1 Exhibit 99 - ---------- AIRGAS NEWS RELEASE Investor Contact: Media Contact: Melissa Nigro (610) 902-6206 James Ely (610) 902-6010 melissa.nigro@airgas.com jim.ely@airgas.com For release: Immediately AIRGAS EXPECTS FISCAL FIRST QUARTER EPS TO EXCEED CONSENSUS ESTIMATES RADNOR, PA - July 16, 2001 - Airgas, Inc. (NYSE: ARG) today announced preliminary results for its fiscal first quarter ended June 30, 2001. Final results for the quarter will be reported on July 24. Airgas expects to announce net earnings of approximately $0.14 per diluted share versus consensus estimates of $0.13. This estimate includes approximately $4 million, or $0.03 per diluted share, of Project One costs, which is consistent with previous Company guidance. Net earnings for the same quarter in the prior year were $0.15 per diluted share. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter is expected to be $54 to $55 million before Project One costs. Excluding a divested business unit, EBITDA was $53 million in the first quarter of last year. Total same-store sales for the quarter increased 2% compared to the prior year. Same-store sales in the Distribution segment were up 1%, reflecting a 9% increase for gases and rent and a 5% decline in hardgoods. Gas Operations segment same-store sales increased 13%. 2 The Company continued to generate strong cash flow allowing it to invest in growing the business and to produce significant free cash flow, which was used to reduce total indebtedness by $16 million in the quarter and $137 million during the last twelve months. 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 of 700 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, catalog and telemarketing channels. Its national scale and strong local presence offers a competitive edge to its diversified customer base. For more information, please visit www.airgas.com. FORWARD-LOOKING STATEMENTS This press release may contain statements that are forward-looking, as that term is defined by the Private Securities Litigation Reform Act 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: expected earnings per share, EBITDA and same-store sales. Airgas intends that such forward-looking statements be subject to the safe harbors 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 final consolidation and review of financial statements and other factors described in the Company's reports, including Form 10-K dated March 31, 2001 filed by the Company with the Securities and Exchange Commission. # # #