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 July 31, 1999
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 52,734,962 shares
(Class) (Outstanding at September 3, 1999)
<PAGE>
CASEY'S GENERAL STORES, INC.
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
Consolidated condensed balance sheets -
July 31, 1999 and April 30, 1999 3
Consolidated condensed statements
of income - three months ended
July 31, 1999 and 1998 5
Consolidated condensed statements of
cash flows - three months ended
July 31, 1999 and 1998 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 6. Exhibits and Reports on Form 8-K. 15
SIGNATURE 15
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(DOLLARS IN THOUSANDS)
July 31, April 30,
1999 1999
--------- ---------
<TABLE>
<CAPTION>
ASSETS
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 9,332 5,935
Short-term investments 11,564 8,800
Receivables 3,335 2,822
Inventories 51,422 47,204
Prepaid expenses 5,553 5,446
----- -----
Total current assets 81,206 70,207
------ ------
Long-term investments 5,004 6,640
Other assets 1,456 1,469
Property and equipment, net of
accumulated depreciation
July 31, 1999, $220,683
April 30, 1999, $212,383 502,262 484,544
------- -------
$589,928 562,860
------- -------
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
(Continued)
(DOLLARS IN THOUSANDS)
LIABILITIES AND SHAREHOLDERS' EQUITY
July 31, April 30,
1999 1999
-------- ---------
<TABLE>
<CAPTION>
<S> <C> <C>
Current liabilities:
Notes payable $ 2,900 7,400
Current maturities of
long-term debt 9,331 9,352
Accounts payable 55,235 4,227
Accrued expenses 19,693 20,383
Income taxes payable 9,135 2,457
------ ------
Total current liabilities 96,294 83,819
------ ------
Long-term debt, net of
current maturities 121,164 122,513
------- -------
Deferred income taxes 53,400 51,650
------- -------
Deferred compensation 3,159 3,010
------- -------
Shareholders' equity
Preferred stock, no par value --- ---
Common Stock, no par value 67,520 67,338
Retained earnings 248,391 234,530
------- -------
Total shareholders' equity 315,911 301,868
------- -------
$589,928 562,860
------- -------
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended
July 31,
1999 1998
------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Net sales $387,194 $332,446
Franchise revenue 1,514 1,484
------- -------
388,708 333,930
------- -------
Cost of goods sold 302,702 258,448
Operating expenses 51,580 45,701
Depreciation and amortization 9,095 8,072
Interest, net 2,002 1,714
------- -------
365,379 313,935
------- -------
Income before income taxes 23,329 19,995
Federal and state
income taxes 8,678 7,498
------ -------
Net income $ 14,651 12,497
------- -------
Earnings per common
and common equivalent
share
Basic $ .28 .24
------- -------
Diluted $ .28 .24
------- -------
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(DOLLARS IN THOUSANDS)
Three Months Ended
July 31,
1999 1998
------------------
<TABLE>
<CAPTION>
<S> <C> <C>
Cash flows from operations:
Net income $ 14,651 12,497
Adjustments to reconcile
net income to net cash
provided by operations:
Depreciation and amortization 9,095 8,072
Deferred income taxes 1,750 1,500
Changes in assets and liabilities:
Receivables (513) (425)
Inventories (4,218) (1,246)
Prepaid expenses (107) (277)
Accounts payable 11,008 (1,783)
Accrued expenses (690) (647)
Income taxes payable 6,678 4,420
Other, net 500 325
------ -------
Net cash provided by operations 38,154 22,436
------ ------
Cash flows from investing:
Purchase of property and equipment (27,151) (25,535)
Purchase of investments (2,748) (1,295)
Sale of investments 1,620 1,266
------ ------
Net cash used in investing activities (28,279) (25,564)
------- -------
Cash flows from financing:
Payments of long-term debt (1,370) (1,415)
Net activity of short-term debt (4,500) 6,125
Proceeds from exercise of stock options 182 134
Payment of cash dividends (790) (788)
----- -----
Net cash provided by (used in)
financing activities (6,478) 4,056
----- -----
Net increase in cash and cash equivalents 3,397 928
Cash and cash equivalents at
beginning of the period 5,935 4,022
----- -----
Cash and cash equivalents at end of the period $ 9,332 4,950
----- -----
</TABLE>
See notes to consolidated condensed financial statements.
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED CONDENSED
FINANCIAL STATEMENTS
1. The accompanying consolidated condensed financial statements 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 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 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 contain all adjustments (consisting of only normal
recurring accruals) necessary to present fairly the financial position as
of July 31, 1999, and the results of operations for the three months ended
July 31, 1999 and 1998, and changes in cash flows for the three months
ended July 31, 1999 and 1998.
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 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 17, 1998.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (DOLLARS IN THOUSANDS)
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 wholesale sales 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 second or 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 July 31, 1999, the Company's ratio of current assets to current
liabilities was .84 to 1. The ratio at July 31, 1998 and April 30, 1999, was .56
to 1 and .84 to 1, respectively. Management believes that the Company's current
$37,000 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 $19,718 (107%) in the three
months ended July 31, 1999 from the comparable period in the prior year,
primarily as a result of an increase in accounts payable and an increase in
income taxes payable. Cash flows from investing in the three months ended July
31, 1999 decreased primarily due to the increase in capital expenditures. Cash
flows from financing decreased, primarily as a result of a decrease in
short-term debt. 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 three months of fiscal 2000, the Company expended
$27,151 for property and
<PAGE>
equipment, primarily for the construction and remodeling of Company stores,
compared to $25,535 for the comparable period in the prior year. The Company
anticipates expending approximately $105,000 in fiscal 2000 for construction and
remodeling of Company stores, primarily from funds generated by operations,
existing cash and short- term investments.
As of July 31, 1999, the Company had long-term debt of $121,164, consisting
of $13,500 in principal amount of 7.70% Senior Notes, $30,000 in principal
amount of 7.38% Senior Notes, $14,400 in principal amount of 6.55% Senior Notes,
$50,000 in principal amount of Senior Notes, Series A through Series F, with
interest rates ranging from 6.18% to 7.23%, $8,538 of mortgage notes payable and
$4,726 of capital lease obligations.
Interest on the 7.70% Senior Notes is payable on the 15th day of each month
at the rate of 7.70% per annum. Principal of the 7.70% Senior Notes matures in
forty quarterly installments beginning March 15, 1995. The Company may prepay
the 7.70% Senior Notes in whole or in part at any time in an amount of not less
than $1,000 or integral multiples of $100 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% Senior Notes.
Interest on the 7.38% Senior 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% Senior 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% Senior Notes in
whole or in part at any time in an amount not less than $1,000 or in integral
multiples of $100 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% Senior Notes.
Interest on the 6.55% Senior 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% Senior Notes
matures in five annual installments commencing December 18, 1999. The Company
may prepay the 6.55% Senior Notes in whole or in part at any time in an amount
of not less than $1,000 or integral multiples of $100 in excess thereof at a
redemption price calculated in
<PAGE>
accordance with the Note Agreement dated as of December 1, 1997 between the
Company and the purchasers of the 6.55% Senior Notes.
Interest on the 6.18% to 7.23% Senior Notes, Series A through Series F, is
payable on the 23rd day of each April and October. Principal of the 6.18% to
7.23% Senior Notes, Series A through Series F, matures in various installments
beginning April 23, 2004. The Company may prepay the 6.18% to 7.23% Senior
Notes, Series A through Series F, in whole or in part at any time in an amount
of not less than $1,000 or integral multiples of $100 in excess thereof at a
redemption price calculated in accordance with the Note Agreement dated as of
April 15, 1999 between the Company and the purchasers of the 6.18% to 7.23%
Senior Notes, Series A through Series F.
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 shares of Common Stock in
1994), the Senior Notes, a mortgage note 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, 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 2,159 USTs, of which 1,845 are fiberglass
and 314 are steel. Management of the Company currently believes that
substantially all capital expenditures for electronic monitoring, cathodic
protection and overfill/spill protection to comply with the existing UST
regulations has been completed. Additional regulations, or amendments to the
existing UST regulations, could result in future expenditures.
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. In each of the
years ended April
<PAGE>
30, 1999 and 1998, the Company spent approximately $516 and $502, respectively,
for assessments and remediation. During the three months ended July 31, 1999,
the Company expended approximately $121 for such purposes. Substantially all of
these expenditures have been submitted for reimbursement from state-sponsored
trust fund programs and as of July 31, 1999, a total of approximately $4,400 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 July 31, 1999, of approximately $500 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.
THREE MONTHS ENDED JULY 31,1999 COMPARED TO THREE MONTHS ENDED JULY
31,1998 (DOLLARS IN THOUSANDS)
Net sales for the first quarter of fiscal 2000 increased by $54,748 (16.5%)
over the comparable period in fiscal 1999. Retail gasoline sales increased by
$28,061 (15.7%) as the number of gallons sold increased by 19,537 (11.1%) while
the average retail price per gallon increased 4.2%. During this same period,
retail sales of grocery and general merchandise increased by $23,139 (17.4%) due
to the addition of 82 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 78.2% for the first
quarter of fiscal 2000, compared to 77.7% for the comparable period in the prior
year. The gross profit margins on retail gasoline sales decreased (to 9.3%)
during the first quarter of fiscal 2000 from the first quarter of the prior year
(10.1%). The gross profit margin per gallon also decreased (to $.0986) in the
first quarter of fiscal 2000 from the comparable period in the prior year
($.1026). The gross profits on retail sales of grocery and general merchandise
also decreased (to 39.0%) from the comparable period in the prior year (39.9%).
Operating expenses as a percentage of net sales were 13.3% for the first
quarter of fiscal 2000 compared to 13.7% 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 average retail price per gallon of gasoline
sold.
Net income increased by $2,154 (17.2%). The increase in net income was
attributable primarily to the increase in retail sales of grocery and general
merchandise,
<PAGE>
an increase in the number of gallons of gasoline sold and an increased number of
stores in operation for at least three years.
YEAR 2000
Management has substantially completed its "Year 2000" efforts to prepare
the Company's information technology systems (including hardware, software and
application programs) for year 2000 compliance. The Company expects to see
little direct impact on its operations given the nature of the business and the
Company's business relationships, the corrective steps taken to date, and the
contingency plans being put in place throughout 1999. All necessary
expenditures, which are not expected to be material (including internal staff
and consulting costs), will be funded through operating cash flow. The Company
also is analyzing and working cooperatively with third parties having systems
upon which the Company must rely, and developing contingency plans with respect
thereto, but cannot give any assurances that the systems of such other parties
will be year 2000 compliant on a timely basis. Systems operated by others which
the Company would use and/or rely upon include those of banking institutions and
telephone companies, as well as vendor and franchisee workstations and product
ordering systems. The Company's business and financial condition and/or results
of operations could be materially adversely affected by the failure of its
systems and applications or those operated by such other third parties.
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 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 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(a), and amendments thereto (b), (c), (d), (i)
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>
4.6 Note Agreement dated as of April 15, 1999 among the
Company and Principal Life Insurance Company and other
purchasers of 6.18% to 7.23% Senior Notes, Series A
through Series F (i)
11 Statement regarding computation of per share earnings
27 Financial Data Schedule
99 Cautionary Statement Relating to Forward-Looking
Statements (h)
- -------------
(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 January 31, 1997.
(i) Incorporated by reference from the Current Report on Form 8-K filed May
10, 1999.
<PAGE>
(b) On May 10, 1999, the Company filed a Current Report on Form
8-K with respect to (i) the issuance on April 27, 1999 of
$50,000,000 principal amount of 6.18% to 7.23% Senior Notes,
Series A through Series F, and (ii) the approval of a Third
Amendment to Rights Agreement dated as of May 5, 1999 between
the Company and UMB Bank, n.a., as Rights Agent.
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: September 7, 1999 By: /s/ John G. Harmon
------------------
John G. Harmon
Secretary/Treasurer
(Authorized Officer and Principal
Financial Officer)
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
- ------------ ----------- ----
11 Statement regarding 17
computation of
per share earnings
27 Financial Data Schedule 18
Exhibit 11
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
(Dollars in Thousands, Except Share and Per Share Amounts)
Three Months Ended
July 31,
1999 1998
<TABLE>
<CAPTION>
<S> <C> <C>
Basic earnings per share
Weighted average number of
shares outstanding 52,718,162 52,604,845
---------- ----------
Net income $ 14,651 12,497
---------- ----------
Basic earnings per common
and common equivalent share $ .28 .24
--------- ---------
Diluted earnings per share
Weighted average number of common and common equivalent shares:
Weighted average number of
shares outstanding 52,718,162 52,604,845
Shares applicable to
stock options 300,955 347,715
---------- ----------
53,019,117 52,952,560
---------- ----------
Net Income $ 14,651 12,497
--------- ----------
Diluted earnings per common
and common equivalent share $ .28 .24
--------- ---------
</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 JULY 31, 1999 OF
CASEY'S GENERAL STORES, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000726958
<NAME> CASEY'S GENERAL STORES, INC.
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> JUL-31-1999
<EXCHANGE-RATE> 1
<CASH> 9,332
<SECURITIES> 11,564<F1>
<RECEIVABLES> 3,335
<ALLOWANCES> 0
<INVENTORY> 51,422
<CURRENT-ASSETS> 81,206
<PP&E> 722,945
<DEPRECIATION> 220,683
<TOTAL-ASSETS> 589,928
<CURRENT-LIABILITIES> 96,294
<BONDS> 121,164<F2>
0
0
<COMMON> 67,520
<OTHER-SE> 248,391<F3>
<TOTAL-LIABILITY-AND-EQUITY> 589,928
<SALES> 387,194
<TOTAL-REVENUES> 388,708
<CGS> 302,702
<TOTAL-COSTS> 302,702
<OTHER-EXPENSES> 60,675
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 2,002
<INCOME-PRETAX> 23,329
<INCOME-TAX> 8,678
<INCOME-CONTINUING> 14,651
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,651
<EPS-BASIC> .28
<EPS-DILUTED> .28
<FN>
<F1> SHORT-TERM INVESTMENTS
<F2> LONG-TERM DEBT, NET OF CURRENT MATURITIES
<F3> RETAINED EARNINGS
</FN>
</TABLE>
