* First sequential order increase since second quarter 2008
 * Adds third strategic acquisition of the year
 * Cash and short term investments increase to almost $220
   million

Net income for the third quarter of 2009 was $8.2 million, or $0.28 per diluted share. This compares with $20.4 million, or $0.70 per diluted share in the comparable period a year ago. The third quarter of 2009 included $1.2 million in restructuring costs, or $0.03 per diluted share, primarily related to planned workforce reductions as part of the Company's previously announced cost reduction initiatives. Net sales for the third quarter of 2009 decreased 33% to $127.2 million from $188.8 million in the comparable period a year ago. Gross profit for the third quarter of 2009 was $39.4 million, or 31.0% of sales, versus $66.2 million, or 35.0% of sales, in the comparable quarter of 2008.

"The strength of our backlog going into the economic downturn, together with our early focus on cost reduction initiatives, has enabled us to weather this storm successfully to date," stated Sam Thomas, Chart's Chairman, President and Chief Executive Officer. "We continue to focus on winning opportunities that will allow us to grow our business at the leading edge of the recovery. Excluding recent acquisitions, our workforce levels are now down by 24% since the end of last year. We continue to strengthen the balance sheet and improve liquidity while strategically adding acquisitions that expand our global footprint."

During the third quarter, the Company announced the acquisition of Covidien's oxygen therapy business, its third strategic acquisition during 2009. This will substantially expand BioMedical's liquid oxygen therapy business including products sold under the leading Companion(TM) and Helios(TM) brands. The acquisition includes these well established brand names as well as design, manufacturing, and sales and service functions worldwide. The acquisition is expected to close by the end of this year.

Backlog at September 30, 2009 was $189.2 million, down 16% from the June 30, 2009 level of $224.6 million. Orders for the third quarter of 2009 were $91.5 million compared with second quarter 2009 orders of $71.4 million.

"Although overall order levels remained relatively weak, I am encouraged to see third quarter orders up sequentially," stated Mr. Thomas. "This is the first such quarterly increase since the second quarter of 2008. Orders have remained relatively constant in our BioMedical business throughout the economic downturn and have stabilized and started to trend up in our Distribution and Storage ("D&S") business, but still remain weak in our Energy and Chemicals ("E&C") business."

"We are optimistic about several potential significant LNG project orders for E&C that are expected in early 2010 and we continue to invest in strategic relationships in this area," Mr. Thomas acknowledged. "In addition to our historic base-load LNG relationships, we have a key alliance agreement with Energy World Corporation ("EWC") for supplying process technology and equipment for their mid-scale LNG liquefaction plants. We are substantially complete on an order to provide equipment for four liquefaction trains that EWC is building in Indonesia and look forward to orders and delivering additional trains. We also entered into an agreement with Toyo Engineering Corporation in 2009 to jointly pursue other mid-scale LNG opportunities."

Selling, general and administrative ("SG&A") expenses for the third quarter of 2009 decreased $6.0 million to $20.8 million, or 16.4% of sales as a result of lower employee related costs, travel and entertainment, and other expenses due to cost reduction initiatives. These savings were partially offset by $0.6 million of restructuring expenses in the quarter. SG&A expenses were 15.1% of sales for the second quarter of 2009, or $23.5 million, and 14.2% of sales, or $26.8 million, for the same quarter a year ago.

Cash and short-term investments were $219.5 million at September 30, 2009, which is $14.1 million higher than balances at June 30, 2009 and $65 million higher than balances at December 31, 2008. Capital expenditures for the third quarter of 2009 increased to $4.0 million from $2.9 million in the same period a year ago primarily due to increased expenditures relating to the previously announced industrial gas equipment repair center being built in Reno, Nevada.

SEGMENT HIGHLIGHTS

E&C segment sales declined 37% to $49.7 million for the third quarter of 2009, compared with $78.9 million for the same quarter in the prior year. E&C gross profit margin declined to 29.1% in the 2009 period compared with 39.2% in the 2008 quarter largely due to project mix, higher costs due to the use of contract labor to complete certain projects, and lower volume as a result of reduced order levels. In addition, performance incentives and change orders were earned on several projects improving margins approximately 2% during the third quarter of 2008.

D&S segment sales declined by 35% to $55.6 million for the third quarter of 2009, compared with $85.0 million for the same quarter in the prior year. The decrease in sales was largely due to lower prices and lower volume in our packaged gas product line and, to a lesser extent, bulk tank products, as industrial gas customers continue to restrict their purchases as a result of the economic downturn. As a result, D&S gross profit margin declined to 28.5% in the quarter compared with 30.9% a year ago.

BioMedical segment sales declined 12% to $21.9 million for the third quarter of 2009, compared with $24.9 million for the same quarter in the prior year. Medical respiratory product sales increased during the quarter, but this was more than offset by lower volume in biological storage system sales due to continued weakness in the beef and dairy artificial insemination market due to the economic downturn. In addition, other product sales declined due to the impact of the previously announced Denver facility shutdown. BioMedical gross profit margin increased to 41.4% in the quarter compared with 36.1% for the same period in 2008. This was primarily due to lower material costs and improved volume in medical respiratory products.

OUTLOOK

Based on year to date results, current expectations and our cost reduction initiatives, the Company is reaffirming its previously announced full year sales, but revising upward its mid-point earnings per share guidance. Sales for 2009 are still expected to remain in the range of $580 to $620 million. Earnings are now expected to be in a range of $1.60 to $1.70 per share, as compared with the Company's prior guidance of $1.50 to $1.70 per share, on approximately 29.0 million weighted average shares outstanding. This revised guidance includes the impact from restructuring charges of approximately $0.14 per share through September 30, 2009, and $0.01 per share of expected additional charges in the fourth quarter 2009 related to cost reduction initiatives and the previously announced shutdown of the Denver facility.

FORWARD-LOOKING STATEMENTS

Certain statements made in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.