Chart Industries Reports 2010 Fourth Quarter And Year-End Results

CLEVELAND, Feb. 24, 2011 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, today reported results for the fourth quarter and year ended December 31, 2010. Highlights include:

• Sales up 22% over 4 ^th quarter 2009
• Backlog improves 28% compared to 12/31/09
• 4 ^th quarter 2010 orders improve 24% vs. 3 ^rd quarter 2010 orders
• Completed acquisition of SeQual during the quarter
• Received NRU order in excess of $90 million in early 2011

Net income for the fourth quarter of 2010 was $9.8 million, or $0.33 per diluted share. This compares with $15.5 million, or $0.53 per diluted share, for the fourth quarter of 2009.  The fourth quarter of 2010 included $1.3 million or $0.03 per diluted share in restructuring costs associated with the announced shutdown of the Plainfield, Indiana facility acquired from Covidien in 2009, costs associated with the SeQual acquisition completed during the fourth quarter of 2010, and asset impairment charges. The fourth quarter of 2009 included several items that favorably impacted pre-tax income by $4.0 million, or $0.15 per diluted share, including a bargain purchase gain from the Covidien acquisition partially offset by restructuring and acquisition-related costs.     

Fourth quarter 2010 earnings would have been $0.36 per diluted share excluding the $0.03 per share of restructuring, acquisition, and impairment related costs. Fourth quarter of 2009 earnings would have been $0.38 per share excluding the 2009 items mentioned above.

Net sales for the fourth quarter of 2010 increased 22% to $158.8 million from $130.3 million in the comparable period a year ago. Gross profit for the fourth quarter of 2010 was $50.6 million, or 32% of sales, versus $43.9 million, or 34% of sales, in the comparable quarter of 2009.