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Clean Energy Fuels Posts $6.4M Loss for Quarter

August 11, 2009

SEAL BEACH, CA --- Clean Energy Fuels Corp., which produces natural gas vehicle fuel, announced this week that its second-quarter loss nearly doubled -- a reflection of falling natural gas prices. 

The company posted a loss of $6.4 million, or 13 cents per share, for the three months ended June 30. That's nearly twice the loss of $3.2 million the company reported for the same period a year ago, the Associated Press reported. The per-share results reflect a 13-percent increase in the number of outstanding shares year-over-year. 

The latest-quarter results included a charge of $2.2 million, or 4 cents per share, related to the valuation of the company's outstanding Series 1 warrants, AP reported. Revenue fell 18 percent to $27.9 million from $33.8 million last year. The drop came despite a 28-percent jump in the number of gasoline gallon equivalents delivered during the quarter to 23.7 million, up from 18.5 million a year ago.

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