CLEVELAND, Feb. 25, 2014 (GLOBE NEWSWIRE) -- Chart Industries, Inc. (Nasdaq:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, today reported results for the fourth quarter and year ended December 31, 2013. Highlights include:
- Record orders over $1.27 billion for the full year 2013
- Record sales of $1.18 billion, up 16% over full year 2012
- Year-end backlog of $729 million, up 18% from year-end 2012
- Announces $80 million D&S China capacity expansion
Net income for the fourth quarter of 2013 was $23.2 million, or $0.71 per diluted share. Fourth quarter 2013 earnings would have been $0.82 per diluted share excluding $3.2 million, or $0.07 per diluted share, of costs largely associated with the AirSep acquisition, as well as a $0.04 per diluted share impact associated with Chart's Convertible Notes ("Notes"). This compares with net income of $20.8 million, or $0.69 per diluted share, for the fourth quarter of 2012. Fourth quarter 2012 earnings would have been $0.80 per share excluding $4.5 million, or $0.11 per diluted share, of acquisition-related costs in that period.
Chart's average fourth quarter common stock price exceeded the Notes' conversion price of $69.03 and our warrants' strike price of $84.96. This resulted in the inclusion of an additional 1.9 million shares related to the Notes in the Company's diluted earnings per share calculation for the quarter. The associated hedge, which helps offset this dilution, cannot be taken into account under Generally Accepted Accounting Principles ("GAAP"). If the hedge could have been considered, it would have reduced the additional shares by 1.2 million resulting in the inclusion of only 0.7 million additional shares related to the Notes. Although the Notes remain convertible at the option of the holders during the current quarter, there have been no conversions to date.
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