Clean Energy Fuels Corp. (NASDAQ:CLNE) (Clean Energy or the Company) today announced operating results for the fourth quarter and year ended December 31, 2013.
Gallons delivered (defined below) for the fourth quarter of 2013 totaled 55.5 million gallons, compared to 51.7 million gallons delivered in the same period a year ago. Gallons delivered were up 13% for the fourth quarter of 2013 when excluding 2.5 million gallons delivered in the fourth quarter of 2012 by the Company’s Peruvian joint venture, which was sold in March of 2013. For 2013, gallons delivered totaled 214.4 million gallons, up from 194.9 million gallons for 2012.
Revenue for the fourth quarter ended December 31, 2013 was $85.0 million. Revenue for the fourth quarter ended December 31, 2012 was $99.1 million, which included $22.7 million in construction revenue related to the sale of two large CNG stations to a transit customer that did not reoccur in 2013. For 2013, revenue totaled $352.5 million, which is up from $334.0 million a year ago. Additionally, when comparing periods, note that the Company recognized revenue attributable to the volumetric excise tax credit (VETC) of $7.3 million and $45.4 million in the fourth quarter and year ended December 31, 2013, but did not recognize any revenue attributable to VETC in the fourth quarter and year ended December 31, 2012. The American Taxpayer Relief Act, signed into law on January 2, 2013, reinstated VETC through December 31, 2013 and made it retroactive to January 1, 2012. The Company recognized $20.8 million of VETC revenue in the first quarter of 2013 attributable to 2012 sales of CNG and LNG. The year ended December 31, 2012 also included $40.3 million in construction revenue from the sale of four large CNG stations to a transit customer that did not reoccur in 2013. Also, during the year ended December 31, 2013, the Company sold its subsidiary, BAF Technologies, Inc. (BAF), and recognized a gain of $14.1 million on the transaction.
Andrew J. Littlefair, Clean Energy’s President and Chief Executive Officer, stated: “2013 will go down as the year the heavy-duty trucking industry began its transition to natural gas in a meaningful way. Over the last year, we made significant strides in building out our fueling infrastructure, establishing relationships with new customers and expanding our relationships with existing customers. We believe this will enable Clean Energy to capture a substantial share of the new and large trucking market, as well as extending our existing market position in the more established natural gas markets of refuse, transit and airports.”
