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, 2000
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 50,374,862 shares
(Class) (Outstanding at March 8, 2000)
<PAGE>
CASEY'S GENERAL STORES, INC.
INDEX
Page
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements.
Consolidated condensed balance sheets -
January 31, 2000 and April 30, 1999 3
Consolidated condensed statements
of income - three and nine months ended
January 31, 2000 and 1999 5
Consolidated condensed statements of
cash flows - nine months ended
January 31, 2000 and 1999 6
Notes to consolidated condensed
financial statements 8
Item 2. Management's Discussion and Analysis
of Financial Condition and Results of
Operations. 9
PART II - OTHER INFORMATION
Item 1. Legal Proceedings. 14
Item 5. Other Information. 14
Item 6. Exhibits and Reports on Form 8-K. 14
SIGNATURE 17
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in Thousands)
January 31,
2000 April 30,
(Unaudited) 1999
--------- ---------
<TABLE>
<CAPTION>
ASSETS
<S> <C> <C>
Current assets:
Cash and cash equivalents $ 18,097 5,935
Short-term investments 12,557 8,800
Receivables 3,684 2,822
Inventories 54,337 47,204
Prepaid expenses 6,675 5,446
------- ------
Total current assets 95,350 70,207
------- ------
Long-term investments --- 6,640
Other assets 1,419 1,469
Property and equipment, net of
accumulated depreciation
January 31, 2000, $238,458
April 30, 1999, $212,383 538,448 484,544
------- -------
$635,217 562,860
------- -------
See notes to consolidated condensed financial statements.
</TABLE>
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Continued)
(Dollars in Thousands)
January 31,
2000 April 30,
(Unaudited) 1999
--------- ---------
<TABLE>
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
<S> <C> <C>
Current liabilities:
Notes payable $ 60,000 7,400
Current maturities of
long-term debt 9,250 9,352
Accounts payable 50,093 44,227
Accrued expenses 21,306 20,383
Income taxes payable --- 2,457
------- -------
Total current liabilities 140,649 83,819
------- -------
Long-term debt, net of
current maturities 114,652 122,513
------- -------
Deferred income taxes 56,900 51,650
------- -------
Deferred compensation 3,457 3,010
------- -------
Shareholders' equity
Preferred stock, no par value --- ---
Common Stock, no par value 54,879 67,338
Retained earnings 264,680 234,530
------- -------
Total shareholders' equity 319,559 301,868
------- -------
$635,217 562,860
------- -------
</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)
Three Months Ended Nine Months Ended
January 31, January 31,
2000 1999 2000 1999
---- ---- ---- ----
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Net sales $402,029 291,561 1,201,975 946,377
Franchise revenue 1,223 1,488 4,168 4,367
------- ------- --------- -------
403,252 293,049 1,206,143 950,744
------- ------- --------- -------
Cost of goods sold 326,806 218,934 957,277 722,793
Operating expenses 56,058 49,346 162,495 143,188
Depreciation and
amortization 9,724 8,671 28,225 25,188
Interest, net 2,370 1,865 6,360 5,144
------- ------- --------- -------
394,958 278,816 1,154,357 896,313
------- ------- --------- -------
Income before
income taxes 8,294 14,233 51,786 54,431
Federal and state
income taxes 3,085 5,337 19,264 20,411
------- ------- --------- -------
Net income $ 5,209 8,896 32,522 34,020
------- ------- --------- -------
Earnings per common share
Basic $ .10 .17 .62 .65
------- ------- --------- -------
Diluted $ .10 .17 .62 .64
------- ------- --------- -------
</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)
Nine Months Ended
January 31,
2000 1999
---- ----
<TABLE>
<CAPTION>
<S> <C> <C>
Cash flows from operations:
Net income $ 32,522 34,020
Adjustments to reconcile
net income to net cash
provided by operations:
Depreciation and amortization 28,225 25,188
Deferred income taxes 5,250 4,500
Changes in assets and liabilities:
Receivables (862) (168)
Inventories (7,133) (4,596)
Prepaid expenses (1,229) (256)
Accounts payable 5,866 (1,618)
Accrued expenses 923 2,357
Income taxes payable (2,457) 1,801
Other, net 1,889 2,032
----- ------
Net cash provided by operations 62,994 63,260
------ ------
Cash flows from investing:
Purchase of property and equipment (83,486) (75,234)
Purchase of investments (2,747) (1,295)
Sale of investments 5,596 4,552
------ -------
Net cash used in investing activities (80,637) (71,977)
------ ------
</TABLE>
<PAGE>
CASEY'S GENERAL STORES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in Thousands)
(continued)
Nine Months Ended
January 31,
2000 1999
---- ----
<TABLE>
<CAPTION>
<S> <C> <C>
Cash flows from financing:
Payments of long-term debt (7,963) (4,325)
Net activity of short-term debt 52,600 21,060
Repurchase of Common Stock (12,806) ---
Proceeds from exercise of stock
options 347 992
Payments of cash dividends (2,373) (2,369)
------ ------
Net cash provided by
financing activities 29,805 15,358
------ ------
Net increase in cash
and cash equivalents 12,162 6,641
Cash and cash equivalents at
beginning of the year 5,935 4,022
------ ------
Cash and cash equivalents at
end of the quarter $18,097 10,663
------ ------
</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 wholly-owned subsidiaries. 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 January 31,
2000, and the results of operations for the three and nine months ended January
31, 2000 and 1999, and changes in cash flows for the nine months ended January
31, 2000 and 1999.
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.
<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 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, 2000, the Company's ratio of current assets to
current liabilities was .68 to 1. The ratio at January 31, 1999 and April 30,
1999 was .55 to 1 and .84 to 1, respectively. Management believes that the
Company's current bank lines of credit, together with cash flow from operations,
will be sufficient to satisfy the working capital needs of its business.
Net cash provided by operations decreased $266 (0.4%) in the nine months
ended January 31, 2000 from the comparable period in the prior year, primarily
as a result of a smaller net income and an increase in inventories being offset
by an increase in depreciation and an increase in accounts payable. Cash flows
from investing in the nine months ended January 31, 2000 decreased, primarily as
a result of increased capital expenditures. Cash flows from financing increased
primarily due to an increase in short- term debt, net of the repurchase of the
Company's Common Stock. Cash flows used in investing activities 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
<PAGE>
first nine months of fiscal 2000, the Company expended $83,486 for property and
equipment, primarily for the construction and remodeling of Company stores,
compared to $75,234 for the comparable period in the prior year. The Company
anticipates expending approximately $95,000 in fiscal 2000 for construction,
acquisition and remodeling of Company stores, primarily from funds generated by
operations, existing cash and short-term investments and bank lines of credit.
As of January 31, 2000, the Company had long-term debt of $114,652,
consisting of $12,000 in principal amount of 7.70% Senior Notes , $30,000 in
principal amount of 7.38% Senior Notes, $10,800 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%, $7,718 of mortgage
notes payable, and $4,134 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 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% 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 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 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 or integral multiples of $100 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 Purchasers of the 6.55% Notes.
<PAGE>
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 6-1/4% Convertible
Subordinated Debentures (which were converted into shares of Common Stock in
1994), the above-described 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 2,275 USTs, of which 1,956 are fiberglass
and 319 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. 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, 1999 and 1998, the Company
<PAGE>
spent approximately $516 and $502, respectively, for assessments and
remediation. During the nine months ended January 31, 2000, the Company expended
approximately $359 for such purposes. Substantially all of these expenditures
have been submitted for reimbursement from state-sponsored trust fund programs
and as of January 31, 2000, approximately $4,600 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, 2000
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 JANUARY 31, 2000 COMPARED TO THREE
MONTHS ENDED JANUARY 31, 1999 (DOLLARS AND AMOUNTS IN THOUSANDS)
Net sales for the third quarter of fiscal 2000 increased by $110,468
(37.9%) over the comparable period in fiscal 1999. Retail gasoline sales
increased by $80,175 (52.9%) as the number of gallons sold increased by 24,244
(14.2%) while the average retail price per gallon increased 11.3%. During this
same period, retail sales of grocery and general merchandise increased by
$26,262 (21.8%) due to the addition of 95 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 81.3% for the third
quarter of fiscal 2000, compared to 75.1% for the comparable period in the prior
year. The gross profit margins on retail gasoline sales decreased (to 7.2%)
during the third quarter of fiscal 2000 from the third quarter of the prior year
(12.5%) due to the increase in wholesale gasoline costs during the period. The
gross profit margin per gallon also decreased (to $.0861) in the third quarter
of fiscal 2000 from the comparable period in the prior year ($.1112). The gross
profits on retail sales of grocery and general merchandise also decreased (to
37.2%) from the comparable period in the prior year (42.0%), primarily due to
the increase in wholesale cigarette costs.
Operating expenses as a percentage of net sales were 13.9% for the third
quarter of fiscal 2000 compared to 16.9% 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.
<PAGE>
Net income decreased by $3,687 (41.4%). The decrease in net income
wasattributable primarily to the decrease in the gross profit margins on retail
gasoline sales and the decrease in the gross profit margins on retail sales of
grocery and general merchandise.
NINE MONTHS ENDED JANUARY 31, 2000 COMPARED TO NINE
MONTHS ENDED JANUARY 31, 1999 (DOLLARS AND AMOUNTS IN THOUSANDS)
Net sales for the first nine months of fiscal 2000 increased by $255,598
(27%) over the comparable period in fiscal 1999. Retail gasoline sales increased
by $165,559 (33.1%) as the number of gallons sold increased by 65,198 (12.5%)
and the average retail price per gallon increased 18.3%. During this same
period, retail sales of grocery and general merchandise increased by $78,524
(20.4%) due to the addition of 95 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 79.6% for the first
nine months of fiscal 2000 compared to 76.4% for the comparable period in the
prior year. This result occurred because the gross profit margins on retail
gasoline sales decreased (to 8.3%) during the first nine months of fiscal 2000
from the comparable period in the prior year (11.3%) due to the increase in
wholesale gasoline costs during the period. The gross profit margin per gallon
also decreased in the first nine months of fiscal 2000 (to $.0946) from the
comparable period in the prior year ($.1085). The gross profits on retail sales
of grocery and general merchandise also decreased (to 38.3%) from the comparable
period in the prior year (41%), primarily due to the increase in wholesale
cigarette costs.
Operating expenses as a percentage of net sales were 13.5% for the first
nine months of fiscal 2000 compared to 15.1% 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 decreased by $1,498 (4.4%). The decrease in net income was
attributable primarily to the decrease in the gross profit margins on retail
gasoline sales and the decrease in the gross profit margins on retail sales of
grocery and general merchandise.
CAUTIONARY STATEMENT
The foregoing Management's Discussion and Analysis of Financial Condition
and Results of Operations contains various "forward-looking statements" within
the meaning
<PAGE>
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.
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 5. OTHER INFORMATION.
On November 30, 1999, the Board of Directors of the Company approved a $30
million open-market share repurchase program to acquire shares of the Company's
Common Stock. As of March 7, 2000, the Company had repurchased 2,910,100 shares
of Common Stock at an average price of $9.18 per share under the repurchase
program.
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:
<PAGE>
Exhibit
No. Description
--------- ---------------
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),(i),(j)
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)
4.6 Note Agreement dated as of April 15, 1999 among
Casey's General Stores, Inc. and other
purchasers of the 6.18% to 7.23% Senior Notes,
Series A through 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.
<PAGE>
(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.
(j) Incorporated by reference from the Current Report on Form 8-K filed
September 27, 1999.
(b) There were no Current Reports on Form 8-K filed by the Company
during the fiscal quarter ended January 31, 2000.
<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 9, 2000 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
computation of
per share earnings
27 Financial Data Schedule
Exhibit 11
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
(Dollars in Thousands, Except Share and Per Share Amounts)
Three Months Ended
January 31,
2000 1999
---- ----
<TABLE>
<CAPTION>
<S> <C> <C>
Basic earnings per share
Weighted average number of
shares outstanding 51,991,748 52,698,079
---------- ----------
Net income $ 5,209 8,896
---------- ----------
Basic earnings per common share $ .10 .17
---------- ----------
Diluted earnings per share
Weighted average number of
shares outstanding 51,991,748 52,698,079
Shares applicable to
stock options 137,851 241,299
---------- ----------
52,129,599 52,939,378
---------- ----------
Net Income $ 5,209 8,896
---------- ----------
Diluted earnings per common share $ .10 .17
---------- ----------
</TABLE>
CASEY'S GENERAL STORES, INC.
Computation of Per Share Earnings
(Dollars in Thousands, Except Share and Per Share Amounts)
Nine Months Ended
January 31,
2000 1999
---- ----
<TABLE>
<CAPTION>
<S> <C> <C>
Basic earnings per share
Weighted average number of
shares outstanding 52,482,347 52,650,418
---------- ----------
Net income $ 32,522 34,020
---------- ----------
Basic earnings per common share $ .62 .65
---------- ----------
Diluted earnings per share
Weighted average number of
shares outstanding 52,482,347 52,650,418
Shares applicable to
stock options 213,161 276,071
---------- ----------
52,695,508 52,926,489
---------- ----------
Net Income $ 32,522 34,020
---------- ----------
Diluted earnings per common share $ .62 .64
---------- ----------
</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, 2000 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> 9-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> JAN-31-2000
<EXCHANGE-RATE> 1
<CASH> 18,097
<SECURITIES> 12,557<F1>
<RECEIVABLES> 3,684
<ALLOWANCES> 0
<INVENTORY> 54,337
<CURRENT-ASSETS> 95,350
<PP&E> 776,906
<DEPRECIATION> 238,458
<TOTAL-ASSETS> 635,217
<CURRENT-LIABILITIES> 140,649
<BONDS> 114,652<F2>
0
0
<COMMON> 54,879
<OTHER-SE> 264,680<F3>
<TOTAL-LIABILITY-AND-EQUITY> 635,217
<SALES> 1,201,975
<TOTAL-REVENUES> 1,206,143
<CGS> 957,277
<TOTAL-COSTS> 957,277
<OTHER-EXPENSES> 190,720
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 6,360
<INCOME-PRETAX> 51,786
<INCOME-TAX> 19,264
<INCOME-CONTINUING> 32,522
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 32,522
<EPS-BASIC> .62
<EPS-DILUTED> .62
<FN>
<F1> SHORT-TERM INVESTMENTS
<F2> LONG-TERM DEBT, NET OF CURRENT MATURITIES
<F3> RETAINED EARNINGS
</FN>
</TABLE>
