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 January 31, 1998
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
<PAGE>
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 52,561,012 shares
(Class) (Outstanding at March 4, 1998)
<PAGE>
CASEY'S GENERAL STORES, INC.
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
Consolidated condensed balance sheets -
January 31, 1998 and April 30, 1997 3
Consolidated condensed statements
of income - three and nine months ended
January 31, 1998 and 1997 5
Consolidated condensed statements of
cash flows - nine months ended
January 31, 1998 and 1997 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. 14
Item 6. Exhibits and Reports on Form 8-K. 14
SIGNATURE 16
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
<TABLE>
<CAPTION>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
January 31, April 30,
1998 1997
----------- ---------
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents ........... $ 5,959,879 3,097,741
Short-term investments .............. 1,322,673 6,898,294
Receivables ......................... 2,788,656 2,701,740
Inventories ......................... 38,674,631 36,522,960
Prepaid expenses .................... 5,662,767 5,452,646
------------ ------------
Total current assets ....... 54,408,606 54,673,381
------------ ------------
Long-term investments ........................ 6,137,339 3,561,865
Other assets ................................. 1,208,451 1,341,062
Property and equipment, net of
accumulated depreciation
January 31, 1998, $177,504,481
April 30, 1997, $158,097,550 ............... 411,942,684 367,468,283
------------ ------------
$473,697,080 427,044,591
------------ ------------
</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 ....................... $ 24,800,000 2,800,000
Current maturities of
long-term debt .................... 5,394,284 11,795,806
Accounts payable .................... 33,294,289 37,207,819
Accrued expenses .................... 18,932,165 17,549,230
Income taxes payable ................ 4,477,598 4,433,626
------------ ------------
Total current liabilities ......... 86,898,336 73,786,481
------------ ------------
Long-term debt, net of
current maturities ......................... 80,704,488 79,685,011
------------ ------------
Deferred income taxes ........................ 44,829,000 39,579,000
------------ ------------
Deferred compensation ........................ 2,374,211 2,102,642
------------ ------------
Shareholders' equity
Preferred stock, no par value .............. -- --
Common Stock, no par value ................. 65,405,935 64,886,032
Retained earnings .......................... 193,485,110 167,005,425
------------ ------------
Total shareholders' equity ................... 258,891,045 231,891,457
------------ ------------
$473,697,080 427,044,591
------------ ------------
</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 Nine Months Ended
January 31, January 31,
1998 1997 1998 1997
<S> <C> <C> <C> <C>
Net sales $276,926,574 272,069,769 915,016,586 845,268,745
Franchise revenue 1,203,808 1,200,071 3,914,009 4,036,879
------------ ----------- ----------- -----------
278,130,382 273,269,840 918,930,595 849,305,624
----------- ----------- ----------- -----------
Cost of goods sold 213,817,285 218,436,327 717,273,177 673,807,069
Operating expenses 43,237,769 37,686,020 129,129,338 113,932,563
Depreciation and
amortization 7,788,526 6,865,161 22,396,529 19,873,454
Interest, net 1,505,858 1,494,897 4,193,011 4,349,266
---------- ----------- ----------- -----------
266,349,438 264,482,405 872,992,055 811,962,352
----------- ----------- ----------- -----------
11,780,944 8,787,435 45,938,540 37,343,272
Federal and state
income taxes 4,418,000 3,251,000 17,227,000 14,031,000
----------- ----------- ----------- -----------
Net income $ 7,362,944 5,536,435 28,711,540 23,312,272
------------ ----------- ------------ -----------
Earnings per common
and common equivalent
share
Basic $ .14 .11 .55 .44
------------ ----------- ------------ ----------
Dilutive $ .14 .11 .54 .44
----------- ----------- ------------ ----------
</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>
Nine Months Ended
January 31,
1998 1997
<S> <C> <C>
Cash flows from operations:
Net income $ 28,711,540 23,312,272
Adjustments to reconcile
net income to net cash
provided by operations:
Depreciation and amortization 22,396,529 19,873,454
Deferred income taxes 5,250,000 6,000,000
Changes in assets and liabilities:
Receivables (86,916) (91,323)
Inventories (2,151,671) (6,157,411)
Prepaid expenses (210,121) 2,943,171
Accounts payable (3,913,530) (4,539,271)
Accrued expenses 1,382,935 107,764
Income taxes payable 43,972 2,713,647
Other, net 2,737,456 983,773
------------ ----------
Net cash provided by operations 54,160,194 45,146,076
------------ ----------
Cash flows from investing:
Purchase of property and equipment (69,030,059) (53,114,828)
Purchase of investments (6,466,384) (9,689,830)
Sale of investments 9,372,384 19,190,037
------------ -----------
Net cash used in investing activities (66,124,059) (43,614,621)
------------ -----------
Cash flows from financing:
Proceeds from long-term debt 18,000,000 ---
Payments of long-term debt (23,462,045) (6,440,356)
Net activity of short-term debt 22,000,000 (525,000)
Proceeds from exercise of stock
options 519,903 35,875
Payment of cash dividends (2,231,855) (1,966,806)
---------- ----------
Net cash provided by (used in)
financing activities 14,826,003 (8,896,287)
---------- ----------
Net increase (decrease) in cash
and cash equivalents 2,862,138 (7,364,832)
Cash and cash equivalents at
beginning of the year 3,097,741 12,673,855
----------- -----------
Cash and cash equivalents at
end of the quarter $ 5,959,879 5,309,023
----------- ---------
</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 consolidated
condensed financial statements (unaudited) contain all adjustments (consisting
of only normal recurring accruals) necessary to present fairly the financial
position as of January 31, 1998, and the results of operations for the three and
nine months ended January 31, 1998 and 1997, and changes in cash flows for the
nine months ended January 31, 1998 and 1997.
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.
4. All per-share amounts and number of shares outstanding set forth in this
Form 10- Q (and in the exhibits hereto) have been adjusted to reflect the
two-for-one stock split declared for shareholders of record on February 2, 1998
and distributed as of February 16, 1998.
<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 January 31, 1998, the Company's ratio of current assets to
current liabilities was .63 to 1. The ratio at January 31, 1997 and April 30,
1997, was .71 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 $9,014,118 (20.0%) in the nine
months ended January 31, 1998 from the comparable period in the prior year,
primarily as a result of a larger net income and a smaller increase in
inventories and income taxes payable. Cash flows from investing in the nine
months ended January 31, 1998 decreased, primarily as a result of increased
capital expenditures. Cash flows from financing increased due to the proceeds
from long-term and short-term debt. Cash flows in the future are expected to
decrease as a result of the anticipated growth in capital expenditures.
<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 nine months of fiscal 1998, the Company expended
$69,030,059 for property and equipment, primarily for the construction and
remodeling of Company stores, compared to $53,114,828 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"), the 7.38% Senior Notes due December 28, 2020 (the "7.38% Notes")
and the 6.55% Senior Notes due December 18, 2003 (the "6.55% Notes").
As of January 31, 1998, the Company had long-term debt of $80,704,488,
consisting of $18,000,000 in principal amount of 7.70% Notes, $30,000,000 in
principal amount of 7.38% Notes, $18,000,000 in principal amount of 6.55% Notes,
$10,746,616 of mortgage notes payable and $3,957,872 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 twenty-eighth
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 of not less than $1,000,000 or in 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 the
purchaser of the 7.38% Notes.
Interest on the 6.55% Notes is payable quarterly on the 18th day of March,
June, September and December of each year, commencing March 18, 1998, and at
maturity, at the rate of 6.55% per annum. Principal of the 6.55% Notes matures
in five annual installments commencing December 18, 1999. The Company may prepay
the 6.55% 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 December 1,
1997 between the Company and the
<PAGE>
Purchasers of the 6.55% Notes.
To date, the Company has funded capital expenditures primarily from the
proceeds of the sale of Common Stock, issuance of 6-1/4% Convertible
Subordinated Debentures (which were converted in 1994 into shares of Common
Stock), the 7.70% Notes, the 7.38% Notes, the 6.55% Notes, a mortgage note,
unsecured notes payable and through funds generated from operations. Future
capital needs required to finance operations, improvements and the anticipated
growth in the number of Company stores are expected to be met from cash
generated by operations, existing cash, short-term and long-term investments and
additional long-term debt or other securities as circumstances may dictate, and
are not expected to adversely affect liquidity.
The United States Environmental Protection Agency and several states,
including Iowa, have established requirements for owners and operators of
underground gasoline storage tanks (USTs) with regard to (i) maintenance of leak
detection, corrosion protection and overfill/spill protection systems; (ii)
upgrade of existing tanks; (iii) actions required in the event of a detected
leak; (iv) prevention of leakage through tank closings; and (v) required
gasoline inventory recordkeeping. Since 1984, new Company stores have been
equipped with non-corroding fiberglass USTs, including many with double- wall
construction, over-fill protection and electronic tank monitoring, and the
Company has an active inspection and renovation program with respect to its
older USTs. The Company currently has 1,882 USTs, of which 1,548 are fiberglass
and 334 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 nine months
ended January 31, 1998, the Company expended approximately $375,000 for such
purposes. Substantially all of these expenditures have been submitted for
reimbursement from state-sponsored trust fund programs and as of January 31,
1998, approximately $4,300,000 has been received from such programs. Such
amounts are typically subject to statutory provisions requiring repayment of the
reimbursed funds for non-compliance with upgrade provisions or other applicable
laws. The Company has accrued a liability at January 31, 1998 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.
<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 1998 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 JANUARY 31, 1998 COMPARED TO THREE
MONTHS ENDED JANUARY 31, 1997
Net sales for the third quarter of fiscal 1998 increased by $4,856,805
(1.8%) over the comparable period in fiscal 1997. Retail gasoline sales
decreased by $6,530,253 (4.0%) as the number of gallons sold increased by
12,995,900 (9.6%) while the average retail price per gallon decreased 12.4%.
During this same period, retail sales of grocery and general merchandise
increased by $12,413,895 (14.0%) due to the addition of 67 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 third
quarter of fiscal 1998, compared to 80.3% for the comparable period in the prior
year. The gross profit margins on retail gasoline sales increased (11.3%) during
the third quarter of fiscal 1998 from the third quarter of the prior year (8.5%)
due to the decrease in wholesale gasoline costs during the period. The gross
profit margin per gallon also increased (to $.1204) in the third quarter of
fiscal 1998 from the comparable period in the prior year ($.1031). The gross
profits on retail sales of grocery and general merchandise also increased (to
42.4%) from the comparable period in the prior year (42.0%).
Operating expenses as a percentage of net sales were 15.6% for the third
quarter of fiscal 1998 compared to 13.9% 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.
Net income increased by $1,826,509 (33.0%). The increase in net income was
attributable primarily to the increase in gross profit margins on retail sales
of gasoline due to the decrease in wholesale gasoline costs during the period.
NINE MONTHS ENDED JANUARY 31, 1998 COMPARED TO NINE
MONTHS ENDED JANUARY 31, 1997
Net sales for the first nine months of fiscal 1998 increased by $69,747,841
(8.3%) over the comparable period in fiscal 1997. Retail gasoline sales
increased by $34,270,447 (7.0%) as the number of gallons sold increased by
49,722,596 (12.2%) and the average retail price per gallon decreased 4.6%.
During this same period, retail sales of grocery
<PAGE>
and general merchandise increased by $38,971,602 (13.2%) due to the
addition of 67 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 78.4% for the first
nine months of fiscal 1998 compared to 79.7% for the comparable period in the
prior year. This result occurred because the gross profit margins on retail
gasoline sales increased (9.8%) during the first nine 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 nine months of fiscal 1998 (to $.1112) from the
comparable period in the prior year ($.1022). The gross profits on retail sales
of grocery and general merchandise also increased (to 41.8%), from the
comparable period in the prior year (41.0%).
Operating expenses as a percentage of net sales were 14.1% for the first
nine months of fiscal 1998 compared to 13.5% 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.
Net income increased by $5,399,268 (23.2%). The increase in net income was
attributable primarily to the increase in gross profit margins on retail sales
of gasoline due to the decrease in wholesale gasoline costs during the period.
CAUTIONARY STATEMENT
The foregoing Management's Discussion and Analysis of Financial Condition
and Results of Operations contains various "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements represent the Company's expectations or beliefs concerning future
events, including (i) any statements regarding future sales and gross profit
percentages, (ii) any statements regarding the continuation of historical trends
and (iii) any statements regarding the sufficiency of the Company's cash
balances and cash generated from operations and financing activities for the
Company's future liquidity and capital resource needs. The Company cautions that
these statements are further qualified by important factors that could cause
actual results to differ materially from those in the forward-looking
statements, including, without limitations, the factors described in the
Cautionary Statement Relating to Forward-Looking Statements included as Exhibit
99 to the Form 10-Q for the fiscal quarter ended January 31, 1997.
<PAGE>
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 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)
4.5 Note Agreement 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 (g)
<PAGE>
11 Statement regarding computation of per share earnings
27 Financial Data Schedule
99 Cautionary Statement Relating to Forward-Looking Statements (h)
</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 Current Report on Form 8-K filed
January 7, 1998.
(h) Incorporated by reference from the Quarterly Report on Form 10-Q for
the fiscal quarter ended October 31, 1996, filed December 13, 1996.
(b) On January 7, 1998, the Company filed a Current Report on
Form 8-K with respect to the issuance of the 6.55% Notes and
the two-for-one stock split declared for shareholders of
record on February 2, 1998.
<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: March 6, 1998 By: /s/ 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
<PAGE>
Exhibit 11
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
<TABLE>
<CAPTION>
Three Months Ended
January 31,
1998 1997
---- ----
<S> <C> <C>
BASIC EARNINGS PER SHARE
Weighted average number of
shares outstanding 52,545,746 52,450,412
---------- ----------
Net income $ 7,362,944 5,536,435
---------- ----------
Basic earnings per common
share $ .14 .11
---------- ----------
DILUTIVE EARNINGS PER SHARE
Weighted average number of
common and common
equivalent shares:
Weighted average number of
shares outstanding 52,545,746 52,450,412
---------- ----------
Shares applicable to
stock options 313,176 111,658
--------- ----------
52,858,922 52,566,070
---------- ----------
Net Income $ 7,362,944 5,536,435
---------- ----------
Dilutive earnings per common
and common equivalent share $ .14 .11
---------- ----------
</TABLE>
<PAGE>
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
<TABLE>
<CAPTION>
Nine Months Ended
January 31,
1998 1997
<S> <C> <C>
BASIC EARNINGS PER SHARE
Weighted average number of
shares outstanding 52,525,046 52,450,412
---------- ----------
Net income $28,711,540 23,312,272
---------- ----------
Basic earnings per common
share $ .55 .44
--------- ----------
DILUTIVE EARNINGS PER SHARE
Weighted average number of
common and common
equivalent shares:
Weighted average number of
shares outstanding 52,525,046 52,450,412
Shares applicable to
stock options 313,176 123,910
---------- ----------
52,838,222 52,574,322
---------- ----------
Net Income $28,711,540 23,312,272
---------- ----------
Dilutive earnings per common
and common equivalent share $ .54 .44
---------- ----------
</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
JANUARY 31, 1998 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> 9-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> JAN-31-1998
<EXCHANGE-RATE> 1
<CASH> 5,959,879
<SECURITIES> 1,322,673<F1>
<RECEIVABLES> 2,788,656
<ALLOWANCES> 0
<INVENTORY> 38,674,631
<CURRENT-ASSETS> 54,408,606
<PP&E> 589,447,165
<DEPRECIATION> 177,504,481
<TOTAL-ASSETS> 473,697,080
<CURRENT-LIABILITIES> 86,898,336
<BONDS> 80,704,488<F2>
0
0
<COMMON> 65,405,935
<OTHER-SE> 193,485,110<F3>
<TOTAL-LIABILITY-AND-EQUITY> 473,697,080
<SALES> 915,016,586
<TOTAL-REVENUES> 918,930,595
<CGS> 717,273,177
<TOTAL-COSTS> 717,273,177
<OTHER-EXPENSES> 151,525,867
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,193,011
<INCOME-PRETAX> 45,938,540
<INCOME-TAX> 17,227,000
<INCOME-CONTINUING> 28,711,540
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 28,711,540
<EPS-PRIMARY> .55
<EPS-DILUTED> .54
<FN>
<F1>SHORT-TERM INVESTMENTS
<F2>LONG-TERM DEBT, NET OF CURRENT MATURITIES
<F3>RETAINED EARNINGS
</FN>
</TABLE>
