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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):
October 7, 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 October 7, 1997, Airgas, Inc. commented on its second quarter earnings
estimates for the quarter ended September 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
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(a) None
(b) None
(c) Exhibits.
99 Press Release dated October 7, 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 &
Chief Financial Officer
DATED: October 9, 1997
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For More Information:
James N. Borum
Thomas C. Deas, Jr.
(610) 687-5253
AIRGAS, INC. COMMENTS ON SECOND QUARTER
EARNINGS ESTIMATES
RADNOR, PA, OCTOBER 7, 1997 - Airgas, Inc. (NYSE: ARG) said today that it will
report significantly higher after-tax cash flow per share for the second
quarter as a result of non-recurring gains on the sale of a non-core business
and a partial recovery of refrigerant losses, but that after-tax cash flow per
share from ongoing operations will be slightly below analysts' expectations
principally because of flat August sales. The company said that the UPS
strike had a direct adverse effect on Airgas' shipments to customers and
distribution expense and other indirect effects, including slowdowns in our
customers' business.
Peter McCausland, Airgas' Chairman and Chief Executive Officer, said, "Our
Distribution Group achieved sales growth of 4% for the period April through
July, but August sales were flat. September rebounded to a sales growth rate
of 5%, which tends to confirm our view on the UPS strike, but we did not
recoup the lost August sales. As a result, we expect after-tax cash flow per
share from ongoing operations will be approximately 10% above the same period
a year ago and earnings per share from ongoing operations will be slightly
below the $.17 per share reported for last year."
"While our August sales performance was a disappointment, we hope to sustain
and even accelerate the September sales growth rate for the balance of the
year. However, if the sales rebound does not continue, we must view more
cautiously the outlook for the balance of the year and will take steps to
achieve further cost reductions."
Airgas said it expects to report results for its second quarter on
October 23, 1997.
The Airgas Board of Directors has approved the repurchase of up to an
additional 2,000,000 shares of common stock from time to time to offset share
issuances for stock options, the Employee Stock Purchase Plan, and
acquisitions. Together with previously granted authority, this increases the
total repurchase program to a potential 2,646,000 shares.
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 on the Internet at http://www.airgas.com.
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