Chart Industries, Inc. (GTLS) Reports Strong Growth and Improved Backlog

QualityStocks would like to highlight 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.

In the company’s news yesterday,

Chart Industries announced its financial results for the fourth quarter and year ended December 31, 2010.

Net sales for the fourth quarter of 2010 were $158.8 million, up 22% from $130.3 million in the comparable period a year ago. Gross profit for the fourth quarter of 2010 was $50.6 million, or 32% of sales, versus $43.9 million, or 34% of sales, in the comparable quarter of 2009.

Net income for the fourth quarter of 2010 totaled $9.8 million, or $0.33 per diluted share, compared to $15.5 million, or $0.53 per diluted share, for the fourth quarter of 2009. According to the press release, the fourth quarter of 2009 included several items that favorably impacted pre-tax income by $4.0 million, or $0.15 per diluted share, including a bargain purchase gain from the Covidien acquisition partially offset by restructuring and acquisition-related costs.

“2010 was a transitional year for Chart, with our financial performance improving each quarter as we expected, due to improving global markets across all our business segments,” commented Sam Thomas, Chart’s Chairman, President and Chief Executive Officer. “Fourth quarter orders were the strongest quarterly intake since the second quarter of 2008. In addition, fourth quarter orders improved 24% over a strong third quarter order level, and we finished the year with our best quarterly profit performance for 2010.”

Mr. Thomas continued, “The recently announced Nitrogen Rejection Unit (“NRU”) order in excess of $90 million signals the return of large project work in our Energy & Chemicals (“E&C”) business and is a strong validation of the significant quote activity we have seen over the last year. We remain optimistic about additional large project opportunities in the E&C business. In our BioMedical segment, the SeQual acquisition, completed in late December 2010, expands our respiratory product offering with a portable oxygen concentrator. This product is experiencing the highest growth rate among our respiratory products and takes advantage of Chart’s existing distribution network to drive incremental sales. We will continue to focus on acquisitions with above average growth potential going forward.”

Backlog at the end of 2010 was $236.4 million, 28% higher than the previous year. Orders for the fourth quarter of 2010 were $182.2 million compared with third quarter 2010 orders of $146.8 million, a improvement.

“The order improvement was led by our E&C business, where natural gas processing and natural gas liquids recovery projects continue to provide order opportunities, particularly in North America,” said Mr. Thomas. “In addition, December monthly order intake in our Distribution & Storage (“D&S”) operations was the strongest in two and a half years, led by mobile equipment and engineered system products. With customer-owned inventory at Chart sites down to very low levels, we have started to see an increase in bulk and transportable equipment orders, which also contributed to the improvement during the quarter.”

Cash and short-term investments totaled $165.1 million and net debt was $60 million as of December 31, 2010. Major uses of cash during the quarter included $39 million for the acquisition of SeQual, which closed late last year, and $5 million for capital expenditures, the majority of which was used for the new BioMedical facility in Canton, Georgia.

About QualityStocks

QualityStocks, based in Scottsdale, Arizona, is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their investor communication efforts and connecting subscribers with companies that have huge potential to succeed in the short and long-term future.

To sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net

Please see disclaimer on QualityStocks website: http://Disclaimer.QualityStocks.net

Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.