Chart Industries Reports 2013 Third Quarter Results

CLEVELAND, Oct. 31, 2013 (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 third quarter ended September 30, 2013. Highlights include:
  • Sales up 19% from prior year quarter
  • Backlog up 12% sequentially to a record $743.4 million
  • Order activity strong; includes previously announced large awards for small scale LNG liquefaction in North America and LNG infrastructure build-out in China, and a new award for 20 LNG fueling stations in North America
  • Announcement of new manufacturing capacity in China for brazed aluminum heat exchanger operations

Net income for the third quarter of 2013 was $24.4 million, or $0.74 per diluted share. This compares with net income of $18.5 million, or $0.61 per diluted share, for the third quarter of 2012. Third quarter 2013 earnings would have been $0.82 per diluted share excluding $1.0 million, or $0.02 per diluted share, of costs recorded in the quarter largely associated with the AirSep acquisition, as well as a $0.06 per diluted share impact associated with Chart's Convertible Notes ("Notes") given Chart's stock price performance.

Chart's average common stock price was $112.45 in the third quarter, which exceeded the Notes' conversion price of $69.03 and our warrants' strike price of $84.96. This resulted in the inclusion of an additional 2,221,680 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 1,336,383 resulting in the inclusion of only 885,297 additional shares related to the Notes. Although the Notes remain convertible at the option of the holders, there have been no conversions to date.

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