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, 1997
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 26,269,056 shares
(Class) (Outstanding at December 2, 1997)
<PAGE>
CASEY'S GENERAL STORES, INC.
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
Consolidated condensed balance sheets -
October 31, 1997 and April 30, 1997 3
Consolidated condensed statements of
income - three and six months ended
October 31, 1997 and 1996 5
Consolidated condensed statements of
cash flows - six months ended
October 31, 1997 and 1996 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. 14
Item 6. Exhibits and Reports on Form 8-K. 14
SIGNATURE 16
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<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,
1997 1997
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents ............ $ 4,188,002 3,097,741
Short-term investments ............... 1,624,660 6,898,294
Receivables .......................... 2,953,872 2,701,740
Inventories .......................... 38,895,907 36,522,960
Prepaid expenses ..................... 5,617,224 5,452,646
Total current assets ........ 53,279,665 54,673,381
Long-term investments ......................... 5,887,792 3,561,865
Other assets .................................. 1,223,847 1,341,062
Property and equipment, net of
accumulated depreciation
October 31, 1997, $170,732,816
April 30, 1997, $158,097,550 ................ 401,921,455 367,468,283
$462,312,759 427,044,591
</TABLE>
See notes to consolidated condensed financial statements.
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<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 ...................... $ 9,800,000 2,800,000
Current maturities of
long-term debt ................... 9,888,541 11,795,806
Accounts payable ................... 41,257,567 37,207,819
Accrued expenses ................... 17,653,450 17,549,230
Income taxes payable ............... 9,742,026 4,433,626
Total current liabilities ........ 88,341,584 73,786,481
Long-term debt, net of
current maturities ........................ 76,461,003 79,685,011
Deferred income taxes ....................... 43,079,000 39,579,000
Deferred compensation ....................... 2,271,470 2,102,642
Shareholders' equity
Preferred stock, no par value ............. -- --
Common Stock, no par value ................ 65,249,494 64,886,032
Retained earnings ......................... 186,910,208 167,005,425
Total shareholders' equity .................. 252,159,702 231,891,457
$462,312,759 427,044,591
</TABLE>
See notes to consolidated condensed financial statements.
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<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,
1997 1996 1997 1996
<S> <C> <C> <C> <C>
Net sales ............. $317,436,097 286,291,027 638,090,012 573,198,976
Franchise revenue ..... 1,342,757 1,379,406 2,710,201 2,836,808
318,778,854 287,670,433 640,800,213 576,035,784
Cost of goods sold .... 249,174,851 226,565,820 503,455,892 455,370,742
Operating expenses .... 43,501,739 38,825,230 85,891,569 76,246,543
Depreciation and
amortization ........ 7,446,513 6,633,423 14,608,003 13,008,293
Interest, net ......... 1,363,093 1,340,825 2,687,153 2,854,369
301,486,196 273,365,298 606,642,617 547,479,947
Income before
income taxes ........ 17,292,658 14,305,135 34,157,596 28,555,837
Federal and state
income taxes ........ 6,485,000 5,400,000 12,809,000 10,780,000
Net income ......... $ 10,807,658 8,905,135 21,348,596 17,775,837
Earnings per common
and common
equivalent share .... $ .41 .34 .81 .68
Weighted average number
of common and common
equivalent shares
outstanding ......... 26,352,541 26,284,041 26,331,789 26,289,058
</TABLE>
See notes to consolidated condensed financial statements.
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<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
October 31,
1997 1996
<S> <C> <C>
Cash flows from operations:
Net income ................................ $ 21,348,596 17,775,837
Adjustments to reconcile
net income to net cash
provided by operations:
Depreciation and amortization ......... 14,608,003 13,008,293
Deferred income taxes ................. 3,500,000 4,000,000
Changes in assets and liabilities:
Receivables ......................... (252,132) (855,572)
Inventories ......................... (2,372,947) (4,270,019)
Prepaid expenses .................... (164,578) 2,880,063
Accounts payable .................... 4,049,748 2,978,992
Accrued expenses .................... 104,220 457,168
Income taxes payable ............ 5,308,400 2,154,000
Other, net ............................ 1,600,418 401,062
Net cash provided by operations ............. 47,729,728 38,529,824
Cash flows from investing:
Purchase of property and equipment ........ (50,303,535) (38,669,389)
Purchase of investments ................... (4,844,033) (7,514,604)
Sale of investments ....................... 7,719,725 6,892,134
Net cash used in investing activities ....... (47,427,843) (39,291,859)
Cash flows from financing:
Payments of long-term debt ................ (5,131,273) (4,280,171)
Net activity of short-term debt ........... 7,000,000 (1,050,000)
Proceeds from exercise of stock
options ................................. 363,462 35,875
Payment of cash dividends ................. (1,443,813) (1,311,175)
Net cash provided by (used in)
financing activities ...................... 788,376 (6,605,471)
Net increase (decrease) in cash
and cash equivalents ...................... 1,090,261 (7,367,506)
Cash and cash equivalents at
beginning of the year ..................... 3,097,741 12,673,855
Cash and cash equivalents at
end of the quarter ........................ $ 4,188,002 5,306,349
</TABLE>
See notes to consolidated condensed financial statements.
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<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, 1997, and the
results of operations for the six and three months
ended October 31, 1997 and 1996, and changes in cash
flows for the six months ended October 31, 1997 and
1996.
3. The Company's financial condition and results of
operations are affected by a variety of factors and
business influences, certain of which are described in
the Cautionary Statement Relating to Forward-Looking
Statements filed as Exhibit 99 to the Quarterly Report
on Form 10-Q for the fiscal quarter ended January 31,
1997. These interim consolidated condensed financial
statements (unaudited) should be read in conjunction
with that Cautionary Statement.
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<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, 1997, the Company's ratio of current assets to
current liabilities was .60 to 1. The ratio at October 31,
1996 and April 30, 1997, was .76 to 1 and .74 to 1,
respectively. 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.
Net cash provided by operations increased $9,199,904
(23.9%) in the six months ended October 31, 1997 from the
comparable period in the prior year, primarily as a result
of a larger net income and a larger increase in accounts
payable and income taxes payable. Cash flows from investing
and financing in the six months ended October 31, 1997
decreased slightly, primarily as a result of increased
capital expenditures which were partially offset by the
addition of short-term debt. Cash flows in the future are
expected to decrease as a result of the anticipated growth
in capital expenditures.
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<PAGE>
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 1998,
the Company expended $50,303,535 for property and equipment,
primarily for the construction and remodeling of Company
stores, compared to $38,669,389 for the comparable period in
the prior year. The Company anticipates expending
approximately $75,000,000 in fiscal 1998 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 "7.70% Notes") and the 7.38% Senior
Notes due December 28, 2020 (the 7.38% Notes").
As of October 31, 1997, the Company had long-term debt
of $76,461,003, consisting of $18,750,000 in principal
amount of 7.70% Notes, $30,000,000 in principal amount of
7.38% Notes, $11,323,346 of mortgage notes payable,
$12,093,750 of unsecured notes payable and $4,293,907 of
capital lease obligations.
Interest on the 7.70% Notes is payable on the 15th day
of each month at the rate of 7.70% per annum. Principal of
the 7.70% Notes matures in forty quarterly installments
beginning March 15, 1995. The Company may prepay the 7.70%
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 7.70%
Notes.
Interest on the 7.38% Notes is payable semi-annually on
the 28th day of June and December in each year, commencing
June 28, 1996, and at maturity, at the rate of 7.38% per
annum. The 7.38% Notes mature on December 28, 2020, with
prepayments of principal commencing December 28, 2010 and
ending June 28, 2020, inclusive, with the remaining
principal payable at maturity on December 28, 2020. The
Company may prepay the 7.38% Notes in whole or in part at
any time in an amount 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 December 1, 1995 between the Company and Principal
Mutual Life Insurance Company, as the purchaser of the 7.38%
Notes.
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<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), the 7.70% Notes and the 7.38% 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, (captioned "Other Information") herein for a description
of certain borrowing arrangements recently approved by the
Board of Directors of the Company.
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 1,874 USTs, of which 1,538 are
fiberglass and 336 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, 1997 and 1996, the Company
spent approximately $579,000 and $718,000, respectively, for
assessments and remediation. During the six months ended
October 31, 1997, the Company expended approximately
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<PAGE>
$265,000 for such purposes. Substantially all of these
expenditures have been submitted for reimbursement from
state-sponsored trust fund programs and as of October 31,
1997, approximately $4,100,000 has been received from such
programs since their inception. Such amounts are typically
subject to statutory provisions requiring repayment of the
reimbursed funds for noncompliance with upgrade provisions
or other applicable laws. The Company has accrued a
liability at October 31, 1997 of approximately $1,600,000
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 $1,000,000 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, 1997 Compared to Three
Months Ended October 31, 1996
Net sales for the second quarter of fiscal 1998
increased by $31,145,070 (10.9%) over the comparable period
in fiscal 1997. Retail gasoline sales increased by
$19,319,936 (11.9%) as the number of gallons sold increased
by 16,226,767 (11.7%) while the average retail price per
gallon increased 0.2%. During this same period, retail
sales of grocery and general merchandise increased by
$12,862,134 (12.5%) due to the addition of 64 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
78.5% for the second quarter of fiscal 1998, compared to
79.1% for the comparable period in the prior year. The
gross profit margins on retail gasoline sales increased
(8.8%) during the second quarter of fiscal 1998 from the
second quarter of the prior year (8.2%) due to the decrease
in wholesale gasoline costs during the quarter. The gross
profit margin per gallon also increased (to $.1033) in the
second quarter of fiscal 1998 from the comparable period in
the prior year ($.0958). The gross profits on retail sales
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<PAGE>
of grocery and general merchandise also increased (to 43.3%)
from the comparable period in the prior year (42.2%).
Operating expenses as a percentage of net sales were
13.7% for the second quarter of fiscal 1998 compared to
13.6% for the comparable period in the prior year.
Net income increased by $1,902,523 (21.4%). The
increase in net income was attributable primarily to the
increase in 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, 1997 Compared to Six
Months Ended October 31, 1996
Net sales for the first six months of fiscal 1998
increased by $64,891,036 (11.3%) over the comparable period
in fiscal 1997. Retail gasoline sales increased by
$40,800,700 (12.6%) as the number of gallons sold increased
by 36,726,696 (13.4%) and the average retail price per
gallon decreased 0.7%. During this same period, retail
sales of grocery and general merchandise increased by
$26,557,707 (12.9%) due to the addition of 64 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
78.9% for the first six months of fiscal 1998 compared to
79.4% for the comparable period in the prior year. This
result occurred because the gross profit margins on retail
gasoline sales increased (9.1%) during the first six months
of fiscal 1998 from the comparable period in the prior year
(8.6%) due to the decrease in wholesale gasoline costs
during the period. The gross profit margin per gallon also
increased in the first six months of fiscal 1998 (to $.1068)
from the comparable period in the prior year ($.1017). The
gross profits on retail sales of grocery and general
merchandise also increased (to 41.5%) from the comparable
period in the prior year (40.5%).
Operating expenses as a percentage of net sales were
13.5% for the first six months of fiscal 1998 compared to
13.3% during the comparable period in the prior year. The
slight increase in operating expenses as a percentage of net
sales was caused primarily by a slight decrease in the
average retail price per gallon of gasolilne sold (0.7%).
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<PAGE>
Net income increased by $3,572,759 (20.1%). The
increase in net income was attributable primarily to the
increase in 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 at least three
years.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Company from time to time is a party to legal
proceedings arising from the conduct of its business
operations, including proceedings relating to personal
injury and employment claims, environmental remediation
activities or contamination-related 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 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
19, 1997, eight directors were elected for a term of one
year. Each of the nominees so elected previously has served
as a director of the Company.
The votes cast or withheld for each nominee were as
follows:
<TABLE>
<CAPTION>
For Withheld
<S> <C> <C>
Donald F. Lamberti 22,293,209 401,591
Ronald M. Lamb 22,292,839 401,961
Douglas K. Shull 22,291,739 403,061
John G. Harmon 22,290,212 404,588
John R. Fitzgibbon 22,241,119 453,681
Patricia Clare Sullivan 22,267,825 426,975
Kenneth H. Haynie 22,276,019 418,781
John P. Taylor 22,277,558 417,242
</TABLE>
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<PAGE>
Item 5. Other Information.
On September 11, 1997, the Company filed a Registration
Statement on Form S-3D with respect to a maximum of 500,000
shares of Common Stock to be offered for purchase by
shareholders under the Casey's General Stores, Inc. Dividend
Reinvestment and Stock Purchase Plan.
On December 1, 1997, the Board of Directors approved of
the execution and delivery of a proposed Note Agreement, to
be dated as of December 1, 1997, among the Company and
Principal Mutual Life Insurance Company, Nippon Life
Insurance Company of America and TMG Life Insurance
Company (together, the "Purchasers"), under which the
Company would issue to the Purchasers $18,000,000 in
aggregate principal amount of 6.55% Senior Notes due on
or about December 28, 2003 (the "6.55% Notes"). The
proceeds of the 6.55% Notes would be used to pay certain
outstanding indebtedness of the Company and the costs of
acquiring additional computer equipment for Company
operations. Closing of the transaction and issuance of the
6.55% Notes are expected to occur later this month.
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)
and First Amendment thereto (f)
4.4 Note Agreement dated as of December
1, 1995 between Casey's General
Stores, Inc. and Principal Mutual
Life Insurance Company (f)
- 14 -
<PAGE>
11 Statement regarding computation of
per share earnings
27 Financial Data Schedule
99 Cautionary Statement Relating to
Forward-Looking Statements (g)
</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.
(f) Incorporated by reference from the Current Report on
Form 8-K filed January 11, 1996.
(g) Incorporated by reference from the Quarterly Report on
Form 10-Q for the fiscal quarter ended January 31,
1997.
(b) There were no reports on Form 8-K filed during the
quarter for which this Report is filed.
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<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, 1997 By: /S/ Douglas K. Shull
---------------------------
Douglas K. Shull, Treasurer
Authorized Officer and
Principal Financial
Officer)
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<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
11 Statement regarding
computation of
per share earnings
27 Financial Data Schedule
<PAGE>
Exhibit 11
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
<TABLE>
<CAPTION>
Three Months Ended
October 31,
1997 1996
<S> <C> <C>
Weighted average number of
common and common equivalent
shares:
Weighted average number
of shares outstanding 26,265,589 26,225,206
Shares applicable to
stock options 86,952 58,835
26,352,541 26,284,041
Net income $10,807,658 8,905,135
Earnings per common and
common equivalent share $ .41 .34
Six Months Ended
October 31,
1997 1996
Weighted average number of
common and common equivalent
shares:
Weighted average number
of shares outstanding 26,257,348 26,225,206
Shares applicable to
stock options 74,441 63,852
26,331,789 26,289,058
Net income $21,348,596 17,775,837
Earnings per common and
common equivalent share $ .81 .68
</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, 1997 OF CASEY'S GENERAL STORES, INC. AND IS QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK> 0000726958
<NAME> CASEY'S GENERAL STORES, INC.
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> OCT-31-1997
<EXCHANGE-RATE> 1
<CASH> 4,188,002
<SECURITIES> 1,624,660<F1>
<RECEIVABLES> 2,953,872
<ALLOWANCES> 0
<INVENTORY> 38,895,907
<CURRENT-ASSETS> 53,279,665
<PP&E> 572,654,271
<DEPRECIATION> 170,732,816
<TOTAL-ASSETS> 462,312,759
<CURRENT-LIABILITIES> 88,341,584
<BONDS> 76,461,003<F2>
0
0
<COMMON> 65,249,494
<OTHER-SE> 186,910,208<F3>
<TOTAL-LIABILITY-AND-EQUITY> 462,312,759
<SALES> 638,090,012
<TOTAL-REVENUES> 640,800,213
<CGS> 503,455,892
<TOTAL-COSTS> 503,455,892
<OTHER-EXPENSES> 100,499,572
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,687,153
<INCOME-PRETAX> 34,157,596
<INCOME-TAX> 12,809,000
<INCOME-CONTINUING> 21,348,596
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 21,348,596
<EPS-PRIMARY> .81
<EPS-DILUTED> .81
<FN>
<F1>SHORT-TERM INVESTMENTS
<F2>LONG-TERM DEBT, NET OF CURRENT MATURITIES
<F3>RETAINED EARNINGS
</FN>
</TABLE>
