Exhibit 99.1

 

 

4675 MacArthur Court, Suite 800

Newport Beach, California 92660 USA

949.437.1000   fax: 949.724.1397

www.cleanenergyfuels.com

 

Clean Energy Reports Gallons Delivered and Revenues Rose 30% and 33% in the Fourth Quarter of 2014

 

NEWPORT BEACH, Calif.—(BUSINESS WIRE) — Clean Energy Fuels Corp. (NASDAQ: CLNE) (Clean Energy or the Company) today announced operating results for the fourth quarter and year ended December 31, 2014.

 

Gallons delivered (defined below) for the fourth quarter of 2014 increased 30% to 72.4 million gallons, compared to 55.5 million gallons delivered in the same period a year ago. For the year ended December 31, 2014, gallons delivered totaled 265.1 million gallons, up from 214.4 million gallons delivered in the year ended December 31, 2013.

 

Revenue for the fourth quarter of 2014 was $132.1 million, compared to $85.0 million for the fourth quarter of 2013. Revenue for the fourth quarter of 2014 included $28.4 million of excise tax credits for alternative fuels other than ethanol (VETC), representing all VETC revenue recognized for natural gas fuel sales made in 2014, whereas revenue for the fourth quarter of 2013 included $7.3 million of VETC, representing VETC revenue for natural gas fuel sales made in the fourth quarter of 2013. Exclusive of VETC revenue in the fourth quarters of 2014 and 2013, revenue increased $26 million, or 33%, in the fourth quarter of 2014 compared to the same period in 2013. The increase was primarily attributable to increased volumes and station sales and the addition of NG Advantage LLC (NG Advantage), a majority owned subsidiary acquired in October 2014 that is engaged in the business of transporting compressed natural gas in high-capacity trailers to large industrial and institutional energy users, such as hospitals, food processors, manufacturers and paper mills, that do not have direct access to natural gas pipelines.

 

Revenue for 2014 totaled $428.9 million, compared to $352.5 million of revenue in 2013. When comparing periods, note that the Company recognized revenue attributable to VETC of $28.4 million in 2014 and $45.4 million in 2013. The VETC in 2013 included $20.8 million related to natural gas fuel sales made in 2012.  Excluding VETC in 2014 and 2013, revenue increased $93.4 million, or 30%, in 2014 compared to 2013. The increase was primarily attributable to increased volumes, station sales, compressor sales and the addition of NG Advantage.

 

Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “I’m very pleased with our continued volume growth, strong station construction sales and continued leveraging of our existing infrastructure. The enactment of the alternative fuel excise tax credit at the end of 2014 was a nice bump to our results for Q4 and 2014 which will also be a positive cash inflow in 2015. Of course the energy sector remains under pressure, but we are able to continue to offer a cleaner fuel and maintain our economic advantage albeit at a slightly smaller spread. We are still encouraged by the strong interest and continued investments companies are making in natural gas as a vehicle fuel, and particularly Clean Energy’s ability to provide compressed natural gas as a power source to large industrial users with our investment in NG Advantage.”

 

Adjusted EBITDA for the fourth quarter of 2014 totaled $37.2 million. This compares to Adjusted EBITDA of $(1.8) million in the fourth quarter of 2013. Adjusted EBITDA for 2014 totaled $23.7 million, compared to $33.6 million in 2013. Adjusted EBITDA in the fourth quarter and year ended December 31, 2014 included VETC revenue of $28.4 million and a $12.0 million gain from the sale of a subsidiary. Adjusted EBITDA in the fourth quarter and year ended December 31, 2013 included VETC revenue of $7.3 million and $45.4 million, respectively. Adjusted EBITDA for 2013 also included a $14.1 million gain from the sale of a subsidiary and a $4.7 million gain on the Company’s sale of its ownership interest in its former Peruvian joint venture. Adjusted EBITDA is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.

 

Non-GAAP income per share for the fourth quarter of 2014 was $0.11, compared to non-GAAP (loss) per share for the fourth quarter of 2013 of $(0.25).  For 2014, non-GAAP (loss) per share was $(0.76), compared to non-GAAP (loss) per share of $(0.44) for 2013. Non-GAAP income (loss) per share for the fourth quarter and year ended December 31, 2014 included VETC revenue of $28.4 million and a $12.0 million gain from the sale of a subsidiary. Non-GAAP income (loss) per share for the fourth quarter and year ended December 31, 2013 included VETC revenue of $7.3 million and $45.4 million, respectively.  Non-GAAP income (loss) per share in 2013 also included a $14.1 million gain from the sale of a subsidiary and a $4.7 million gain on the Company’s sale of its ownership interest in its former Peruvian joint venture. Non-GAAP income (loss) per share is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.

 

1


The following information was filed by Clean Energy Fuels Corp. (CLNE) on Thursday, February 26, 2015 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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