This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Chart Industries' CEO Discusses Q2 2012 Results - Earnings Call Transcript

I would now like to turn the conference over to Mr. Michael Biehl, Chart Industries’ Executive Vice President, CFO, and Treasurer. You may begin your conference.

Michael Biehl

Thank you, Marine. Good morning, everyone. I would like to thank all of you for joining us today. I will begin by giving you a brief overview of our second quarter results then Sam Thomas, our Chairman, President, and CEO, provide highlights from the second quarter and comments on current market and order trends we see in each of our business segments. I will finish up then by commenting on our outlook for the remainder of 2012.

Reported net income for the second quarter of 2012 of 17.9 million or $0.59 per diluted share, second quarter earnings would’ve been $0.57 per diluted share excluding $1.1 million favorable earn-out adjustments related to prior acquisitions, partially offset by a non-cash impairment charges and the write-off of deferred financing fees associated with the credit facility amendment.

Due to higher forecasted costs and a delayed biomedical product launch of prior acquisition, earn-out liability was reversed, as it was determined that the reported gross profit targets would no longer be met. This provided a net $4.4 million benefit in the quarter, reflecting the net impact of our quarterly assessment of all of our prior acquisition announced.

In addition, we also took in impairment charge for the elimination of in process research and development intangible assets, established at the opening balance sheet, related to this prior acquisition. As a result, an impairment charge of 3.1 million was taken out of these assets in the quarter. The current quarter’s performance compares to the second quarter of 2011 net income of $10.6 million or $0.35 per diluted share.

Second quarter 2011 earnings would have been $0.41 per share excluding 2.8 million of restructuring costs associated with acquisitions.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs