-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K4SuYyizoygXsi2KL9nol1z3ekdOYB3cphsLM502uIpdpkvyPXEh7LislL+6EqNc mi7WKrjowL3FEdkEsM4uCA== 0000804212-02-000022.txt : 20020730 0000804212-02-000022.hdr.sgml : 20020730 20020730142540 ACCESSION NUMBER: 0000804212-02-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020729 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS INC CENTRAL INDEX KEY: 0000804212 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 560732648 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09344 FILM NUMBER: 02714550 BUSINESS ADDRESS: STREET 1: 259 N. RADNOR-CHESTER ROAD STREET 2: SUITE 100 CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: 259 N. RADNOR-CHESTER ROAD STREET 2: SUITE 100 CITY: RADNOR STATE: PA ZIP: 19087 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RED D ARC INC CENTRAL INDEX KEY: 0001158062 IRS NUMBER: 880259460 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-01 FILM NUMBER: 02714554 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NITROUS OXIDE CORP CENTRAL INDEX KEY: 0001158060 IRS NUMBER: 232359281 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-03 FILM NUMBER: 02714556 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS WEST INC CENTRAL INDEX KEY: 0001158055 IRS NUMBER: 951525207 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-08 FILM NUMBER: 02714561 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS NORTHERN CALIFORNIA & NEVADA INC CENTRAL INDEX KEY: 0001158053 IRS NUMBER: 232491493 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-10 FILM NUMBER: 02714563 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS INTERMOUNTAIN INC CENTRAL INDEX KEY: 0001158051 IRS NUMBER: 840590677 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-13 FILM NUMBER: 02714565 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS NORTH CENTRAL INC CENTRAL INDEX KEY: 0001158048 IRS NUMBER: 391845894 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-21 FILM NUMBER: 02714569 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS MID AMERICA INC CENTRAL INDEX KEY: 0001158047 IRS NUMBER: 611237230 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-22 FILM NUMBER: 02714570 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATNL INC CENTRAL INDEX KEY: 0001158063 IRS NUMBER: 510371219 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-19 FILM NUMBER: 02714553 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS CARBONIC INC CENTRAL INDEX KEY: 0001158058 IRS NUMBER: 582298979 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-05 FILM NUMBER: 02714558 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS MID SOUTH INC CENTRAL INDEX KEY: 0001158193 IRS NUMBER: 710775603 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-12 FILM NUMBER: 02714566 BUSINESS ADDRESS: STREET 1: 295 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: 295 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 19087 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS GREAT LAKES INC CENTRAL INDEX KEY: 0001158046 IRS NUMBER: 061463355 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-23 FILM NUMBER: 02714571 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS REALTY INC CENTRAL INDEX KEY: 0001158064 IRS NUMBER: 382561220 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-18 FILM NUMBER: 02714552 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RUTLAND TOOL & SUPPLY CO INC CENTRAL INDEX KEY: 0001158057 IRS NUMBER: 952556882 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-06 FILM NUMBER: 02714559 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS GULF STATES INC CENTRAL INDEX KEY: 0001158050 IRS NUMBER: 521633106 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-14 FILM NUMBER: 02714567 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS DATA LLC CENTRAL INDEX KEY: 0001158066 IRS NUMBER: 383398137 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-16 FILM NUMBER: 02714551 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS SAFETY INC CENTRAL INDEX KEY: 0001158056 IRS NUMBER: 232840701 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-07 FILM NUMBER: 02714560 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS SPECIALTY GASES INC CENTRAL INDEX KEY: 0001158059 IRS NUMBER: 760182866 STATE OF INCORPORATION: TX FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-04 FILM NUMBER: 02714557 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS EAST INC CENTRAL INDEX KEY: 0001158045 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-CHEMICALS & ALLIED PRODUCTS [5160] IRS NUMBER: 061463355 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-24 FILM NUMBER: 02714572 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS SOUTHWEST INC CENTRAL INDEX KEY: 0001158054 IRS NUMBER: 742768918 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-09 FILM NUMBER: 02714562 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS SOUTH INC CENTRAL INDEX KEY: 0001158049 IRS NUMBER: 521390683 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-20 FILM NUMBER: 02714568 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIRGAS NOR PAC INC CENTRAL INDEX KEY: 0001158052 IRS NUMBER: 911428840 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-11 FILM NUMBER: 02714564 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PURITAN MEDICAL PRODUCTS INC CENTRAL INDEX KEY: 0001158061 IRS NUMBER: 431873460 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-68722-02 FILM NUMBER: 02714555 BUSINESS ADDRESS: STREET 1: C/O AIRGASS INC STREET 2: 259 NORTH CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 BUSINESS PHONE: 6106875253 MAIL ADDRESS: STREET 1: C/O AIRGAS INC STREET 2: 259 NORTH RADNOR CHESTER RD STE 100 CITY: RADNOR STATE: PA ZIP: 190875283 8-K 1 form8k.txt FORM 8-K - 7-29-01 EARNINGS PRESS RELEASE 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): July 29, 2002 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 _______________ Item 5. Other Events. _____________ On July 29, 2002, Airgas, Inc. reported its earnings for its first quarter ended June 30, 2002, 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 29, 2002 Signatures __________ Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant and Co-Registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AIRGAS, INC. AIRGAS EAST, INC. (Registrant) AIRGAS GREAT LAKES, INC. AIRGAS MID AMERICA, INC. AIRGAS NORTH CENTRAL, INC. BY: /s/ Robert M. McLaughlin AIRGAS SOUTH, INC. Robert M. McLaughlin AIRGAS GULF STATES, INC. Vice President & Controller AIRGAS MID SOUTH, INC. AIRGAS INTERMOUNTAIN, INC. AIRGAS NORPAC, INC. AIRGAS NORTHERN CALIFORNIA & NEVADA, INC. AIRGAS SOUTHWEST, INC. AIRGAS WEST, INC. AIRGAS SAFETY, INC. RUTLAND TOOL & SUPPLY CO., INC. AIRGAS CARBONIC, INC. AIRGAS SPECIALTY GASES, INC. NITROUS OXIDE CORP. PURITAN MEDICAL PRODUCTS, INC. RED-D-ARC, INC. AIRGAS REALTY, INC. AIRGAS DATA, LLC ______________________________________ (Co-Registrants) BY: /s/ Robert M. McLaughlin Robert M. McLaughlin Vice President ATNL, INC. ______________________________________ (Co-Registrant) BY: /s/ James S. Ely James S. Ely Vice President and Quality Control Officer DATED: July 30, 2002 EX-99 3 exh99-pr.txt EXHIBIT 99 - EARNINGS PRESS RELEASE Exhibit 99: - ----------- AIRGAS News Release Airgas, Inc. 259 N. Radnor-Chester Road Suite 100 Radnor, PA 19087-5283 www.airgas.com - ------------------------------------------------------------------------ Investor Contact: Media Contact: - ---------------- ------------- Melissa Nigro (610) 902-6206 James Ely (610) 902-6010 melissa.nigro@airgas.com jim.ely@airgas.com For release: IMMEDIATELY AIRGAS REPORTS FISCAL FIRST QUARTER EARNINGS RADNOR, PA - July 29, 2002 -- Airgas, Inc., (NYSE: ARG) today reported earnings for its first quarter ended June 30, 2002. Net earnings for the quarter, excluding certain charges, were $16.2 million or $0.23 per diluted share compared to $13.5 million or $0.20 per diluted share in the same period a year ago. Free cash flow per diluted share for the quarter was negative $0.03 versus $0.23 in the prior year. As disclosed in the notes to the attached financial statements, the results reported above for the quarter ended June 30, 2002 exclude restructuring and divestiture charges. Results reported above for the quarter ended June 30, 2001 exclude a charge for the cumulative effect of a change in accounting principle related to the accounting for goodwill. Including the charges related to the restructuring, divestitures and change in accounting principle, the reported net earnings per diluted share for the quarter ended June 30, 2002 were $0.20 versus a net loss of $0.67 for the comparable prior year quarter. "We continue to deliver strong earnings performance in the face of difficult market conditions," commented Airgas Chairman and Chief Executive Officer Peter McCausland. "EPS increased 15%, excluding certain charges. Improved gross margins reflecting an expanded gas and rent sales mix, as well as effective expense management and favorable interest rates, primarily contributed to this performance. After-tax cash flow also remained strong, but the timing of payments for certain accrued expenses resulted in an increase in net working capital, which negatively impacted free cash flow." McCausland continued, "The first quarter performance was bolstered by the business acquired from Air Products, which surpassed our earnings projections and was slightly accretive this quarter because of the low interest rate environment. Integration of the acquired assets is going well and we are on track to realize projected synergies." While fiscal first quarter sales of $458 million increased 10%, total same-store sales declined 2% compared to the same quarter a year ago, reflecting continued weakness in manufacturing and other industrial customer segments. Same-store sales in the Distribution segment were down 2%, reflecting an increase of 1% for gases and rent and a 5% decline in hardgoods. Same-store sales for the Gas Operations segment decreased 3%. Year-to-date capital spending was $14 million versus $17 million last year. "Although operating conditions have been difficult, we have not sacrificed long-term value for short-term gains and we continue to invest in our infrastructure initiatives as planned," added McCausland. "While we wait for sustained signs of an economic recovery, we remain focused on growing market share, cost management and driving efficiency through our integrated distribution system. We believe that leveraging the capabilities of our infrastructure will not only improve our cost position in the near term, but position us for greater growth when the economy strengthens." Free cash flow is defined as after-tax cash flow (net earnings, excluding certain gains and charges, plus depreciation, amortization and deferred income taxes), minus capital spending, plus/minus the change in working capital, excluding the impact of the accounts receivable securitization and certain gains and charges. The Company will conduct an earnings teleconference on Tuesday, July 30, 2002, beginning at 8:30 a.m. Eastern Time. Access the teleconference by calling (877) 272-3821 and entering passcode 4875971. Slides to be presented during the Company's teleconference and information about how to access a live and on-demand webcast of the teleconference are available in the `Investor Info' section on the Company's Internet site www.airgas.com. The telephone replay will be accessible for one week starting July 30 at approximately 11:00 a.m. Eastern Time by calling (800) 642-1687 and entering passcode 4875971. ABOUT AIRGAS, INC. Airgas, Inc. is the largest U.S. distributor of industrial, medical and specialty gases, welding, safety and related products. Its integrated network of nearly 800 locations includes branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telemarketing channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit 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. These statements include, but are not limited to, statements regarding: favorable interest rates; the successful integration of acquired assets and being on track to realize projected synergies; an uncertain near-term economic outlook; focusing on growing market share, cost management and driving efficiency through our integrated distribution system; and leveraging the capabilities of our infrastructure to improve our cost position in the near term and position us for greater growth when the economy strengthens. 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 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 the success of the Company's integration of the acquired Air Products packaged gas business; the success of the Company's strategic initiatives in improving operational efficiency, and growing sales and market share; an economic downturn (including adverse changes in the specific markets for our products); increased competition; customer acceptance of the Company's products; adverse changes in customer buying patterns; adverse changes in general economic conditions; political and economic uncertainties associated with current world events; and other factors described in the Company's reports, including Form 10-K dated March 31, 2002, filed by the Company with the Securities and Exchange Commission. Consolidated statements of earnings and consolidated condensed balance sheets follow.
AIRGAS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in thousands, except per share data) (Unaudited) Three Months Ended June 30, 2002 2001 ------------------- Net sales: Distribution $422,055 $378,314 Gas Operations 35,613 37,361 ------- ------- Total net sales 457,668 415,675 ------- ------- Costs and expenses: Cost of products sold (excl. deprec.) Distribution 211,449 198,903 Gas Operations 10,817 13,320 Selling, distribution and administrative expenses 176,299 152,719 Depreciation 18,459 15,672 Amortization 1,740 2,277 Special charges (a) 2,694 -- ------- ------- Total costs and expenses 421,458 382,891 ------- ------- Operating income: Distribution 32,700 26,571 Gas Operations 6,204 6,213 Special charges (a) (2,694) -- ------- ------- Total operating income 36,210 32,784 Interest expense, net (13,121) (10,913) Discount on securitization of trade receivables (851) (1,492) Other income (expense), net (b) (123) (193) Equity in earnings of unconsolidated affiliates 932 913 ------- ------- Earnings before income taxes and the cumulative effect of a change in accounting principle 23,047 21,099 Income tax expense 9,003 7,648 ------- ------- Earnings before the cumulative effect of a change in accounting principle 14,044 13,451 Cumulative effect of a change in accounting principle (c) -- (59,000) ------- ------- Net earnings (loss) $ 14,044 $(45,549) ======= ======= Per share data: Basic earnings (loss) per share $ .20 $ (.68) Diluted earnings (loss) per share $ .20 $ (.67) Net earnings (excluding certain charges and the cumulative effect of a change in accounting principle) (d) $ 16,239 $ 13,451 ======= ======= Per share data (excluding certain charges and the cumulative effect of a change in accounting principle) (d): Basic earnings per share $ .23 $ .20 Diluted earnings per share $ .23 $ .20 Weighted average shares outstanding: Basic 69,900 67,400 Diluted 72,000 68,400 See attached notes.
AIRGAS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Amounts in thousands) (Unaudited) June 30, March 31, 2002 2002 ------- -------- ASSETS Trade accounts receivable, net (e) $ 92,060 $ 88,634 Inventories, net 151,972 154,045 Deferred income tax asset, net 13,210 13,210 Prepaids and other current assets 28,060 47,654 --------- --------- TOTAL CURRENT ASSETS 285,302 303,543 Property, plant and equipment, net 885,240 893,015 Goodwill 409,741 406,548 Other non-current assets, net 119,192 113,951 --------- --------- TOTAL ASSETS $1,699,475 $1,717,057 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable, trade $ 74,995 $ 82,485 Accrued expenses and other current liabilities 108,394 136,390 Current portion of long-term debt 1,327 2,456 --------- --------- TOTAL CURRENT LIABILITIES 184,716 221,331 Long-term debt (e) 767,647 764,124 Deferred income taxes 187,275 198,173 Other non-current liabilities 31,890 30,343 Stockholders' equity 527,947 503,086 --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,699,475 $1,717,057 ========= ========= See attached notes.
Notes: (a) Special charges of $2.7 million ($1.7 million after-tax) for the three months ended June 30, 2002 consist of a restructuring charge related to the integration of the business acquired from Air Products in the fourth quarter of fiscal 2002 and costs related to the consolidation of certain of the Company's procurement functions. The special charges include facility exit costs associated with the closure of certain Airgas facilities and severance for approximately 130 employees. (b) Other income (expense), net, for the three months ended June 30, 2002 includes a net non-recurring loss of approximately $200 thousand ($500 thousand after-tax) related to divestitures. (c) In connection with the adoption of SFAS 142 on April 1, 2001, the Company performed an evaluation of goodwill, which indicated that goodwill of one reporting unit, its tool business, was impaired. Accordingly, the Company recognized a $59 million non-cash charge recorded retroactive to April 1, 2001 as the cumulative effect of a change in accounting principle for the write-down of goodwill to its fair value. The impaired goodwill was not deductible for taxes, and consequently, no tax benefit was recorded in relation to the charge. (d) Net earnings, adjusted to exclude the items described in notes (a), (b) and (c). (e) The Company participates in a securitization agreement with two commercial banks to sell up to $175 million of qualified trade receivables. Net proceeds from the securitization were used to reduce borrowings under the Company's revolving credit facilities. The amount of outstanding receivables under the agreement was $140 million and $134 million at June 30, 2002 and March 31, 2002, respectively.
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