Clean Energy Fuels Corp. (NASDAQ: CLNE) reported a profit for the fourth quarter as compared to a loss for the comparable period last year.
The company reported its fourth-quarter net income of $13.78 million or $0.18 per share as compared to a net loss of $(1.91 million) or $(0.03) per share in the same quarter last year. This quarter�s results included a non-cash gain of $4.4 million related to the accounting treatment that requires Clean Energy to value its Series I warrants and mark them to market and a non-cash charge of $2.7 million related to stock-based compensation. The adjusted net income for the quarter rose to $12.71 million from $1.14 million in the year-ago quarter. The non-GAAP earnings were $0.17 per share, compared with $0.02 per share in the prior year quarter. The revenue rose 97% to $83.15 million from $42.20 million in the previous year quarter. The adjusted EBITDA for the fourth quarter was $20.2 million as compared with $5.6 million in the fourth quarter of 2009.
For the full year, the revenue was $211.8 million, an increase of 61% from $131.5 million a year ago. The company reported adjusted EBITDA of $21.3 million as compared with $15.5 million for 2009. The net loss reported for the year was $(2.5 million), or $(0.04) per share, and included a non-cash gain of $10.3 million related to marking to market the Series I warrants, non-cash stock based compensation charges of $11.9 million and an alternative minimum tax (AMT) refund of $1.3 million recorded in the first quarter of 2010. This compared to a net loss for 2009 of $(33.2 million), or ($0.60) per share, which included a loss of $(17.4 million ) related to marking to market the Series I warrants and a non-cash charge of $14.1 million related to stock-based compensation charges.
Clean Energy Fuels Corp. stock is currently trading at $14.47, up nearly 12% on the day.
The company stock has traded in the range of $11.75 and $23.70 during the past 52 weeks. The company�s market cap is $901.42 million.
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