Airgas Reports Strong Sales and Earnings Momentum in Second Quarter.RADNOR Radnor may refer to:
See: New York Stock Exchange :ARG See argument. arg - argument ), the largest U.S. distributor of industrial, medical and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. gases, welding welding, process for joining separate pieces of metal in a continuous metallic bond. Cold-pressure welding is accomplished by the application of high pressure at room temperature; forge welding (forging) is done by means of hammering, with the addition of heat. , safety and related products, today reported strong growth in sales, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and net earnings for its second quarter ended September September: see month. 30, 2004. Net earnings for the quarter grew 19% to $22.8 million, or $0.30 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $19.1 million, or $0.26 per diluted share, in the same period a year ago. The current quarter includes integration expenses of $0.02 per diluted share related to the acquisition of the U.S. packaged gas business from The BOC (Bell Operating Company) One of 22 companies that was formerly part of AT&T and later organized into seven regional companies. See RBOC. Group. Results for the quarter ended September 30, 2003 include insurance-related losses of $0.02 per diluted share. Second quarter sales increased 30% to $600 million reflecting continued same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. growth, the consolidation of National Welders Supply Company (a joint venture affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. ), as well as acquisitions. Excluding National Welders, sales grew 21%. Total same-store sales were up 10% compared to the same quarter a year ago, with gas and rent up 6% and hardgoods up 16%. These results reflect continued improvement in manufacturing and other industrial market segments. "Our momentum continued in the second quarter as EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. grew by 15%. We benefited from ongoing strength in the overall industrial markets as well as solid growth in strategic products like bulk, specialty and medical gases," said Airgas Chairman and Chief Executive Officer Peter McCausland. "In addition to robust hardgoods sales, we saw very good growth in gas and rent sales from the first quarter to the second. The outlook for organic growth in our business is very good and we continue to see acquisition opportunities." Year to date, adjusted debt increased by $166 million as a result of the July July: see month. 30 closing of the BOC acquisition. After-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. cash flow for the six months ended September 30, 2004 was $106 million compared to $90 million in the comparable prior year period. Free cash flow for the comparable periods was negative $8 million versus positive $33 million. The decline in free cash is attributed to increased inventories and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying in connection with overall sales growth and the BOC acquisition, as well as capital expenditures to support the growth in strategic products like medical gas and bulk. The definition of after-tax cash flow and free cash flow, a reconciliation of each to the attached Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Cash Flows, the definition of adjusted debt and a reconciliation to the balance sheet are attached. McCausland continued, "The integration of the acquired BOC U.S. packaged gas business is progressing well and we are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the growth opportunities associated with this transaction. We expect earnings of $0.29 to $0.33 per diluted share in our third quarter, including BOC integration costs of up to $0.02 per diluted share." The Company will conduct an earnings teleconference on Thursday Thursday: see week. , October October: see month. 28, 2004, beginning at 11:00 a.m. Eastern Time. Access the teleconference by calling (800) 811-8824. This press release, slides to be presented during the Company's teleconference and information about how to access a live and on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front webcast of the teleconference are available in the 'Investor Info' section on the Company's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the site www.airgas.com. The telephone replay will be accessible for one week starting October 28 at 1 p.m. Eastern Time by calling (888) 203-1112 and entering passcode 976784. 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 A network that supports both data and voice and/or different networking protocols. See converged network and new public network. of nearly 900 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 See e-business. , catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. and telesales telesales Noun the selling of a commodity or service by telephone telesales npl → televentas fpl telesales npl → channels. Its national scale and strong local presence offer a competitive edge to its diversified diversified (di·verˑ·s customer base. For more information, please visit www.airgas.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 positive outlook for the business; acquisition opportunities; the growth opportunities resulting from the BOC acquisition and strengthening industrial markets; and earnings per share expectations for the third fiscal quarter. The Company intends that such forward-looking statements be subject to the safe harbors Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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 successful integration of the BOC acquisition; the cost of integrating the BOC business into the Company's operations; the Company's inability to close and successfully integrate acquisitions; an economic downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. ; increased industry competition; adverse changes in customer buying patterns; significant fluctuations in interest rates; political and economic uncertainties associated with current world events; and other factors described in the Company's reports, including Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. dated March 31, 2004 and Form 10-Q Form 10-Q See 10-Q. dated June June: see month. 30, 2004 filed by the Company with the Securities and Exchange Commission. Consolidated statements of earnings, consolidated condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. balance sheets, consolidated statements of cash flows, and a reconciliation of non-GAAP financial measures 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,
2004 2003 2004 2003
---------- ---------- ----------- ----------
Net sales $599,783 $460,452 $1,143,800 $921,508
---------- ---------- ----------- ----------
Costs and expenses:
Cost of products sold
(excl. deprec.) 293,081 220,361 559,302 441,494
Selling, distribution
and administrative
expenses 228,386 178,175 432,448 356,636
Depreciation 25,844 19,824 49,773 39,115
Amortization 1,520 1,331 2,953 2,842
---------- ---------- ----------- ----------
Total costs and
expenses 548,831 419,691 1,044,476 840,087
---------- ---------- ----------- ----------
Operating income 50,952 40,761 99,324 81,421
Interest expense, net (12,668) (10,295) (24,523) (20,730)
Discount on securitization
of trade receivables (a) (1,046) (801) (1,876) (1,669)
Other income (expense),
net (750) (185) (576) (358)
Equity in earnings of
unconsolidated affiliates 677 1,347 925 2,047
---------- ---------- ----------- ----------
Earnings before income tax
expense and minority
interest 37,165 30,827 73,274 60,711
Income tax expense 13,936 11,714 27,477 23,070
---------- ---------- ----------- ----------
Earnings before minority
interest 23,229 19,113 45,797 37,641
Minority interest (b) 452 - 904 -
---------- ---------- ----------- ----------
Net earnings $22,777 $19,113 $44,893 $37,641
========== ========== =========== ==========
Basic earnings per share $0.30 $0.26 $0.60 $0.52
Diluted earnings per share $0.30 $0.26 $0.59 $0.51
Weighted average shares
outstanding:
Basic 74,700 72,600 74,400 72,200
Diluted 76,600 74,400 76,400 74,100
See attached notes.
AIRGAS, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
September 30, March 31,
2004 2004
------------- -------------
ASSETS
Trade accounts receivable, net (a) $121,835 $107,013
Inventories, net 211,265 170,300
Deferred income tax asset, net 27,884 25,519
Prepaids and other current assets 30,064 28,463
------------- -------------
TOTAL CURRENT ASSETS 391,048 331,295
Property, plant and equipment, net 1,208,429 1,033,926
Goodwill 508,683 504,207
Other intangible assets, net 17,835 19,733
Investments in unconsolidated affiliates 6,299 6,292
Other non-current assets 32,521 40,091
------------- -------------
TOTAL ASSETS $2,164,815 $1,935,544
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable, trade $112,683 $114,303
Accrued expenses and other current
liabilities 125,789 122,026
Current portion of long-term debt 6,022 6,140
------------- -------------
TOTAL CURRENT LIABILITIES 244,494 242,469
Long-term debt 807,102 682,698
Deferred income taxes 270,585 251,575
Other non-current liabilities 53,676 30,710
Minority interest in subsidiary 36,191 36,191
Stockholders' equity 752,767 691,901
------------- -------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,164,815 $1,935,544
============= =============
See attached notes.
AIRGAS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Six Months Six Months
Ended Ended
September 30, September 30,
2004(b) 2003
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings $44,893 $37,641
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation 49,773 39,115
Amortization 2,953 2,842
Deferred income taxes 16,000 10,600
Equity in earnings of unconsolidated
affiliates (925) (2,047)
Gain on divestiture (360) --
Loss on sales of plant and equipment 13 217
Minority interest in earnings 904 --
Stock issued for employee stock purchase
plan 4,712 4,384
Changes in assets and liabilities,
excluding effects of business acquisitions
and divestitures:
Securitization of trade receivables 37,400 (6,200)
Trade receivables, net (22,651) (3,404)
Inventories, net (24,214) (6,569)
Prepaid expenses and other current assets (2,001) 575
Accounts payable, trade (1,787) (7,384)
Accrued expenses and other current
liabilities (6,521) (4,241)
Other assets 1,803 76
Other liabilities (535) 2,340
------------- -------------
Net cash provided by operating
activities 99,457 67,945
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (65,642) (42,151)
Proceeds from sales of plant and
equipment 2,200 3,133
Proceeds from divestitures 828 --
Business acquisitions, holdbacks and
other settlements of acquisition
related liabilities (180,398) (5,852)
Dividends and fees from unconsolidated
affiliates 918 1,098
Other, net 5 (1,728)
------------- -------------
Net cash used in investing activities (242,089) (45,500)
------------- -------------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 342,044 136,461
Repayment of debt (213,663) (151,871)
Minority interest (904) --
Exercise of stock options 11,387 7,353
Dividends paid to stockholders (6,771) (5,866)
Cash overdraft 10,539 (8,522)
------------- -------------
Net cash provided by (used in) financing
activities 142,632 (22,445)
------------- -------------
Change in cash
Cash - Beginning of period $-- $--
Cash - End of period -- --
------------- -------------
$-- $--
============= =============
See attached notes.
Notes: (a) The Company participates in a securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. agreement with two commercial banks to sell up to $200 million of qualified trade receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the securitization were used to reduce borrowings under the Company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facilities. The amount of outstanding receivables under the agreement was $200 million and $162.6 million at September 30, 2004 and March 31, 2004, respectively. (b) Effective December December: see month. 31, 2003, the Company elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to adopt Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). Interpretation No. 46R, "Consolidation of Variable Interest Entities," ("FIN fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface. 46R"), as it applies to its joint venture with National Welders Supply Company, Inc. ("NWS NWS National Weather Service NWS Naval Weapons Station NWS New World Symphony NWS Nuclear Weapon State NWS Not Work Safe NWS National Watercolor Society NWS North Warning System NWS Nose Wheel Steering NWS National Waste Strategy (UK) "), a producer and distributor of industrial gases based in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. . For the six months ended September 30, 2003, NWS' operating results were reflected as "Equity in Earnings of Unconsolidated Affiliates." For the six months ended September 30, 2004, the operating results of NWS were reported broadly across the income statement in the "All Other Operations" business segment. NWS contributed $80.1 million to sales and $7.1 million to operating income for the six months ended September 30, 2004. The consolidation of NWS had no impact on the Company's consolidated net earnings. The cash flows of NWS, in excess of a management fee, are not available for the general use of the Company. Rather, these cash flows are used by NWS for operations, capital expenditures, acquisitions and to satisfy financial obligations, which are non-recourse to the Company. The cash flows for the six months ended September 30, 2004 reflect the following sources and uses of cash associated with NWS:
Six Months Ended
September 30,
2004
------------------
Net cash provided by operating activities $10,342
Net cash used by investing activities (9,165)
Net cash used by financing activities (1,177)
Management fee paid to the Company, which
is eliminated in consolidation 530
(c) Business segment information (Unaudited) for the Company's Distribution and All Other Operations segments is shown below:
Three Months Ended
September 30, 2004
-------------------------------------------
All Other
(In thousands) Dist. Ops. Elim Combined
---------- ---------- ---------- ----------
Gas and rent $259,060 $84,002 $(12,036) $331,026
Hardgoods 253,281 16,371 (895) 268,757
---------- ---------- ---------- ----------
Total net sales 512,341 100,373 (12,931) 599,783
Cost of products sold,
excl. deprec. expense 261,002 45,010 (12,931) 293,081
Selling, distribution and
administrative expenses 192,267 36,119 228,386
Depreciation expense 19,800 6,044 25,844
Amortization expense 1,415 105 1,520
---------- ---------- ----------
Operating income 37,857 13,095 50,952
---------- ---------- ----------
Three Months Ended
September 30, 2003
-------------------------------------------
All Other
(In thousands) Dist. Ops. Elim Combined
---------- ---------- ---------- ----------
Gas and rent $217,481 $52,154 $(10,026) $259,609
Hardgoods 200,215 1,318 (690) 200,843
---------- ---------- ---------- ----------
Total net sales 417,696 53,472 (10,716) 460,452
Cost of products sold,
excl. deprec. expense 207,195 23,882 (10,716) 220,361
Selling, distribution and
administrative expenses 161,289 16,886 178,175
Depreciation expense 16,645 3,179 19,824
Amortization expense 1,189 142 1,331
---------- ---------- ----------
Operating income 31,378 9,383 40,761
---------- ---------- ----------
Six Months Ended
September 30, 2004
-------------------------------------------
All Other
(In thousands) Dist. Ops. Elim Combined
---------- ---------- ---------- ----------
Gas and rent $487,638 $161,171 $(22,474) $626,335
Hardgoods 487,090 32,165 (1,790) 517,465
---------- ---------- ---------- ----------
Total net sales 974,728 193,336 (24,264) 1,143,800
Cost of products sold,
excl. deprec. expense 497,098 86,468 (24,264) 559,302
Selling, distribution and
administrative expenses 363,367 69,081 432,448
Depreciation expense 37,797 11,976 49,773
Amortization expense 2,680 273 2,953
---------- ---------- ----------
Operating income 73,786 25,538 99,324
---------- ---------- ----------
Six Months Ended
September 30, 2003
-------------------------------------------
All Other
(In thousands) Dist. Ops. Elim Combined
---------- ---------- ---------- ----------
Gas and rent $437,888 $100,226 $(19,624) $518,490
Hardgoods 401,663 2,667 (1,312) 403,018
---------- ---------- ---------- ----------
Total net sales 839,551 102,893 (20,936) 921,508
Cost of products sold,
excl. deprec. expense 416,344 46,086 (20,936) 441,494
Selling, distribution and
administrative expenses 323,239 33,397 356,636
Depreciation expense 32,815 6,300 39,115
Amortization expense 2,546 296 2,842
---------- ---------- ----------
Operating income 64,607 16,814 81,421
---------- ---------- ----------
Reconciliation of Non-GAAP Financial Measures (Unaudited) After-Tax Cash Flow: Reconciliation of net cash provided by operating activities per the Consolidated Statement of Cash Flows to After-Tax Cash Flow:
(Amounts in thousands) Six Months Ended Six Months Ended
September 30, September 30,
2004 2003
---------------- ----------------
Net cash provided by operating
activities $99,457 $67,945
Less After-Tax Cash Flow of NWS (1) (7,507) --
Add back:
Cash used for working capital
components and other assets and
liabilities 55,906 18,607
Gain on divestiture 360 --
Equity in earnings of
unconsolidated affiliates 925 2,047
Less:
Cash (provided) used by the
securitization of trade
receivables (37,400) 6,200
Loss on sales of plant and
equipment (13) (217)
Stock issued for employee stock
purchase plan (4,712) (4,384)
Minority interest in earnings (904) --
---------------- ----------------
After-Tax Cash Flow $106,112 $90,198
================ ================
After-Tax Cash Flow is defined as net earnings plus depreciation, amortization and deferred tax expense. After-Tax Cash Flow provides investors meaningful insight into the Company's ability to generate cash from operations to support working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , capital expenditures and financial obligations. (1) National Welders Supply Co. ("NWS") is a corporate joint venture meeting the definition of a variable interest entity and for which the Company is the primary beneficiary beneficiary Person or entity (e.g., a charity or estate) that receives a benefit from something (e.g., a trust, life-insurance policy, or contract). A primary beneficiary receives proceeds from a trust or insurance policy before any other. as described under FIN 46R. NWS was consolidated effective December 31, 2003 when the Company adopted FIN 46R as permitted by the interpretation. Prior to January January: see month. 1, 2004, the Company reported the results of NWS below operating income in "Equity in Earnings of Unconsolidated Affiliates." The liabilities of NWS are non-recourse to the Company. Likewise, the cash flows in excess of the management fee paid by NWS are not available to the Company. Accordingly, the cash flows of NWS have been excluded from the Company's non-GAAP liquidity measures. Free Cash Flow: Reconciliation of net cash provided by operating activities per the Consolidated Statement of Cash Flows to Free Cash Flow:
(Amounts in thousands) Six Months Ended Six Months Ended
September 30, September 30,
2004 2003
---------------- ----------------
Net cash provided by operating
activities $99,457 $67,945
Less net cash provided by operating
activities of NWS (1) (10,342) --
Plus:
Dividends paid by unconsolidated
affiliates 918 1,098
Management fees paid by NWS (1) 530 --
Less:
Cash (provided) used by the
securitization of trade receivables (37,400) 6,200
Capital expenditures (65,642) (42,151)
Add back capital expenditures of NWS
(1) 4,429 --
---------------- ----------------
Free Cash Flow ($8,050) $33,092
================ ================
Free Cash Flow provides investors meaningful insight into the Company's ability to generate cash from operations, which can be used at management's discretion for acquisitions, the prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of debt or to support other investing and financing activities. Adjusted Debt: Reconciliation of the change in debt per the Balance Sheet to the increase in debt adjusted for the non-recourse debt Non-Recourse Debt A loan that is secured by some sort of collateral, usually property. The issuer can seize the collateral if the borrower defaults. Notes: These types of projects are characterized by high capital expenditures, long loan periods, and uncertain revenue of NWS, off-balance sheet financing and non-cash interest rate hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. ("adjusted debt"):
Change in
September 30, March 31, Adjusted
(Amounts in thousands) 2004 2004 Debt
------------- ------------- -------------
Debt $813,124 $688,838 $124,286
Adjustments to Debt:
Securitization of trade
receivables 200,000 162,600 37,400
National Welders - non-
recourse debt (2) (53,566) (53,823) 257
Interest rate swap
agreements (9,737) (13,832) 4,095
------------- ------------- -------------
Adjusted Debt $949,821 $783,783 $166,038
============= ============= =============
(2) In calculating the Adjusted Debt measure, the debt of the NWS joint venture has been excluded because the debt is non-recourse to Airgas. The Company uses Adjusted Debt to provide investors with a more accurate and meaningful measure of the change in the Company's obligation to repay debt by adjusting for the non-recourse debt of NWS, non-cash interest rate hedging and funds received (or repaid) under the trade receivables securitization program. |
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