radnor brand sales
*FY89 – FY09 reconciliation of adjusted EBITDA presented above appears within Financials. Note that Interest Expense includes the discount on the securitization of trade receivables.

Our core strengths will carry the day

I believe Airgas is striking the right balance between reasonable caution and forward progress. I’m not an economic forecaster, but I know that our business model has guided us through down times before and that we provide products and services that are essential to keeping America running.

We touch all parts of America’s infrastructure and have a diversified customer base – from factories and hospitals to construction sites and research laboratories – and that’s why we’re in a much better position than many companies to weather this economic downturn.

Our associates are another powerful weapon. Airgas is a company filled from top to bottom with practical, common sense people. We’re not Wall Street, we’re Main Street. And our associates' ability to see what needs to be done – and then do it quickly and in a quality manner – will serve our customers and our company well as we navigate upon these uncertain waters.

Sadly, this past year, we lost an associate who was with Airgas since the beginning and exemplified all of the traits we value in our employees. Todd Craun, our associate general counsel, passed away in early 2009, and we will miss him greatly. Another invaluable contributor to our company, board member Bill Albertini, also passed away. His on-target insights and informed decisions guided our company to new heights, and I’m confident that our newest board member, Ellen Wolf, will help us keep moving forward and achieving even greater goals.

Letter Continued »