Chart bought Cryenco last July. Certain Cryenco shareholders owned warrants to buy their own shares at some fixed price. Those became warrants to buy CTI shares. In order for those warrants to be exercised, the CTI shares have to legally exist. This registration is creating the 89,000 or so shares needed to cover the exercise of those warrants.
You see this often with tech companies that register shares to cover all the options they have granted employees (you can't cash in options if there are no shares to convert them into).
From a little reading of the 10-K and most recent 10-Q...
Concern has been expressed that backlog was lower at the end of 1998's first quarter than at the end of 1997's fourth quarter. This was also the case in 97Q1 vs 96Q4, 94Q1 vs 93Q4, and 93Q1 vs 92Q4. In '95, Q1 backlog was up $9.4 million vs 94Q4, while in '96, Q1 backlog was up $1.9 million (less than 2%) vs Q495.
I don't know if there is some simple seasonal explanation for this, but it does appear that a decline in backlog during the first quarter is not out of the ordinary for CTI.