-----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, FMYEpkxL/mYazOxIsQPXBdA8AaxU4ln3eHUjdSJSwEbHM0AxDiLuoK1QFRUzdATC eo42JWsBDan/R0r0kBUAng== 0000804212-02-000032.txt : 20021024 0000804212-02-000032.hdr.sgml : 20021024 20021024171016 ACCESSION NUMBER: 0000804212-02-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021023 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021024 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: 02797673 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: 02797674 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 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: 02797675 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: 02797676 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: 02797677 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: 02797678 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 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: 02797679 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: 02797680 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 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: 02797681 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: 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: 02797682 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: 02797683 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: 02797684 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: 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: 02797685 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: 02797686 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: 02797687 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: 02797688 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: 02797689 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: 02797690 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: 02797691 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: 02797692 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: 02797693 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: 02797694 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: 02797695 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 form8-k.txt FORM 8-K - ITEMS 5, 7 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): October 23, 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 October 23, 2002, Airgas, Inc. reported its earnings for its second quarter and six months ended September 30, 2002, as described in the press release attached as Exhibit 99.1 and incorporated herein by reference. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits __________________________________________________________________ (a) None (b) None (c) Exhibits. 99.1 - Press Release dated October 23, 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: October 24, 2002 EX-99 3 exh_99.txt EXHIBIT 99 - EARNINGS PRESS RELEASE EXHIBIT 99.1 - ------------ Airgas, Inc. 259 N. Radnor-Chester Rd. Suite 100 Radnor, PA 19087-5283 AIRGAS News Release 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 SECOND QUARTER EPS INCREASES 29% TO 27 CENTS RADNOR, PA - October 23, 2002 -- Airgas, Inc., (NYSE: ARG) today reported earnings for its second quarter ended September 30, 2002. Net earnings for the quarter were $19.2 million, or $0.27 per diluted share, compared to $14.6 million, or $0.21 per diluted share, in the same period a year ago. Net earnings for the six months ended September 30, 2002, excluding certain restructuring and divestiture charges, were $0.49 per diluted share compared to prior year results of $0.41 per diluted share, on a pro forma basis. Results for the six months ended September 30, 2001 exclude a charge for the cumulative effect of a change in accounting principle related to the accounting for goodwill. Free cash flow per diluted share for the six-month period was $0.62 versus $0.40 in the prior year, driving debt reduction of $40 million. Including the charges related to the restructuring and divestitures, the reported net earnings per diluted share for the six months ended September 30, 2002 were $0.46 versus $0.41 for the comparable prior year period, on a pro-forma basis. For the six months ended September 30, 2001, including the cumulative effect of a change in accounting principle, the Company reported a net loss of $0.45 per diluted share. "Our ability to grow earnings per share by 29% and generate strong cash flow in the quarter demonstrates the resiliency of our gas business, even during difficult economic times," said Airgas Chairman and Chief Executive Officer Peter McCausland. "Our underlying business, reinforced by the Air Products packaged gas acquisition, remains on track. We also benefited from much lower than projected financing costs for the acquisition. We are improving gross margins, in part, due to a stronger gas and rent sales mix, and we remain diligent about controlling costs. I am also pleased to report that we continue executing well against our financial goals, increasing operating margin by almost 100 basis points to 9.4%." McCausland continued, "We believe that we are still on track to achieve earnings per share of $0.92 to $0.94 for the full year, although the environment is tougher than expected. We remain focused on our strategic initiatives designed to improve our low-cost position and grow market share, as these will help drive shareholder value until we see sustained signs of improvement in the industrial economy." While the acquisition helped increase second quarter sales 9% to $451 million, total same-store sales declined 3% 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 3%, reflecting slight growth for gases and rent and a 7% decline in hardgoods. Same-store sales for the Gas Operations segment increased 2%. Year-to-date capital spending was $34 million versus $28 million last year. 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 Thursday, October 24, 2002, beginning at 8:30 a.m. Eastern Time. Access the teleconference by calling (877) 272-3821 and entering passcode 5907373. 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 October 24th at approximately 11:00 a.m. Eastern Time by calling (800) 642-1687 and entering passcode 5907373. 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 telesales 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: the resiliency of the gas business; the business remaining on track; improving gross margins through a stronger gas and rent sales mix; controlling costs; executing well against financial goals; expected earnings per share for the full year; and the Company's focus on strategic initiatives to improve its low-cost position, grow its market share and increase shareholder value. 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 and Form 10-Q dated June 30, 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 Six Months Ended September 30, September 30, 2002 2001 2002 2001 ------------------- ------------------- Net sales: Distribution $410,329 $372,345 $832,384 $750,659 Gas Operations 40,724 39,637 76,337 76,998 -------- -------- -------- -------- Total net sales 451,053 411,982 908,721 827,657 -------- -------- -------- -------- Costs and expenses: Cost of products sold (excl. deprec.) Distribution 200,750 193,850 412,199 392,753 Gas Operations 13,337 14,210 24,154 27,530 Selling, distribution and administrative expenses 174,737 151,235 351,036 303,954 Depreciation 18,169 15,774 36,628 31,446 Amortization 1,636 2,074 3,376 4,351 Special charges (a) -- -- 2,694 -- -------- -------- -------- -------- Total costs and expenses 408,629 377,143 830,087 760,034 -------- -------- -------- -------- Operating income: Distribution 33,079 27,787 65,779 54,358 Gas Operations 9,345 7,052 15,549 13,265 Special charges (a) -- -- (2,694) -- -------- -------- -------- -------- Total operating income 42,424 34,839 78,634 67,623 Interest expense, net (12,040) (11,850) (25,161) (22,763) Discount on securitization of trade receivables (899) (1,492) (1,750) (2,984) Other income (expense), net (b) (129) 15 (252) (178) Equity in earnings of unconsolidated affiliates 1,364 1,317 2,296 2,230 -------- -------- -------- -------- Earnings before income taxes and the cumulative effect of a change in accounting principle 30,720 22,829 53,767 43,928 Income tax expense 11,520 8,276 20,523 15,924 -------- -------- -------- -------- Earnings before the cumulative effect of a change in accounting principle 19,200 14,553 33,244 28,004 Cumulative effect of a change in accounting principle (c) -- -- -- (59,000) -------- -------- -------- -------- Net earnings (loss) $ 19,200 $ 14,553 $ 33,244 $(30,996) ======== ======== ======== ======== Per share data: Basic earnings (loss) per share $ .27 $ .21 $ .47 $ (.46) Diluted earnings (loss) per share $ .27 $ .21 $ .46 $ (.45) Net earnings (excluding certain charges and the cumulative effect of a change in accounting principle) (d) $ 19,200 $ 14,553 $ 35,439 $ 28,004 ======== ======== ======== ======== Per share data (excluding certain charges and the cumulative effect of a change in accounting principle) (d): Basic earnings per share $ .27 $ .21 $ .51 $ .41 Diluted earnings per share $ .27 $ .21 $ .49 $ .41 Weighted average shares outstanding: Basic 70,400 67,900 70,100 67,600 Diluted 71,900 69,500 72,000 68,900 See attached notes.
AIRGAS, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Amounts in thousands) (Unaudited) September 30, March 31, 2002 2002 ------------- ---------- ASSETS Trade accounts receivable, net (e) $ 85,777 $ 88,634 Inventories, net 145,580 154,045 Deferred income tax asset, net 13,583 13,210 Prepaids and other current assets 28,891 47,654 ---------- ---------- TOTAL CURRENT ASSETS 273,831 303,543 Property, plant and equipment, net 871,889 893,015 Goodwill 421,331 406,548 Other non-current assets, net 128,223 113,951 ---------- ---------- TOTAL ASSETS $1,695,274 $1,717,057 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable, trade $ 83,449 $ 82,485 Accrued expenses and other current liabilities 116,804 136,390 Current portion of long-term debt 2,671 2,456 ---------- ---------- TOTAL CURRENT LIABILITIES 202,924 221,331 Long-term debt (e) 719,337 764,124 Deferred income taxes 195,678 198,173 Other non-current liabilities 26,955 30,343 Stockholders' equity 550,380 503,086 ---------- ---------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,695,274 $1,717,057 ========== ========== See attached notes.
Notes: (a) Special charges of $2.7 million ($1.7 million after-tax) for the six months ended September 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 six months ended September 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, the six months ended September 30, 2001 includes a $59 million non-cash charge recorded 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 $154.5 million and $134 million at September 30, 2002 and March 31, 2002, respectively.
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