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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported):
July 24, 1997
AIRGAS, INC.
______________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 1-9344 56-0732648
_______________ _______________________ _____________
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification
incorporation) No.)
259 Radnor-Chester Road, Suite 100
Radnor, PA 19087
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(Address of principal executive offices)
Registrant's telephone number, including area code: (610) 687-5253
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Item 5. Other Events.
____________
On July 24, 1997, Airgas, Inc. reported its financial performance for its
first quarter ended June 30, 1997, as described in the press release attached
as Exhibit 99 and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
__________________________________________________________________
(a) None
(b) None
(c) Exhibits.
99 Press release dated July 24, 1997
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Signatures
__________
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AIRGAS, INC.
BY: /s/ Thomas C. Deas, Jr.
___________________________
Vice President and
Chief Financial Officer
DATED: August 11, 1997
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For More Information:
James N. Borum
Thomas C. Deas, Jr.
(610) 687-5253
AIRGAS, INC. REPORTS RECORD EARNINGS AND CASH FLOW
IN FIRST QUARTER
RADNOR, Pennsylvania, July 24, l997 -- Airgas, Inc. (NYSE-ARG) today
reported record financial performance for its first quarter ended June 30,
l997.
For the first quarter, sales increased 21% to a record $331.4 million from
$274.1 million in the first quarter last year. After-tax cash flow (net
earnings plus depreciation, depletion, amortization and deferred income taxes)
increased by 16% to a record $32.3 million, or $.47 per share, compared to
$27.8 million, or $.41 per share for the same quarter last year.
Net earnings for the first quarter of fiscal 1998 were also at record
levels, increasing by 10% to $12.2 million, or $.18 per share, compared to
$11.2 million, or $.17 per share, a year ago.
Since April 1, 1997, Airgas has completed the acquisition of eight
industrial gas distributors with aggregate annual sales of approximately $23
million, Carbonic Industries Corporation, a CO2 manufacturing concern with
annual sales in excess of $48 million, and two industrial products
distributors, Kendeco Industrial Supply and Lyons Safety, Inc., with combined
annual sales of approximately $100 million.
Peter McCausland, Airgas' Chairman and Chief Executive Officer, said "Our
first quarter results put us on track for a very successful year. Business is
generally healthy. We've already acquired $170 million of sales this year, and
we expect acquisition activity to increase after Congress and the President
resolve the capital gains tax issue. Our Southern Division showed real
improvement in the first quarter, and we expect further progress as the year
unfolds. National account activity is very strong, and Airgas Direct
Industrial is performing well. We look forward to a good year."
Airgas, Inc. is the largest distributor of industrial, medical and
specialty gases and related equipment in North America. Its distributor
network includes approximately 640 locations in 41 states, Canada and Mexico.
Airgas can be visited via the Internet at http://www.airgas.com.
Forward-Looking Statements
This press release may contain statements that are forward-looking, as
that term is defined by the Private Securities Litigation Reform Act of 1995 or
by the Securities and Exchange Commission in its rules, regulations and
releases. The Company intends that such forward-looking statements be subject
to the safe harbors created thereby. All forward-looking statements are based
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on current expectations regarding important risk factors. Accordingly, actual
results may differ materially from those expressed in the forward-looking
statements, and the making of such statements should not be regarded as a
representation by the Company or any other person that the results expressed
therein will be achieved. Important risk factors include, but are not limited
to, the Company's ability to consolidate and integrate new acquisitions,
expenses associated with the Company's new ADI Division, the Company's ability
to recover assets in connection with the fraudulent breach of contract related
to refrigerant R-12 purchases and other factors described in the Company's 1997
Form 10-K filed with the Securities and Exchange Commission.
Consolidated statements of earnings follow on page 3.<PAGE>
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AIRGAS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,
1997 1996
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Net sales:
Distribution $279,288 $248,129
Direct Industrial 36,845 16,452
Manufacturing 15,279 9,517
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Total net sales 331,412 274,098
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Costs and expenses:
Cost of products sold (excluding
depreciation, depletion and
amortization)
Distribution 140,020 126,590
Direct Industrial 26,005 13,432
Manufacturing 8,729 6,330
Selling, distribution and
administrative expenses 105,343 86,187
Depreciation, depletion and
amortization 17,815 14,238
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Total costs and expenses 297,912 246,777
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Operating income:
Distribution 29,659 24,944
Direct Industrial 1,104 544
Manufacturing 2,737 1,833
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Total operating income 33,500 27,321
Interest expense, net (12,108) (8,281)
Other income, net 473 281
Equity in loss of unconsolidated
affiliates (115) -
Minority interest (309) (229)
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Earnings before income taxes 21,441 19,092
Income tax expense 9,215 7,942
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Net earnings $ 12,226 $ 11,150
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Earnings Per share $ .18 $ .17
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Weighted average shares 69,420 67,095
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