001-34700 | 42-0935283 | |
(Commission File Number) | (IRS Employer Identification No.) | |
One Convenience Blvd., Ankeny, Iowa | 50021 | |
(Address of principal executive Offices) | (Zip Code) |
• | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
• | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
• | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CF 240.14d-2(b)) |
• | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
CASEY'S GENERAL STORES, INC. | ||
Date: June 8, 2015 | By: | /s/ William J. Walljasper |
William J. Walljasper | ||
Senior Vice President and | ||
Chief Financial Officer |
99.1 | Press Release issued by Casey's General Stores, Inc., dated June 8, 2015. |
99.2 | Description of FY2016 Salary and Bonus |
NEWS RELEASE FOR IMMEDIATE RELEASE | ||
Casey’s General Stores, Inc. One Convenience Blvd. Ankeny, IA 50021 | Nasdaq Symbol CASY CONTACT Bill Walljasper (515) 965-6505 |
• | Increase same-store fuel gallons sold 2% with an average margin of 16.7 cents per gallon |
• | Increase same-store grocery and other merchandise sales 6.2% with an average margin of 32.1% |
• | Increase same-store prepared food and fountain sales 10.4% with an average margin of 60.8% |
• | Build or acquire 75 to 113 stores, replace 10 existing locations and complete 100 major remodels. |
Three Months Ended April 30, | Twelve Months Ended April 30, | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
Total revenue | $ | 1,653,858 | 1,919,566 | $ | 7,767,216 | 7,840,255 | |||||||
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) | 1,307,315 | 1,635,946 | 6,327,431 | 6,618,239 | |||||||||
Gross profit | 346,543 | 283,620 | 1,439,785 | 1,222,016 | |||||||||
Operating expenses | 232,543 | 210,123 | 960,424 | 857,297 | |||||||||
Depreciation and amortization | 42,156 | 35,556 | 156,111 | 131,160 | |||||||||
Interest, net | 10,168 | 10,320 | 41,225 | 39,915 | |||||||||
Income before income taxes | 61,676 | 27,621 | 282,025 | 193,644 | |||||||||
Federal and state income taxes | 20,333 | 6,679 | 101,397 | 66,824 | |||||||||
Net income | $ | 41,343 | 20,942 | $ | 180,628 | 126,820 | |||||||
Net income per common share | |||||||||||||
Basic | $ | 1.06 | 0.54 | $ | 4.66 | 3.30 | |||||||
Diluted | $ | 1.05 | 0.54 | $ | 4.62 | 3.26 | |||||||
Basic weighted average shares | 38,868,593 | 38,499,270 | 38,743,227 | 38,457,680 | |||||||||
Plus effect of stock compensation | 369,888 | 424,984 | 360,606 | 410,726 | |||||||||
Diluted weighted average shares | 39,238,481 | 38,924,254 | 39,103,833 | 38,868,406 |
April 30, 2015 | April 30, 2014 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 48,541 | $ | 121,641 | |||
Receivables | 22,609 | 25,841 | |||||
Inventories | 197,331 | 204,833 | |||||
Prepaid expenses | 2,025 | 1,478 | |||||
Deferred income taxes | 15,531 | 23,292 | |||||
Income tax receivable | 19,223 | 12,473 | |||||
Total current assets | 305,260 | 389,558 | |||||
Other assets, net of amortization | 18,295 | 15,947 | |||||
Goodwill | 127,046 | 120,406 | |||||
Property and equipment, net of accumulated depreciation of $1,185,246 at April 30, 2015 and $1,062,278 at April 30, 2014 | 2,019,364 | 1,778,965 | |||||
Total assets | $ | 2,469,965 | $ | 2,304,876 | |||
Liabilities and Shareholders’ Equity | |||||||
Current liabilities | |||||||
Notes payable to bank | $ | — | $ | — | |||
Current maturities of long-term debt | 15,398 | 553 | |||||
Accounts payable | 226,577 | 250,807 | |||||
Accrued expenses | 122,914 | 139,529 | |||||
Total current liabilities | 364,889 | 390,889 | |||||
Long-term debt, net of current maturities | 838,245 | 853,642 | |||||
Deferred income taxes | 354,973 | 318,023 | |||||
Deferred compensation | 17,645 | 16,558 | |||||
Other long-term liabilities | 18,984 | 22,500 | |||||
Total liabilities | 1,594,736 | 1,601,612 | |||||
Total shareholders’ equity | 875,229 | 703,264 | |||||
Total liabilities and shareholders’ equity | $ | 2,469,965 | $ | 2,304,876 |
Revenue and Gross Profit by Category (Amounts in thousands) | |||||||||||||||||||
Three months ended 4/30/2015 | Fuel | Grocery & Other Merchandise | Prepared Food & Fountain | Other | Total | ||||||||||||||
Revenue | $ | 1,010,033 | $ | 436,591 | $ | 194,688 | $ | 12,546 | $ | 1,653,858 | |||||||||
Gross profit | $ | 75,228 | $ | 140,230 | $ | 118,551 | $ | 12,534 | $ | 346,543 | |||||||||
Margin | 7.4 | % | 32.1 | % | 60.9 | % | 99.9 | % | 21.0 | % | |||||||||
Fuel gallons | 444,800 | ||||||||||||||||||
Three months ended 4/30/2014 | |||||||||||||||||||
Revenue | $ | 1,366,951 | $ | 378,251 | $ | 162,977 | $ | 11,387 | $ | 1,919,566 | |||||||||
Gross profit | $ | 52,936 | $ | 121,388 | $ | 97,924 | $ | 11,372 | $ | 283,620 | |||||||||
Margin | 3.9 | % | 32.1 | % | 60.1 | % | 99.9 | % | 14.8 | % | |||||||||
Fuel gallons | 403,767 |
Revenue and Gross Profit by Category (Amounts in thousands) | |||||||||||||||||||
Year ended 4/30/2015 | Fuel | Grocery & Other Merchandise | Prepared Food & Fountain | Other | Total | ||||||||||||||
Revenue | $ | 5,144,385 | $ | 1,794,822 | $ | 780,887 | $ | 47,122 | $ | 7,767,216 | |||||||||
Gross profit | $ | 351,155 | $ | 575,510 | $ | 466,056 | $ | 47,064 | $ | 1,439,785 | |||||||||
Margin | 6.8 | % | 32.1 | % | 59.7 | % | 99.9 | % | 18.5 | % | |||||||||
Fuel gallons | 1,816,596 | ||||||||||||||||||
Year ended 4/30/2014 | |||||||||||||||||||
Revenue | $ | 5,554,580 | $ | 1,583,234 | $ | 659,176 | $ | 43,265 | $ | 7,840,255 | |||||||||
Gross profit | $ | 267,872 | $ | 507,936 | $ | 402,996 | $ | 43,212 | $ | 1,222,016 | |||||||||
Margin | 4.8 | % | 32.1 | % | 61.1 | % | 99.9 | % | 15.6 | % | |||||||||
Fuel gallons | 1,665,600 |
Fuel Gallons | Fuel Margin | ||||||||||||||||||||||||||||||||||
Same-store Sales Growth | (Cents per gallon, excluding credit card fees) | ||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Fiscal Year | Q1 | Q2 | Q3 | Q4 | Fiscal Year | ||||||||||||||||||||||||||
F2015 | 3.0 | % | 2.3 | % | 2.2 | % | 3.5 | % | 2.6 | % | F2015 | 18.9 | ¢ | 19.5 | ¢ | 22.0 | ¢ | 16.9 | ¢ | 19.3 | ¢ | ||||||||||||||
F2014 | 3.2 | 4.2 | 3.8 | 1.8 | 3.1 | F2014 | 21.4 | 16.0 | 13.6 | 13.1 | 16.1 | ||||||||||||||||||||||||
F2013 | (0.2 | ) | (0.4 | ) | 0.6 | 1.0 | 0.1 | F2013 | 14.2 | 14.2 | 13.1 | 16.3 | 14.4 |
Grocery & Other Merchandise | Grocery & Other Merchandise | |||||||||||||||||||||||||||||
Same-store Sales Growth | Margin | |||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Fiscal Year | Q1 | Q2 | Q3 | Q4 | Fiscal Year | |||||||||||||||||||||
F2015 | 7.7 | % | 6.6 | % | 7.7 | % | 9.7 | % | 7.8 | % | F2015 | 32.5 | % | 32.3 | % | 31.2 | % | 32.1 | % | 32.1 | % | |||||||||
F2014 | 6.1 | 10.2 | 6.5 | 7.2 | 7.4 | F2014 | 32.7 | 32.3 | 31.1 | 32.1 | 32.1 | |||||||||||||||||||
F2013 | 2.6 | (0.7 | ) | 3.2 | (0.2 | ) | 0.8 | F2013 | 33.4 | 33.4 | 31.7 | 31.7 | 32.6 |
Prepared Food & Fountain | Prepared Food & Fountain | |||||||||||||||||||||||||||||
Same-store Sales Growth | Margin | |||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Fiscal Year | Q1 | Q2 | Q3 | Q4 | Fiscal Year | |||||||||||||||||||||
F2015 | 11.1 | % | 11.1 | % | 14.1 | % | 13.5 | % | 12.4 | % | F2015 | 59.9 | % | 59.3 | % | 58.7 | % | 60.9 | % | 59.7 | % | |||||||||
F2014 | 11.9 | 12.3 | 10.7 | 12.1 | 11.8 | F2014 | 61.8 | 61.8 | 60.8 | 60.1 | 61.1 | |||||||||||||||||||
F2013 | 10.6 | 10.1 | 11.6 | 4.4 | 8.6 | F2013 | 63.5 | 62.5 | 60.6 | 60.5 | 61.8 |
Position | Name | FY2016 Base Salary |
CEO | Robert J. Myers | $1,125,000 |
President & COO | Terry W. Handley | $770,000 |
SVP/CFO | William J. Walljasper | $550,000 |
SVP/Logistics & Acquisitions | Sam J. Billmeyer | $550,000 |
SVP/General Counsel | Julia L. Jackowski | $530,000 |
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