management does not recommend placing undue
reliance on this non-GAAP measure.
The table below shows Non-GAAP EPS and also reconciles these
figures to the GAAP measure net income (loss):
�
Three Months Ended March 31, �
2008 � � �
2009 �
Net Income (Loss) $ (5,428,699 ) � $
(6,494,047 ) Employee Stock Based Compensation, Net of Tax Benefits
2,498,436 3,513,822 Mark-to-Market Loss on Series I Warrants � � �
� � 176,767 � Adjusted Net Income (Loss)
(2,930,263
) (2,803,458 ) Diluted Weighted Average Common Shares Outstanding
44,282,492 50,238,212
Non-GAAP Earnings (Loss) Per Share $
(0.07 ) $ (0.06 )
Conference Call
The Company will host an investor conference call today at 5:00
p.m. Eastern (2:00 p.m. Pacific). The live call can be accessed
from the U.S. by dialing (877) 407-4018, or by dialing (201)
689-8471 from outside the U.S. A telephone replay will be available
approximately two hours after the call concludes and will be
available through Thursday, May 21, 2009 by dialing (877) 660-6853
from the U.S., or (201) 612-7415 from international locations, and
entering account number 3055 and conference ID number 321805.
There also will be a simultaneous webcast available on the
Investor Relations section of the Company's web site at
www.cleanenergyfuels.com, which will be archived on the Company�s
web site for 30 days.
About Clean Energy
Clean Energy is the leading provider of natural gas (CNG and
LNG) for transportation in North America. It has a broad customer
base in the refuse, transit, ports, shuttle, taxi, trucking,
airport and municipal fleet markets, fueling more than 15,000
vehicles at 173 strategic locations across the United States and
Canada. Clean Energy owns and operates two LNG production plants,
one in Willis, Texas, and one in Boron, Calif., with combined
capacity of 260,000 LNG Gallons per day and designed to expand to
340,000 LNG Gallons per day as demand increases. It also owns and
operates a landfill gas processing facility in Dallas that produces
renewable biomethane gas for delivery in the nation's gas pipeline
network. Please 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
the demand for products and services, primarily being the sale of
CNG and LNG, the Company�s ability to fund future capital
expenditures, the outcome of the NAT GAS Act and any impact of
federal, state, or local legislation on the Company�s business and
our ability to continue to grow our business. 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 acceptance of natural gas
vehicles in fleet markets, the availability of natural gas
vehicles, difficulties expanding operations outside the United
States and Canada, the progress of the clean air plans at the Ports
of Los Angeles and Long Beach, relaxation or waiver of fuel
emission standards, the inability of fleets to access capital to
purchase natural gas vehicles, the ability to raise capital through
debt or equity offerings, the unpredictability of the legislative
process and the development of competing technologies that are
perceived to be cleaner and more cost-effective than natural gas.
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-K filed on March 16, 2009
and Prospectus Supplement filed on October 29, 2008 with the SEC
(www.sec.gov) contain risk factors which 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, 2008 and March 31,
2009
Unaudited
� �
December 31,
2008
�
March 31,
2009
�
Assets Current assets: Cash and cash equivalents $
36,284,431 $ 30,920,390 Restricted cash 2,500,000 2,500,000
Accounts receivable, net of allowance for doubtful accounts of
$657,734 and $680,016 as of December 31, 2008 and March 31, 2009,
respectively 10,530,638 10,265,201 Other receivables 12,995,507
13,040,766 Inventory, net 3,110,731 2,936,078 Deposits on LNG
trucks 6,197,746 3,841,983 Prepaid expenses and other current
assets � 3,542,387 � � 3,875,805 � Total current assets 75,161,440
67,380,223 � Land, property and equipment, net 160,593,665
160,921,254 Capital lease receivables 364,500 2,264,750 Notes
receivable and other long-term assets 7,176,755 8,208,193
Investments in other entities 4,879,604 5,244,842 Goodwill
20,797,878 20,797,878 Intangible assets, net of accumulated
amortization � 21,400,558 � � 21,045,517 � Total assets $
290,374,400 � $ 285,862,657 � �
Liabilities and Stockholders�
Equity Current liabilities: Current portion of long-term debt
and capital lease obligations $ 2,232,875 $ 2,858,363 Accounts
payable 14,276,591 10,413,044 Accrued liabilities 10,253,454
10,012,354 Deferred revenue � 1,060,582 � � 913,306 � Total current
liabilities 27,823,502 24,197,067 � Long-term debt and capital
lease obligations, less current portion 22,850,927 24,925,508 Other
long-term liabilities �
2,297,446
� � 15,108,888 � Total liabilities
52,971,875
64,231,463 � 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 99,000,000 shares; issued and outstanding 50,238,212
shares and 50,238,212 shares at December 31, 2008 and March 31,
2009, respectively
5,024 5,024 Additional paid-in capital
346,466,999
340,219,236 Accumulated deficit
(113,549,257
) (122,655,457 ) Accumulated other comprehensive income � 853,837 �
� 822,383 � Total stockholders� equity of Clean Energy Fuels Corp.
233,776,603
218,391,186 Noncontrolling interest in subsidiary � 3,625,922 � �
3,240,008 � Total stockholders� equity �
237,402,525
� � 221,631,194 � Total liabilities and stockholders� equity $
290,374,400 � $ 285,862,657 �
Clean Energy Fuels Corp. and
Subsidiaries
Condensed Consolidated
Statements of Operations
For the Three Months
Ended
March 31, 2008 and 2009
Unaudited
� �
Three Months Ended
March 31,
�
2008 � � �
2009 � � Revenue: Product revenues $
28,960,706 $ 28,382,281 Service revenues � 986,651 � � 1,865,863 �
Total revenues 29,947,357 30,248,144 � Operating expenses: Cost of
sales: Product cost of sales 22,161,597 21,251,866 Service cost of
sales 252,079 392,383 Derivative (gain) loss � 176,767 Selling,
general and administrative 11,587,718 11,565,989 Depreciation and
amortization � 2,063,421 � � 3,617,053 � Total operating expenses �
36,064,815 � � 37,004,058 � Operating loss (6,117,458 ) (6,755,914
) � Interest income (expense), net 839,216 (32,538 ) Other income
(expense), net 38,356 (40,186 ) Equity in gains (losses) of equity
method investee � (145,046 ) � 16,564 � Loss before income taxes
(5,384,932 ) (6,812,074 ) Income tax expense � (43,767 ) � (67,887
) Net loss (5,428,699 ) (6,879,961 ) Noncontrolling interest in net
income � � � � 385,914 � Net loss attributable to Clean Energy
Fuels Corp. $ (5,428,699 ) $ (6,494,047 ) � Loss per share
attributable to Clean Energy Fuels Corp. Basic $ (0.12 ) $ (0.13 )
Diluted $ (0.12 ) $ (0.13 ) � Weighted average common shares
outstanding Basic � 44,282,492 � � 50,238,212 � Diluted �
44,282,492 � � 50,238,212 � �
Included in net loss are the
following amounts (in millions):
�
�
Three Months Ended
March 31,
�
2008 � � �
2009 � Construction Revenues � 5.1
Construction Cost of Sales � (4.6) Fuel Tax Credits 4.7 4.1 Stock
Option Expense, Net of Tax Benefits (2.5) (3.5)
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Clean Energy Fuels (NASDAQ:CLNE)
Historical Stock Chart
From Jul 2023 to Jul 2024