CURRENT REPORT

CLEVELAND, OH - February 5, 2001 - Chart Industries, Inc., (NYSE:CTI) today reported financial results for its fourth quarter and year ended December 31, 2000. Sales for the fourth quarter of 2000 increased 12.9 percent to a record $89.8 million, up from $79.5 million for the corresponding quarter in 1999. Fourth-quarter net income was $1.2 million, or $.05 per diluted share, compared with net income of $1.7 million, or $.07 per diluted share, in the fourth quarter of 1999.

Sales for the full year increased 11.2 percent to $325.7 million from $292.9 million for 1999. Net income for 2000 was $2.2 million, or $.09 per diluted share, compared with a net loss of $36.3 million, or $1.53 per diluted share, for 1999.

Commenting on Chart's results for the fourth quarter and year ended December 31, 2000, Arthur S. Holmes, Chairman and Chief Executive Officer, said, "I am pleased with the progress we have made this year and the underlying improvement demonstrated in our fourth-quarter results. Each of Chart's three business segments produced sales growth over the same quarter last year and we achieved record sales for the full year of $326 million. Our operating income of $9.2 million for the fourth quarter was 23 percent higher than the same quarter of 1999 and brings our total year operating income to $30.9 million versus an operating loss of $11.7 million last year.

"Chart's consolidated backlog at year-end was a healthy $108.1 million, up $47.7 million, or 78.9 percent, from the 1999 year-end figure. Continued strong demand for our Applied Technologies (AT) and Distribution & Storage (D&S) products and improved hydrocarbon processing market activity for our Process Systems & Equipment (PS&E) segment positions Chart to enter 2001 in a much healthier position than a year ago. Recovery of the industrial gas market for the PS&E segment looks more like year-end or early 2002.

"I am particularly gratified with the strong growth in orders and sales we are experiencing in the AT business. To pursue a strong component of this growth, Chart has created a new subsidiary named NexGen Fueling, Inc., in which we plan to consolidate and promote our production of liquid natural gas (LNG) equipment for natural gas-powered vehicles, natural

gas fueling stations and related applications. We have previously announced two significant and strategic awards in this market. Similarly, we have created a subsidiary named CoolTel, Inc. to market our developing telemetry services to our customers. Investment banking firms have been engaged to assist Chart in obtaining outside financing to help fund the development of these businesses. We will retain a majority ownership interest in both subsidiaries .

"Our operations have continued to generate positive cash flow and have allowed for a modest reduction of debt. This was difficult in 2000 because of the rising interest rates. Recently announced interest rate reductions will be beneficial going forward. Chart achieved earnings before interest, taxes, depreciation and amortization (EBITDA) of $49.8 million for the year, which is a significant recovery from the 1999 level. Going forward in 2001, we anticipate double-digit revenue growth, assuming reasonable industrial economic strength, but lower gross margins due to some unfavorable mix changes. Chart will also make necessary investments in our leading growth businesses. Overall, our profitability is expected to improve over 2000. Seasonality and mix changes, however, will net a soft to break-even first quarter.

"In summary, we are demonstrating continued strong revenue growth. Our challenge is to continue to grow and improve operating performance while reducing debt. I believe we are well positioned to accomplish these goals and achieve enhanced shareholder value.

Financial highlights are as follows (all figures are in thousands of dollars except per-share amounts, which are based on average shares outstanding on a diluted basis):

	Three months ended December 31,
	2000	1999	% Change
Sales	$89,772	$79,515	12.9%
Gross profit	25,665	24,042	6.8%
Net income	1,211	1,653	(26.7%	)
Net income per share - assuming dilution	0.05	0.07	(28.6%	)

	Twelve months ended December 31,
	2000	1999		% Change
Sales	$325,700	$292,937		11.2	%
Gross profit	96,029	77,381		24.1	%
Net income (loss)	2,155	(36,280	)	N/M
Net income (loss) per share - assuming dilution	0.09	(1.53	)	N/M
N/M = Not meaningful

Sales for the fourth quarter of 2000 were $89.8 million versus $79.5 million for the fourth quarter of 1999, an increase of $10.3 million, or 12.9 percent. Each of the Company's three business segments experienced sales growth in the fourth quarter of 2000 compared with the corresponding quarter of 1999. The AT segment benefited from continued strength in the magnetic resonance imaging (MRI) market and medical oxygen equipment markets. In addition, sales of nitrogen systems and LNG vehicle-fueling product lines increased over prior periods. These increases more than offset a temporary slowdown experienced in restaurant CO₂ products with one of Chart's largest customers. The D&S segment continued to see high sales levels for packaged gas products which were offset by lower engineered tank sales. Improvement in the PS&E segment resulted primarily from Trinidad LNG project revenue for both heat exchangers and cold boxes.

Chart reorganized its Cryogenic Services Division in the fourth quarter of 2000. Rapid growth and consolidation of services into this business unit resulted in poor operating performance and over-extension of its infrastructure. The reorganization is intended to focus management and other resources on specific problems. This business unit remains a strategic part of Chart's global tank business and a growth component in the tank business' core operations.

Selling, general and administrative (SG&A) expense for the fourth quarter of 2000 was $15.9 million versus $15.1 million for the fourth quarter of 1999. Major comparative increases were related to incentive pay and sales commissions, both of which increased with improved sales and earnings. As a percentage of sales, SG&A expense was 17.7 percent for the fourth quarter of 2000, down from 19.0 percent for the fourth quarter of 1999.

The Company recorded $1.3 million of goodwill amortization in the fourth quarters of 2000 and 1999.

With the improving market for MRI cryostats and market acceptance of the new ORCA™ Micro-Bulk delivery system, the Company expanded operations into a leased facility, which had been previously vacated as part of the restructuring plan initiated in 1999. Accordingly, the Company reversed $0.7 million of its restructuring reserve in the fourth quarter of 2000. This reserve was the result of the Company's restructuring plan and charge announced in the

second quarter of 1999. The charge included costs related to consolidating manufacturing capacity at the two Denver facilities and other severance costs. Pursuant to this plan, the Company recorded a $0.2 million charge during the fourth quarter of 1999.

In the fourth quarter of 2000, the Company recorded a $0.7 million gain on the sale of its Westborough, Massachusetts plant, which had been idled since the sale of its standard cryogenic systems product line in the fourth quarter of 1999. The sale of this product line resulted in a $2.5 million gain in that quarter.

Net interest expense for the fourth quarter of 2000 was $7.0 million versus $6.3 million for the fourth quarter of 1999, reflecting higher interest rates due to Federal Reserve rate increases in early 2000 and the amendments of the Company's Credit Facility. At December 31, 2000, the Company had borrowings outstanding on its Credit Facility of $259.6 million and was in compliance with all related covenants.

Income tax expense reflects an effective tax rate of 56 percent for the fourth quarter and 57 percent for the year ended December 31, 2000 due to much of the goodwill amortization being non-deductible.

As a result of the foregoing, the Company reported net income for the fourth quarter of 2000 of $1.2 million, or $.05 per diluted share, versus $1.7 million, or $.07 per diluted share, for the fourth quarter of 1999.

Cash provided by operations during the fourth quarter of 2000 was $4.0 million compared with cash used by operations of $5.4 million in the fourth quarter of 1999.

Capital expenditures for the fourth quarter of 2000 were $1.5 million compared with $2.5 million for the same period in 1999. The Company believes that between $1.5 million and $2.0 million per quarter is the normal maintenance level for capital expenditures.

The Company forecasts sufficient cash flow from operations and available borrowings to fund principal and interest payments, working capital requirements and capital expenditures for the current fiscal year. The Credit Agreement amendment relief on financial covenants and the additional liquidity facility agreed to during the fourth quarter of 2000 expire at the end of 2001.

Chart's consolidated orders for the fourth quarter of 2000 totaled $84.9 million, compared with orders of $114.7 million for the third quarter of 2000 and $71.4 million for the fourth quarter of 1999. Chart's consolidated firm order backlog at December 31, 2000 was $108.1 million, a decrease of $5.3 million from $113.4 million at September 30, 2000, but up $47.7 million from the prior year's figure.

AT orders for the fourth quarter of 2000 totaled $43.7 million, compared with $37.0 million for the third quarter of 2000. The fourth-quarter orders were strong in MRI cryostats, LNG vehicle fuel tanks and fueling stations, medical oxygen products and nitrogen systems. The continued growth in AT is the result of the Company's growing focus on end-user markets and new technologies such as LNG vehicle fueling systems.

D&S orders for the fourth quarter of 2000 totaled $32.6 million, compared with $45.8 million for the third quarter of 2000. The D&S segment realized several large orders in the third quarter in mobile equipment and packaged gas products, which were not repeated in the fourth quarter. In addition, both the standard tank and service markets experienced lower orders in the fourth quarter.

PS&E orders for the fourth quarter of 2000 totaled $8.5 million, compared with $31.9 million in the third quarter of 2000. Orders in this segment were down after two very strong quarters earlier in the year, which included large awards for the Trinidad LNG project. PS&E backlog at December 31, 2000, was $33.7 million, down from $43.2 million at September 30, 2000.

This release contains forward-looking statements that are subject to certain risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, unanticipated slowdowns in the Company's major markets, the impact of competition, the effectiveness of operational changes expected to increase efficiency and productivity, the ability of the Company to satisfy covenants under its Credit Facility, the ability of the Company to obtain outside financing for business development initiatives, and worldwide economic and political conditions and foreign currency fluctuations that may affect worldwide results of operations.

Chart Industries, Inc. manufactures standard and custom-built industrial process equipment primarily for low-temperature and cryogenic applications. Headquartered in Cleveland, Ohio, Chart has domestic operations located in 14 states and international operations located in Australia, China, Czech Republic, England, Germany and Singapore.

For more information on Chart Industries, Inc., visit the Company's home page web site at www.chart-ind.com.

Chart Industries Reports Fourth Quarter Financial Results
Page 7

CHART INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Dollars in thousands, except per share amounts)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2000			1999			2000			1999
Sales	$	89,772		$	79,515		$	325,700			$292,937
Cost of products sold:
Cost of sales		64,107			55,473			229,671			213,458
Acquired profit in inventory											1,162
Restructuring charge											936

		64,107			55,473			229,671			215,556

Gross profit		25,665			24,042			96,029			77,381

Selling, general & administrative expense		15,911			15,113			60,803			51,455
Goodwill amortization expense		1,267			1,264			4,921			3,670
Restructuring (income) expense		(704	)		199			(614	)		11,982
Acquired in-process research and development											22,010

		16,474			16,576			65,110			89,117

Operating income (loss)		9,191			7,466			30,919			(11,736	)

Other income (expense):
Gain on sale of assets		675			2,505			1,041			2,505
Interest expense-net		(6,976	)		(6,286	)		(26,676	)		(15,854	)

		(6,301	)		(3,781	)		(25,635	)		(13,349	)

Income (loss) before income taxes, minority interest and extraordinary item		2,890			3,685			5,284			(25,085	)

Income tax expense		1,624			2,014			3,012			3,215

Income (loss) before minority interest and extraordinary item		1,266			1,671			2,272			(28,300	)
Minority interest, net of taxes		(55	)		(18	)		(117	)		(171	)

Income (loss) before extraordinary item		1,211			1,653			2,155			(28,471	)

Extraordinary loss on early extinguishment of debt, net of taxes of $4,650											(7,809	)

Net income (loss)	$	1,211		$	1,653		$	2,155			($36,280	)

Net income (loss) per common share:
Income (loss) before extraordinary item	$	0.05		$	0.07		$	0.09			($ 1.20	)
Extraordinary item		0.00			0.00			0.00			(0.33	)

Net income (loss) per common share	$	0.05		$	0.07		$	0.09			($ 1.53	)

Net income (loss) per common share- assuming dilution:
Income (loss) before extraordinary item	$	0.05		$	0.07			$0.09			($ 1.20	)
Extraordinary item		0.00			0.00			0.00			(0.33	)

Net income (loss) per common share- assuming dilution	$	0.05		$	0.07		$	0.09			($ 1.53	)

Shares used in per share calculations		24,307			23,719			24,110			23,660
Shares used in per share calculations- assuming dilution		24,532			23,900			24,326			23,660

-MORE-

Chart Industries Reports Fourth Quarter Financial Results
Page 8

The balance sheet at December 31, 1999 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

-MORE-

Chart Industries Reports Fourth Quarter Financial Results
Page 9

CHART INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Dollars in thousands)

	Twelve Months Ended December 31,
	2000			1999
OPERATING ACTIVITIES

Net income (loss)	$	2,155			($36,280	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Loss on early extinguishment of debt					12,459
Acquired in-process research and development					22,010
Acquired inventory profit					1,162
Restructuring (income) expense		(704	)		9,790
Gain on sale of assets		(1,041	)		(2,505	)
Depreciation and amortization		17,864			16,909
Income from joint venture		(35	)
Foreign currency transaction gain		(233	)		(232	)
Minority interest		190			280
Deferred income taxes		2,376			(5,449	)
Contribution of stock to employee benefit plans		2,283			1,308
Increase (decrease) in cash resulting from changes in operating assets and liabilities:
Accounts receivable		5,577			(462	)
Inventory and other current assets		(26,322	)		1,618
Accounts payable and other current liabilities		11,138			(14,110	)
Billings in excess of contract revenue and customer advances		1,398			(12,012	)

Net Cash Provided By (Used In) Operating Activities		14,646			(5,514	)

INVESTING ACTIVITIES

Capital expenditures		(5,581	)		(7,047	)
Acquisition of MVE, net of cash acquired					(2,225	)
Redemption of MVE preferred stock					(74,642	)
Acquisition of Northcoast Cryogenics, net of cash acquired					(2,185	)
Proceeds from sale of assets		5,000			3,300
Other investing activities		154			605

Net Cash Used In Investing Activities		(427	)		(82,194	)

FINANCING ACTIVITIES

Borrowings on revolving credit facilities		112,254			96,305
Repayments on revolving credit facilities		(102,693	)		(87,082	)
Borrowings for acquisition of MVE					250,000
Principal payments on long-term debt		(18,288	)		(148,957	)
Premiums paid on repurchases of debt					(12,459	)
Deferred financing costs		(1,015	)		(7,698	)
Treasury stock and stock option transactions		(17	)		(720	)
Dividends paid to shareholders					(2,370	)

Net Cash (Used In) Provided By Financing Activities		(9,759	)		87,019

Net increase (decrease) in cash and cash equivalents		4,460			(689	)
Effect of exchange rate changes on cash		(1,853	)		834
Cash and cash equivalents at beginning of period		2,314			2,169

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	4,921			$ 2,314

# # #

-----END PRIVACY-ENHANCED MESSAGE-----

Chart Industries, Inc.
(Exact name of registrant as specified in its charter)


Delaware	1-11442	34-1712937
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


5885 Landerbrook Drive, Suite 150, Cleveland, Ohio 44124
(Address of principal executive offices) (Zip Code)


Registrant's telephone number, including area code: (440) 753-1490


(Former Name or Former Address, if Changed Since Last Report)

Item 7.		Financial Statements, Pro Forma Financial Information and Exhibits.

(c)		Exhibits.

		99.1 Press Release of the Company, dated February 5, 2001.

Item 9.		Regulation FD Disclosure.

		Pursuant to Regulation FD, Chart Industries, Inc. is furnishing a press release it released on February 5, 2001. The press release is attached hereto as Exhibit 99.1.

	EXHIBIT INDEX

Exhibit	Description of Exhibit

99.1	Press Release of the Company, dated February 5, 2001.


	1999 Fourth Quarter			2000 First Quarter			2000 Second Quarter			2000 Third Quarter			2000 Fourth Quarter
Sales
Applied Technologies	$	34,224		$	29,518		$	33,855		$	35,409		$	38,170
Distribution & Storage Equipment		31,678			32,208			35,792			36,166			33,763
Process Systems & Equipment		13,613			7,266			9,277			16,437			17,839

Total	$	79,515		$	68,992		$	78,924		$	88,012		$	89,772


Gross Profit
Applied Technologies	$	13,741		$	11,999		$	13,454		$	14,391		$	14,606
Distribution & Storage Equipment		7,444			7,090			8,088			7,890			6,243
Process Systems & Equipment		2,857			671			2,111			4,670			4,816

Total	$	24,042		$	19,760		$	23,653		$	26,951		$	25,665


Gross Profit Margin
Applied Technologies		40.2	%		40.6	%		39.7	%		40.6	%		38.3	%
Distribution & Storage Equipment		23.5	%		22.0	%		22.6	%		21.8	%		18.5	%
Process Systems & Equipment		21.0	%		9.2	%		22.8	%		28.4	%		27.0	%
Total		30.2	%		28.6	%		30.0	%		30.6	%		28.6	%

Orders
Applied Technologies	$	34,762		$	31,907		$	35,620		$	37,010		$	43,722
Distribution & Storage Equipment		32,383			41,279			35,070			45,769			32,638
Process Systems & Equipment		4,251			7,270			30,472			31,889			8,518

Total	$	71,396		$	80,456		$	101,162		$	114,668		$	84,878


Backlog
Applied Technologies	$	25,891		$	27,366		$	28,767		$	29,939		$	35,205
Distribution & Storage Equipment		26,372			34,020			32,057			40,337			39,227
Process Systems & Equipment		8,165			7,403			27,744			43,163			33,686

Total	$	60,428		$	68,789		$	88,568		$	113,439		$	108,118

	December 31, 2000		December 31, 1999
		(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	4,921	$	2,314
Accounts receivable, net		53,917		60,236
Inventories, net		66,987		50,578
Other current assets		31,006		30,222

Total Current Assets		156,831		143,350

Property, plant and equipment, net		63,382		74,757
Goodwill, net		173,128		177,228
Other assets, net		28,148		29,235

TOTAL ASSETS	$	421,489	$	424,570

LIABILITIES & SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	36,265	$	25,102
Customer advances		1,790		2,765
Billings in excess of contract revenue		2,630		296
Accrued expenses and other liabilities		44,770		45,764
Current portion of long-term debt		25,484		19,336

Total Current Liabilities		110,939		93,263

Long-term debt		244,386		259,336
Other long-term liabilities		11,320		16,459

Shareholders’ Equity		54,844		55,512

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	421,489	$	424,570