<PAGE>
<PAGE> 1 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
Form 10-K/A1
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 1995
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File No. 1-9344
AIRGAS, INC.
(Exact name of registrant as specified in its charter)
Delaware 56-0732648
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
5 Radnor Corporate Center, Suite 550
100 Matsonford Road, Radnor, Pennsylvania 19087-4579
(Address of principal executive offices) (Zip Code)
(610) 687-5253
(Registrant's telephone number, including area code)
Securities Registered Pursuant to Section 12 (b) of the Act:
Name of Each Exchange
Title of Each Class on Which Registered
______________________________________ _____________________
Common Stock, par value $.01 per share New York Stock Exchange
Securities registered pursuant to Section 12 (g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES X NO
_________ ________
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
The aggregate market value of the 26,086,772 shares of voting stock held
by non-affiliates of the registrant on May 22, 1995 was $694.6 million. For
purposes of this calculation, only executive officers and directors were
deemed to be affiliates.
The number of shares of Common Stock outstanding as of May 22, 1995 was
30,784,645.
DOCUMENTS INCORPORATED BY REFERENCE
The Company's Proxy Statement for the Annual Meeting of Stockholders to
be held August 7, 1995 is partially incorporated by reference into Part III.
Those portions of the Proxy Statement included in response to Item 402(k) and
Item 402(l) of Regulation S-K are not incorporated by reference into Part III.
<PAGE> 2
The Registrant hereby amends its Annual Report on Form 10-K for the
fiscal year ended March 31, 1995 for the purpose of filing, in accordance with
Rule 15d-21 promulgated under the Securities Exchange Act of 1934, Exhibit
23.2, Consent of Independent Accountants, and Exhibit 99.1 containing
information, financial statements and exhibits required by Form 11-K with
respect to the Registrant's 401(k) Plan.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
(a)(1) and (2):
The response to this portion of Item 14 is submitted as a separate section of
this report beginning on page F-1. All other schedules have been omitted as
inapplicable, or not required, or because the required information is included
in the Consolidated Financial Statements or notes thereto.
(a)(3) Exhibits. The exhibits required to be filed as part of this annual
report on Form 10-K are listed in the attached Index to Exhibits.
(b) Reports on Form 8-K.
None.
(c) Index to Exhibits and Exhibits filed as a part of this report.
2.1 Acquisition of certain operations of The BOC Group, Inc. on February 8,
1994. (Incorporated by reference to the Company's Current Report, dated
February 17, 1994, filed on Form 8-K).
3.1 Certificate of Incorporation of the Company, as amended. (Incorporated
by reference to Exhibit 3.1 to the Company's June 30, 1987 Quarterly
Report on Form 10-Q).
3.2 By-Laws of the Company, as amended. (Incorporated by reference to Exhibit
3.2 to the Company's June 30, 1987 Quarterly Report on Form 10-Q).
3.3 Amendments to the Certificate of Incorporation of the Company dated
August 13, 1987, November 20, 1989 and August 3, 1994.
4.1 Sixth Amended and Restated Loan Agreement dated August 30, 1994 between
Airgas, Inc. and certain banks and NationsBank of North Carolina, N.A.
($250,000,000 credit facility).
4.2 Amendment No. 1 to the Sixth Amended and Restated Loan Agreement dated as
of November 8, 1994 between Airgas, Inc. and certain banks and
NationsBank of North Carolina, N.A.
<PAGE> 3
4.3 Loan Agreement dated November 8, 1994 between Airgas, Inc. and certain
banks and Nationsbank of North Carolina, N.A. ($100,000,000 credit
facility).
There are no other instruments with respect to long-term debt of the
Company that involve indebtedness or securities authorized thereunder
exceeding 10 percent of the total assets of the Company and its
subsidiaries on a consolidated basis. The Company agrees to file a copy
of any instrument or agreement defining the rights of holders of long-
term debt of the Company upon request of the Securities and Exchange
Commission.
* 10.1 Agreement between the Company and Peter McCausland, dated January 8,
1991, and form of Common Stock Purchase Warrant. (Incorporated by
reference to Exhibit 10.16 to the Company's March 31, 1992 report on
Form 10-K).
* 10.2 Common Stock Purchase Warrant held by Britton H. Murdoch and certain
other employees and other persons (Pursuant to Instruction 2 to Item
601 of Regulation S-K, the Common Stock Purchase Warrants, which are
substantially identical in all material respects except as to the
parties thereto, held by certain employees, including the following
Executive Officers and a Director, and other persons are not being
filed: Hermann Knieling, Kenneth A. Keeley, Alfred B. Crichton, Gordon
L. Keen, Jr., William Sanford, Scott Melman and Ronald Beebe and a
Director, Merril Stott). (Incorporated by reference to Exhibit 10.17
to the Company's March 31, 1993 report on Form 10-K).
* 10.3 Amended and Restated 1984 Stock Option Plan. (Incorporated by
reference to Exhibit "A" to Exhibit 10.6 to the Company's March 31,
1992 report on Form 10-K).
* 10.4 Amendment to the Amended and Restated 1984 Stock Option Plan.
(Incorporated by reference to exhibit 10.18 to the Company's March 31,
1993 report on Form 10-K).
* 10.5 1989 Non-Qualified Stock Option Plan for Directors (Non-Employees), as
amended. (Incorporated by reference to Exhibit 10.7 to the Company's
March 31, 1992 report on Form 10-K).
* 10.6 1994 Employee Stock Purchase Plan. (Incorporated by reference to
exhibit 10.19 to the Company's March 31, 1993 report on Form 10-K).
10.7 Amended and Restated Joint Venture Agreement dated March 31, 1992
between American Carbide and Carbon Corporation and Elkem Metals
Company. (Incorporated by reference to Exhibit 10.5 to the Company's
March 31, 1992 report on Form 10-K).
* 10.8 Exchange Rights Agreement dated October 1, 1989 between the Company
and John Smith (Pursuant to Instruction 2 to Item 601 of Regulation
S-K, the Exchange Rights Agreements, which are substantially identical
in all material respects except as to the parties thereto, between the
Company and the following individuals are not being filed: Alfred B.
Crichton, Rudi Endres, Ronald W. Savage, Mark A. Straka, William E.
Sanford, E. Pat Baker, Kenneth A. Keeley, Kenneth D. Morrison, Richard
W. Johnson, Thomas J. Bennett, Hermann Knieling and John Musselman).
(Incorporated by reference to Exhibit 10.13 to the Company's March 31,
1992 report on Form 10-K).
<PAGE> 4
* 10.9 First Amendment to Exchange Rights Agreement dated April 30, 1992
between the Company and John Smith (Pursuant to Instruction 2 to Item
601 of Regulation S-K, the First Amendments, which are substantially
identical in all material respects except as to the parties thereto,
between the Company and the following individuals are not being filed:
Alfred B. Crichton, Rudi Endres, Ronald W. Savage, Mark A. Straka,
William E. Sanford, E. Pat Baker, Kenneth A. Keeley, Kenneth D.
Morrison, Richard W. Johnson, Thomas J. Bennett, Hermann Knieling and
John Musselman). (Incorporated by reference to Exhibit 10.14 to the
Company's March 31, 1992 report on Form 10-K).
* 10.10 Amended and Restated Exchange Rights Agreement between the Company and
Ronald E. Arnold (Pursuant to Instruction 2 to Item 601 of Regulation
S-K, the Amended and Restated Exchange Rights Agreements, which are
substantially identical in all material respects except as to the
parties thereto, between the Company and the following individuals are
not being filed: John T. Winn, Dennis B. Lee, Howard E. Wolfe, Charles
Graves, I.C. Fortenberry, Henry B. Coker, Ronald B. Rush, William V.
Accuosti, Dan L. Tatro, Theodore D. Erkenbrack, Geoffrey C. Pulford,
Dale E. Hess, Jeff Allen and Barry W. Himes). (Incorporated by
reference to Exhibit 10.15 to the Company's March 31, 1993 report on
Form 10-K).
* 10.11 First Amendment to Amended and Restated Exchange Rights Agreement
between the Company and John T. Winn (Pursuant to Instruction 2 to
Item 601 of Regulation S-K, the First Amendment to the Amended and
Restated Exchange Rights Agreements, which are substantially identical
in all material respects except as to the parties thereto, between the
Company and the following individuals are not being filed: I.C.
Fortenberry, Hermann Knieling, William E. Sanford, Rudi Endres and
Kenneth D. Morrison). (Incorporated by reference to Exhibit 10.11 to
the Company's March 31, 1994 report on Form 10-K).
* 10.12 Second Amendment to Amended and Restated Exchange Rights Agreement
between the Company and Mark Straka (Pursuant to Instruction 2 to Item
601 of Regulation S-K, the Second Amendment to the Amended and
Restated Exchange Rights Agreement, which are substantially identical
in all material respects except as to the parties thereto, between the
Company and the following individuals are not being filed: Rudi
Endres, Alfred B. Crichton and E. Pat Baker). (Incorporated by
reference to Exhibit 10.12 to the Company's March 31, 1994 report on
Form 10-K).
* 10.13 Amendment dated as of April 13, 1994 to the Amended and Restated 1984
Stock Option Plan. (Incorporated by reference to Exhibit 10.13 to the
Company's March 31, 1994 report on Form 10-K).
(11) Statement re: computation of earnings per share.
(21) Subsidiaries of the Company.
(23.1) Consent of KPMG Peat Marwick LLP relating to original Form 10-K
(23.2) Consent of KPMG Peat Marwick LLP relating to the Airgas, Inc. 401(k)
Plan
(23.3) Consent of KPMG Peat Marwick LLP relating to the Airgas, Inc. 1994
Employee Stock Purchase Plan (to be filed by amendment)
(99.1) Form 11-K for the Registrant's 401(k) Plan
(99.2) Form 11-K for the Registrant's Employee Stock Purchase Plan (to be
filed by amendment)
* A management contract or compensatory plan required to be filed by Item
14(c) of this Report.
<PAGE> 5
Signatures
__________
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Airgas, Inc.
Date: June 27, 1995 By: /s/ Britton H. Murdoch
_________________________
Vice President - Finance
Chief Financial Officer
<PAGE> 6
Exhibit Index
Exhibit
23.2 Consent of KPMG Peat Marwick LLP.
99.1 Annual Report on Form 11-K with respect to the
Airgas, Inc. 401(k) Plan
<PAGE>
<PAGE> 7
EXHIBIT 23.2
Consent of Independent Auditors
The Board of Directors
Airgas, Inc.
We consent to incorporation by reference in the registration statements (Nos.
33-25419 and 33-64058) on Form S-8 of Airgas, Inc. of our report dated May 26,
1995 relating to the statements of net assets available for benefits of
Airgas, Inc. 401(k) Plan as of December 31, 1994 and 1993, the related
statements of changes in net assets available for benefits for each of the
years in the three-year period ended December 31, 1994 and the related
financial statement schedule of assets held for investment purposes and
schedule of reportable transactions as of December 31, 1994, which report is
included in the December 31, 1994 Annual Report on Form 11-K of Airgas, Inc.
401(k) Plan.
KPMG Peat Marwick LLP
Philadelphia, Pennsylvania
June 26, 1995
<PAGE>
<PAGE>
<PAGE> 8
EXHIBIT 99.1
FORM 11-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[ x ] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ________ to _______
Commission file numbers: 33-25419 and 33-64058
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Airgas, Inc. 401(k) Plan
B. Name of the issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Airgas, Inc.
Five Radnor Corporate Center
100 Matsonford Road
Suite 550
Radnor, Pennsylvania 19087
<PAGE> 9
REQUIRED INFORMATION
(1) Financial Statements:
The following financial statements, including Independent Auditors'
Report thereon of Airgas, Inc. 401(k) Plan are submitted herewith:
Statements of Net Assets Available for
Benefits as of December 31, 1994 and 1993
Statements of Changes in Net Assets Available for
Benefits for the three years ended December 31, 1994
Notes to Financial Statements
Item 27(a) - Schedule of Assets Held for Investment Purposes
Item 27(d) - Schedule of Reportable Transactions
The schedules for which provision is made in the applicable accounting
regulations of the Securities and Exchange Commission are included in the
aforementioned financial statements of the Airgas, Inc. 401(k) Plan.
Signatures
__________
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Plan Administrator has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
AIRGAS, INC. 401(k) PLAN
BY:/s/ Todd R. Craun
_______________________
Todd R. Craun
Secretary and Corporate
Counsel of Airgas, Inc.
As Plan Administrator
DATED: June 27, 1995
<PAGE> 10
AIRGAS, INC. 401(k) PLAN
Financial Statements and
Supplementary Schedules
December 31, 1994 and 1993
(With Independent Auditors' Report Thereon)
<PAGE> 11
AIRGAS, INC. 401(k) PLAN
Table of Contents
December 31, 1994 and 1993
______________________________________________________________________________
Page
Independent Auditors' Report . . . . . . . . . . . . . . . . . . . 1
Financial Statements:
Statement of Net Assets Available for Benefits
as of December 31, 1994 . . . . . . . . . . . . . . . . . . . 2
Statement of Net Assets Available for Benefits
as of December 31, 1993 . . . . . . . . . . . . . . . . . . . 3
Statement of Changes in Net Assets Available for
Benefits, Year ended December 31, 1994 . . . . . . . . . . . 4
Statement of Changes in Net Assets Available for
Benefits, Year ended December 31, 1993 . . . . . . . . . . . 5
Statement of Changes in Net Assets Available for
Benefits, Year ended December 31, 1992 . . . . . . . . . . . 6
Notes to Financial Statements . . . . . . . . . . . . . . . . . . 7
Schedule
1 Item 27(a) - Schedule of Assets Held for Investment
Purposes . . . . . . . . . . . . . . . . . . . . . . 14
2 Item 27(d) - Schedule of Reportable Transactions . . . 15
<PAGE> 12
Independent Auditors' Report
The Plan Administrator
Airgas, Inc. 401(k) Plan:
We have audited the accompanying statements of net assets available for
benefits of the Airgas, Inc. 401(k) Plan as of December 31, 1994 and 1993, and
the related statements of changes in net assets available for benefits for
each of the years in the three-year period ended December 31, 1994. In
connection with our audits of the accompanying statements, we also have
audited the financial statement schedule of assets held for investment
purposes (Schedule 1) and the schedule of reportable transactions (Schedule 2)
as of and for the year ended December 31, 1994. These financial statements
and financial statement schedules are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements and financial statement schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Airgas,
Inc. 401(k) Plan at December 31, 1994 and 1993 and the changes in net assets
available for benefits for each of the years in the three-year period ended
December 31, 1994, in conformity with generally accepted accounting
principles. Also, in our opinion, the related financial statement schedules,
when considered in relation to the basic financial statements taken as a
whole, present fairly, in all material respects, the information set forth
thereon.
Philadelphia, Pennsylvania KPMG Peat Marwick LLP
May 26, 1995
<PAGE> 13
<TABLE>
AIRGAS, INC. 401(k) PLAN
Statement of Net Assets Available for Benefits
December 31, 1994
<CAPTION>
Fidelity Fidelity Airgas,Inc. Guaranteed
Magellan Puritan Common Investment Loan
Fund Fund Stock Contracts Fund Total
______________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments (note 3) $ 5,736,196 3,014,925 17,249,918 13,707,173 - 39,708,212
Receivables
Employee contributions 76,819 51,300 215,178 117,088 - 460,385
Employer contributions 25,976 17,347 72,763 39,593 - 155,679
Employee rollovers - - 46,251 1,935 - 48,186
______________________________________________________________________________________________________
102,795 68,647 334,192 158,616 - 664,250
Employee loans - - - - 1,328,444 1,328,444
Cash and cash equivalent,
interest-bearing (note 4) 1,539 2,372 53,998 141,575 - 199,484
______________________________________________________________________________________________________
Total assets 5,840,530 3,085,944 17,638,108 14,007,364 1,328,444 41,900,390
______________________________________________________________________________________________________
Net assets available
for benefits $ 5,840,530 3,085,944 17,638,108 14,007,364 1,328,444 41,900,390
======================================================================================================
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE> 14
<TABLE>
AIRGAS, INC. 401(k) PLAN
Statement of Net Assets Available for Benefits
December 31, 1993
<CAPTION>
Fidelity Fidelity Airgas,Inc. Guaranteed
Magellan Puritan Common Investment Loan
Fund Fund Stock Contracts Fund Total
______________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Assets:
Investments (note 3) $ 3,572,623 1,773,039 12,302,061 12,982,796 - 30,630,519
Receivables
Employee contributions 53,041 30,598 171,213 109,353 - 364,205
Employer contributions 14,538 8,571 46,862 34,458 - 104,429
______________________________________________________________________________________________________
67,579 39,169 218,075 143,811 - 468,634
Employee loans - - - - 974,961 974,961
Cash and cash equivalent,
interest-bearing (note 4) 15,386 9,003 33,573 47,378 - 105,340
______________________________________________________________________________________________________
Total assets 3,655,588 1,821,211 12,553,709 13,173,985 974,961 32,179,454
______________________________________________________________________________________________________
Net assets available
for benefits $ 3,655,588 1,821,211 12,553,709 13,173,985 974,961 32,179,454
======================================================================================================
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE> 15
<TABLE>
AIRGAS, INC. 401(k) PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1994
<CAPTION>
Fidelity Fidelity Airgas,Inc. Guaranteed
Magellan Puritan Common Investment Loan
Fund Fund Stock Contracts Fund Total
______________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Unrealized loss on
investments $ (249,470) (197,963) (2,096,563) - - (2,543,996)
Realized gain on
investments 194,849 226,572 807,731 - - 1,229,152
Interest - - - 829,141 96,620 925,761
Earnings on liquidity
fund 1,089 438 6,593 5,713 - 13,833
______________________________________________________________________________________________________
(53,532) 29,047 (1,282,239) 834,854 96,620 (375,250)
Contributions:________________________________________________________________________________________
Employee 760,133 464,951 2,090,522 1,284,816 - 4,600,422
Employer matching 231,279 141,781 624,697 424,422 - 1,422,179
Employee rollovers 1,082,489 585,644 1,404,722 1,140,953 - 4,213,808
Employer discretionary 315,787 157,226 871,181 915,786 - 2,259,980
______________________________________________________________________________________________________
2,389,688 1,349,602 4,991,122 3,765,977 - 12,496,389
Benefits paid to ____________________________________________________________________________________
participants (260,337) (165,234) (1,031,362) (895,317) (47,953) (2,400,203)
______________________________________________________________________________________________________
Interfund transfers,
including loans granted,
net of loan repayments 109,123 51,318 2,406,878 (2,872,135) 304,816 -
______________________________________________________________________________________________________
Net change to plan 2,184,942 1,264,733 5,084,399 833,379 353,483 9,720,936
Net assets available for benefits:
Beginning of year 3,655,588 1,821,211 12,553,709 13,173,985 974,961 32,179,454
______________________________________________________________________________________________________
End of year $ 5,840,530 3,085,944 17,638,108 14,007,364 1,328,444 41,900,390
====================================================================================================___
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE> 16
<TABLE>
AIRGAS, INC. 401(k) PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1993
<CAPTION>
Fidelity Fidelity Airgas,Inc. Guaranteed
Magellan Puritan Common Investment Loan
Fund Fund Stock Contracts Fund Total
______________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Unrealized gain on
investments $ 226,985 22,585 4,799,334 - - 5,048,904
Realized gain on
investments 358,709 215,840 678,054 - - 1,252,603
Interest - - - 823,109 78,568 901,677
Earnings on liquidity
fund 471 229 2,390 2,275 - 5,365
______________________________________________________________________________________________________
586,165 238,654 5,479,778 825,384 78,568 7,208,549
Contributions:________________________________________________________________________________________
Employee 542,556 303,280 1,181,278 1,465,084 - 3,492,198
Employer matching 148,056 84,703 322,293 462,717 - 1,017,769
Employee rollovers 162,630 151,458 392,960 344,058 - 1,051,106
Employer discretionary 215,393 105,493 328,555 823,959 - 1,473,400
______________________________________________________________________________________________________
1,068,635 644,934 2,225,086 3,095,818 - 7,034,473
Benefits paid to ____________________________________________________________________________________
participants (241,993) (121,896) (519,787) (1,611,915) (51,993) (2,547,584)
______________________________________________________________________________________________________
Interfund transfers,
including loans granted,
net of loan repayments 63,847 166,992 846,705 (1,334,450) 256,906 -
______________________________________________________________________________________________________
Net change to plan 1,476,654 928,684 8,031,782 974,837 283,481 11,695,438
Net assets available for benefits:
Beginning of year 2,178,934 892,527 4,521,927 12,199,148 691,480 20,484,016
______________________________________________________________________________________________________
End of year $ 3,655,588 1,821,211 12,553,709 13,173,985 974,961 32,179,454
====================================================================================================___
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE> 17
<TABLE>
AIRGAS, INC. 401(k) PLAN
Statement of Changes in Net Assets Available for Benefits
Year ended December 31, 1992
<CAPTION>
Fidelity Fidelity Airgas,Inc. Guaranteed
Magellan Puritan Common Investment Loan
Fund Fund Stock Contracts Fund Total
______________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Unrealized gain (loss)
on investments $ (158,011) 15,722 1,664,363 - - 1,522,074
Realized gain on
investments 301,482 79,945 181,546 - - 562,973
Interest - - - 786,105 67,097 853,202
Earnings on liquidity
fund 44 9 1,384 5,439 - 6,876
______________________________________________________________________________________________________
143,515 95,676 1,847,293 791,544 67,097 2,945,125
Contributions:________________________________________________________________________________________
Employee 395,796 178,835 533,387 1,484,582 - 2,592,600
Employer matching 111,427 49,590 150,017 472,238 - 783,272
Employee rollovers 66,580 61,685 40,856 78,616 - 247,737
Employer discretionary 77,010 33,628 99,943 615,256 - 825,837
______________________________________________________________________________________________________
650,813 323,738 824,203 2,650,692 - 4,449,446
Benefits paid to ____________________________________________________________________________________
participants (94,792) (47,741) (204,303) (920,750) (58,419) (1,326,005)
______________________________________________________________________________________________________
Interfund transfers,
including loans granted,
net of loan repayments 176,430 (18,502) 84,467 (215,234) (27,161) -
______________________________________________________________________________________________________
Net change to plan 875,966 353,171 2,551,660 2,306,252 (18,483) 6,068,566
Net assets available for benefits:
Beginning of year 1,302,968 539,356 1,970,267 9,892,896 709,963 14,415,450
______________________________________________________________________________________________________
End of year $ 2,178,934 892,527 4,521,927 12,199,148 691,480 20,484,016
====================================================================================================___
<FN>
See accompanying notes to financial statements.
</FN>
</TABLE>
<PAGE> 18
AIRGAS, INC. 401(k) PLAN
Notes to Financial Statements
December 31, 1994, 1993 and 1992
(1) Description of the Plan
The following description of the Airgas, Inc. 401(k) Plan (the Plan)
provides general information only. Participants should refer to the Plan
agreement for more complete information.
General
The Plan is a defined contribution plan covering substantially all
employees of Airgas, Inc. and subsidiaries (the Company). Included in the
assets of the Plan are contribution rollovers from pension plans of acquired
companies, where applicable. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA).
Contributions
Employee:
The Plan permits a participant to defer up to 15% of eligible
compensation. The amount of deferred compensation is treated as a salary
reduction and is not subject to federal income tax until withdrawn from the
Plan. In no event will the contribution exceed maximum allowable
contributions as prescribed by the Internal Revenue Service.
Employer:
Contributions to the Plan by the Company are made on a matched basis and
at a rate of 50% of participant deferred compensation. The employer match is
applied on employee contributions of up to 4% of eligible compensation (i.e.,
maximum employer match is 2% of eligible compensation). Plan participants are
eligible for Company contributions one year after their date of hire.
The amount of discretionary contributions, in addition to the required
Company match, elected to be made by the Company are determined by the Board
of Directors during each Plan year.
Participant Accounts
Contributions are invested as directed by each participant in four
separate investment funds. Each participant may designate by written notice
to the Plan administrator how the contributions to their account are to be
allocated among the four funds. Participants are required to allocate funds
in increments of 25% of total contributions.
In the event a participant fails to submit written notice of allocation,
contributions will be invested in the Guaranteed Interest Contracts.
<PAGE> 19
(1) Continued
In addition to the above initial election, participants may, before the first
day of each calendar quarter, elect by written notice to transfer all or 25%
increments of the total funds credited to their account to any one or more of
the investment funds.
Interest, dividends, and other income earned by the investment funds are
reinvested in the same fund. Such amounts are allocated to participants based
upon the proportion of a participant's balance to the total fund balance.
Participant Loans
The Plan administrator may, upon the application of a participant, direct the
Trustee to make a loan to such participant. The loan will bear interest at a
rate equal to prime plus 2% and shall provide for periodic repayment over a
reasonable period of time generally not to exceed five years.
Vesting
Participants are immediately vested in all contributions. In addition, all
earnings on such investments are fully vested.
Payment of Benefits
Upon retirement, death, disability, or termination of service, participants or
beneficiaries are entitled to a distribution equal to the total value of their
accounts. Such distributions are generally payable in cash.
Participants experiencing serious financial hardships may be entitled to a
distribution upon approval of the Plan administrator.
Administrative Expenses
All administrative expenses have been paid by the Company.
(2) Summary of Significant Accounting Policies
Basis of Accounting
The accompanying financial statements of the Plan have been prepared on the
accrual basis of accounting and present net assets available for benefits and
changes in those assets.
<PAGE> 20
(2) Continued
Investments
The Plan's investments are maintained by the plan trustee, CoreStates Bank.
The fair values of the Fidelity Magellan Fund and the Fidelity Puritan Fund
are based on net asset values per share at year-end. The Guaranteed
Investment Contracts are valued at year-end contract values. Contract value
represents contributions made under the contract, plus interest at the
contract rate, less funds used to pay administration expense charged by the
insurance company.
Investments in Airgas, Inc. common stock are valued at market based upon
closing prices at the Plan year-end. At December 31, 1994, the investment in
Airgas, Inc. common stock had 2,251 Plan participants invested in the common
stock. The value per share was $21.25 at December 31, 1994.
The Fidelity Magellan Fund seeks long-term capital appreciation by making a
profit on invested capital over the long-term. The fund invests in common
stock, and securities convertible to common stock, issued by companies
operating in the U.S. or as foreign companies. Investments are diversified
among large and small corporations in a variety of industries and sectors
within the market. At December 31, 1994, the Fidelity Magellan Fund had 1,235
Plan participants invested in the fund. The value per share was $66.80 at
December 31, 1994.
The Fidelity Puritan Fund is a managed stock and bond fund which seeks to
obtain as much income as possible, consistent with the preservation and
conservation of capital. The fund invests in a broad list of securities,
including common stock, preferred stock and bonds, including high-yield,
low-quality bonds. At December 31, 1994, the Fidelity Puritan Fund had 907
Plan participants invested in the fund. The value per share was $14.81 at
December 31, 1994.
Guaranteed Investment Contracts (GICs) are invested in the guaranteed interest
rate contracts of major insurance companies. Each contract provides a fixed
interest rate for a stated period of time. At December 31, 1994, the GICs had
1,906 Plan participants invested in the contracts (see note 7).
<PAGE> 21
(3) Investments
The following presents fair value of investments and the contract value of
GICs held at December 31, 1994 and 1993:
December 31, 1994
Fair/
Number Contract
of Shares Investments Cost Value
_________ ___________ ____ ________
Mutual Funds:
85,871 Fidelity Magellan Fund $ 5,808,218 5,736,196
203,574 Fidelity Puritan Fund 3,149,586 3,014,925
____________________________________________________________________________
8,957,804 8,751,121
____________________________________________________________________________
Common Stock:
811,761 Airgas, Inc. Common Stock 12,281,410 17,249,918
____________________________________________________________________________
Guaranteed Investment Contracts:
Capital Holdings Guaranteed
Investment Contract, 8.51% due 1/96 237,824 237,824
Hartford Life Insurance Contract,
7.9%, due 12/95 354,972 354,972
Confederation Guaranteed Investment
Contract, 8.21%, due 12/95 1,037,205 1,037,205
Great West Life Guaranteed Investment
Contracts, 5.6% to 8.07% due
12/95 to 7/97 7,007,381 7,007,381
John Hancock Guaranteed Investment
Contracts, 5.31% to 8.57%, due
3/96 to 5/99 3,223,152 3,223,152
New York Life Guaranteed Investment
Contract, 7.14%, due 10/96 1,846,639 1,846,639
____________________________________________________________________________
13,707,173 13,707,173
____________________________________________________________________________
$34,946,387 39,708,212
____________________________________________________________________________
<PAGE> 22
(3) Continued
December 31, 1993
Fair/
Number Contract
of Shares Investments Cost Value
_________ ___________ ____ ________
Mutual Funds:
50,425 Fidelity Magellan Fund $ 3,363,693 3,572,623
112,574 Fidelity Puritan Fund 1,709,601 1,773,039
____________________________________________________________________________
5,073,294 5,345,662
____________________________________________________________________________
Common Stock:
565,612 Airgas, Inc. Common Stock 5,248,822 12,302,061
____________________________________________________________________________
Guaranteed Investment Contracts:
Capital Holdings Guaranteed
Investment Contract, 8.51% due 1/96 277,089 277,089
Hartford Life Insurance Contract,
7.9%, due 12/95 906,312 906,312
Confederation Guaranteed Investment
Contract, 8.21%, due 12/95 1,090,874 1,090,874
Great West Life Guaranteed Investment
Contracts, 5.6% to 8.07% due
12/95 to 7/97 7,113,222 7,113,222
John Hancock Guaranteed Investment
Contracts, 5.31% and 8.57%, due
3/96 and 5/98 1,881,245 1,881,245
New York Life Guaranteed Investment
Contract, 7.14%, due 10/96 1,714,054 1,714,054
____________________________________________________________________________
12,982,796 12,982,796
____________________________________________________________________________
$23,304,912 30,630,519
____________________________________________________________________________
<PAGE> 23
(3) Continued
Changes in unrealized appreciation are summarized as follows:
1994 1993 1992
______________________________________________________________________________
Unrealized appreciation at January 1 $ 7,325,607 2,276,703 754,629
Unrealized gains (losses) on investments:
Fidelity Magellan Fund (249,470) 226,985 (158,011)
Fidelity Puritan Fund (197,963) 22,585 15,722
Airgas, Inc. Common Stock (2,096,563) 4,799,334 1,664,363
______________________________________________________________________________
Unrealized appreciation at December 31 $ 4,781,611 7,325,607 2,276,703
______________________________________________________________________________
During 1994, the Plan's investments (including investments bought, sold, and
held during the year) appreciated (depreciated) by $(1,314,844) as follows:
Fidelity Magellan Fund $ (54,621)
Fidelity Puritan Fund 28,609
Airgas, Inc. Common Stock (1,288,832)
_____________________________________________________
$(1,314,844)
_____________________________________________________
Realized gain on the Fidelity Magellan Fund and the Fidelity Puritan Fund
investments includes the realized gain on the sale of investments and the
realized investment income within these funds. The average cost method is
followed in determining the cost of investments sold.
The following investments represent 5% or more of participants' equity at
December 31, 1994:
Percentage of
Fair Value or Participants'
Contract Value Equity
______________________________________________________________________________
Fidelity Magellan Fund $ 5,736,196 14 %
Fidelity Puritan Fund 3,014,925 7
Airgas, Inc. Common Stock 17,249,918 41
Great West Life Guaranteed Investment
Contract, 5.85%, due 7/31/97 1,948,986 5
Great West Life Guaranteed Investment
Contract, 5.60%, due 12/31/94 2,150,513 5
______________________________________________________________________________
<PAGE> 24
(4) Cash and Cash Equivalent
Cash and cash equivalent consists principally of amounts invested in the
CoreStates Liquidity Fund which invests in corporate bonds and U.S. Treasury
Bills with maturities of three months or less.
(5) Federal Income Taxes
The Plan has received a letter of favorable determination for tax
qualification from the Internal Revenue Service dated March 21, 1989.
Accordingly, the Plan is a qualified trust under section 401(a) of the
Internal Revenue Code and, thus, is exempt from federal income taxes under
section 501(a) of the Internal Revenue Code.
(6) Plan Termination
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate
the Plan subject to the provisions of ERISA.
(7) Loss Contingency
In August 1994, the assets of Confederation Life Insurance Company were placed
under the regulatory supervision of the Michigan Commissioner of Insurance.
The Confederation Life Guaranteed Investment Contract (GIC) is subject to
certain regulatory restrictions. The Plan management has ceased accruing
interest on the funds until the resolution of this matter. Management has
evaluated the collectibility of the investment and believes that the ultimate
resolution of the regulatory supervision will not have a material adverse
effect on the Plan's financial position, statement of changes in net assets
available for benefits, or liquidity.
<PAGE> 25
Schedule 1
AIRGAS, INC. 401(k) PLAN
Item 27(a) - Schedule of Assets Held For Investment Purposes
December 31, 1994
______________________________________________________________________________
Fair/
Number Contract
of Shares Investments Cost Value
_________ ___________ ____ ________
Mutual Funds:
85,871 Fidelity Magellan Fund $ 5,808,218 5,736,196
203,574 Fidelity Puritan Fund 3,149,586 3,014,925
____________________________________________________________________________
8,957,804 8,751,121
____________________________________________________________________________
Common Stock:
811,761 Airgas, Inc. Common Stock 12,281,410 17,249,918
____________________________________________________________________________
Guaranteed Investment Contracts:
Capital Holdings Guaranteed
Investment Contract, 8.51% due 1/96 237,824 237,824
Hartford Life Insurance Contract,
7.9%, due 12/95 354,972 354,972
Confederation Guaranteed Investment
Contract, 8.21%, due 12/95 1,037,205 1,037,205
Great West Life Guaranteed Investment
Contracts, 5.6% to 8.07% due
12/95 to 7/97 7,007,381 7,007,381
John Hancock Guaranteed Investment
Contracts, 5.31% to 8.57%, due
3/96 to 5/99 3,223,152 3,223,152
New York Life Guaranteed Investment
Contract, 7.14%, due 10/96 1,846,639 1,846,639
____________________________________________________________________________
13,707,173 13,707,173
____________________________________________________________________________
$34,946,387 39,708,212
____________________________________________________________________________
<PAGE> 26
<TABLE>
Schedule 2
AIRGAS, INC. 401(k) PLAN
Item 27(d) - Schedule of Reportable Transactions
Year ended December 31, 1994
______________________________________________________________________________
During the year ended December 31, 1994, the Plan had the following reportable transactions by issue:
<CAPTION>
Net
Identity of Description Transaction Purchase Selling gain
party involved of asset type Price Price (loss)
________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C>
Fidelity Investment Magellan Mutual Fund Purchases $3,560,030 - -
Sales 1,131,401 1,148,154 16,753
Fidelity Investment Puritan Mutual Fund Purchases 2,961,157 - -
Sales 562,868 579,375 16,507
Various brokers Airgas, Inc. Purchases 7,931,597 - -
Common stock Sales 709,899 1,406,949 697,050
CoreStates Bank CoreStates Purchases 24,661,746 - -
Liquidity Fund Sales 24,455,729 24,455,729 -
John Hancock Guaranteed Investment Purchases 1,905,323 - -
Mutual Life Contract Sales - - -
________________________________________________________________________________________________
</TABLE>
