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UNITED STATES
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):
March 11, 1999
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 No.)
incorporation)
259 North Radnor-Chester Road, Suite 100
Radnor, PA 19087-5283
_________________________________________
(Address of principal executive offices)
Registrant's telephone number, including area code: (610) 687-5253
_____________
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Item 5. Other Events.
____________
On March 11, 1999, Airgas, Inc. announced that its Board of Directors
authorized the repurchase of up to seven million shares, or approximately 10%,
of the Company's outstanding common stock, 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 March 11, 1999
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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.
(Registrant)
BY: /s/ Scott M. Melman
Scott M. Melman
Senior Vice President &
Chief Financial Officer
DATED: March 12, 1999
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EXHIBIT 99.1
AIRGAS ANNOUNCES AUTHORIZATION TO REPURCHASE SEVEN MILLION SHARES
RADNOR, PA - March 11, 1999 - Airgas, Inc. (NYSE: ARG) today announced that
its Board of Directors authorized the repurchase of up to seven million
shares, or approximately 10%, of the company's outstanding common stock. The
shares may be purchased in the open market or in privately negotiated
transactions depending on market conditions and other factors. Airgas will
complete the repurchase of approximately 450,000 shares that remain under a
previously announced two-million-share repurchase plan before buying under the
new program. Airgas has approximately 71 million shares of common stock
outstanding.
"The share repurchase program is an expression of our confidence in the future
of Airgas," commented Peter McCausland, Airgas' Chairman and CEO. "We believe
that Airgas' stock is undervalued and presents an excellent investment
opportunity. Our businesses generate strong, sustainable cash flows, which
have been overshadowed by Repositioning expenses and significant long-term
investments made over the past couple of years. With our infrastructure build-
out and Repositioning nearing completion, acquisition activity at lower than
historic levels and projected lower future capital expenditures, we believe
this is an opportune time to repurchase our shares. Nonetheless, the current
economic environment presents some near-term uncertainties, and we intend to
gear share repurchases to the pace of our acquisition program, planned working
capital improvements, the completion of previously announced divestitures and
operating results going forward. We are building Airgas for the long term and
we intend to balance our share repurchases with the need to maintain access to
capital at a reasonable cost in order to fund our future growth."
Airgas is the largest distributor of industrial, medical and specialty gases
and related equipment and the third largest distributor of safety products in
the United States. Airgas' integrated distributor network consists of more
than 700 locations, including branches, distribution centers, catalog
operations and inbound and outbound telemarketing operations. Airgas can be
visited on 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.
Airgas intends that such forward-looking statements be subject to the safe
harbors created thereby. All forward-looking statements are based on current
expectations regarding important risk factors, 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
factors that could cause actual results to differ materially from those
contained in any forward-looking statement include underlying market
conditions, growth in same-store sales, costs and potential disruptive effects
of the "Repositioning for Growth" initiative, the Company's ability to reduce
costs, future capital expenditures, implementation of information technology
projects, any potential problems relating to Year 2000 matters, the success
and timing of intended divestitures and other factors described in the
Company's reports, including Form 10-Q dated December 31, 1998, filed by the
Company with the Securities and Exchange Commission.
Contact: Airgas, Inc.
Chris Close (610) 902-6257
