Clean Energy Tries to Sell Non-Performance (CLNE)

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Clean Energy Fuels (NASDAQ:CLNE), T. Boone Pickens’s public alternative energy company for converting natural gas to auto fuel, reported preliminary third quarter results after the market closed yesterday. There was no good news. Analysts were estimating EPS of -$0.15, and Clean Energy reported a loss in the range of -$0.23 to -$0.26 per share, about eight times worse than the same period a year ago. Revenues will also miss estimates of $37.71 million.

The company announced a private placement of stock and warrants worthabout $35 million yesterday. That gave the stock a bump of nearly 3%yesterday, but it’s still trading much closer to 52-week lows. CleanEnergy will use the proceeds for "working capital and other generalcorporate purposes." That’s usually what companies use revenues andprofits for.

T. Boone Pickens also just gave a fairly somber interview this morning,and he said he was out of the market but thinks oil will go back up.

Paul Ausick
October 30, 2008