UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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): March 11, 2013
CASEYS GENERAL STORES, INC.
(Exact name of registrant as specified in its charter)
Iowa | 001-34700 | 42-0935283 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
One Convenience Blvd., Ankeny, Iowa | 50021 | |
(Address of principal executive Offices) | (Zip Code) |
515/965-6100
(Registrants telephone number, including area code)
NONE
(Former name or former address, if changed since last report)
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):
¨ | 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 2.02. | Results of Operations and Financial Condition. |
On March 11, 2013, Caseys General Stores, Inc. (the Company) issued a press release announcing its financial results for the third fiscal quarter ended January 31, 2013. A copy of the Companys press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 7.01. | Regulation FD Disclosure. |
On March 11, 2013, the Company also reported February 2013 same-store sales results for stores open for one full year. Same-store sales for prepared food and fountain increased 2.5%, and grocery and other merchandise decreased 0.4% in February 2013 compared to February 2012.
Same-store gasoline gallons sold decreased 2.0% in February 2013 compared to February 2012. The gasoline margin was in line with the Companys fiscal 2013 goal of 14.0 cents per gallon. The average retail price of gasoline sold during February 2013 was $3.55 per gallon.
The extra day in February 2012 added approximately 3.5 4.0% to each of the same store sales results for that month.
The information contained in this Item is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
The exhibit accompanying this report is listed in the Exhibit Index attached hereto.
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, hereunto duly authorized.
CASEYS GENERAL STORES, INC. | ||||||
Date: March 11, 2013 |
By: | /s/ William J. Walljasper | ||||
| ||||||
William J. Walljasper | ||||||
Senior Vice President and | ||||||
Chief Financial Officer |
EXHIBIT INDEX
The following exhibit is filed herewith:
Exhibit No. |
Description | |
99.1 | Press Release issued by Caseys General Stores, Inc., dated March 11, 2013. |
Exhibit 99.1
NEWS RELEASE FOR IMMEDIATE RELEASE |
![]() | |||
Caseys General Stores, Inc. One Convenience Blvd. Ankeny, IA 50021 |
Nasdaq Symbol CASY CONTACT Bill Walljasper (515) 965-6505 |
Caseys Opens 28 Stores in the Quarter, Positioned Well for Future Growth
Ankeny, IA, March 11, 2013Caseys General Stores, Inc. (Nasdaq symbol CASY) today reported $0.40 in diluted earnings per share for the third quarter of fiscal 2013 ended January 31, 2013 compared to $0.43 for the same period a year ago. Year-to-date diluted earnings per share was $2.26 versus $2.44 for the same period last year. The quarter was adversely impacted by a challenging cigarette environment, said Chairman and CEO Robert J. Myers. However we did experience improved cigarette sales throughout the third quarter and continue to drive prepared food sales with several operational initiatives being implemented within our store base.
GasolineThe Companys annual goal is to increase same-store gallons sold 1% with an average margin of 14.0 cents per gallon. For the third quarter, same-store gallons sold were up 0.6% with an average margin of 13.8 cents per gallon. The retail price of fuel was in-line with the prior years third quarter, which helped improve same-store gallons sold, said Myers. For the first nine months of the fiscal year, total gallons sold were up 3.6% with an average margin of 14.6 cents per gallon. Year-to-date same-store gallons sold were flat compared to prior year.
Grocery and Other MerchandiseCaseys annual goal is to increase same-store sales 6.2% with an average margin of 32.7%. For the quarter, same-store sales were up 3.2% with an average margin of 31.7%. Cigarette sales stabilized in the third quarter due to retail price adjustments made throughout the fiscal year, stated Myers. Although these adjustments adversely impacted our overall margin, the margin decline was partially offset by a more favorable product mix within the grocery and other merchandise category. For the nine months ended January 31, 2013, same-store sales were up 1.3% with an average margin of 32.9%. Total sales for the year are up 4.3% and gross profit increased 6.2% to $354.7 million.
Prepared Food and FountainThe goal for fiscal 2013 is to increase same-store sales 11% with an average margin of 61.1%. For the quarter, same-store sales were up 11.6% with an average margin of 60.6%. An increase in cheese prices coupled with some other input cost increases pulled the margin back this quarter, said Myers. Fortunately same-store sales continue to perform well due in part to expanded 24-hour operations, pizza delivery, and major remodels. For the year, same-store sales were up 10.2% with an average margin of 62.2%. Year-to-date, total sales were up 14.8% and gross profit rose 17.7% to $265.1 million.
Operating ExpensesYear to date, operating expenses increased 11.1% to $569.3 million. For the third quarter, operating expenses were up 12.2%. Included in the third quarter results was a $1.1 million impairment charge stemming from the planned closure of several stores in a recent acquisition. The majority of the operating expense increase for both the quarter and year were from newly built, acquired and replaced stores over the past two fiscal years, along with the continued roll-out of 24-hour stores, pizza delivery, and major remodels, stated Myers. Store-level operating expenses for locations not impacted by the initiatives were up approximately 3.8% for the quarter and 4% for the first nine months.
ExpansionThe annual goal is to increase the total number of stores 4-6%. Through the first nine months of the fiscal year, the Company opened 18 newly constructed stores and 21 acquired stores. The Company also replaced 22 stores. We will continue to update and improve our existing store base while maintaining our steady growth of new and acquired stores, said Myers. Caseys currently has 21 new stores and 12 replacement stores under construction, as well as 10 stores under written agreement to acquire. The Company also has 50 new sites and 25 replacement sites under contract to purchase.
DividendAt its March meeting, the Board of Directors declared a quarterly dividend of $0.165 per share. The dividend is payable May 15, 2013 to shareholders of record on May 1, 2013.
****
|
Caseys General Stores, Inc. Condensed Consolidated Statements of Comprehensive Income (Dollars in thousands, except share and per share amounts) (Unaudited) |
Three months ended January 31, | Nine months ended January 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total revenue |
$ | 1,662,365 | 1,578,950 | $ | 5,442,311 | 5,235,300 | ||||||||||
Cost of goods sold (exclusive of depreciation and amortization, shown separately below) |
1,412,679 | 1,350,200 | 4,626,338 | 4,476,850 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
249,686 | 228,750 | 815,973 | 758,450 | ||||||||||||
Operating expenses |
189,872 | 169,231 | 569,311 | 512,479 | ||||||||||||
Depreciation and amortization |
28,229 | 24,616 | 81,913 | 70,943 | ||||||||||||
Interest, net |
8,764 | 8,730 | 26,305 | 26,441 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes |
22,821 | 26,173 | 138,444 | 148,587 | ||||||||||||
Federal and state income taxes |
7,358 | 9,474 | 51,091 | 54,865 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
15,463 | 16,699 | 87,353 | 93,722 | ||||||||||||
Other comprehensive income |
| | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income |
$15,463 | 16,699 | $87,353 | 93,722 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income per common share |
||||||||||||||||
Basic |
$ | .40 | .44 | $ | 2.28 | 2.46 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ | .40 | .43 | $ | 2.26 | 2.44 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic weighted average shares outstanding |
38,317,140 | 38,071,742 | 38,282,196 | 38,050,676 | ||||||||||||
Plus effect of stock compensation |
304,948 | 383,394 | 331,934 | 342,826 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted weighted average shares outstanding |
38,622,088 | 38,455,136 | 38,614,130 | 38,393,502 | ||||||||||||
|
|
|
|
|
|
|
|
Caseys General Stores, Inc.
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
January 31, 2013 |
April 30, 2012 |
|||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 26,521 | $ | 55,919 | ||||
Receivables |
19,790 | 21,700 | ||||||
Inventories |
185,126 | 170,794 | ||||||
Prepaid expenses |
1,953 | 1,298 | ||||||
Deferred income taxes |
10,603 | 13,143 | ||||||
Income tax receivable |
16,563 | 16,424 | ||||||
|
|
|
|
|||||
Total current assets |
260,556 | 279,278 | ||||||
|
|
|
|
|||||
Other assets, net of amortization |
13,931 | 12,403 | ||||||
Goodwill |
114,661 | 104,385 | ||||||
Property and equipment, net of accumulated depreciation of $926,087 at January 31, 2013, and $860,998 at April 30, 2012 |
1,545,312 | 1,378,749 | ||||||
|
|
|
|
|||||
Total assets |
$ | 1,934,460 | $ | 1,774,815 | ||||
|
|
|
|
|||||
Liabilities and Shareholders Equity |
||||||||
Current liabilities |
||||||||
Notes payable to bank |
$ | 58,600 | $ | | ||||
Current maturities of long-term debt |
13,307 | 10,737 | ||||||
Accounts payable |
197,245 | 211,165 | ||||||
Accrued expenses |
97,005 | 84,739 | ||||||
|
|
|
|
|||||
Total current liabilities |
366,157 | 306,641 | ||||||
|
|
|
|
|||||
Long-term debt, net of current maturities |
660,779 | 667,930 | ||||||
Deferred income taxes |
286,963 | 260,405 | ||||||
Deferred compensation |
15,326 | 14,698 | ||||||
Other long-term liabilities |
21,749 | 19,100 | ||||||
|
|
|
|
|||||
Total liabilities |
1,350,974 | 1,268,774 | ||||||
|
|
|
|
|||||
Total shareholders equity |
583,486 | 506,041 | ||||||
|
|
|
|
|||||
Total liabilities and shareholders equity |
$ | 1,934,460 | $ | 1,774,815 | ||||
|
|
|
|
Certain statements in this news release, including any discussion of management expectations for future periods, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied by those statements. Caseys disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.
Sales and Gross Profit by Product
(Amounts in thousands)
Gasoline | Grocery & Other Merchandise |
Prepared Food & Fountain |
Other | Total | ||||||||||||||||
Nine months ended 1/31/13 |
||||||||||||||||||||
Sales |
$ | 3,909,787 | $ | 1,078,448 | $ | 426,282 | $ | 27,794 | $ | 5,442,311 | ||||||||||
Gross profit |
$ | 168,431 | $ | 354,700 | $ | 265,091 | $ | 27,751 | $ | 815,973 | ||||||||||
Margin |
4.3 | % | 32.9 | % | 62.2 | % | 99.8 | % | 15.0 | % | ||||||||||
Gasoline gallons |
1,157,077 | |||||||||||||||||||
Nine months ended 1/31/12 |
||||||||||||||||||||
Sales |
$ | 3,807,642 | $ | 1,034,187 | $ | 371,431 | $ | 22,040 | $ | 5,235,300 | ||||||||||
Gross profit |
$ | 177,189 | $ | 334,049 | $ | 225,215 | $ | 21,997 | $ | 758,450 | ||||||||||
Margin |
4.7 | % | 32.3 | % | 60.6 | % | 99.8 | % | 14.5 | % | ||||||||||
Gasoline gallons |
1,116,684 |
Gasoline Gallons | Gasoline Margin | |||||||||||||||||||||||||||||||||||||||||
Same-store Sales Growth | (Cents per gallon, excluding credit card fees) | |||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Fiscal Year |
Q1 | Q2 | Q3 | Q4 | Fiscal Year |
|||||||||||||||||||||||||||||||||
F2013 |
-0.2 | % | -0.4 | % | 0.6 | % | F2013 | 14.9 | ¢ | 14.9 | ¢ | 13.8 | ¢ | |||||||||||||||||||||||||||||
F2012 |
-2.7 | -2.9 | -2.4 | 2.5 | % | -1.5 | % | F2012 | 17.2 | 16.7 | 13.6 | 13.7 | ¢ | 15.3 | ¢ | |||||||||||||||||||||||||||
F2011 |
1.5 | 3.6 | 3.5 | -1.9 | 1.6 | F2011 | 16.4 | 14.9 | 13.9 | 15.6 | 15.2 |
Grocery & Other Merchandise | Grocery & Other Merchandise | |||||||||||||||||||||||||||||||||||||||||
Same-store Sales Growth | Margin | |||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Fiscal Year |
Q1 | Q2 | Q3 | Q4 | Fiscal Year |
|||||||||||||||||||||||||||||||||
F2013 |
2.6 | % | -0.7 | % | 3.2 | % | F2013 | 33.4 | % | 33.4 | % | 31.7 | % | |||||||||||||||||||||||||||||
F2012 |
6.2 | 5.8 | 6.3 | 8.5 | % | 6.7 | % | F2012 | 32.5 | 32.5 | 31.8 | 33.0 | % | 32.5 | % | |||||||||||||||||||||||||||
F2011 |
2.0 | 6.9 | 5.8 | 4.8 | 4.6 | F2011 | 32.8 | 32.9 | 30.9 | 32.1 | 32.2 |
Prepared Food & Fountain | Prepared Food & Fountain | |||||||||||||||||||||||||||||||||||||||||
Same-store Sales Growth | Margin | |||||||||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Fiscal Year |
Q1 | Q2 | Q3 | Q4 | Fiscal Year |
|||||||||||||||||||||||||||||||||
F2013 |
10.6 | % | 10.1 | % | 11.6 | % | F2013 | 63.5 | % | 62.5 | % | 60.6 | % | |||||||||||||||||||||||||||||
F2012 |
15.3 | 14.2 | 12.6 | 16.8 | % | 14.3 | % | F2012 | 61.2 | 59.5 | 61.2 | 60.8 | % | 60.7 | % | |||||||||||||||||||||||||||
F2011 |
2.4 | 7.2 | 10.5 | 11.8 | 7.7 | F2011 | 63.8 | 62.7 | 62.1 | 60.2 | 62.2 |
Corporate information is available at this Web site: http://www.caseys.com. Earnings will be reported during
a conference call on March 12, 2013. The call will be broadcast live over the Internet at 9:30 a.m. CST via the
Investor Relations section of our Web site and will be available in an archived format.
'1)
M0!YJ'I0>OA[I'Q,?/A]I'Y0?OQ_J
M(!4@02!L()@@Q"#P(1PA2"%U(:$ASB'[(B+5=C;)*5
M3*NT6:NCFE;.):YRC,4G6F\=(D20$^7NQ\Q+7&E/ZG"=8%9A4D\0/)RP>&
M]?&W-/(.X/`K+
7!E
M96YU;0````I%4VQI8V54>7!E`````$EM9R`````&8F]U;F1S3V)J8P````$`
M``````!28W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<`````
M`````$)T;VUL;VYG````1`````!29VAT;&]N9P```%`````#=7)L5$585```
M``$```````!N=6QL5$585`````$```````!- '!A8VME="!B96=I;CTG[[N_)R!I
M9#TG5S5-,$UP0V5H:4AZ B]<_/E^/!M\MMKN\=,>-=7H"VHGBP
M:IG/)D%/AE%U=0T\TIM14]H"EBI5@9.F,:KZS=HZ)@]XV(X5]5BJ2&H7J'#8QC_`%+;&?OO=L^C[$OH
MK%EG/-")RYA&4`/FE?N<>2'[D?3P>OW&S9]7_J[C96?9E#*;TW%IILHN#F_I
M#;.E;O\`"^K[?2_M^HL_&Z+TW-=TEM3K:/VA??7:ZPC5E9;Z3J1_*8[TMW^F
M1^K$.^I_3:?VA3<^AQ?9C-LE\6?S+"SZ7ZLW>URQ>C58^1U3%IS+C3CET.MW
M;-@`+@YKW?0]Z#8PC*<63(0L
M/3-GV'
Z.BJ%IEUM=TCWBMC[=-KKHW#H
M])E4(ZTY&2\VVM*]:2OL4%9$>L&E/2#2AIC
ML3SIN+>7`/5!:^>8O&UZW-L&\[.]RR$6M@R)$:7'FJELJ6@9);<2H)25%(-7
M*$J0$*EU4]2:G:V0[N,690]]:HSL+=1K?KQ7T!N&R,N(;75PV,0:3[(OZ=B2
M2-)('R/VL\-JI!%R&=:),I5XR3@P"8`>HCI82Y)*Y#2M*`A(7]^>U:J>SDKX
MH`]';B#MZ;TYKY9OG2WM#DGCG>=N+NX5WJ9-MD'PS;DRI$N/8V2\IA3++]N:
M6V]/7):#B&Z+*5.DT<:YJ6HJ\=D*4V3=-^-9J>M1ZU&9F3VHI>]&9C3U;M37
M,?:B8=*!^9>U+H56ZUG6E-IC