Exhibit 99.1

 

 

3020 Old Ranch Parkway, Suite 400

Seal Beach, California 90740 USA

562.493.2804   fax: 562.546.0097

www.cleanenergyfuels.com

 

Clean Energy Fuels Reports 61% Revenue Growth in 2010

 

SEAL BEACH, Calif., March 10, 2011

— Clean Energy Fuels Corp. (NASDAQ: CLNE) today announced operating results for the fourth quarter and year ended December 31, 2010.

 

Revenue for the fourth quarter ended December 31, 2010 rose 97% to $83.2 million, up from $42.2 million for the fourth quarter of 2009. For the year ended December 31, 2010, revenue totaled $211.8 million, which is an increase of 61% from $131.5 million a year ago.

 

Adjusted EBITDA for the fourth quarter of 2010 was $20.2 million, compared with $5.6 million in the fourth quarter of 2009. Adjusted EBITDA for 2010 was $21.3 million, compared with $15.5 million for 2009.  Adjusted EBITDA is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.

 

For the fourth quarter of 2010, non-GAAP earnings per share was $0.17. This compares with non-GAAP earnings per share for the same period a year ago of $0.02. For the year ended December 31, 2010, non-GAAP loss per share was $0.04, and was $0.03 per share for 2009. Non-GAAP earnings/loss per share is described below and reconciled to the GAAP measure net income (loss) attributable to Clean Energy.

 

Net income for the fourth quarter of 2010 was $13.8 million, or $0.18 per share, and included a non-cash gain of $4.4 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 fourth quarter of 2009 of $1.9 million, or $0.03 per share, which included a non-cash gain of $0.4 million related to marking to market the Series I warrants and $3.5 million of non-cash stock-based compensation charges.

 

For the year ended December 31, 2010, net loss totaled $2.5 million, or $0.04 per share, and included a non-cash gain of $10.3 million related to marking to market the Series I warrants, non-cash stock based compensation charges of $11.9 million and an alternative minimum tax (AMT) refund of $1.3 million recorded in the first quarter of 2010. This compared to a net loss for 2009 of $33.2 million, or $0.60 per share, which included a loss of $17.4 million related to marking to market the Series I warrants and a non-cash charge of $14.1 million related to stock-based compensation charges.

 

During the fourth quarter of 2010, the Company recorded $16.0 million of revenue attributable to Volumetric Excise Tax Credits (VETC) and $2.2 million of impairment charges.  The VETC amount represents Clean Energy’s claim for credits earned in all of 2010, as the credit was reinstated in the fourth quarter of 2010 and made retroactive to January 1, 2010.  During the fourth quarter of 2009, the Company recorded $3.7 million of VETC revenue, and for 2009, the Company recorded $15.5 million of VETC revenue.

 

Gasoline gallon equivalents (gallons) delivered for the fourth quarter of 2010, which includes CNG, LNG, biomethane and the gallons associated with providing operations & maintenance services, totaled 31.7 million gallons, up from 29.5 million gallons delivered in the same period a year ago. For 2010, gallons delivered increased to 122.7 million, up from 101.0 million gallons delivered in 2009.

 


The following information was filed by Clean Energy Fuels Corp. (CLNE) on Thursday, March 10, 2011 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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