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)
<PAGE>
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
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
CASEY'S GENERAL STORES, INC.
CONDENSED BALANCE SHEETS
(Unaudited)
<CAPTION>
October 31, April 30,
1994 1994
----------- ---------
<S> <C> <C>
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
----------- -----------
<FN>
See notes to condensed financial statements.
</TABLE>
<PAGE>
<TABLE>
CASEY'S GENERAL STORES, INC.
CONDENSED BALANCE SHEETS
(Unaudited)
(Continued)
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C> <C>
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
----------- -----------
<FN>
See notes to condensed financial statements.
</TABLE>
<PAGE>
<TABLE>
CASEY'S GENERAL STORES, INC.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
<CAPTION>
Three Months Ended Six Months Ended
October 31, October 31,
1994 1993 1994 1993
<S> <C> <C> <C> <C>
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
----------- ----------- ----------- -----------
<FN>
See notes to condensed financial statements.
</TABLE>
<PAGE>
<TABLE>
CASEY'S GENERAL STORES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
Six Months Ended
October 31,
1994 1993
------------------
<S> <C> <C>
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
<FN> ---------- ---------
See notes to condensed financial statements.
</TABLE>
<PAGE>
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.
<PAGE>
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.
<PAGE>
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
<PAGE>
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.
<PAGE>
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
<PAGE>
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
<PAGE>
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
<PAGE>
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.
<PAGE>
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)
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
- - ----------- ----------- ----
11 Statement regarding
computation of
per share earnings
27 Financial Data Schedule
Exhibit 11
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
[CAPTION]
<TABLE>
Three Months Ended
October 31,
1994 1993
-----------------------
<S> <C> <C>
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
---------- ----------
</TABLE>
<PAGE>
Exhibit 11
(continued)
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
[CAPTION]
<TABLE>
Six Months Ended
October 31,
1994 1993
-----------------------
<S> <C> <C>
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
---------- ----------
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> 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.
<CIK> 0000726958
<NAME> CASEY'S GENERAL STORES
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1994
<PERIOD-START> MAY-01-1994
<PERIOD-END> OCT-31-1994
<EXCHANGE-RATE> 1
<CASH> 8,369,280
<SECURITIES> 1,275,386<F1>
<RECEIVABLES> 3,345,945
<ALLOWANCES> 0
<INVENTORY> 25,747,589
<CURRENT-ASSETS> 41,922,611
<PP&E> 389,142,808
<DEPRECIATION> 101,554,837
<TOTAL-ASSETS> 338,135,599
<CURRENT-LIABILITIES> 85,022,032
<BONDS> 57,684,920<F2>
<COMMON> 60,939,873
0
0
<OTHER-SE> 110,450,300<F3>
<TOTAL-LIABILITY-AND-EQUITY> 338,135,599
<SALES> 444,995,605
<TOTAL-REVENUES> 447,788,477
<CGS> 349,918,059
<TOTAL-COSTS> 349,918,059
<OTHER-EXPENSES> 72,201,635
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,868,867
<INCOME-PRETAX> 22,799,916
<INCOME-TAX> 8,835,000
<INCOME-CONTINUING> 13,964,916
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 13,964,916
<EPS-PRIMARY> .54
<EPS-DILUTED> .54
<FN>
<F1>SHORT-TERM INVESTMENTS
<F2>LONG-TERM DEBT NET OF CURRENT MATURITIES
<F3>RETAINED EARNINGS
</FN>
</TABLE>
