UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):
July 8, 2005

AIRGAS, INC.

259 North Radnor-Chester Road, Suite 100
Radnor, PA 19087-5283

Registrant’s telephone number, including area code: (610) 687-5253

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Table of Contents

Item 2.02 Results of Operations and Financial Condition

On July 8, 2005, Airgas, Inc. (the “Company”) began mailing its 2005 annual report (the “Annual Report”) and definitive proxy statement to its stockholders. The Letter to Shareholders section of the Annual Report includes a line graph (on page 13) depicting Sales, Adjusted EBITDA, Interest Expense, and Stockholders’ Equity for the fiscal years 1989 through 2005. The graph is attached as Exhibit 99.1 under Item 9.01 and is incorporated herein by reference. The Sales, Interest Expense and Stockholders’ Equity data used to derive the graph were previously disclosed in the Company’s Form 10-K filings for the respective years presented. The Adjusted EBITDA measure had not been previously disseminated to the public and is therefore furnished in this Form 8-K.

Adjusted EBITDA is a financial measure that is not defined under generally accepted accounting principles (GAAP). The Company believes Adjusted EBITDA provides investors meaningful insight into the Company’s ability to generate cash from operations to support required working capital, capital expenditures and financial obligations. The Company’s intent is to provide non-GAAP financial information to enhance investors’ understanding of the Company’s consolidated financial statements and should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP.
A reconciliation of Adjusted EBITDA to the most comparable measure under generally accepted accounting principles appears on page 69 of the Annual Report and is also included below:

Seventeen Year Reconciliation of Operating income to Adjusted EBITDA to Cash from Operations (Unaudited)

The information contained in this Form 8-K report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(a) None

(b) None

(c) Exhibits.

Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant and Co-Registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DATED: July 14, 2005