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, 1995
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)
<PAGE>
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 26,126,006 shares
(Class) (Outstanding at December 11, 1995)
<PAGE>
CASEY'S GENERAL STORES, INC.
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
Consolidated condensed balance sheets -
October 31, 1995 and April 30, 1995 3
Consolidated condensed statements of
income - three and six months ended
October 31, 1995 and 1994 5
Consolidated condensed statements of
cash flows - six months ended
October 31, 1995 and 1994 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. 13
Item 4. Submission of Matters to a Vote of
Security Holders. 14
Item 5. Other Information 15
Item 6. Exhibits and Reports on Form 8-K. 15
SIGNATURE 17
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
<TABLE>
<CAPTION>
October 31, April 30,
1995 1995
----------- ----------
<C> <C>
ASSETS
Current assets:
Cash and cash equivalents $ 6,828,195 5,477,784
Short-term investments 3,712,771 1,300,700
Receivables 2,555,833 3,086,728
Inventories 30,316,088 27,343,033
Prepaid expenses 6,371,652 5,982,324
----------- ----------
Total current assets 49,784,539 43,190,569
---------- ----------
Long-term investments 3,851,352 6,445,934
Other assets 1,450,679 1,030,856
Property and equipment, net of
accumulated depreciation
October 31, 1995, $122,183,856
April 30, 1995, $111,656,704 318,867,367 294,491,313
----------- ----------
$373,953,937 345,158,672
----------- ----------
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C> <C>
Current liabilities:
Notes payable $ 26,400,000 11,350,000
Current maturities of
long-term debt 8,287,357 8,498,891
Accounts payable 38,599,722 39,860,843
Accrued expenses 16,325,808 15,716,412
Income taxes payable 2,123,909 1,544,909
---------- ----------
Total current liabilities 91,736,796 76,971,055
---------- ----------
Long-term debt, net of
current maturities 55,935,257 59,962,922
----------- ----------
Deferred income taxes 28,270,000 27,270,000
---------- ----------
Deferred compensation 1,489,558 1,282,655
---------- ----------
Shareholders' equity
Preferred stock, no par value --- ---
Common Stock, no par value 62,650,773 61,342,992
Retained earnings 133,871,553 118,329,048
----------- -----------
Total shareholders' equity 196,522,326 179,672,040
----------- -----------
$373,953,937 345,158,672
----------- -----------
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
October 31, October 31,
1995 1994 1995 1994
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net sales $243,235,120 223,739,705 496,231,874 444,995,605
Franchise revenue 1,400,148 1,361,244 2,854,755 2,792,872
----------- ----------- ----------- -----------
244,635,268 225,100,949 499,086,629 447,788,477
----------- ----------- ----------- -----------
Cost of goods sold 187,822,781 174,533,500 387,355,727 349,918,059
Operating expenses 35,443,127 31,407,674 70,241,120 61,431,485
Depreciation and
amortization 6,115,652 5,493,326 11,967,937 10,770,150
Interest, net 1,113,578 1,363,920 2,671,235 2,868,867
----------- ----------- ----------- -----------
230,495,138 212,798,420 472,236,019 424,988,561
----------- ----------- ----------- -----------
Income before
income taxes 14,140,130 12,302,529 26,850,610 22,799,916
Federal and state
income taxes 5,338,000 4,768,000 10,136,000 8,835,000
----------- ---------- ---------- ---------
Net income $ 8,802,130 7,534,529 16,714,610 13,964,916
----------- --------- ---------- ----------
Earnings per common
and common
equivalent share $ .34 .29 .64 .54
----------- --------- ----------- -----------
Weighted average number
of common and common
equivalent shares
outstanding 26,241,608 26,051,939 26,209,617 26,051,088
---------- ---------- ---------- ----------
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
October 31,
1995 1994
----------- ----------
<S> <C> <C>
Cash flows from operations:
Net income $16,714,610 13,964,916
Adjustments to reconcile
net income to net cash
provided by operations:
Depreciation and amortization 11,967,937 10,770,150
Deferred income taxes 1,000,000 1,000,000
Changes in assets and liabilities:
Receivables 530,895 (506,045)
Inventories (2,973,055) (1,993,333)
Prepaid expenses (389,328) (281,203)
Accounts payable (1,261,121) 2,724,382
Accrued expenses 609,396 239,994
Income taxes payable 579,000 3,083,252
Other, net 52,602 548,043
---------- ---------
Net cash provided by operations 26,830,936 29,550,156
---------- ----------
Cash flows from investing:
Purchase of property and equipment (36,527,736) (34,050,630)
Purchase of investments (3,346,400) (2,001,930)
Sale of investments 3,447,134 12,903,611
---------- ----------
Net cash used in investing activities (36,427,002) (23,148,949)
---------- ----------
Cash flows from financing:
Payments of long-term debt (4,239,199) (2,208,169)
Net activity of short-term debt 15,050,000 2,000,000
Proceeds from exercise of stock
options 1,307,781 61,500
Payment of cash dividends (1,172,105) (1,036,922)
--------- ---------
Net cash provided by (used in)
financing activities 10,946,477 (1,183,591)
---------- ----------
Net increase in cash and cash
equivalents 1,350,411 5,217,616
Cash and cash equivalents at
beginning of the year 5,477,784 3,151,664
--------- ----------
Cash and cash equivalents at
end of the quarter $ 6,828,195 8,369,280
----------- ----------
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
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 condensed financial statements (unaudited)
contain all adjustments (consisting of only normal
recurring accruals) necessary to present fairly the
financial position as of October 31, 1995, and the
results of operations for the six and three months
ended October 31, 1995 and 1994, and changes in cash
flows for the six months ended October 31, 1995 and
1994.
3. 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.
<PAGE>
4. 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, 1995, the Company's ratio of current assets to
current liabilities was .54 to 1. The ratio at October 31,
1994 and April 30, 1995, was .49 to 1 and .56 to 1,
respectively. <PAGE>
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.
<PAGE>
Net cash provided by operations decreased $2,719,220
(9.2%) in the six months ended October 31, 1995 from the
comparable period in the prior year, primarily as a result
of an increase in inventories and a decrease in accounts
payable. Cash flows from investing and financing in the six
months ended October 31, 1995 decreased, primarily as a
result of increased 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 1996,
the Company expended $36,527,736 for property and equipment,
primarily for the construction and remodeling of Company
stores, compared to $34,050,630 for the comparable period in
the prior year. The Company anticipates expending
approximately $50,000,000 in fiscal 1996 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, 1995, the Company had long-term debt
of $55,935,257, consisting of $24,750,000 in principal
amount of Senior Notes, $13,937,525 of mortgage notes
payable, $9,906,250 of unsecured notes payable and
$7,341,482 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,
1993 between the Company and the purchasers of the Senior
Notes.
<PAGE>
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. See Part II, Item
5, hereof for other information concerning a proposed
issuance of additional Senior Notes.
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 1,651 USTs, of which 1,269 are
fiberglass and 382 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, 1995 and 1994, the Company
spent <PAGE>
approximately $2,137,000 and $1,814,000, respectively, for
assessments and remediation. During the six months ended
October 31, 1995, the Company expended approximately
$475,000 for such purposes. Substantially all of these
expenditures have been submitted for reimbursement from
state-sponsored trust fund programs and as of October 31,
1995, approximately $3,900,000 has been received from such
programs. The Company has accrued a liability at October
31, 1995 of approximately $3,300,000 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.
<PAGE>
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 1996 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, 1995 COMPARED TO THREE
MONTHS ENDED OCTOBER 31, 1994
Net sales for the second quarter of fiscal 1996
increased by $19,495,415 (8.7%) over the comparable period
in fiscal 1995. Retail gasoline sales increased by
$10,434,198 (8.6%) as the number of gallons sold increased
by 17,477,249 (16.2%) while the average retail price per
gallon decreased 6.6%. During this same period, retail
sales of grocery and general merchandise increased by
$9,053,739 (10.9%) due to the addition of 66 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 second quarter of fiscal 1996, compared to
78.0% for the comparable period in the prior year. The
gross profit margins on retail gasoline sales increased
(11.5%) during the second quarter of fiscal 1996 from the
second quarter of the prior year (9.7%) due to the decrease
in wholesale gasoline costs during the quarter. The gross
profit margin per gallon also increased (to $.1211) in the
second quarter of fiscal 1996 from the comparable period in
the prior year ($.1096). These factors were offset by a
decrease in gross profits on retail sales of grocery and
general merchandise (to 41.4%) from the comparable period in
the prior year (42.2%).
Operating expenses as a percentage of net sales were
14.6% for the second quarter of fiscal 1996 compared to
14.0% 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 (6.6%).
<PAGE>
Net income increased by $1,267,601 (16.8%). The
increase in net income was attributable primarily to the
increase in gross profit margins on retail sales of
gasoline, 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, 1995 COMPARED TO SIX
MONTHS ENDED OCTOBER 31, 1994
Net sales for the first six months of fiscal 1996
increased by $51,236,269 (11.5%) over the comparable period
in fiscal 1995. Retail gasoline sales increased by
$35,051,718 (14.9%) as the number of gallons sold increased
by 32,267,024 (14.8%) and the average retail price per
gallon increased .02%. During this same period, retail
sales of grocery and general merchandise increased by
$16,149,183 (9.6%) due to the addition of 66 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
78.1% for the first six months of fiscal 1996 compared to
78.6% for the comparable period in the prior year. This
result occurred because the gross profit margins on retail
gasoline sales increased (10.8%) during the first six months
of fiscal 1996 from the comparable period in the prior year
(8.7%) due to the decrease in wholesale gasoline costs
during the period. The gross profit margin per gallon
increased in the first six months of fiscal 1996 (to $.1174)
from the comparable period in the prior year ($.0943).
However, gross profits on retail sales of grocery and general merchandise,
decreased (to 40.1%) from the comparable period in the prior
year (40.9%).
<PAGE>
Operating expenses as a percentage of net sales were
14.2% for the first six months of fiscal 1996 compared to
13.8% for the comparable period in the prior year. The
increase in operating expenses as a percentage of net sales
was caused primarily by lower wholesale gasoline costs.
Net income increased by $2,749,694 (19.7%). The
increase in net income was attributable primarily to the
increase in gross profits on retail sales of gasoline, an
increase in the number of gallons of gasoline sold, and an
increased number of stores in operation at least three
years.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
The Company has been 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 District 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 <PAGE>
District Court dismissed the federal antitrust claims with
prejudice and dismissed the State unfair price
discrimination claim without prejudice, concluding that
there was an "insufficient basis in economic reality and
substantive federal law for the plaintiffs' theories."
<PAGE>
Plaintiffs appealed the dismissal of the Bathke
Complaint to the Eighth Circuit Court of Appeals in St.
Louis, Missouri. In an opinion filed August 11, 1995, the
Court of Appeals affirmed the ruling of the District Court
in dismissing the Bathke Complaint, and also affirmed the
District Court's order assessing costs to the plaintiffs.
No further appeal or application for re-hearing was taken,
and the plaintiffs have paid the Company for the costs
assessed against them. The Company considers the matter to
now be concluded.
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, environmental remediation or
contamination, 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
15, 1995, 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 votes cast or withheld for each nominee were as
follows:
<TABLE>
<CAPTION>
For Withheld
----------- ---------
<S> <C> <C>
Donald F. Lamberti 21,683,738 695,360
Ronald M. Lamb 21,689,704 689,394
Douglas K. Shull 21,686,203 692,895
John G. Harmon 21,683,843 695,255
John R. Fitzgibbon 21,894,364 484,734
George A. Doerner 21,882,934 496,164
Kenneth H. Haynie 21,685,988 693,110
John P. Taylor 21,892,439 486,659
</TABLE>
PAGE>
With respect to the other proposals voted upon at the
Annual Meeting, votes were cast as follows:
Proposal 2 - Approval of an amendment to the Restated and
Amended Articles of Incorporation to provide for a
classified Board of Directors:
<TABLE>
For Against Abstain Broker non-votes
- ---------- --------- -------- ----------------
<C> <C> <C> <C>
12,502,429 6,919,434 192,815 2,764,420
</TABLE>
Proposal 3 - Approval of the Non-Employee Director Stock
Option Plan:
<TABLE>
For Against Abstain
---------- --------- --------
<C> <C> <C>
20,601,958 1,359,248 417,892
</TABLE>
Because it did not receive the affirmative vote of at least
two-thirds of the outstanding shares of Common Stock,
Proposal 2 was not approved. Proposal 3 required only a
majority of the votes cast and therefore was approved.
<PAGE>
ITEM 5. OTHER INFORMATION.
Management and legal counsel for the Company currently
are negotiating the terms of a Note Agreement between the
Company and Principal Mutual Life Insurance Company, Des
Moines, Iowa, concerning the proposed issuance by the
Company of $30,000,000 in principal amount of 7.38% Senior
Notes due 2020. Final terms and conditions are subject to
approval by both parties. Assuming mutually satisfactory
terms can be agreed upon, a closing on or before December
31, 1995 is expected.
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:
<TABLE>
<CAPTION>
Exhibit
No. Description
----------- ------------
<C> <S>
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)
11 Statement regarding computation
of per share earnings
27 Financial Data Schedule
</TABLE>
____________________
(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.
(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 12, 1995 By: /s/ Douglas K. Shull
---------------------------
Douglas K. Shull,
Treasurer
(Authorized Officer and
Principal Financial
Officer)
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT INDEX
Exhibit No. Description Page
- ----------- ----------- ----
<C> <S> <C>
11 Statement regarding 19
computation of
per share earnings
27 Financial Data Schedule 20
</TABLE>
<PAGE>
Exhibit 11
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
<TABLE>
<CAPTION>
Three Months Ended
October 31,
1995 1994
---------- ---------
<S> <C> <C>
Weighted average number of
common and common equivalent
shares:
Weighted average number
of shares outstanding 26,117,406 25,924,873
Shares applicable to
stock options 124,202 98,622
---------- ----------
26,241,608 26,023,495
---------- ----------
Net income $ 8,802,130 7,534,529
---------- ---------
Earnings per common and
common equivalent share $ .34 .29
---------- ----------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended
October 31,
1995 1994
----------- ----------
<S> <C> <C>
Weighted average number of
common and common equivalent
shares:
<PAGE>
Weighted average number
of shares outstanding 26,063,698 25,922,539
Shares applicable to
stock options 145,919 92,195
---------- ----------
26,209,617 26,014,734
---------- ----------
Net income $16,714,610 13,964,916
---------- ----------
Earnings per common and
common equivalent share $ .64 .54
----------- ----------
<PAGE>
</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, 1995 OF CASEY'S GENERAL STORES, INC. AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
<RESTATED>
<CIK> 0000726958
<NAME> CASEYS GENERAL STORES, INC.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1996
<PERIOD-START> MAY-1-1995
<PERIOD-END> OCT-31-1995
<EXCHANGE-RATE> 1
<CASH> 6,828,195
<SECURITIES> 3,712,771<F1>
<RECEIVABLES> 2,555,833
<ALLOWANCES> 0
<INVENTORY> 30,316,088
<CURRENT-ASSETS> 49,784,539
<PP&E> 441,051,223
<DEPRECIATION> 122,183,856
<TOTAL-ASSETS> 373,953,937
<CURRENT-LIABILITIES> 91,736,796
<BONDS> 55,935,257<F2>
<COMMON> 62,650,773
0
0
<OTHER-SE> 133,871,553<F3>
<TOTAL-LIABILITY-AND-EQUITY> 373,953,937
<SALES> 496,231,874
<TOTAL-REVENUES> 499,086,629
<CGS> 387,355,727
<TOTAL-COSTS> 387,355,727
<OTHER-EXPENSES> 82,209,057
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,671,235
<INCOME-PRETAX> 26,850,610
<INCOME-TAX> 10,136,000
<INCOME-CONTINUING> 16,714,610
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 16,714,610
<EPS-PRIMARY> .64
<EPS-DILUTED> .64
<FN>
<F1>short-term investments
<F2>long-term debt, net of current maturities
<F3>retained earnings
</FN>
</TABLE>
