Airgas Nor Pac Inc (1158052) SEC Filing 10-K Annual report for the fiscal year ending Saturday, March 31, 2007

Exhibit 99.1

		News Release		Airgas, Inc. 259 N. Radnor-Chester Road Suite 100 Radnor, PA 19087-5283 www.airgas.com

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 from Continuing Operations of $0.54

RADNOR, PA – May 2, 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 fourth quarter ended March 31, 2007.

Quarterly income from continuing operations was $43.7 million, or $0.54 per diluted share, compared to $36.0 million, or $0.45 per diluted share in the prior year. In April 2006, the Company adopted, on a modified prospective basis, SFAS 123R, Share-Based Payment. SFAS 123R requires the Company to recognize the estimated value of stock options issued to employees and shares purchased under its Employee Stock Purchase Plan as compensation expense. Had the Company applied SFAS 123 to the prior year quarter, the Company would have recognized income from continuing operations of $34.5 million, or $0.43 per diluted share. Quarterly income from continuing operations per diluted share increased 26% over the prior year quarter adjusted for the impact of stock-based compensation.*

Fourth quarter sales grew 14% to $854 million from the prior year. Acquisitions accounted for 9% of the growth, and total same-store sales increased 5% over robust growth levels in the prior year, with hardgoods up 6% and gas and rent up 5%.

“We capped the most successful year for acquisitions in our 25-year history. The quarter included the acquisition of CFC Refimax in January and the March 9 acquisition of Linde’s divested bulk gas business, bringing our year-end total to 13 acquisitions with more than $335 million in acquired revenue,” said Airgas Chairman and Chief Executive Officer Peter McCausland.

“Our non-residential construction and energy markets remain healthy. Along with our strategic products, they are helping to provide good growth in today’s economic climate,” said McCausland. “Most importantly, our growth is profitable, as operating margin in the quarter expanded to 10.9%, an