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3020 Old Ranch Parkway, Suite 400
Seal Beach, California 90740 USA
562.493.2804 fax: 562.546.0097
CLEAN ENERGY REPORTS 2008 FINANCIAL RESULTS
Revenues Rise 10% from $117.7 million in 2007 to $129.5 million in 2008
For Immediate Release
Seal Beach, Calif. - March 5, 2009 - Clean Energy Fuels Corp. (NASDAQ: CLNE) today announced revenue for the quarter ended December 31, 2008 was $29.6 million, compared with $29.7 million in the same period in 2007. For the year ended December 31, 2008, revenue rose 10% to $129.5 million, up from $117.7 million in 2007.
Net loss for the fourth quarter of 2008 was $22.4 million, or $0.47 per share, compared with a net loss of $2.9 million, or $0.07 per share, in the fourth quarter of 2007. Net loss for 2008 was $40.9 million, or $0.90 per share, compared with a net loss of $8.9 million, or $0.22 per share last year.
Non-GAAP loss per share for the fourth quarter of 2008, which excludes employee-related stock based compensation charges and the Companys non-recurring Proposition 10 expenditures, was $0.09. This compares with non-GAAP loss per share of $0.02 in the fourth quarter of 2007. For 2008, non-GAAP loss per share was $0.25, which compares to a non-GAAP loss per share of $0.04 in 2007. The Company reports earnings (loss) per share on a GAAP and non-GAAP basis, as well as a non-GAAP measure it calls Adjusted Margin. For more information on these non-GAAP financial measures, please see the discussion below. The non-GAAP measures are also reconciled to their corresponding GAAP measures in the accompanying tables below.
Adjusted Margin was $8.2 million for the fourth quarter of 2008, compared with $8.8 million for the same quarter last year. Adjusted Margin for 2008 was $35.9 million, compared with $35.1 million in 2007. Adjusted Margin is a financial measure intended to approximate the margin results that would have been reported in a particular period had the Companys underlying futures contracts related to its fixed price and price cap contracts qualified for hedge accounting under SFAS No. 133 and been held to maturity. Adjusted Margin is discussed in more detail below.
The following information was filed by Clean Energy Fuels Corp. (CLNE) on Thursday, March 5, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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