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Casey’s General Stores, Inc.$119.24$1.201.02%

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 Casey’s Completes Record Fiscal Year with Strong Sales in All Categories
   Monday, June 08, 2015 4:06:00 PM ET

Casey’s General Stores, Inc. (Nasdaq symbol CASY) today reported diluted earnings per share of $1.05 for the fourth quarter of fiscal year ended April 30, 2015 compared to $0.54 for the same period a year ago. For the year, diluted earnings per share were $4.62 versus $3.26 for the same period last year. "Fiscal 2015 was a tremendous year for Casey’s," said Chairman and CEO Robert J. Myers. "Sales were strong throughout all of our categories, and the Company is poised to grow the business in fiscal 2016 with a variety of initiatives to improve the existing store base, while at the same time building and acquiring more stores."

Fuel - The Company’s annual goal for fiscal 2015 was to increase same-store gallons sold 1% with an average margin of 15.3 cents per gallon. Annual same-store gallons sold were up 2.6% with an average margin of 19.3 cents per gallon. For the quarter, same-store gallons rose 3.5% with an average margin of 16.9 cents per gallon. The Company sold 13.9 million renewable fuel credits for $9.7 million in the fourth quarter. "Same-store gallons sold are benefiting from lower retail fuel prices," said Myers. "The steady fall in wholesale cost midyear along with favorable renewable fuel credits contributed to a record high fuel margin for the year." For fiscal 2015, total gallons sold were up 9.1% to 1.8 billion, while gross profit dollars rose 31.1% to $351.2 million.

Grocery and Other Merchandise - Casey’s goal was to increase same-store sales 5.3% with an average margin of 32.1%. For the year, same-store sales were up 7.8% with an average margin of 32.1%. For the fourth quarter, same-store sales were up 9.7% with an average margin of 32.1%. "Sales were strong throughout the entire category during the fiscal year, and we are especially pleased with the build in momentum during the fourth quarter," stated Myers. "We are encouraged by recent premium cigarette sales gains, while beer and beverage sales continue their strong performance as we expand our initiatives throughout the chain, particularly 24-hour conversions and major store remodels." For the year, total sales were up 13.4% to $1.8 billion, and gross profit dollars rose 13.3% to $575.5 million.

Prepared Food and Fountain - Casey’s annual goal was to increase same-store sales 9.5% with an average margin of 60%. For the year, same-store sales were up 12.4% with an average margin of 59.7%. For the quarter, same-store sales were up 13.5% with an average margin of 60.9%. "Prepared food margin was under pressure for most of the fiscal year due to high input costs," said Myers. "Fortunately we experienced some relief towards the end of the third quarter and have locked in favorable cheese costs through the end of December 2015 and coffee through December 2016. Same-store sales continue to be favorably impacted by several initiatives, and we are particularly excited about rolling out our online pizza ordering system during fiscal 2016." For fiscal 2015, total sales were up 18.5% to $780.9 million, and gross profit dollars were up 15.6% to $466.1 million.

Operating Expenses - For the fiscal year, operating expenses increased 12.0% to $960.4 million. For the fourth quarter, operating expenses were up 10.7%. "The majority of our operating expense increase is related to new and acquired stores, as well as store replacements and the various operational initiatives in place throughout this fiscal year as well as the prior year," said Myers. Operating expenses for stores that have not been impacted by the initiatives were up 3.7% for the year.

Expansion - The Company’s annual goal was to build or acquire 72 to 108 stores and replace 25 existing locations. For the fiscal year, the Company opened 45 new stores and acquired 36, for a total of 81 stores. The Company also completed 27 replacements and 27 major remodels. "The Company believes it is important to grow the business through new and acquired stores while at the same time enhancing the performance of our existing store base," said Myers. "Our prudent approach to acquisitions and our ability to execute on the integration of newly constructed and acquired stores will enable us to deliver shareholder value for many years to come."

Fiscal 2016 goals - The corporate performance goals for fiscal 2016 are as follows:

-- Increase same-store fuel gallons sold 2% with an average margin of 16.7 cents per gallon

-- Increase same-store grocery and other merchandise sales 6.2% with an average margin of 32.1%

-- Increase same-store prepared food and fountain sales 10.4% with an average margin of 60.8%

-- Build or acquire 75 to 113 stores, replace 10 existing locations and complete 100 major remodels.

Dividend - At its June meeting, the Board of Directors increased the quarterly dividend to $0.22 per share. The dividend is payable August 17th to shareholders of record on August 3rd, 2015.

 
                                                                                                                                         Casey’s General Stores, Inc.
                                                                                                                                                         Condensed Consolidated
                                                                                                                                                          Statements of Income
                                                                                                                                       (Dollars in thousands, except share and per share amounts)
                                                                                                                                                               (Unaudited)
 
                                                                                                Three Months Ended April 30,                                                                  Twelve Months Ended April 30,
                                                                                                                        2015                     2014                                                            2015                          2014
                                                                                                          --------------------------------                                          ----------                                           --------------------------------                                          --------------------
Total revenue                                                                                                       $           1,653,858                                            1,919,566                                                     $           7,767,216                                                      7,840,255
Cost of goods sold (exclusive of depreciation and amortization,                                              1,307,315                                            1,635,946                                              6,327,431                                                      6,618,239
shown separately below)
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Gross profit                                                                                                                      346,543                                              283,620                                                                 1,439,785                                                      1,222,016
Operating expenses                                                                                                                232,543                                              210,123                                                                   960,424                                                        857,297
Depreciation and amortization                                                                                                      42,156                                               35,556                                                                   156,111                                                        131,160
Interest, net                                                                                                   10,168                                               10,320                                                 41,225                                                         39,915
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Income before income taxes                                                                                                         61,676                                               27,621                                                                   282,025                                                        193,644
Federal and state income taxes                                                                                  20,333                                                6,679                                                101,397                                                         66,824
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Net income                                                                                                          $              41,343                                               20,942                                                     $             180,628                                                        126,820
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Net income per common share
   Basic                                                                                                            $                1.06                                                 0.54                                                     $                4.66                                                           3.30
                                                                                                          ==================== ==========                                           ==========                                           ==================== ==========                                           ====================
   Diluted                                                                                                          $                1.05                                                 0.54                                                     $                4.62                                                           3.26
                                                                                                          ==================== ==========                                           ==========                                           ==================== ==========                                           ====================
Basic weighted average shares                                                                                                  38,868,593                                           38,499,270                                                                38,743,227                                                     38,457,680
Plus effect of stock compensation                                                                              369,888                                              424,984                                                360,606                                                        410,726
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Diluted weighted average shares                                                                             39,238,481                                           38,924,254                                             39,103,833                                                     38,868,406
                                                                                                          ==================== ==========                                           ==========                                           ==================== ==========                                           ====================
                                                                                                                                                                                                                                                                                                                    
 
                                                                                         Casey’s General Stores, Inc.
                                                                                                  Condensed Consolidated Balance Sheets
                                                                                                         (Dollars in thousands)
                                                                                                               (Unaudited)
 
                                                                                     April 30, 2015                             April 30, 2014
                                                                                                                ------------------------------------                                          ------------------------------------------
Assets
Current assets
   Cash and cash equivalents                                                                                              $                  48,541                                                     $                       121,641
   Receivables                                                                                                                               22,609                                                                              25,841
   Inventories                                                                                                                              197,331                                                                             204,833
   Prepaid expenses                                                                                                                           2,025                                                                               1,478
   Deferred income taxes                                                                                                                     15,531                                                                              23,292
   Income tax receivable                                                                                                  19,223                                                           12,473
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total current assets                                                                                                     305,260                                                          389,558
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Other assets, net of amortization                                                                                                            18,295                                                                              15,947
Goodwill                                                                                                                                    127,046                                                                             120,406
Property and equipment, net of accumulated depreciation of                                                             2,019,364                                                        1,778,965
$1,185,246 at April 30, 2015 and $1,062,278 at April 30, 2014
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total assets                                                                                                              $               2,469,965                                                     $                     2,304,876
                                                                                                                ==================== ==============                                           ==================== ====================
Liabilities and Shareholders’ Equity
Current liabilities
   Notes payable to bank                                                                                                  $          --                                                     $                --
   Current maturities of long-term debt                                                                                                      15,398                                                                                 553
   Accounts payable                                                                                                                         226,577                                                                             250,807
   Accrued expenses                                                                                                      122,914                                                          139,529
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total current liabilities                                                                                                364,889                                                          390,889
                                                                                                                -------------------- --------------                                           -------------------- --------------------
   Long-term debt, net of current maturities                                                                                                838,245                                                                             853,642
   Deferred income taxes                                                                                                                    354,973                                                                             318,023
   Deferred compensation                                                                                                                     17,645                                                                              16,558
   Other long-term liabilities                                                                                            18,984                                                           22,500
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total liabilities                                                                                                      1,594,736                                                        1,601,612
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total shareholders’ equity                                                                    875,229                                                          703,264
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total liabilities and shareholders’ equity                                                     $               2,469,965                                                     $                     2,304,876
                                                                                                                ==================== ==============                                           ==================== ====================
                                                                                                                                                                                                                    

Certain statements in this news release, including any discussion of management expectations for future periods, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from future results expressed or implied by those statements. Casey’s disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise.

The previously announced revisions to our financial results regarding an immaterial correction of an error for the fiscal 2015 first quarter and fiscal 2014 are reflected in year-to-date results and comparisons to prior periods.

 
                                                                                                                                   Revenue and Gross Profit by Category (Amounts in thousands)
                                                       Grocery & Other        Prepared Food                      
Three months ended 4/30/2015                                                 Fuel                                                    Merchandise                                                 & Fountain                                                  Other                                                    Total
                                                                       ----------------                                          ------------------                                          ------------------                                          -------------                                          ----------------
Revenue                                                                 $ 1,010,033                                                 $    436,591                                               $  194,688                                                 $ 12,546                                               $ 1,653,858
Gross profit                                                            $    75,228                                                 $    140,230                                               $  118,551                                                 $ 12,534                                               $   346,543
Margin                                                                          7.4  %                                                      32.1 %                                                   60.9 %                                                   99.9 %                                                    21.0 %
Fuel gallons                                                                444,800
Three months ended 4/30/2014
Revenue                                                                 $ 1,366,951                                                 $    378,251                                               $  162,977                                                 $ 11,387                                               $ 1,919,566
Gross profit                                                            $    52,936                                                 $    121,388                                               $   97,924                                                 $ 11,372                                               $   283,620
Margin                                                                          3.9  %                                                      32.1 %                                                   60.1 %                                                   99.9 %                                                    14.8 %
Fuel gallons                                                                403,767
 
                                                                                                                                   Revenue and Gross Profit by Category (Amounts in thousands)
                                                                                                                                   Grocery & Other                                              Prepared Food
Year ended 4/30/2015                                                         Fuel                                                    Merchandise                                                 & Fountain                                                  Other                                                    Total
                                                                       ----------------                                          ------------------                                          ------------------                                          -------------                                          ----------------
Revenue                                                                 $ 5,144,385                                                 $  1,794,822                                               $  780,887                                                 $ 47,122                                               $ 7,767,216
Gross profit                                                            $   351,155                                                 $    575,510                                               $  466,056                                                 $ 47,064                                               $ 1,439,785
Margin                                                                          6.8  %                                                      32.1 %                                                   59.7 %                                                   99.9 %                                                    18.5 %
Fuel gallons                                                              1,816,596
Year ended 4/30/2014
Revenue                                                                 $ 5,554,580                                                 $  1,583,234                                               $  659,176                                                 $ 43,265                                               $ 7,840,255
Gross profit                                                            $   267,872                                                 $    507,936                                               $  402,996                                                 $ 43,212                                               $ 1,222,016
Margin                                                                          4.8  %                                                      32.1 %                                                   61.1 %                                                   99.9 %                                                    15.6 %
Fuel gallons                                                              1,665,600
                                                                                                                                                                                              
                                                                                                                                                                                                                                          
                                                                                                                        Fuel Gallons                                                                                                                                                                                                                                                                                                                                                    Fuel Margin
                                                                                                                   Same-store Sales Growth                                                                                                                                                                                                                                                                                                              (Cents per gallon, excluding credit card fees)
            Q1         Q2         Q3         Q4        Fiscal                                                                              Q1                       Q2                       Q3                       Q4                     Fiscal
                                                                                                                                                                                                                                                      Year                                                                                                                                                                                                                                                                                                                                                                                Year
                                                -----                                            -----                                            -----                                            -----                                            -------                                                                                                           ------------------                                             ------------------                                             ------------------                                             ------------------                                             ------------------
F2015                                            3.0 %                                            2.3 %                                            2.2 %                                            3.5 %                                            2.6 %                                             F2015                                                             18.9 ?                                              19.5 ?                                              22.0 ?                                              16.9 ?                                              19.3 ?
F2014                                            3.2                                              4.2                                              3.8                                              1.8                                              3.1                                               F2014                                                             21.4                                                           16.0                                                           13.6                                                           13.1                                                           16.1
F2013                                           (0.2 )                                           (0.4 )                                            0.6                                              1.0                                              0.1                                               F2013                                                             14.2                                                           14.2                                                           13.1                                                           16.3                                                           14.4
                                                                                                                                                                                                                                                                                                     
                                                                                                                 Grocery & Other Merchandise                                                                                                                                                                                                                                                                                                                                    Grocery & Other Merchandise
                                                                                                                   Same-store Sales Growth                                                                                                                                                                                                                                                                                                                                  Margin
                                                  Q1                                               Q2                                               Q3                                               Q4                                              Fiscal                                                                                                                    Q1                                                             Q2                                                             Q3                                                             Q4                                                           Fiscal
                                                                                                                                                                                                                                                      Year                                                                                                                                                                                                                                                                                                                                                                                Year
                                                -----                                            -----                                            -----                                            -----                                            -------                                                                                                           ------------------                                             ------------------                                             ------------------                                             ------------------                                             ------------------
F2015                                            7.7 %                                            6.6 %                                            7.7 %                                            9.7 %                                            7.8 %                                             F2015                                                          32.5 %                                                         32.3 %                                                         31.2 %                                                         32.1 %                                                         32.1 %
F2014                                            6.1                                             10.2                                              6.5                                              7.2                                              7.4                                               F2014                                                          32.7                                                           32.3                                                           31.1                                                           32.1                                                           32.1
F2013                                            2.6                                             (0.7 )                                            3.2                                             (0.2 )                                            0.8                                               F2013                                                          33.4                                                           33.4                                                           31.7                                                           31.7                                                           32.6
                                                                                                                                                                                                                                                                                                     
                                                                                                                  Prepared Food & Fountain                                                                                                                                                                                                                                                                                                                                       Prepared Food & Fountain
                                                                                                                   Same-store Sales Growth                                                                                                                                                                                                                                                                                                                                  Margin
                                                  Q1                                               Q2                                               Q3                                               Q4                                              Fiscal                                                                                                                    Q1                                                             Q2                                                             Q3                                                             Q4                                                           Fiscal
                                                                                                                                                                                                                                                      Year                                                                                                                                                                                                                                                                                                                                                                                Year
                                                -----                                            -----                                            -----                                            -----                                            -------                                                                                                           ------------------                                             ------------------                                             ------------------                                             ------------------                                             ------------------
F2015                                           11.1 %                                           11.1 %                                           14.1 %                                           13.5 %                                           12.4 %                                             F2015                                                          59.9 %                                                         59.3 %                                                         58.7 %                                                         60.9 %                                                         59.7 %
F2014                                           11.9                                             12.3                                             10.7                                             12.1                                             11.8                                               F2014                                                          61.8                                                           61.8                                                           60.8                                                           60.1                                                           61.1
F2013                                           10.6                                             10.1                                             11.6                                              4.4                                              8.6                                               F2013                                                          63.5                                                           62.5                                                           60.6                                                           60.5                                                           61.8
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

Corporate information is available at this Web site: http://www.caseys.com . Earnings will be reported during a conference call on June 9, 2015. The call will be broadcast live over the Internet at 9:30 a.m. CDT via the Investor Relations section of our Web site and will be available in an archived format.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150608006555r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20150608006555/en/

SOURCE: Casey’s General Stores, Inc.

Casey’s General Stores, Inc. 
Bill Walljasper, 515-965-6505


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