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 78.3 Million Gallons Delivered and Revenue of $119.3 Million for Fourth Quarter of 2015
 
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, 2015.

The Company delivered 78.3 million gallons in the fourth quarter of 2015, an 8.1% increase from 72.4 million gallons in the fourth quarter of 2014. For the year ended December 31, 2015 the Company delivered 308.5 million gallons, a 16.4% increase from 265.1 million gallons delivered in the year ended December 31, 2014.

Revenue for the fourth quarter of 2015 was $119.3 million, a 9.7% decrease from $132.1 million of revenue for the fourth quarter of 2014. Revenue for the fourth quarter of 2015 and 2014 included $31.0 million and $28.4 million, respectively, of excise tax credits for alternative fuels (VETC). VETC is in effect through December 31, 2016 and will be recognized as earned during each quarter of 2016. Increased VETC revenue and $4.9 million of revenue from incremental volumes partially offset the decline in revenue.

Revenue for the year ended December 31, 2015 was $384.3 million, a 10.4% decrease from $428.9 million for the year ended December 31, 2014. Revenue of $36.6 million from incremental volumes partially offset the decline in revenue.

The revenue decreases in the fourth quarter and year ended December 31, 2015 were primarily due to the lower cost of natural gas, continued softness in the Company’s global compressor business due to low oil prices and a strong U.S. dollar, and less construction revenue caused by the type and timing of completed projects.
 
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated “We continue to make progress and improve our results in a tough low oil price market. Year-over-year we experienced double digit volume growth and our adjusted EBITDA remained positive and improved over our last quarter and last year. We are encouraged by the many bright spots in our business, including the more than 100% increase in our Redeem™ renewable natural gas volumes in 2015, our substantial reductions in SG&A expenses, and the sustained strength of the refuse and transit markets. We continue to leverage our natural gas fueling infrastructure and solid foundation of recurring volumes while remaining focused on our capital structure as evidenced by our recent reduction in our convertible debt by $92.5 million."
 
Adjusted EBITDA for the fourth quarter of 2015 was $32.9 million compared with Adjusted EBITDA of $37.2 million in the fourth quarter of 2014. For the year ended December 31, 2015, Adjusted EBITDA was $27.8 million, compared to $23.7 million for 2014. Adjusted EBITDA for the fourth quarter and year ended December 31, 2015 and 2014 included VETC revenue of $31.0 million and $28.4 million, respectively. Adjusted EBITDA for the fourth quarter and year ended December 31, 2014 also included a $12.0 million gain from the sale of a subsidiary. 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 2015 was $0.08, compared to non-GAAP income per share for the fourth quarter of 2014 of $0.11. For the year ended December 31, 2015, non-GAAP loss per share was $(0.75), compared to non-GAAP loss per share of $(0.76) for 2014. Non-GAAP income (loss) per share for the fourth quarter and year ended December 31, 2015 and 2014 included VETC revenue and 2014 included the gain from the sale of a subsidiary as mentioned above. Non-GAAP income (loss) per share is described below and reconciled to the GAAP measure net loss attributable to Clean Energy Fuels Corp.
 
On a GAAP basis, net loss for the fourth quarter of 2015 was $50.0 million or $0.54 per share, which included a non-cash interest charge of $54.9 million related to the deferred debt issuance costs associated with the Company’s termination of its credit agreement with GE Capital EFS Financing (Debt Issuance Costs). Net income on a GAAP basis for the fourth quarter of

1

The following information was filed by Clean Energy Fuels Corp. (CLNE) on Thursday, March 3, 2016 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.

View differences made from one year to another to evaluate Clean Energy Fuels Corp.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Clean Energy Fuels Corp..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account