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.
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.