Clean Energy Fuels Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Capex Guidance for 2014 and 2015
Oct 23 14
Clean Energy Fuels Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $103.4 million, up from $86.3 million for the third quarter of 2013. Excluding the VETC, revenue recorded in the third quarter of 2013, revenue increased 29% between periods. Adjusted LBITDA was $2.0 million compared with adjusted EBITDA of $4.2 million in the third quarter of 2013. Non-GAAP loss per share was $0.27, compared with non-GAAP loss per share for the third quarter of 2013 of $0.16. On a GAAP basis, net loss attributed to the company was $30.1 million, or $0.32 per diluted share, and included a non-cash gain of $3.3 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 $2.8 million related to stock-based compensation, a $4.7 million charge related to a mining power project in Australia where the company's IMW subsidiary incurred significant cost overruns (IMW Australia Project), and $0.1 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 third quarter of 2013 of $18.8 million, or $0.20 per diluted share, that included a non-cash gain of $1.4 million gain 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, and foreign currency gains of $0.2 million on the company's purchase notes issued in September 2010 in connection with the acquisition of the business of IMW. Adjusted net loss was $25.82 million compared to $14.67 million reported a year ago. The company reported operating loss of $17.86 million and loss before income taxes of $29.42 million compared to operating loss of $11.55 million and loss before income taxes of $18.24 million reported a year ago.
For the nine months, revenue totaled $296.8 million, up from $267.5 million a year ago. When comparing periods, note that the company recognized revenue attributable to the volumetric excise tax credit (VETC) of $6.0 million and $38.1 million in the third quarter and first nine months of 2013, but did not recognize any revenue attributable to VETC in the third quarter and first nine months of 2014, as the legislation under which the company received such revenue expired on December 31, 2013. Adjusted LBITDA was $13.5 million compared with adjusted EBITDA of $35.4 million for the same period in 2013. Non-GAAP loss per share was $0.86, compared with non-GAAP loss per share of $0.19 for the first nine months in 2013. Net loss attributable to the company was $91.0 million, or $0.96 per diluted share, which included a non-cash gain of $5.4 million related to the valuation of the Series I warrants, non-cash stock-based compensation charges of $9.2 million, foreign currency losses of $0.3 million on the IMW Purchase Notes, a $0.1 million charge from the fair value adjustment of the remaining shares the company received from Westport Innovations Inc. from the sale of its former subsidiary BAF Technologies Inc. (WPRT Holdback Shares Write-Down), a $4.7 million charge related to the IMW Australia Project, and a $0.9 million charge related to the HQ Lease Exit. This compares with a net loss in the nine months ended September 30, 2013 of $34.7 million, or $0.37 per diluted share, which included a non-cash gain of $0.9 million related to the valuation of the Series I warrants, non-cash stock-based compensation charges of $17.3 million, and foreign currency losses of $0.3 million on the IMW Purchase Notes. Adjusted net loss was $81.21 million compared to $17.87 million reported a year ago. The company reported operating loss of $58.18 million and loss before income taxes of $89.55 million compared to operating loss of $32.58 million and loss before income taxes of $31.98 million reported a year ago.
The company is on pace to spend approximately $85.0 million in CapEx in 2014.
For 2015, the company believes its CapEx will likely decrease and will be discretionary depending on specific customer needs.
Clean Energy Fuels Corp. to Open Carlisle, Penn., Public Heavy-Duty Truck Station
Oct 22 14
Clean Energy Fuels Corp. announced it will open its Carlisle, Penn., heavy-duty natural gas truck station to fuel LNG trucks for GIANT/MARTIN'S. Additionally, 43 new fleet customers began fueling at Clean Energy's nationwide network of natural gas stations in the third-quarter of 2014. Select deals representative of Clean Energy's growing portfolio of natural gas fueling customers were also announced. To support this pilot program, Clean Energy will open its Carlisle, Penn., public truck-friendly natural gas station. The station is located at the Carlisle Flying J, 1501 Harrisburg Pike, Carlisle, PA.
Clean Energy Fuels Corp. Launches NGV Easy Bay Natural Gas Vapor Barrier System for Maintenance and Storage Facilities
Oct 16 14
Clean Energy Fuels Corp. announced the launch of NGV Easy Bay, the lowest cost separation and vapor containment system available for natural gas vehicle maintenance and storage facilities. The NGV Easy Bay, U.S. patent pending, is the first code-compliant fabric barrier system utilizing an industrial curtain designed for quick, cost-efficient installation and operation. Developed by Clean Energy's NGV Facility Modification team, NGV Easy Bay can be installed in a matter of days. Custom fabricated panels are scalable to accommodate a single bay isolation project or can be used to divide a large building into multiple bays for servicing or storing multiple vehicles. Features and benefits include: lowest-cost system available for the maintenance and storage of natural gas vehicles. Meets local, state and national codes; scalable to accommodate single bay projects or as a barrier to divide a large building into multiple bays; retractable option for convenient storage; re-locatable to expand existing NGV service area or can be moved to another building; turn-key design and installation services offered by Clean Energy. NGV Easy Bay eliminates the costly and time-consuming requirements of conventional construction approaches by using industrial fabrics rigorously tested to meet ASTM standards for exposure to compressed natural gas and liquefied natural gas. This unique application is part of a suite of turnkey design and modification services offered by Clean Energy's in-house team of NGV facility modification specialists. This team works with each customer to assess each fleet's unique needs. Recommendations are made to bring each facility into code-compliance. Providing low cost solutions for facility modification projects is another way Clean Energy helps make fueling with cleaner and more cost-effective natural gas fuel a reality for fleets of all sizes.