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Chart Industries Reports 2010 Fourth Quarter And Year-End Results

Chart is a leading global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases.  The majority of Chart's products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related.  Chart has domestic operations located across the United States and an international presence in Asia, Australia and Europe.  For more information, visit: http://www.chart-ind.com .

As previously announced, the Company will discuss its fourth quarter and year 2010 results on a conference call on Thursday, February 24, 2011 at 10:30 a.m. ET.  Participants may join the conference call by dialing (877) 485-3104 in the U.S. or (201) 689-8579 from outside the U.S. A live webcast presentation will also be accessible at 10:30 a.m. ET at http://www.chart-ind.com . Please log-in or dial-in at least five minutes prior to the start time.

A taped replay of the conference call will be archived on the Company's website, www.chart-ind.com , approximately one hour after the call concludes. You may also listen to a taped replay of the conference call by dialing (877) 660-6853 in the U.S. or (201) 612-7415 outside the U.S. and entering Account Code 356 and Pass Code 366869.  The telephone replay will be available beginning approximately one hour after the end of the call until 11:59 p.m. ET, Thursday, March 10, 2011.

For more information, click here:

http://www.b2i.us/irpass.asp?BzID=1444&to=ea&Nav=0&S=0&L=1

CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in thousands, except per share amounts)
         
  Three Months Ended  December 31,  (Unaudited) Year Ended  December 31, 
  2010 2009 2010 2009
         
Sales (1)  $ 158,838  $ 130,306  $ 555,455  $ 597,458
Cost of sales  (1)  108,191  86,388  390,156  395,577
Gross profit  50,647  43,918  165,299  201,881
         
Selling, general and administrative expenses  29,262  25,361  104,973  95,601
Amortization expense  2,822  2,704  11,049  10,716
Asset impairment  464  893  1,773  1,230
   32,548  28,958  117,795  107,547
         
Operating income (2)  18,099  14,960  47,504  94,334
Other (income) expense:        
Interest expense and financing cost amortization, net  4,205  4,463  19,259  17,433
Gain on acquisition of business   --  (6,954)  (1,124)  (6,954)
Foreign currency (gain) loss   (415)  (252)  871  (687)
   3,790  (2,743)  19,006  9,792
         
Income before income taxes and (3) noncontrolling interest  14,309  17,703  28,498  84,542
Income tax expense   4,346  2,131  7,993  23,386
Income before noncontrolling interest  9,963  15,572  20,505  61,156
Noncontrolling interest, net of taxes  161  47  345  145
         
Net income attributable to Chart Industries, Inc.  $ 9,802  $ 15,525  $ 20,160  $ 61,011
         
Net income per common share - basic  $ 0.34  $ 0.54  $ 0.71  $ 2.14
         
Net income per common share - diluted  $ 0.33  $ 0.53  $ 0.69  $ 2.11
         
Weighted average number of common shares outstanding - basic  28,578  28,497  28,534  28,457
Weighted average number of common shares outstanding - diluted  29,417  29,101  29,255  28,981
         
(1)   Shipping and handling costs of $1,456 and $5,942 for the three months and year ended December 31, 2009 which were previously netted in sales have been reclassified to cost of sales. The reclassification has no impact on gross profit, operating income or net income for the periods presented.
         
(2)  Includes depreciation expense of $3,180 and $2,771 for the three months ended December 31, 2010 and 2009, respectively, and $12,528 and $10,696 for the years ended December 31, 2010 and 2009, respectively. 
         
(3) Includes restructuring related costs of $1,314 ($0.03 per diluted share) and $8,743 ($0.22 per diluted share) for the three months and year ended December 31, 2010, respectively, and $3,042 ($0.09 per diluted share) and $8,726 ($0.22 per diluted share) for the three months and year ended December 31, 2009, respectively. 2010 restructuring charges include acquisition related costs associated with the shutdown of the Plainfield, Indiana facility, write up of inventory to fair value, as well as impairment charges and write-off of deferred financing fees with the Senior Credit Facility refinancing. 2009 restructuring charges include costs associated with planned work force reductions, the Denver, Colorado facility shutdown, as well as impairment charges and write up of inventory to fair value in the Covidien acquisition. This is partially offset by gains on acquisition of business from the Covidien acquisition of $1,124 ($0.04 per diluted share) and $6,954 ($0.24 per diluted share) for the years ended December 31, 2010 and 2009, respectively. 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
         
  Three Months Ended December 31, (Unaudited) Year Ended December 31, 
  2010 2009 2010 2009
         
Net Cash Provided by Operating Activities  $ 1,489  $ 10,344  $ 38,574  $ 86,926
         
Investing Activities        
Capital expenditures  (5,154)  (3,786)  (16,939)  (13,190)
Short term investments  --  30,229  --  32,264
Acquisition of business  (38,700)  (10,029)  (47,865)  (18,086)
Other investing activities  989  (2,139)  589  (1,790)
Net Cash Provided by (Used in) Investing Activities  (42,865)  14,275  (64,215)  (802)
         
Financing Activities        
Principal payments on debt  (1,625)  --  (18,250)  --
Option exercise proceeds  1,019  8  1,063  746
Other financing activities  761  (85)  (2,115)  30
Net Cash Provided by (Used in) Financing Activities  155  (77)  (19,302)  776
         
Net increase (decrease) in cash and cash equivalents  (41,221)  24,542  (44,943)  86,900
Effect of exchange rate changes on cash  (2,313)  (2,541)  (1,113)  2,103
Cash and cash equivalents at beginning of period  208,646  189,167  211,168  122,165
Cash And Cash Equivalents At End of Period  $ 165,112  $ 211,168  $ 165,112  $ 211,168
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS 
(Dollars in thousands)
     
  December 31, 2010 December 31, 2009
     
ASSETS    
     
Cash and cash equivalents  $ 165,112  $ 211,168
Current assets  240,984  203,236
Property, plant and equipment, net  116,158  111,153
Goodwill  275,252  264,532
Identifiable intangible assets, net  144,286  123,773
Other assets, net  13,047  12,641
     
TOTAL ASSETS  $ 954,839  $ 926,503
     
LIABILITIES & SHAREHOLDERS' EQUITY     
     
Current liabilities  $ 164,683  $ 143,937
Current portion of long-term debt  6,500  -- 
Long-term debt  218,425  243,175
Other long-term liabilities  63,857  62,145
     
Shareholders' equity   501,374  477,246
     
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 954,839  $ 926,503
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
OPERATING SEGMENTS (UNAUDITED)
(Dollars in thousands)
         
  Three Months Ended  December 31, Year Ended  December 31,
  2010 2009 2010 2009
         
Sales        
         
Energy & Chemicals  $ 42,089  $ 44,122  $ 137,801  $ 255,074
Distribution & Storage  77,156  59,828  269,293  252,197
BioMedical  39,593  26,356  148,361  90,187
Total  $ 158,838  $ 130,306  $ 555,455  $ 597,458
         
Gross Profit        
         
Energy & Chemicals  $ 11,229  $ 16,172  $ 31,005  $ 94,652
Distribution & Storage  21,558  18,937  77,194  74,119
BioMedical  17,860  8,809  57,100  33,110
Total  $ 50,647  $ 43,918  $ 165,299  $ 201,881
         
Gross Profit Margin        
         
Energy & Chemicals 26.7% 36.7% 22.5% 37.1%
Distribution & Storage 27.9% 31.7% 28.7% 29.4%
BioMedical 45.1% 33.4% 38.5% 36.7%
Total 31.9% 33.7% 29.8% 33.8%
         
Operating Income        
         
Energy & Chemicals  $ 4,962  $ 7,720  $ 6,121  $ 61,852
Distribution & Storage  12,387  9,879  41,934  39,888
BioMedical  10,743  2,512  30,698  15,912
Corporate  (9,993)  (5,151)  (31,249)  (23,318)
Total  $ 18,099  $ 14,960  $ 47,504  $ 94,334
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
ORDERS AND BACKLOG (UNAUDITED)
(Dollars in thousands)
         
  Three Months Ended  Year Ended
  December 31, September 30,  December 31, 
  2010 2010 2010 2009
         
Orders        
         
Energy & Chemicals  $ 57,686  $ 32,305  $ 165,827  $ 75,788
Distribution & Storage  86,579  74,285  287,819  208,851
BioMedical  37,925  40,186  150,864  92,746
Total  $ 182,190  $ 146,776  $ 604,510  $ 377,385
         
Backlog        
         
Energy & Chemicals    $ 115,972  $ 100,369  $ 115,972  $ 87,816
Distribution & Storage  108,665  99,116  108,665  87,727
BioMedical  11,779  13,161  11,779  9,518
Total  $ 236,416  $ 212,646  $ 236,416  $ 185,061
CONTACT: Michael F. Biehl
         Executive Vice President,
         Chief Financial Officer and Treasurer
         216-626-1216
         michael.biehl@chart-ind.com
         
         Kenneth J. Webster
         Vice President, Chief Accounting Officer and
         Controller
         216-626-1216
         ken.webster@chart-ind.com

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