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Chart Industries Reports 2013 First Quarter 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 March 31,
  2013 2012
Sales $ 273,648 $ 216,106
Cost of sales 194,198 148,549
Gross profit 79,450 67,557
Selling, general and administrative expenses 47,204 40,626
Amortization expense 4,895 3,070
  52,099 43,696
Operating income (1) 27,351 23,861
Other expenses (income):    
Interest expense and financing costs amortization, net 4,317 4,283
Foreign currency loss (gain) 346 (352)
  4,663 3,931
Income before income taxes 22,688 19,930
Income tax expense 6,580 5,778
Net income 16,108 14,152
Noncontrolling interest, net of taxes 573 69
Net income attributable to Chart Industries, Inc. $ 15,535 $ 14,083
Net income attributable to Chart Industries, Inc. per common share:    
Basic $ 0.52 $ 0.48
Diluted $ 0.51 $ 0.47
Weighted average number of common shares outstanding:    
Basic 30,035 29,593
Diluted 30,426 30,061
 
(1) Includes depreciation expense of $5,019 and $4,153 for the three months ended March 31, 2013 and 2012, respectively.  
 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)  
 
  Three Months Ended March 31,
  2013 2012
Net Cash Used In Operating Activities $ (23,638) $ (9,172)
Investing Activities    
Capital expenditures (12,078) (6,345)
Net Cash Used In Investing Activities (12,078) (6,345)
Financing Activities    
Borrowings on revolving credit facilities 48,978
Repayments on revolving credit facilities (31,738)
Principal payments on long-term debt (938) (1,625)
Proceeds from exercise of stock options 3,913 1,725
Tax benefit from exercise of stock options 4,383 6,355
Common stock repurchases (1,879) (4,473)
Net Cash Provided By Financing Activities 22,719 1,982
Effect of exchange rate changes on cash (2,233) (806)
Net decrease in cash and cash equivalents (15,230) (14,341)
Cash and cash equivalents at beginning of period 141,498 256,861
Cash And Cash Equivalents At End of Period $ 126,268 $ 242,520
 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)  
 
  March 31, 2013 December 31, 2012
  (Unaudited)  
ASSETS    
Cash and cash equivalents $ 126,268 $ 141,498
Other current assets 457,559 414,926
Property, plant and equipment, net 176,115 169,776
Goodwill 398,287 398,941
Identifiable intangible assets, net 184,391 189,463
Other assets, net 14,721 13,237
TOTAL ASSETS $ 1,357,341 $ 1,327,841
     
LIABILITIES AND EQUITY    
Current liabilities $ 280,252 $ 273,775
Long-term debt 253,474 252,021
Other long-term liabilities 99,754 102,262
Equity 723,861 699,783
TOTAL LIABILITIES AND EQUITY $ 1,357,341 $ 1,327,841
 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
OPERATING SEGMENTS (UNAUDITED)
(Dollars in thousands)  
 
  Three Months Ended March 31,
  2013 2012
Sales    
Energy & Chemicals $ 80,861 $ 68,824
Distribution & Storage 128,733 105,092
BioMedical 64,054 42,190
Total $ 273,648 $ 216,106
Gross Profit    
Energy & Chemicals $ 20,927 $ 21,689
Distribution & Storage 36,502 29,448
BioMedical 22,021 16,420
Total $ 79,450 $ 67,557
Gross Profit Margin    
Energy & Chemicals 25.9% 31.5%
Distribution & Storage 28.4% 28.0%
BioMedical 34.4% 38.9%
Total 29.0% 31.3%
Operating Income    
Energy & Chemicals $ 12,819 $ 13,192
Distribution & Storage 19,289 18,732
BioMedical 6,753 4,592
Corporate (11,510) (12,655)
Total $ 27,351 $ 23,861
 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
ORDERS AND BACKLOG (UNAUDITED)
(Dollars in thousands)  
 
  Three Months Ended
  March 31, 2013 December 31, 2012
Orders    
Energy & Chemicals $ 38,807 $ 62,173
Distribution & Storage (1) 132,774 150,874
BioMedical 72,002 64,951
Total $ 243,583 $ 277,998
Backlog    
Energy & Chemicals $ 322,936 $ 365,470
Distribution & Storage 231,141 228,204
BioMedical 32,512 23,760
Total $ 586,589 $ 617,434
 
(1) The three months ended December 31, 2012 includes a $40 million order from PetroChina for LNG equipment.  
 
 
CHART INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF DILUTED EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE
(UNAUDITED)  
 
  Three Months Ended March 31,
  2013 2012
Earnings per diluted share $ 0.51 $ 0.47
Acquisition earn-out adjustment 0.01
Severance/retention 0.03
Adjusted earnings per diluted share $ 0.54 $ 0.48
CONTACT: Michael F. Biehl
         Executive Vice President,
         Chief Financial Officer and Treasurer
         216-626-1216
         michael.biehl@chartindustries.com
         
         Kenneth J. Webster
         Vice President, Chief Accounting Officer and
         Controller
         216-626-1216
         ken.webster@chartindustries.com

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