Chart Industries, Inc. reports results for 1994's fourth quarter and full year ended December 31 — announces regular quarterly dividend

Business Wire, Feb 13, 1995

Eastlake, Ohio--(BUSINESS WIRE)--February 13, 1995--Chart Industries, Inc. (NYSE: CTI) today reported strongly higher sales and a net profit for the three-month period ended December 31, 1994, compared with a net loss for the prior year quarter. For the twelve months ended December 31, 1994, sales rose slightly over the prior year twelve month period; however, the Company reported a net loss for the full year 1994 versus a net profit for the comparable 1993 period.

Chart also announced today that the Board of Directors has approved the regular quarterly cash dividend on the Company's outstanding shares, to be payable at the rate of $0.07 for each share held. This cash dividend will be payable on March 13, 1995 to shareholders of record at close of business on March 3, 1995.

Financial highlights are as follows (all figures are in thousands of dollars except per share amounts):

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Current backlog is reduced to $13.1 million as a result of the high level of sales this quarter. New orders totaling $4.2 million were booked at higher margins relative to the third quarter of 1994.

For the fourth quarter of 1994, these products made a significant volume contribution at improved margins.

Power/Other Products

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Stainless steel tubing, the major contributor to this product group, is the only Chart product line without a significant backlog.

The Company fills orders as received; fast turnaround is the strength of this operation. This past three-month period has been an exceptional one for stainless steel tubing in terms of margins generated.

The Company has orders in backlog totaling $8.1 million, including orders for eight (8) Air Force trailers to be used for the transport of specialty chemicals as well as orders for specialty nuclear work.

Chart Industries, Inc. manufactures standard and custom-built industrial process equipment primarily for low temperature and cryogenic uses. The Company also manufactures various other industrial products such as structural pipe supports, specialty stainless steel tubing and high vacuum systems. Headquartered in Eastlake, Ohio, Chart has operations located in Arkansas, California, Massachusetts, New Hampshire, Pennsylvania and Wisconsin.

(See attached financial tables.)

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                CHART INDUSTRIES, INC. AND SUBSIDIARIES
                        MARKET INFORMATION
               FOR 1994'S FOURTH QUARTER AND FULL YEAR