-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, jTKTA6k/csIgjYQrm11Ao7jApn9p0qjoqoyuFWj4zdUN+CeRrgBfs9f911jASCF3 nJiAiCeVwT/coEod6coDew== 0000910066-94-000028.txt : 19941216 0000910066-94-000028.hdr.sgml : 19941216 ACCESSION NUMBER: 0000910066-94-000028 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19941031 FILED AS OF DATE: 19941214 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: CASEYS GENERAL STORES INC CENTRAL INDEX KEY: 0000726958 STANDARD INDUSTRIAL CLASSIFICATION: 5412 IRS NUMBER: 420935283 STATE OF INCORPORATION: IA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-12788 FILM NUMBER: 94564688 BUSINESS ADDRESS: STREET 1: ONE CONVENIENCE BLVD CITY: ANKENY STATE: IA ZIP: 50021 BUSINESS PHONE: 5159656100 10-Q 1 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 October 31, 1994 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 25,929,706 shares (Class) (Outstanding at December 7, 1994) CASEY'S GENERAL STORES, INC. INDEX Page PART I - FINANCIAL INFORMATION Item 1. Financial Statements. Condensed balance sheets - October 31, 1994 and April 30, 1994 3 Condensed statements of income - three and six months ended October 31, 1994 and 1993 5 Condensed statements of cash flows - six months ended October 31, 1994 and 1993 6 Notes to 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. 12 Item 4. Submission of Matters to a Vote of Security Holders. 13 Item 6. Exhibits and Reports on Form 8-K. 14 SIGNATURE PART I - FINANCIAL INFORMATION Item 1. FINANCIAL STATEMENTS CASEY'S GENERAL STORES, INC. CONDENSED BALANCE SHEETS (Unaudited)
October 31, April 30, 1994 1994 ----------- --------- ASSETS Current assets Cash and cash equivalents $ 8,369,280 3,151,664 Short-term investments 1,275,386 8,720,235 Receivables 3,345,945 2,839,900 Inventories 25,747,589 23,754,256 Prepaid expenses 3,184,411 2,903,208 ---------- ---------- Total current assets 41,922,611 41,369,263 ---------- ---------- Long-term investments 7,573,339 11,234,304 Other assets 1,051,678 1,259,138 Property and equipment, net of accumulated depreciation October 31, 1994, $101,554,837 April 30, 1994, $91,934,088 287,587,971 264,375,171 ----------- ----------- $338,135,599 318,237,876 ----------- ----------- See notes to condensed financial statements.
CASEY'S GENERAL STORES, INC. CONDENSED BALANCE SHEETS (Unaudited) (Continued)
LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Notes payable $ 20,500,000 18,500,000 Current maturities of long-term debt 6,372,657 4,850,875 Accounts payable 40,138,410 37,414,028 Accrued expenses 14,908,785 14,668,791 Income taxes payable 3,102,180 18,928 ---------- ---------- Total current liabilities 85,022,032 75,452,622 ---------- ---------- Long-term debt, net of current maturities 57,684,920 61,414,871 ---------- ---------- Deferred taxes 22,983,000 21,983,000 ---------- ---------- Deferred compensation 1,055,474 977,750 ---------- ---------- Shareholders' equity Preferred stock, no par value -- -- Common Stock, no par value 60,939,873 60,887,327 Retained earnings 110,450,300 97,522,306 ----------- ---------- Total shareholder' equity 171,390,173 158,409,633 ----------- ----------- $338,135,599 318,237,876 ----------- ----------- See notes to condensed financial statements.
CASEY'S GENERAL STORES, INC. CONDENSED STATEMENTS OF INCOME (Unaudited)
Three Months Ended Six Months Ended October 31, October 31, 1994 1993 1994 1993 Net sales $223,739,705 186,964,757 444,995,605 380,653,649 Franchise revenue 1,361,244 1,340,503 2,792,872 2,697,693 ----------- ----------- ----------- ----------- 225,100,949 188,305,260 447,788,477 383,351,342 ----------- ----------- ----------- ----------- Cost of goods sold 174,533,500 145,855,064 349,918,059 299,374,469 Operating expenses 31,407,674 27,653,828 61,431,485 55,468,625 Depreciation and amortization 5,493,326 4,511,353 10,770,150 8,814,884 Interest, net 1,363,920 1,498,230 2,868,867 3,145,727 ----------- ----------- ----------- ----------- 212,798,420 179,518,475 424,988,561 366,803,705 ----------- ----------- ----------- ----------- Income before income taxes 12,302,529 8,786,785 22,799,916 16,547,637 Federal and state income taxes 4,768,000 3,406,000 8,835,000 6,412,000 ----------- ----------- ----------- ----------- Net income $ 7,534,529 5,380,785 13,964,916 10,135,637 ----------- ----------- ----------- ----------- Earnings per common and common equivalent share $ .29 .24 .54 .46 ----------- ----------- ----------- ----------- Fully diluted earnings per share $ .29 .22 .54 .42 ----------- ----------- ----------- ----------- See notes to condensed financial statements.
CASEY'S GENERAL STORES, INC. CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended October 31, 1994 1993 ------------------ Cash flows from operations: Net income $13,964,916 10,135,637 Adjustments to reconcile net income to net cash provided by operations: Depreciation and amortization 10,770,150 8,814,884 Deferred income taxes 1,000,000 1,300,000 Changes in assets and liabilities: Receivables (506,045) (452,110) Inventories (1,993,333) 3,548,240 Prepaid expenses (281,203) (395,419) Accounts payable 2,724,382 7,077,754 Accrued expenses 239,994 (33,181) Income taxes payable 3,083,252 1,240,500 Other, net 548,043 49,879 ---------- ---------- Net cash provided by operations 29,550,156 31,586,184 Cash flows from investing: Purchase of property and equipment (34,050,630) (36,324,378) Purchase of investments (2,001,930) (7,162,735) Sale of investments 12,903,611 10,016,345 ---------- ---------- Net cash used in investing activities (23,148,949) (33,470,768) Cash flows from financing: Payments of long-term debt (2,208,169) (1,781,640) Net activity of short-term debt 2,000,000 5,750,000 Proceeds from exercise of stock options 61,500 270,031 Payments of cash dividends (1,036,922) (748,521) ----------- --------- Net cash (used) provided by financing activities (1,183,591) 3,489,870 --------- --------- Net increase in cash and cash equivalents 5,217,616 1,605,286 Cash and cash equivalents at beginning of the year 3,151,664 2,121,023 --------- --------- Cash and cash equivalents at end of the quarter $ 8,369,280 3,726,309 ---------- --------- See notes to condensed financial statements.
CASEY'S GENERAL STORES, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS 1. In the opinion of the Company, the accompanying condensed financial statements (unaudited) contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of October 31, 1994, and the results of operations for the six and three months ended October 31, 1994 and 1993, and changes in cash flows for the six months ended October 31, 1994 and 1993. 2. Sales generally are strongest during the Company's first quarter (May-July) and weakest during its fourth quarter (February-April). In the warmer months customers tend to purchase greater quantities of gasoline and certain convenience items, such as beer, soft drinks and ice. Due to the continuing emphasis on high-margin, freshly prepared food items, however, the Company's net sales and net income (with the exception of the fourth quarter) have become somewhat less seasonal in recent years. 3. Retail gasoline profit margins have a substantial impact on the Company's net income. Profit margins on gasoline sales can be adversely affected by factors beyond the control of the Company, including over-supply in the retail gasoline market, uncertainty or volatility in the wholesale gasoline market (such as that experienced in fiscal 1991 as a result of the Persian Gulf crisis) and price competition from other gasoline marketers. Any substantial decrease in profit margins on retail gasoline sales or the number of gallons sold could have a material adverse effect on the Company's earnings. 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 October 31, 1994, the Company's ratio of current assets to current liabilities was .49 to 1. The ratio at October 31, 1993 and April 30, 1994, was .58 to 1 and .55 to 1, respectively. Management believes that the Company's current $25,000,000 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 decreased $2,036,028 (6.4%) in the six months ended October 31, 1994 from the comparable period in the prior year, primarily as a result of an increase in inventories and a smaller increase in accounts payable. Cash flows from investing and financing in the six months ended October 31, 1994 increased, primarily as a result of decreased capital expenditures. 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 six months of fiscal 1995, the Company expended $34,050,630 for property and equipment, primarily for the construction and remodeling of Company stores, compared to $36,324,378 for the comparable period in the prior year. The Company anticipates expending approximately $50,000,000 in fiscal 1995 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 "Senior Notes"). As of October 31, 1994, the Company had long-term debt of $57,684,920, consisting of $27,750,000 of Senior Notes, $15,115,107 of mortgage notes payable, $6,468,750 of unsecured notes payable and $8,351,063 of capital lease obligations. Interest on the Senior Notes is payable on the 15th day of each month at the rate of 7.70% per annum. Principal of the Senior Notes matures in forty quarterly installments beginning March 15, 1995. The Company may prepay the Senior 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, 1994 between the Company and the purchasers of the Senior Notes. To date, the Company has funded capital expenditures primarily from the proceeds of the sale of Common Stock, issuance of the 6-1/4% Convertible Subordinated Debentures (which were converted into 3,683,064 shares of Common Stock on March 28, 1994) and the Senior 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 1,529 USTs, of which 1,129 are fiberglass and 400 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, 1994 and 1993, the Company spent approximately $1,814,000 and $2,533,000, respectively, for assessments and remediation. During the six months ended October 31, 1994, the Company expended approximately $705,000 for such purposes. Substantially all of these expenditures have been submitted for reimbursement from state-sponsored trust fund programs and as of October 31, 1994, approximately $3,500,000 has been received from such programs. The Company has accrued a liability at October 31, 1994 of approximately $3,200,000 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 $2,000,000 in fiscal 1995 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 OCTOBER 31, 1994 COMPARED TO THREE MONTHS ENDED OCTOBER 31, 1993 Net sales for the second quarter of fiscal 1995 increased by $36,774,948 (19.7%) over the comparable period in fiscal 1994. Retail gasoline sales increased by $25,536,769 (26.6%) as the number of gallons sold increased by 14,356,604 (15.4%) while the average retail price per gallon increased 9.8%. During this same period, retail sales of grocery and general merchandise increased by $10,148,690 (14.0%) due to the addition of 59 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 78.0% for the second quarter of fiscal 1995, compared to 78.0% for the comparable period in the prior year. This result occurred because the gross profit margins on retail gasoline sales decreased (9.7%) during the second quarter of fiscal 1995 from the second quarter of the prior year (10.6%) due to an increase in wholesale gasoline costs during the quarter. However, the gross profit margin per gallon increased in the second quarter of fiscal 1995 (to $.1096) from the comparable period in the prior year ($.1089) due to an even greater increase in the retail price per gallon. Gross profits on retail sales of grocery and general merchandise, particularly those on cigarettes, beer and soft drinks, increased (to 42.2%) from the comparable period in the prior year (39.5%). Operating expenses as a percentage of net sales were 14.0% for the first quarter of fiscal 1995 compared to 14.8% for the comparable period in the prior year. The decrease in operating expenses as a percentage of net sales was caused primarily by an increase in the number of gallons of gasoline sold, an increase in the average retail price per gallon and an increase in retail sales of grocery and general merchandise. Net income increased by $2,153,744 (40.0%). The increase in net income was attributable primarily to the increase in gross profit margins on retail sales of grocery and general merchandise, an increase in the number of gallons of gasoline sold, and an increased number of stores in operation for at least three years. SIX MONTHS ENDED OCTOBER 31, 1994 COMPARED TO SIX MONTHS ENDED OCTOBER 31, 1993 Net sales for the first six months of fiscal 1995 increased by $64,341,956 (16.9%) over the comparable period in fiscal 1994. Retail gasoline sales increased by $41,142,773 (21.1%) as the number of gallons sold increased by 29,729,959 (15.8%) and the average retail price per gallon increased 4.6%. During this same period, retail sales of grocery and general merchandise increased by $20,784,057 (14.1%) due to the addition of 59 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 78.6% for the first six months of fiscal 1995 compared to 78.7% for the comparable period in the prior year. This result occurred because the gross profit margins on retail gasoline sales decreased (8.7%) during the first six months of fiscal 1995 from the comparable period in the prior year (10.5%) due to the increase in wholesale gasoline costs during the period. The gross profit margin per gallon decreased in the first six months of fiscal 1995 (to $.0943) from the comparable period in the prior year ($.1089). However, gross profits on retail sales of grocery and general merchandise, particularly those on cigarettes, beer and soft drinks, increased (to 40.9%) from the comparable period in the prior year (38.0%) due to the special 25th anniversary pricing on selected items during June and July of 1993. Operating expenses as a percentage of net sales were 13.8% for the first six months of fiscal 1995 compared to 14.6% for the comparable period in the prior year. The decrease in operating expenses as a percentage of net sales was caused primarily by an increase in the number of gallons of gasoline sold, an increase in the average retail price per gallon and an increase in retail sales of grocery and general merchandise. Net income increased by $3,829,279 (37.8%). The increase in net income was attributable primarily to the increase in gross profits on retail sales of grocery and general merchandise, an increase in the number of gallons of gasoline sold, lower operating expenses as a percentage of net sales and an increased number of stores in operation at least three years. The Financial Accounting Standards Board has issued Statement 115, "Accounting for Certain Investments in Debt and Equity Securities." Statement 115, effective for fiscal years beginning after December 15, 1993, expands the use of fair value accounting for those securities but retains the use of the amortized cost method for investments in debt securities that the reporting enterprise has the positive intent and ability to hold to maturity. The Company anticipates its short-term and long-term investments will be classified as "held-to-maturity" securities and the financial statement impact will not be material to the financial statements. The Company adopted Statement 115 in the first quarter of fiscal 1995 on a prospective basis. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS The Company is the sole defendant in a class action lawsuit brought by five Iowa retail gasoline dealers and a trade association representing independent distributors and retailers of gasoline products within the State of Iowa, acting on behalf of a class of such dealers. The Amended and Substituted Complaint - Class Action (the "Bathke Complaint"), filed in the United States District Court for the Southern District of Iowa (GILBERT BATHKE, ET. AL. V. CASEY'S GENERAL STORES, INC., Civil No. 4-90-CV-80658), alleged that by selling gasoline at "very low prices which are supported by higher prices charged for the same petroleum products in other markets," the Company violated federal anti-trust laws (specifically, Section 2(a) of the Robinson-Patman Act and Section 2 of the Sherman Act) and State of Iowa unfair price discrimination laws. The Bathke Complaint sought as relief a permanent injunction enjoining such practices, unspecified monetary damages (to be trebled as provided by law) and attorneys' fees. Following the completion of formal discovery activities, the Court granted the Company's motion for summary judgment seeking the dismissal of all counts of the Bathke Complaint in an Order entered on October 14, 1994. The Court dismissed the federal antitrust claims with prejudice and dismissed the State unfair price discrimination claim without prejudice, concluding that there was an "insuffucient basis in economic reality and substantive federal law for the plaintiffs' theories." Plaintiffs have appealed the dismissal of the Bathke Complaint to the Eighth Circuit Court of Appeals in St. Louis, Missouri. A briefing schedule has been established by that Court and the Company expects the matter to be argued during the summer of 1995. A decision, however, is currently not expected until late 1995. Management does not believe that the Company is liable to plaintiffs for the conduct complained of and intends to contest the matter vigorously. The Company from time to time is a party to other legal proceedings arising from the conduct of its business operations, including proceedings relating to personal injury and employment 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 other proceedings pending as of the date of this Form 10-Q is material in the aggregate. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS At the Annual Meeting of shareholders held on September 16, 1994, eight directors were elected for a term of one year. Each of the nominees so elected previously have served as directors of the Company. The number of votes cast or withheld for each nominee was as follows: For Withheld Donald F. Lamberti 22,640,655 204,861 Ronald M. Lamb 22,655,098 190,418 Douglas K. Shull 22,466,587 378,929 John G. Harmon 22,650,187 195,329 John R. Fitzgibbon 22,674,939 170,577 George A. Doerner 21,911,147 934,369 Kenneth H. Haynie 22,659,585 185,931 John P. Taylor 22,681,383 164,133 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 between Casey's General Stores, Inc. and United Missouri Bank of Kansas City, N.A., as Rights Agent** and amendments thereto*** 4.3 Note Agreement between Casey's General Stores, Inc. and Principal Mutual Life Insurance Company and Nippon Life Insurance Company of America**** 11 Statement regarding computation of per share earnings 27 Financial Data Schedule ____________________ ** Incorporated by reference from the Registration Statement on Form 8-A (0-12788) filed June 19, 1989 relating to Common Share Purchase Rights. *** Incorporated by reference from the Form 8 (Amendment No. 1 to the foregoing Registration Statement on Form 8-A) filed September 10, 1990, the Form 8-A/A (Amendment No. 2 to the foregoing Registration Statement on Form 8-A) filed January 13, 1994, and the Form 8-A/A (Amendment No. 3 to the foregoing Registration Statement on Form 8-A) filed March 31, 1994. **** Incorported by reference from the Current Report on Form 8-K filed Feburary 18, 1993. (b) There were no reports on Form 8-K filed during the quarter for which this Report is filed. 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: December 14, 1994 By: 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 EXHIBIT 11 FOR PERIOD ENDING 10-31-94 Exhibit 11 CASEY'S GENERAL STORES, INC. Computation of Per Share Earnings [CAPTION] Three Months Ended October 31, 1994 1993 ----------------------- PRIMARY EARNINGS PER SHARE Weighted average number of common and common equivalent shares: Weighted average number of shares outstanding 25,924,873 22,194,456 Shares applicable to stock options 98,622 67,790 ---------- ---------- 26,023,495 22,262,246 ---------- ---------- Net income $ 7,534,529 5,380,785 ---------- ---------- Earnings per common and common equivalent share $ .29 .24 ---------- ---------- FULLY DILUTED EARNINGS PER SHARE Net income $ 7,534,529 5,380,785 Interest savings net of income taxes on assumed conversion of convertible debentures --- 334,961 ---------- ---------- Earnings applicable to fully diluted shares $ 7,534,529 5,715,746 ---------- ---------- Average common shares outstanding 25,924,873 22,194,456 Average common equivalent shares applicable to stock options 127,066 73,406 Average common shares issuable on assumed conversion of convertible debentures --- 3,684,210 ---------- ---------- 26,051,939 25,952,072 ---------- ---------- Earnings per share-fully diluted basis $ .29 .22 ---------- ----------
Exhibit 11 (continued) CASEY'S GENERAL STORES, INC. Computation of Per Share Earnings [CAPTION] Six Months Ended October 31, 1994 1993 ----------------------- PRIMARY EARNINGS PER SHARE Weighted average number of common and common equivalent shares: Weighted average number of shares outstanding 25,922,539 22,185,706 Shares applicable to stock options 92,195 53,948 26,014,734 22,239,654 ---------- ---------- Net income $13,964,916 10,135,637 ---------- ---------- Earnings per common and common equivalent share $ .54 .46 ---------- ---------- FULLY DILUTED EARNINGS PER SHARE Net income $13,964,916 10,135,637 Interest savings net of income taxes on assumed conversion of convertible debentures --- 669,922 ---------- ---------- Earnings applicable to fully diluted shares $13,964,916 10,805,559 ---------- ---------- Average common shares outstanding 25,922,539 22,185,706 Average common equivalent shares applicable to stock options 128,549 75,872 Average common shares issuable on assumed conversion of convertible debentures --- 3,684,210 ---------- ---------- 26,051,088 25,945,788 ---------- ---------- Earnings per share-fully diluted basis $ .54 .42 ---------- ----------
EX-27 3
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE QUARTERLY REPORT ON FORM 10-Q FOR THE FISCAL QUARTER ENDED OCTOBER 31, 1994 OF CASEY'S GENERAL STORES, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000726958 CASEY'S GENERAL STORES 1 U.S. DOLLARS 6-MOS APR-30-1994 MAY-01-1994 OCT-31-1994 1 8,369,280 1,275,386 3,345,945 0 25,747,589 41,922,611 389,142,808 101,554,837 338,135,599 85,022,032 57,684,920 60,939,873 0 0 110,450,300 338,135,599 444,995,605 447,788,477 349,918,059 349,918,059 72,201,635 0 2,868,867 22,799,916 8,835,000 13,964,916 0 0 0 13,964,916 .54 .54 SHORT-TERM INVESTMENTS LONG-TERM DEBT NET OF CURRENT MATURITIES RETAINED EARNINGS
-----END PRIVACY-ENHANCED MESSAGE-----