Printer Friendly

AIRGAS, INC. REPORTS 77 PERCENT INCREASE IN FOURTH QUARTER EARNINGS, 71 PERCENT INCREASE FOR THE YEAR

 RADNOR, Pa., May 14 /PRNewswire/ -- Airgas, Inc. (NYSE: ARG) reported record net earnings of $4,155,000 or $.26 per share during the fourth quarter ended March 31, 1993, a 77 percent increase from $2,350,000 or $.16 per share in the fourth quarter last year.
 The increase in earnings is due to improved operating results including expense reductions from efficiency gains and cost containment programs, strong cash flow resulting in lower interest costs and the effects of lower interest rates from the year earlier period.
 After-tax cash flow (net earnings plus depreciation, amortization and deferred income taxes) increased 48 percent to a record $14,097,000 or $.87 per share during the fourth quarter ended March 31, 1993. After-tax cash flow in the fourth quarter last year was $9,516,000 or $.66 per share.
 Peter McCausland, chairman and chief executive officer commented that, "Fourth quarter earnings represent the seventh consecutive quarter of record earnings for Airgas. Our national distribution network is firmly in place. We remain focused on cash flow, which we believe is the ultimate measure of a company's success, while we continue to pursue operational efficiencies and new sales opportunities. We are optimistic about our future. With increasing acquisition activity, we are on course to reach $600 million in annual revenues by 1995."
 Net sales increased 16 percent to $109,076,000 during the fourth quarter ended March 31, 1993, over the same period in the prior year due to the acquisition of industrial gas distribution companies.
 Year Ended March 31, 1993
 Net earnings increased 71 percent to $12,469,000 or $.78 per share fully diluted for the year ended March 31, 1993 from $7,292,000 or $.52 per share last year. After tax cash flow (net earnings plus depreciation, amortization and deferred income taxes) increased 30 percent to a record $45,672,000 or $2.85 per share.
 The increase in net earnings is primarily due to improved operating results including expense reductions from efficiency gains and cost containment programs, strong cash flow resulting in lower interest costs and lower interest rates from the prior year.
 Net sales increased 17 percent to $410,771,000 during the year ended March 31, 1993 over the prior year due to the acquisition of 35 industrial gas distribution businesses since April 1, 1991.
 Airgas, Inc. is the largest distributor of industrial, medical and specialty gases in the United States with more than 265 locations.
 Airgas has acquired 129 industrial gas distributors since going public in 1986.
 AIRGAS, INC.
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Amount in thousands, except per share data)
 (Unaudited)
 Periods ended Three Months Year
 March 31 1993 1992 1993 1992
 Net sales:
 Distribution $101,323 $ 89,601 $379,899 $332,224
 Manufacturing 7,753 4,492 30,872 19,267
 Total net sales 109,076 94,093 410,771 351,491
 Costs and expenses:
 Cost of products sold
 (excluding depreciation
 and amortization)
 Distribution 49,272 43,817 188,717 165,915
 Manufacturing 5,076 2,852 19,396 11,437
 Selling, distribution and
 administrative expenses 37,065 34,289 140,246 124,403
 Depreciation and
 amortization 7,417 6,007 28,045 23,420
 Total costs and expenses 98,830 86,965 376,404 325,175
 Operating income:
 Distribution 8,732 6,442 28,443 22,638
 Manufacturing 1,514 686 5,924 3,678
 Total operating income 10,246 7,128 34,367 26,316
 Earnings related to
 a joint venture --- 468 --- 1,814
 Interest expense, net (2,900) (2,746) (11,403) (12,838)
 Other income, net 129 8 546 214
 Minority interest (33) (133) (230) (496)
 Earnings before
 income taxes 7,442 4,725 23,280 15,010
 Income taxes 3,287 2,375 10,811 7,718
 Net earnings $4,155 $2,350 $12,469 $7,292
 Earnings Per Share:
 Primary $.26 $.16 $.81 $.55
 Fully diluted $.26 $.16 $.78 $.52
 Weighted average shares 16,191 14,391 16,008 13,994
 /delval/
 -0- 5/14/93
 /CONTACT: Britton H. Murdoch of Airgas, 215-687-5253/
 (ARG)


CO: Airgas, Inc. ST: Delaware IN: SU: ERN

MP -- PH003 -- 8461 05/14/93 08:36 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 14, 1993
Words:692
Previous Article:GENERAL NUTRITION COMPANIES, INC. ANNOUNCES RESULTS
Next Article:CASINO DATA SYSTEMS ANNOUNCES FIRST QUARTER EARNINGS
Topics:


Related Articles
AIRGAS REPORTS 37 PERCENT EARNINGS INCREASE IN THIRD QUARTER
AIRGAS REPORTS RECORD FOURTH QUARTER AND YEAR-END EARNINGS; RECORD AFTER-TAX CASH FLOW
AIRGAS REPORTS RECORD EARNINGS AND CASH FLOW IN FIRST QUARTER
AIRGAS REPORTS RECORD EARNINGS AND CASH FLOW IN FIRST QUARTER
AIRGAS, INC. REPORTS RECORD EARNINGS AND CASH FLOW IN SECOND QUARTER
AIRGAS, INC. REPORTS 66 PERCENT INCREASE IN THIRD QUARTER EARNINGS
AIRGAS, INC. REPORTS 67 PERCENT INCREASE IN EARNINGS IN FIRST QUARTER
AIRGAS, INC. REPORTS RECORD EARNINGS IN SECOND QUARTER
AIRGAS, INC. REPORTS RECORD FOURTH QUARTER EARNINGS
AIRGAS, INC. REPORTS RECORD EARNINGS IN FIRST QUARTER

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters