Airgas, Inc.
                          259 N. Radnor-Chester Road
                          Suite 100
                          Radnor, PA 19087-5283
  News Release    
Investor Contact:   Media Contact:          
Jay Worley (610) 902-6206   James Ely (610) 902-6010          
jay.worley@airgas.com   jim.ely@airgas.com          
For release:           Immediately
Airgas Reports Record Fourth Quarter EPS of $0.76
RADNOR, PA — May 5, 2008 —
Airgas, Inc. (NYSE: ARG), the largest U.S. distributor of industrial, medical, and specialty gases, welding, safety, and related products, today reported strong growth in sales, operating income, and earnings for its fourth quarter ended March 31, 2008.
Quarterly net earnings grew 47% to $64.2 million, or $0.76 per diluted share, compared to $43.7 million, or $0.54 per diluted share, in the prior year. Fourth quarter sales grew 27% from the prior year to $1.1 billion, with acquisitions contributing 19% of the growth. Total same-store sales increased 8% in the quarter, with hardgoods up 4% and gas and rent up 11%.
“Despite a slowing economy, our strategic product categories, which focus on the healthcare, research, environmental, and food and beverage markets, posted 11% organic growth in the quarter,” said Airgas Chairman and Chief Executive Officer Peter McCausland. “Our energy and infrastructure construction customers remain strong. Rising export activity and strength in U.S. infrastructure projects are also helping many of our core industrial customers, offsetting the economic slowdown. We continue to grow profitably, as the operating margin in the quarter expanded to 12.1%, an improvement of 120 basis points over last year.”
The Company made 18 acquisitions in fiscal 2008, adding more than $500 million in annualized revenue. In addition to the June 30, 2007 acquisition of Linde’s U.S. packaged gas business, which added $346 million in annualized revenue from 130 locations across 18 states, there were 17 others that added more than $160 million. “These transactions helped us enhance our core business and extend our product lines, with acquisitions in packaged gases and welding products, safety products, ammonia, and refrigerants,” said McCausland. “We have taken time to integrate them in a manner that effectively creates long-term value for our customers and our shareholders.”


The following information was filed by Airgas Gulf States Inc on Tuesday, May 6, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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