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Clean Energy Fuels Corp CLNE
Q2 2010 Earnings Call Transcript

Transcript Call Date 08/09/2010

Operator: Greetings and welcome to the Clean Energy Fuels Second Quarter 2010 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host Ina McGuinness of ICR. Thanks you, Ms. McGuinness, you may begin.

Ina McGuinness - IR: Thank you, operator. Earlier this afternoon, Clean Energy released financial results for the second quarter ended June 30, 2010. If you did not receive the press release, it's available on the Investor Relations section of the Company's website at www.cleanenergyfuels.com. This call is being webcast and a replay will be available on the website for 30 days.

Before we begin we'd like to remind you that some of the information contained in the news release and on this conference call contain forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict. Words and expressions reflecting optimism, satisfaction with current prospects as well as words as believe, intend, expect, plan, anticipate and similar variations identify forward-looking statements, but their absence does not mean that the statement is not forward-looking.

Such forward-looking statements are not a guarantee of performance and the Company's actually results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factor section of Clean Energy's Form 10-K filed on March 10, 2010 and its 10-Q filed earlier today. These forward-looking statements speak only as of the date of this release, and the Company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding circumstances after the date of this release.

The Company's non-GAAP EPS and adjusted EBITDA, which will be reviewed on this call excludes certain expenses that the Company's management does not believe are indicative of the Company's core business operating results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results.

The direct comparable GAAP information, reasons why management uses non-GAAP information, a definition of non-GAAP EPS and adjusted EBITDA, and a reconciliation between the non-GAAP and GAAP figures is provided in the Company's press release, which has been furnished to the SEC on Form 8-K today.

Participating on today's call from the Company are President and Chief Executive Officer, Andrew Littlefair and Chief Financial Officer, Rick Wheeler.

With that, I'll turn the call over to Andrew.

Andrew J. Littlefair - President and CEO: Thank you, Ina and welcome to everyone joining us this afternoon. Today we've reported another good growth quarter and made some very substantial progress in advancing our core business and expanding our global reach. Revenues were $44 million, up 58% from a year ago and volume increased 31% to 31.1 million GGEs and we delivered positive adjusted EBITDA of $1.4 million, without any VETC revenues.

Read our Earnings Call Transcript disclaimer.
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