Clean Energy Fuels Corp. (NASDAQ:
) today announced its operating results for the second quarter and six months ended June 30, 2009.
Gasoline gallon equivalents (Gallons) delivered during the second quarter of 2009 totaled 23.7 million, up 28% from 18.5 million Gallons in the same period a year ago. On a sequential basis, Gallons sold rose 30%. For the first six months of 2009, volume increased 16% to 42.0 million Gallons, compared with 36.1 million Gallons in the first six months of 2008. Gallons include the Company's sales of CNG, LNG, and biomethane and the Gallons associated with providing operations and maintenance services.
Revenue for the quarter ended June 30, 2009 totaled $27.9 million, compared with $33.8 million in the same period in 2008. For the six months ended June 30, 2009, revenue totaled $58.1 million, compared with $63.8 million a year ago. The reduction in revenue was primarily the result of lower natural gas commodity prices between periods, which reduced the natural gas commodity charges passed through by the Company to many of its customers. The reduced commodity prices, however, also reduce the Company's cost of sales, which helped the Company improve its gross margins during the quarter. Gross margin increased to $11.7 million in the second quarter of 2009, up from $8.6 million in the first quarter of 2009.
Net loss for the second quarter of 2009 was $6.4 million, or $0.13 per share, compared with a net loss of $3.2 million, or $0.07 per share, in the second quarter of 2008. For the first six months of 2009, net loss was $12.9 million, or $0.26 per share, compared to a net loss of $8.6 million, or $0.19 per share, in the first half of 2008. The Company recorded non-cash charges of $2.2 million and $2.4 million, respectively, related to valuing its Series I warrants in the second quarter and first six months of 2009. These charges contributed $0.04 and $0.05 per share, respectively, to the Company's net loss in the periods presented.
Non-GAAP loss per share for the second quarter of 2009 remained unchanged from the second quarter of 2008 at $0.01. Non-GAAP loss per share for the first half of 2009 was $0.07, compared with $0.08 in the first half of 2008. Non-GAAP EPS (or Non-GAAP loss per share) is described below and reconciled to the GAAP measure net income (loss).
Andrew J. Littlefair, Clean Energy's President and Chief Executive Officer, stated, "We are very encouraged by the solid growth of our business in the second quarter, as we improved both our volumes and margins on a sequential and year-over-year basis. The acquisition of four transit property operations and the commencement of our new sales agreement for our renewable landfill gas drove these results. We are continuing to win contracts in several key markets, and we currently have 25 stations under construction or being upgraded as well as a very strong backlog.
