Airgas, Inc.
259 N. Radnor-Chester Road
Suite 100 Radnor, PA 19087-5283
  News Release
Exhibit 99.1
Investor Contact:
  Media Contact:
Jay Worley (610) 902-6206
  James Ely (610) 902-6010
For release:   Immediately
Airgas Reports Third Quarter EPS of $0.40; $0.50 before $0.10 Debt Extinguishment Charge
RADNOR, PA — January 30, 2007 —
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 third quarter ended December 31, 2006.
Quarterly net earnings and income from continuing operations were $32.5 million, or $0.40 per diluted share, including a charge of $7.9 million after-tax, or $0.10 per diluted share, on the early extinguishment of debt and $2.5 million of after-tax expense, or $0.03 per diluted share, related to stock-based compensation.
The debt charge was a result of the Company’s October 27, 2006 redemption of its 9.125% senior subordinated notes, which reduced interest expense by approximately $500 thousand per month. The stock-based compensation expense is related to the Company’s adoption, on a prospective basis, in April, 2006 of SFAS 123R, Share-Based Payment. In the prior year, income from continuing operations was $32.7 million, or $0.41 per diluted share. Had the Company applied SFAS 123 to the prior year quarter, the Company would have recognized $2.7 million ($1.7 million after tax), or $0.02 per diluted share, related to stock-based compensation. In the current quarter, income from continuing operations, excluding the debt charge, was $40.3 million, or $0.50 per diluted share, an increase of 30% over prior year income adjusted for the impact of stock-based compensation.*
Third quarter sales grew to $787 million, up 12% over the prior year. Acquisitions accounted for 5% of the growth, and total same-store sales increased 7% over robust growth levels in the prior year, driven equally by both hardgoods, and gas and rent.
“We had a great quarter,” said Airgas Chairman and Chief Executive Officer Peter McCausland. “Trends in non-residential construction, industrial production, and energy markets continued to support core revenue growth, and our strategic product platforms were strong.”


The following information was filed by Airgas Gulf States Inc on Wednesday, January 31, 2007 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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