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Chart Industries Reports 2012 Fourth Quarter And Year-End Results

Stocks in this article: GTLS

http://ir.chartindustries.com/

CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars and shares in thousands, except per share amounts)
 
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Sales $303,858 $219,635 $1,014,152 $794,585
Cost of sales 218,393 155,636 708,989 549,139
Gross profit 85,465 63,999 305,163 245,446
Selling, general and administrative expenses 47,966 35,209 165,488 140,535
Amortization expense 4,662 3,429 14,792 13,376
Loss on disposal of assets 206 1,541
Impairment of intangible assets 3,070
  52,628 38,844 183,350 155,452
Operating income (1) 32,837 25,155 121,813 89,994
Other expenses (income):        
Interest expense and financing costs amortization, net 4,349 12,302 17,209 27,754
Foreign currency losses (gains) (381) 1,799 1,498 (734)
  3,968 14,101 18,707 27,020
Income before income taxes 28,869 11,054 103,106 62,974
Income tax expense 7,718 2,738 30,782 18,730
Net income 21,151 8,316 72,324 44,244
Noncontrolling interest, net of tax 391 (99) 1,029 168
Net income attributable to Chart Industries, Inc. $20,760 $8,415 $71,295 $44,076
Net income attributable to Chart Industries, Inc. per common share – basic $0.69 $0.29 $2.39 $1.51
Net income attributable to Chart Industries, Inc. per common share – diluted $0.69 $0.28 $2.36 $1.47
Weighted average number of common shares outstanding – basic 29,914 29,395 29,786 29,165
Weighted average number of common shares outstanding – diluted 30,270 30,044 30,194 29,913

(1) Includes depreciation expense of $4,760 and $4,076 for the three months ended December 31, 2012 and 2011, respectively, and $17,404 and $14,539 for the twelve months ended December 31, 2012 and 2011, respectively.

 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
 
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Net Cash Provided By Operating Activities $73,168 $44,615 $87,641 $81,658
Investing Activities        
Capital expenditures (14,734) (7,219) (43,685) (22,380)
Proceeds from sale of assets 33 2,073
Acquisition of businesses, net of cash acquired (182,450) (37,680)
Other investing activities 74 (285) 388
Net Cash Used In Investing Activities (14,627) (7,219) (224,347) (59,672)
Financing Activities        
Proceeds from long-term debt 21,375
Borrowings on revolving credit facilities 54,625 73,012 4,758
Repayments on revolving credit facilities (77,770) (77,770)
Principal payments on long-term debt (938) (1,625) (4,438) (6,500)
Payment of deferred financing costs (1,445) (7,277)
Retirement of long-term debt, including call premium (168,139) (168,139)
Proceeds from issuance of short-term debt 4,758
Proceeds from issuance of convertible notes 250,000
Proceeds from issuance of warrants 48,848
Payment for call options related to convertible notes (66,486)
Payment of contingent consideration (1,300) (1,300)
Proceeds from exercise of stock options 195 1,926 3,519 7,027
Tax benefit from exercise of stock options 1,038 895 8,972 7,879
Common stock repurchases 53 54 (4,484) (1,099)
Net Cash (Used In) Provided By Financing Activities (22,797) (162,131) 17,441 67,711
Effect of exchange rate changes on cash (21) (449) 3,902 2,052
Net increase (decrease) in cash and cash equivalents 35,723 (125,184) (115,363) 91,749
Cash and cash equivalents at beginning of period 105,775 382,045 256,861 165,112
Cash And Cash Equivalents At End of Period $141,498 $256,861 $141,498 $256,861
 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
 
  December 31, 2012 December 31, 2011
  (Unaudited)  
ASSETS    
Cash and cash equivalents $141,498 $256,861
Other current assets 414,926 340,768
Property, plant and equipment, net 169,776 137,301
Goodwill 398,941 288,770
Identifiable intangible assets, net 189,463 140,553
Other assets, net 13,237 10,222
TOTAL ASSETS $1,327,841 $1,174,475
     
LIABILITIES AND EQUITY    
Current liabilities $273,775 $265,493
Long-term debt 252,021 223,224
Other long-term liabilities 102,262 72,207
Equity 699,783 613,551
TOTAL LIABILITIES AND EQUITY $1,327,841 $1,174,475
 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
OPERATING SEGMENTS (UNAUDITED)
(Dollars in thousands)
 
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Sales        
Energy & Chemicals $94,755 $55,619 $323,676 $205,033
Distribution & Storage 139,298 114,366 475,576 390,332
BioMedical 69,805 49,650 214,900 199,220
Total $303,858 $219,635 $1,014,152 $794,585
         
Gross Profit        
Energy & Chemicals $29,415 $13,797 $98,679 $58,977
Distribution & Storage 41,076 30,408 137,044 109,306
BioMedical 14,974 19,794 69,440 77,163
Total $85,465 $63,999 $305,163 $245,446
         
Gross Profit Margin        
Energy & Chemicals 31.0% 24.8% 30.5% 28.8%
Distribution & Storage 29.5% 26.6% 28.8% 28.0%
BioMedical 21.5% 39.9% 32.3% 38.7%
Total 28.1% 29.1% 30.1% 30.9%
         
Operating Income (Loss)        
Energy & Chemicals $20,146 $5,548 $64,931 $27,489
Distribution & Storage 24,728 16,684 79,175 61,415
BioMedical (1) (1,419) 11,693 24,079 35,911
Corporate (10,618) (8,770) (46,372) (34,821)
Total $32,837 $25,155 $121,813 $89,994

(1) Includes BioMedical restructuring costs of $4,486 and $866 for the three months ended December 31, 2012 and 2011, respectively, and $4,811 and $4,925 for the year ended December 31, 2012 and 2011, respectively. 

 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
ORDERS AND BACKLOG (UNAUDITED)
(Dollars in thousands)
 
  Three Months Ended Twelve Months Ended
  December 31, 2012 September 30, 2012 December 31, 2012 December 31, 2011
Orders        
Energy & Chemicals $62,173 $56,435 $384,835 $392,112
Distribution & Storage 150,874 120,388 531,227 435,954
BioMedical 64,951 56,598 208,439 203,635
Total $277,998 $233,421 $1,124,501 $1,031,701
         
Backlog        
Energy & Chemicals $365,470 $397,741 $365,470 $303,490
Distribution & Storage 228,204 214,377 228,204 169,246
BioMedical 23,760 27,708 23,760 16,332
Total $617,434 $639,826 $617,434 $489,068
 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF DILUTED EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE  
(UNAUDITED)
 
  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 2012 2011
Earnings per diluted shares $0.69 $0.28 $2.36 $1.47
Acquisition earn-out adjustment (0.09)
Call premium on Senior Notes 0.12 0.12
Write-off of deferred financing fees 0.07 0.07
Inventory write-up to fair value 0.06 0.01 0.08 0.04
Asset impairments 0.07 0.03
Severance/retention 0.03 0.02 0.04 0.08
Other restructuring/acquisition costs 0.02 0.01 0.04 0.03
Adjusted earnings per diluted share $0.80 $0.51 $2.50 $1.84
CONTACT: Michael F. Biehl
         Executive Vice President,
         Chief Financial Officer and Treasurer
         216-626-1216
         michael.biehl@chartindustries.com
         or
         Kenneth J. Webster
         Vice President, Chief Accounting Officer and
         Controller
         216-626-1216
         ken.webster@chartindustries.com

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