-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F072erqUEsFQ+xEtoVYxcYorFb6DGQug8p32CQGVzUI/YEI0t7rVni4A7GuDnBi6 KJdnzaslI5hE079PkVEi6w== 0000726958-98-000010.txt : 19980312 0000726958-98-000010.hdr.sgml : 19980312 ACCESSION NUMBER: 0000726958-98-000010 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19980131 FILED AS OF DATE: 19980311 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASEYS GENERAL STORES INC CENTRAL INDEX KEY: 0000726958 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-CONVENIENCE STORES [5412] IRS NUMBER: 420935283 STATE OF INCORPORATION: IA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-12788 FILM NUMBER: 98563264 BUSINESS ADDRESS: STREET 1: ONE CONVENIENCE BLVD CITY: ANKENY STATE: IA ZIP: 50021 BUSINESS PHONE: 5159656100 10-Q 1 10Q FOR JANUARY 31, 1998 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Quarter Ended January 31, 1998 Commission File Number 0-12788 CASEY'S GENERAL STORES, INC. (Exact name of registrant as specified in its charter) IOWA 42-0935283 State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) ONE CONVENIENCE BOULEVARD, ANKENY, IOWA (Address of principal executive offices) 50021 (Zip Code) (515) 965-6100 (Registrant's telephone number, including area code) NONE (Former name, former address and former fiscal year, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO ------ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common Stock, No Par Value 52,561,012 shares (Class) (Outstanding at March 4, 1998) CASEY'S GENERAL STORES, INC. INDEX Page PART I - FINANCIAL INFORMATION Item 1. Consolidated Financial Statements. Consolidated condensed balance sheets - January 31, 1998 and April 30, 1997 3 Consolidated condensed statements of income - three and nine months ended January 31, 1998 and 1997 5 Consolidated condensed statements of cash flows - nine months ended January 31, 1998 and 1997 6 Notes to consolidated condensed financial statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 8 PART II - OTHER INFORMATION Item 1. Legal Proceedings. 14 Item 6. Exhibits and Reports on Form 8-K. 14 SIGNATURE 16 PART I - FINANCIAL INFORMATION Item 1. Financial Statements.
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) January 31, April 30, 1998 1997 ----------- --------- ASSETS Current assets: Cash and cash equivalents ........... $ 5,959,879 3,097,741 Short-term investments .............. 1,322,673 6,898,294 Receivables ......................... 2,788,656 2,701,740 Inventories ......................... 38,674,631 36,522,960 Prepaid expenses .................... 5,662,767 5,452,646 ------------ ------------ Total current assets ....... 54,408,606 54,673,381 ------------ ------------ Long-term investments ........................ 6,137,339 3,561,865 Other assets ................................. 1,208,451 1,341,062 Property and equipment, net of accumulated depreciation January 31, 1998, $177,504,481 April 30, 1997, $158,097,550 ............... 411,942,684 367,468,283 ------------ ------------ $473,697,080 427,044,591 ------------ ------------
See notes to consolidated condensed financial statements. CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Continued)
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Notes payable ....................... $ 24,800,000 2,800,000 Current maturities of long-term debt .................... 5,394,284 11,795,806 Accounts payable .................... 33,294,289 37,207,819 Accrued expenses .................... 18,932,165 17,549,230 Income taxes payable ................ 4,477,598 4,433,626 ------------ ------------ Total current liabilities ......... 86,898,336 73,786,481 ------------ ------------ Long-term debt, net of current maturities ......................... 80,704,488 79,685,011 ------------ ------------ Deferred income taxes ........................ 44,829,000 39,579,000 ------------ ------------ Deferred compensation ........................ 2,374,211 2,102,642 ------------ ------------ Shareholders' equity Preferred stock, no par value .............. -- -- Common Stock, no par value ................. 65,405,935 64,886,032 Retained earnings .......................... 193,485,110 167,005,425 ------------ ------------ Total shareholders' equity ................... 258,891,045 231,891,457 ------------ ------------ $473,697,080 427,044,591 ------------ ------------
See notes to consolidated condensed financial statements. CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Nine Months Ended January 31, January 31, 1998 1997 1998 1997 Net sales $276,926,574 272,069,769 915,016,586 845,268,745 Franchise revenue 1,203,808 1,200,071 3,914,009 4,036,879 ------------ ----------- ----------- ----------- 278,130,382 273,269,840 918,930,595 849,305,624 ----------- ----------- ----------- ----------- Cost of goods sold 213,817,285 218,436,327 717,273,177 673,807,069 Operating expenses 43,237,769 37,686,020 129,129,338 113,932,563 Depreciation and amortization 7,788,526 6,865,161 22,396,529 19,873,454 Interest, net 1,505,858 1,494,897 4,193,011 4,349,266 ---------- ----------- ----------- ----------- 266,349,438 264,482,405 872,992,055 811,962,352 ----------- ----------- ----------- ----------- 11,780,944 8,787,435 45,938,540 37,343,272 Federal and state income taxes 4,418,000 3,251,000 17,227,000 14,031,000 ----------- ----------- ----------- ----------- Net income $ 7,362,944 5,536,435 28,711,540 23,312,272 ------------ ----------- ------------ ----------- Earnings per common and common equivalent share Basic $ .14 .11 .55 .44 ------------ ----------- ------------ ---------- Dilutive $ .14 .11 .54 .44 ----------- ----------- ------------ ----------
See notes to consolidated condensed financial statements. CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended January 31, 1998 1997 Cash flows from operations: Net income $ 28,711,540 23,312,272 Adjustments to reconcile net income to net cash provided by operations: Depreciation and amortization 22,396,529 19,873,454 Deferred income taxes 5,250,000 6,000,000 Changes in assets and liabilities: Receivables (86,916) (91,323) Inventories (2,151,671) (6,157,411) Prepaid expenses (210,121) 2,943,171 Accounts payable (3,913,530) (4,539,271) Accrued expenses 1,382,935 107,764 Income taxes payable 43,972 2,713,647 Other, net 2,737,456 983,773 ------------ ---------- Net cash provided by operations 54,160,194 45,146,076 ------------ ---------- Cash flows from investing: Purchase of property and equipment (69,030,059) (53,114,828) Purchase of investments (6,466,384) (9,689,830) Sale of investments 9,372,384 19,190,037 ------------ ----------- Net cash used in investing activities (66,124,059) (43,614,621) ------------ ----------- Cash flows from financing: Proceeds from long-term debt 18,000,000 --- Payments of long-term debt (23,462,045) (6,440,356) Net activity of short-term debt 22,000,000 (525,000) Proceeds from exercise of stock options 519,903 35,875 Payment of cash dividends (2,231,855) (1,966,806) ---------- ---------- Net cash provided by (used in) financing activities 14,826,003 (8,896,287) ---------- ---------- Net increase (decrease) in cash and cash equivalents 2,862,138 (7,364,832) Cash and cash equivalents at beginning of the year 3,097,741 12,673,855 ----------- ----------- Cash and cash equivalents at end of the quarter $ 5,959,879 5,309,023 ----------- ---------
See notes to consolidated condensed financial statements. CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS 1. The accompanying consolidated condensed financial statements (unaudited) include the accounts and transactions of the Company and its two wholly-owned subsidiaries, Casey's Marketing Company and Casey's Services Company. All material inter-company balances and transactions have been eliminated in consolidation. 2. The accompanying consolidated condensed financial statements (unaudited) have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim consolidated condensed financial statements (unaudited) be read in conjunction with the Company's most recent audited financial statements and notes thereto. In the opinion of management, the accompanying consolidated condensed financial statements (unaudited) contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of January 31, 1998, and the results of operations for the three and nine months ended January 31, 1998 and 1997, and changes in cash flows for the nine months ended January 31, 1998 and 1997. 3. The Company's financial condition and results of operations are affected by a variety of factors and business influences, certain of which are described in the Cautionary Statement Relating to Forward-Looking Statements filed as Exhibit 99 to the Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 1997. These interim consolidated condensed financial statements (unaudited) should be read in conjunction with that Cautionary Statement. 4. All per-share amounts and number of shares outstanding set forth in this Form 10- Q (and in the exhibits hereto) have been adjusted to reflect the two-for-one stock split declared for shareholders of record on February 2, 1998 and distributed as of February 16, 1998. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Financial Condition and Results of Operations Casey's derives its revenue from the retail sale of food (including freshly prepared foods such as pizza, donuts and sandwiches), beverages and non-food products such as health and beauty aids, tobacco products, automotive products and gasoline by Company stores and from the wholesale sale of certain grocery and general merchandise items and gasoline to franchised stores. The Company also generates revenues from continuing monthly royalties based on sales by franchised stores, sign and facade rental fees and the provision of certain maintenance, transportation and construction services to the Company's franchisees. A typical store is generally not profitable for its first year of operation due to start-up costs and will usually attain representative levels of sales and profits during its third year of operation. Due to the nature of the Company's business, most sales are for cash, and cash provided by operations is the Company's primary source of liquidity. The Company finances its inventory purchases primarily from normal trade credit aided by the relatively rapid turnover of inventory. This turnover allows the Company to conduct its operations without large amounts of cash and working capital. As of January 31, 1998, the Company's ratio of current assets to current liabilities was .63 to 1. The ratio at January 31, 1997 and April 30, 1997, was .71 to 1 and .74 to 1, respectively. Management believes that the Company's current $27,000,000 bank lines of credit (aggregate amount), together with cash flow from operations, will be sufficient to satisfy the working capital needs of its business. Net cash provided by operations increased $9,014,118 (20.0%) in the nine months ended January 31, 1998 from the comparable period in the prior year, primarily as a result of a larger net income and a smaller increase in inventories and income taxes payable. Cash flows from investing in the nine months ended January 31, 1998 decreased, primarily as a result of increased capital expenditures. Cash flows from financing increased due to the proceeds from long-term and short-term debt. Cash flows in the future are expected to decrease as a result of the anticipated growth in capital expenditures. Capital expenditures represent the single largest use of Company funds. Management believes that by reinvesting in Company stores, the Company will be better able to respond to competitive challenges and increase operating efficiencies. During the first nine months of fiscal 1998, the Company expended $69,030,059 for property and equipment, primarily for the construction and remodeling of Company stores, compared to $53,114,828 for the comparable period in the prior year. The Company anticipates expending approximately $75,000,000 in fiscal 1998 for construction, acquisition and remodeling of Company stores, primarily from funds generated by operations, existing cash and short-term investments and proceeds of the 7.70% Senior Notes due December 15, 2004 (the "7.70% Notes"), the 7.38% Senior Notes due December 28, 2020 (the "7.38% Notes") and the 6.55% Senior Notes due December 18, 2003 (the "6.55% Notes"). As of January 31, 1998, the Company had long-term debt of $80,704,488, consisting of $18,000,000 in principal amount of 7.70% Notes, $30,000,000 in principal amount of 7.38% Notes, $18,000,000 in principal amount of 6.55% Notes, $10,746,616 of mortgage notes payable and $3,957,872 of capital lease obligations. Interest on the 7.70% Notes is payable on the 15th day of each month at the rate of 7.70% per annum. Principal of the 7.70% Notes matures in forty quarterly installments beginning March 15, 1995. The Company may prepay the 7.70% Notes in whole or in part at any time in an amount of not less than $1,000,000 or integral multiples of $100,000 in excess thereof at a redemption price calculated in accordance with the Note Agreement dated as of February 1, 1993 between the Company and the purchasers of the 7.70% Notes. Interest on the 7.38% Notes is payable semi-annually on the twenty-eighth day of June and December in each year, commencing June 28, 1996, and at maturity, at the rate of 7.38% per annum. The 7.38% Notes mature on December 28, 2020, with prepayments of principal commencing December 28, 2010 and ending June 28, 2020, inclusive, with the remaining principal payable at maturity on December 28, 2020. The Company may prepay the 7.38% Notes in whole or in part at any time in an amount of not less than $1,000,000 or in integral multiples of $100,000 in excess thereof at a redemption price calculated in accordance with the Note Agreement dated as of December 1, 1995 between the Company and the purchaser of the 7.38% Notes. Interest on the 6.55% Notes is payable quarterly on the 18th day of March, June, September and December of each year, commencing March 18, 1998, and at maturity, at the rate of 6.55% per annum. Principal of the 6.55% Notes matures in five annual installments commencing December 18, 1999. The Company may prepay the 6.55% Notes in whole or in part at any time in an amount of not less than $1,000,000 or integral multiples of $100,000 in excess thereof at a redemption price calculated in accordance with the Note Agreement dated as of December 1, 1997 between the Company and the Purchasers of the 6.55% Notes. To date, the Company has funded capital expenditures primarily from the proceeds of the sale of Common Stock, issuance of 6-1/4% Convertible Subordinated Debentures (which were converted in 1994 into shares of Common Stock), the 7.70% Notes, the 7.38% Notes, the 6.55% Notes, a mortgage note, unsecured notes payable and through funds generated from operations. Future capital needs required to finance operations, improvements and the anticipated growth in the number of Company stores are expected to be met from cash generated by operations, existing cash, short-term and long-term investments and additional long-term debt or other securities as circumstances may dictate, and are not expected to adversely affect liquidity. The United States Environmental Protection Agency and several states, including Iowa, have established requirements for owners and operators of underground gasoline storage tanks (USTs) with regard to (i) maintenance of leak detection, corrosion protection and overfill/spill protection systems; (ii) upgrade of existing tanks; (iii) actions required in the event of a detected leak; (iv) prevention of leakage through tank closings; and (v) required gasoline inventory recordkeeping. Since 1984, new Company stores have been equipped with non-corroding fiberglass USTs, including many with double- wall construction, over-fill protection and electronic tank monitoring, and the Company has an active inspection and renovation program with respect to its older USTs. The Company currently has 1,882 USTs, of which 1,548 are fiberglass and 334 are steel. Management believes that its existing gasoline procedures and planned capital expenditures will continue to keep the Company in substantial compliance with all current federal and state UST regulations. Several of the states in which the Company does business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs incurred by UST owners, including the Company. These programs, other than the State of Iowa, generally are in the early stages of operation and the extent of available coverage or reimbursement under such programs for costs incurred by the Company is not fully known at this time. In each of the years ended April 30, 1997 and 1996, the Company spent approximately $579,000 and $718,000, respectively, for assessments and remediation. During the nine months ended January 31, 1998, the Company expended approximately $375,000 for such purposes. Substantially all of these expenditures have been submitted for reimbursement from state-sponsored trust fund programs and as of January 31, 1998, approximately $4,300,000 has been received from such programs. Such amounts are typically subject to statutory provisions requiring repayment of the reimbursed funds for non-compliance with upgrade provisions or other applicable laws. The Company has accrued a liability at January 31, 1998 of approximately $1,600,000 for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. Management believes the Company has no material joint and several environmental liability with other parties. Management of the Company currently estimates that aggregate capital expenditures for electronic monitoring, cathodic protection and overfill/spill protection will approximate $1,000,000 in fiscal 1998 through December 23, 1998, in order to comply with the existing UST regulations. Additional regulations, or amendments to the existing UST regulations, could result in future revisions to such estimated expenditures. Such expenditures are expected to be funded as described above, and are not expected to adversely affect liquidity. THREE MONTHS ENDED JANUARY 31, 1998 COMPARED TO THREE MONTHS ENDED JANUARY 31, 1997 Net sales for the third quarter of fiscal 1998 increased by $4,856,805 (1.8%) over the comparable period in fiscal 1997. Retail gasoline sales decreased by $6,530,253 (4.0%) as the number of gallons sold increased by 12,995,900 (9.6%) while the average retail price per gallon decreased 12.4%. During this same period, retail sales of grocery and general merchandise increased by $12,413,895 (14.0%) due to the addition of 67 new Company Stores and a greater number of stores in operation for at least three years. Cost of goods sold as a percentage of net sales was 77.2% for the third quarter of fiscal 1998, compared to 80.3% for the comparable period in the prior year. The gross profit margins on retail gasoline sales increased (11.3%) during the third quarter of fiscal 1998 from the third quarter of the prior year (8.5%) due to the decrease in wholesale gasoline costs during the period. The gross profit margin per gallon also increased (to $.1204) in the third quarter of fiscal 1998 from the comparable period in the prior year ($.1031). The gross profits on retail sales of grocery and general merchandise also increased (to 42.4%) from the comparable period in the prior year (42.0%). Operating expenses as a percentage of net sales were 15.6% for the third quarter of fiscal 1998 compared to 13.9% for the comparable period in the prior year. The increase in operating expenses as a percentage of net sales was caused primarily by a decrease in the average retail price per gallon of gasoline sold. Net income increased by $1,826,509 (33.0%). The increase in net income was attributable primarily to the increase in gross profit margins on retail sales of gasoline due to the decrease in wholesale gasoline costs during the period. NINE MONTHS ENDED JANUARY 31, 1998 COMPARED TO NINE MONTHS ENDED JANUARY 31, 1997 Net sales for the first nine months of fiscal 1998 increased by $69,747,841 (8.3%) over the comparable period in fiscal 1997. Retail gasoline sales increased by $34,270,447 (7.0%) as the number of gallons sold increased by 49,722,596 (12.2%) and the average retail price per gallon decreased 4.6%. During this same period, retail sales of grocery and general merchandise increased by $38,971,602 (13.2%) due to the addition of 67 new Company stores and a greater number of stores in operation for at least three years. Cost of goods sold as a percentage of net sales was 78.4% for the first nine months of fiscal 1998 compared to 79.7% for the comparable period in the prior year. This result occurred because the gross profit margins on retail gasoline sales increased (9.8%) during the first nine months of fiscal 1998 from the comparable period in the prior year (8.6%) due to the decrease in wholesale gasoline costs during the period. The gross profit margin per gallon also increased in the first nine months of fiscal 1998 (to $.1112) from the comparable period in the prior year ($.1022). The gross profits on retail sales of grocery and general merchandise also increased (to 41.8%), from the comparable period in the prior year (41.0%). Operating expenses as a percentage of net sales were 14.1% for the first nine months of fiscal 1998 compared to 13.5% for the comparable period in the prior year. The increase in operating expenses as a percentage of net sales was caused primarily by a decrease in the average retail price per gallon of gasoline sold. Net income increased by $5,399,268 (23.2%). The increase in net income was attributable primarily to the increase in gross profit margins on retail sales of gasoline due to the decrease in wholesale gasoline costs during the period. CAUTIONARY STATEMENT The foregoing Management's Discussion and Analysis of Financial Condition and Results of Operations contains various "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements represent the Company's expectations or beliefs concerning future events, including (i) any statements regarding future sales and gross profit percentages, (ii) any statements regarding the continuation of historical trends and (iii) any statements regarding the sufficiency of the Company's cash balances and cash generated from operations and financing activities for the Company's future liquidity and capital resource needs. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including, without limitations, the factors described in the Cautionary Statement Relating to Forward-Looking Statements included as Exhibit 99 to the Form 10-Q for the fiscal quarter ended January 31, 1997. PART II - OTHER INFORMATION Item 1. Legal Proceedings. The Company from time to time is a party to legal proceedings arising from the conduct of its business operations, including proceedings relating to personal injury and employment claims, environmental remediation activities or contamination-related claims, disputes under franchise agreements and claims by state and federal regulatory authorities relating to the sale of products pursuant to state or federal licenses or permits. Management does not believe that the potential liability of the Company with respect to such proceedings pending as of the date of this Form 10-Q is material in the aggregate. Item 6. Exhibits and Reports on Form 8-K. (a) The following exhibits are filed with this Report or, if so indicated, incorporated by reference:
Exhibit No. Description ---------- -------------- 4.2 Rights Agreement dated as of June 14, 1989 between Casey's General Stores, Inc. and United Missouri Bank of Kansas City, N.A., as Rights Agent(a) and amendments thereto (b),(c),(d) 4.3 Note Agreement dated as of February 1, 1993 between Casey's General Stores, Inc. and Principal Mutual Life Insurance Company and Nippon Life Insurance Company of America (e) and First Amendment thereto (f) 4.4 Note Agreement dated as of December 1, 1995 between Casey's General Stores, Inc. and Principal Mutual Life Insurance Company (f) 4.5 Note Agreement dated as of December 1, 1997 among the Company and Principal Mutual Life Insurance Company, Nippon Life Insurance Company of America and TMG Life Insurance Company (g) 11 Statement regarding computation of per share earnings 27 Financial Data Schedule 99 Cautionary Statement Relating to Forward-Looking Statements (h)
- -------------------------------- (a) Incorporated by reference from the Registration Statement on Form 8-A (0-12788) filed June 19, 1989 relating to Common Share Purchase Rights. (b) Incorporated by reference from the Form 8 (Amendment No. 1 to the Registration Statement on Form 8-A filed June 19, 1989) filed September 10, 1990. (c) Incorporated by reference from the Form 8-A/A (Amendment No. 3 to the Registration Statement on Form 8-A filed June 19, 1989) filed March 30, 1994. (d) Incorporated by reference from the Form 8-A12G/A (Amendment No. 2 to the Registration Statement on Form 8-A filed June 19, 1989) filed July 29, 1994. (e) Incorporated by reference from the Current Report on Form 8-K filed February 18, 1993. (f) Incorporated by reference from the Current Report on Form 8-K filed January 11, 1996. (g) Incorporated by reference from the Current Report on Form 8-K filed January 7, 1998. (h) Incorporated by reference from the Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 1996, filed December 13, 1996. (b) On January 7, 1998, the Company filed a Current Report on Form 8-K with respect to the issuance of the 6.55% Notes and the two-for-one stock split declared for shareholders of record on February 2, 1998. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CASEY'S GENERAL STORES, INC. Date: March 6, 1998 By: /s/ Douglas K. Shull Douglas K. Shull, Treasurer (Authorized Officer and Principal Financial Officer) EXHIBIT INDEX Exhibit No. Description Page 11 Statement regarding computation of per share earnings 27 Financial Data Schedule EX-11 2 COMPUTATION OF PER SHARE EARNINGS Exhibit 11 CASEY'S GENERAL STORES, INC. Computation of Per Share Earnings
Three Months Ended January 31, 1998 1997 ---- ---- BASIC EARNINGS PER SHARE Weighted average number of shares outstanding 52,545,746 52,450,412 ---------- ---------- Net income $ 7,362,944 5,536,435 ---------- ---------- Basic earnings per common share $ .14 .11 ---------- ---------- DILUTIVE EARNINGS PER SHARE Weighted average number of common and common equivalent shares: Weighted average number of shares outstanding 52,545,746 52,450,412 ---------- ---------- Shares applicable to stock options 313,176 111,658 --------- ---------- 52,858,922 52,566,070 ---------- ---------- Net Income $ 7,362,944 5,536,435 ---------- ---------- Dilutive earnings per common and common equivalent share $ .14 .11 ---------- ----------
CASEY'S GENERAL STORES, INC. Computation of Per Share Earnings
Nine Months Ended January 31, 1998 1997 BASIC EARNINGS PER SHARE Weighted average number of shares outstanding 52,525,046 52,450,412 ---------- ---------- Net income $28,711,540 23,312,272 ---------- ---------- Basic earnings per common share $ .55 .44 --------- ---------- DILUTIVE EARNINGS PER SHARE Weighted average number of common and common equivalent shares: Weighted average number of shares outstanding 52,525,046 52,450,412 Shares applicable to stock options 313,176 123,910 ---------- ---------- 52,838,222 52,574,322 ---------- ---------- Net Income $28,711,540 23,312,272 ---------- ---------- Dilutive earnings per common and common equivalent share $ .54 .44 ---------- ----------
EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUARTERLY REPORT ON FORM 10-Q FOR THE FISCAL QUARTER ENDED JANUARY 31, 1998 OF CASEY'S GENERAL STORES, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS 0000726958 CASEY'S GENERAL STORES, INC. 1 U.S. DOLLARS 9-MOS APR-30-1998 MAY-01-1997 JAN-31-1998 1 5,959,879 1,322,673 2,788,656 0 38,674,631 54,408,606 589,447,165 177,504,481 473,697,080 86,898,336 80,704,488 0 0 65,405,935 193,485,110 473,697,080 915,016,586 918,930,595 717,273,177 717,273,177 151,525,867 0 4,193,011 45,938,540 17,227,000 28,711,540 0 0 0 28,711,540 .55 .54 SHORT-TERM INVESTMENTS LONG-TERM DEBT, NET OF CURRENT MATURITIES RETAINED EARNINGS
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