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Casey’s General Stores, Inc.$119.30$.59.50%

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 Casey’s Finishes Year with Record Earnings
   Monday, June 06, 2016 4:15:00 PM ET

Casey’s General Stores, Inc. (Nasdaq symbol CASY) today reported diluted earnings per share of $1.19 for the fourth quarter of fiscal year ended April 30, 2016 compared to $1.05 for the same period a year ago. For the year, diluted earnings per share grew 24% to $5.73 versus $4.62 for the same period last year. "Fiscal 2016 was an exciting year for Casey’s. We successfully opened our second distribution center in Terre Haute, Indiana, and launched our mobile app in conjunction with rolling out on-line ordering across all our stores," said Terry Handley, President and CEO. "Total gross profit was up over 12% for the year and the Company is positioned well for continued strong performance in fiscal 2017."

Fuel - The Company’s annual goal for fiscal 2016 was to increase same-store gallons sold 2% with an average margin of 16.7 cents per gallon. For the year, same-store gallons sold were up 3% with an average margin of 19.6 cents per gallon. For the quarter, same-store gallons rose 4.6% with an average margin of 17.8 cents per gallon. The Company sold 12.7 million renewable fuel credits for $9.1 million in the fourth quarter. "Same-store gallons sold benefited from lower retail fuel prices throughout the fiscal year," said Handley. "The fuel margin remained strong throughout the year, aided in part by favorable renewable fuel credit values." For fiscal 2016, total gallons sold were up 7.4% to 2.0 billion, while gross profit rose 8.7% to $381.7 million.

Grocery and Other Merchandise - Casey’s goal was to increase same-store sales 6.2% with an average margin of 32.1%. For the year, same-store sales were up 7.1% with an average margin of 31.9%. For the fourth quarter, same-store sales were up 7.4% with an average margin of 32.1%. "For the year, cigarette sales continued to lead the category as customers traded up to premium brands in response to lower retail fuel prices," said Handley. "The margin fell slightly below goal primarily due to the increased contribution of cigarettes to the category, however, gross profit dollars rose 9.3% to $629.2 million." For the year, total sales were up 10% to $2.0 billion.

Prepared Food and Fountain - Casey’s annual goal was to increase same-store sales 10.4% with an average margin of 60.8%. For the year, same-store sales were up 8.4% with an average margin of 62.5%. For the fourth quarter, same-store sales were up 8.2% with an average margin of 61.9%. "Several of our ongoing growth programs were implemented toward the end of fiscal 2016, which contributed to same-store sales falling below our annual goal in the back half of the year. We also cycled against strong results from the same period a year ago," said Handley. "The margin for the fiscal year was up 280 basis points from the prior fiscal year as we benefited from lower commodity costs. We are optimistic about this category going forward as we have implemented on-line ordering in all our stores, locked in favorable cheese costs through December 2016 and continue to roll out major remodels, 24 hour conversions, and pizza delivery." For fiscal 2016, total sales were up 12.8% to $880.7 million, and gross profit dollars were up 18.1% at $550.3 million.

Operating Expenses - For the fiscal year, operating expenses increased 9.7% to $1.1 billion. For the fourth quarter, operating expenses were up 12.9%. "The primary reason for the increase for both year-to-date and fourth quarter was due to operating more stores compared to the same periods a year ago, along with the various growth programs impacting our existing stores," said Handley.

Expansion - The Company’s annual goal was to build or acquire 75 to 113 stores, replace 10 existing locations, and complete 100 major remodels. For the fiscal year, the Company completed 51 new store constructions and acquired 5 stores. The Company also completed 11 replacement stores and 102 major remodels. "We have dedicated more resources to our store development area over the past year. As a result, we currently have a robust pipeline of projects with 21 stores under construction and an additional 75 sites under contract for future new store construction, including numerous sites in Ohio," stated Handley. "With our new distribution center in Terre Haute, we can efficiently build or acquire in a considerably larger geographical footprint."

Fiscal 2017 goals - The corporate performance goals for fiscal 2017 are as follows:

-- Increase same-store fuel gallons sold 2% with an average margin of 18.4 cents per gallon

-- Increase same-store grocery and other merchandise sales 6.2% with an average margin of 32%

-- Increase same-store prepared food and fountain sales 10.2% with an average margin of 62.5%

-- Build or acquire 77 to 116 stores, replace 35 existing locations, and complete 100 major remodels

Dividend - At its June meeting, the Board of Directors increased the quarterly dividend to $.24 per share. The dividend is payable August 15th to shareholders of record on August 1st, 2016.

 
                                                                                                                                         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,
                                                                                                                        2016                     2015                                                            2016                          2015
                                                                                                          --------------------------------                                          ----------                                           --------------------------------                                          --------------------
Total revenue                                                                                                       $           1,582,954                                            1,653,858                                                     $           7,122,086                                                      7,767,216
Cost of goods sold (exclusive of depreciation and amortization,                                              1,194,734                                            1,307,315                                              5,508,465                                                      6,327,431
shown separately below)
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Gross profit                                                                                                                      388,220                                              346,543                                                                 1,613,621                                                      1,439,785
Operating expenses                                                                                                                262,620                                              232,543                                                                 1,053,805                                                        960,424
Depreciation and amortization                                                                                                      45,909                                               42,156                                                                   170,937                                                        156,111
Interest, net                                                                                                    9,948                                               10,168                                                 40,173                                                         41,225
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Income before income taxes                                                                                                         69,743                                               61,676                                                                   348,706                                                        282,025
Federal and state income taxes                                                                                  22,699                                               20,333                                                122,724                                                        101,397
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Net income                                                                                                          $              47,044                                               41,343                                                     $             225,982                                                        180,628
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Net income per common share
   Basic                                                                                                            $                1.20                                                 1.06                                                     $                5.79                                                           4.66
                                                                                                          ==================== ==========                                           ==========                                           ==================== ==========                                           ====================
   Diluted                                                                                                          $                1.19                                                 1.05                                                     $                5.73                                                           4.62
                                                                                                          ==================== ==========                                           ==========                                           ==================== ==========                                           ====================
Basic weighted average shares                                                                                                  39,053,737                                           38,868,593                                                                39,016,299                                                     38,743,227
Plus effect of stock compensation                                                                              408,585                                              369,888                                                405,900                                                        360,606
                                                                                                          -------------------- ----------                                           ----------                                           -------------------- ----------                                           --------------------
Diluted weighted average shares                                                                             39,462,322                                           39,238,481                                             39,422,199                                                     39,103,833
                                                                                                          ==================== ==========                                           ==========                                           ==================== ==========                                           ====================
                                                                                                                                                                                                                                                                                                                    
 
                                                                                         Casey’s General Stores, Inc.
                                                                                                  Condensed Consolidated Balance Sheets
                                                                                                         (Dollars in thousands)
                                                                                                               (Unaudited)
 
                                                                                     April 30, 2016                             April 30, 2015
                                                                                                                ------------------------------------                                          ------------------------------------------
Assets
Current assets
   Cash and cash equivalents                                                                                              $                  75,775                                                     $                        48,541
   Receivables                                                                                                                               27,701                                                                              22,609
   Inventories                                                                                                                              204,988                                                                             197,331
   Prepaid expenses                                                                                                                           3,008                                                                               2,025
   Deferred income taxes                                                                                                             --                                                                              15,531
   Income tax receivable                                                                                                  14,413                                                           19,223
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total current assets                                                                                                     325,885                                                          305,260
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Other assets, net of amortization                                                                                                            19,222                                                                              18,295
Goodwill                                                                                                                                    128,566                                                                             127,046
Property and equipment, net of accumulated depreciation of                                                             2,252,475                                                        2,019,364
$1,340,249 at April 30, 2016 and $1,185,246 at April 30, 2015
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total assets                                                                                                              $               2,726,148                                                     $                     2,469,965
                                                                                                                ==================== ==============                                           ==================== ====================
Liabilities and Shareholders’ Equity
Current liabilities
   Current maturities of long-term debt                                                                                                      15,375                                                                              15,398
   Accounts payable                                                                                                                         241,207                                                                             226,577
   Accrued expenses                                                                                                      130,989                                                          122,914
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total current liabilities                                                                                                387,571                                                          364,889
                                                                                                                -------------------- --------------                                           -------------------- --------------------
   Long-term debt, net of current maturities                                                                                                822,869                                                                             838,245
   Deferred income taxes                                                                                                                    394,934                                                                             354,973
   Deferred compensation                                                                                                                     17,813                                                                              17,645
   Other long-term liabilities                                                                                            19,498                                                           18,984
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total liabilities                                                                                                      1,642,685                                                        1,594,736
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total shareholders’ equity                                                                  1,083,463                                                          875,229
                                                                                                                -------------------- --------------                                           -------------------- --------------------
Total liabilities and shareholders’ equity                                                     $               2,726,148                                                     $                     2,469,965
                                                                                                                ==================== ==============                                           ==================== ====================
                                                                                                                                                                                                                    

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.

In the quarter ended April 30, 2016, the Company adopted the provisions of ASU 2015-17 "Balance Sheet Classification of Deferred Taxes", on a prospective basis. The guidance requires that all deferred tax assets and deferred tax liabilities be classified as noncurrent on the balance sheet. Prior periods have not been impacted by this adoption.

 
                                                                                                                                     Revenue and Gross Profit by Category (Amounts in thousands)
                                                                                                                 
Three months ended 4/30/2016                                                 Fuel                                                  Grocery & Other                                              Prepared Food                                                Other                                                      Total
                                                                                                                                     Merchandise                                                 & Fountain
                                                                       -------------                                             ---------------                                             ---------------                                             ----------                                             ------------------
Revenue                                                                 $   873,081                                                 $    477,487                                               $  218,349                                                 $ 14,037                                                 $   1,582,954
Gross profit                                                            $    85,828                                                 $    153,299                                               $  135,073                                                 $ 14,020                                                 $     388,220
Margin                                                                          9.8 %                                                       32.1 %                                                   61.9 %                                                   99.9 %                                                        24.5 %
Fuel gallons                                                                482,160
Three months ended 4/30/2015
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
 
                                                                                                                                     Revenue and Gross Profit by Category (Amounts in thousands)
                                                                                                                                                                                                                                                                                                                 
Year ended 4/30/2016                                                         Fuel                                                  Grocery & Other                                              Prepared Food                                                Other                                                      Total
                                                                                                                                     Merchandise                                                 & Fountain
                                                                       -------------                                             ---------------                                             ---------------                                             ----------                                             ------------------
Revenue                                                                 $ 4,214,802                                                 $  1,974,073                                               $  880,713                                                 $ 52,498                                                 $   7,122,086
Gross profit                                                            $   381,659                                                 $    629,234                                               $  550,292                                                 $ 52,436                                                 $   1,613,621
Margin                                                                          9.1 %                                                       31.9 %                                                   62.5 %                                                   99.9 %                                                        22.7 %
Fuel gallons                                                              1,951,814
Year ended 4/30/2015
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
                                                                                                                                                                                              
                                                                                                                                                                                                                                        
                                                                                                                        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
                                                -----                                            -----                                            -----                                            -----                                            -------                                                                                            ---------------                                             ---------------                                             ---------------                                             ---------------                                             -----------------
F2016                                            3.4 %                                            3.3 %                                            1.6 %                                            4.6 %                                            3.0 %                                             F2016                                           17.5 ?                                           24.7 ?                                           18.1 ?                                           17.8 ?                                             19.6 ?
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
                                                                                                                                                                                                                                                                                
                                                                                                                 Grocery & Other Merchandise                                                                                                                                                                                                                                                                                                        Grocery & Other Merchandise
                                                                                                                   Same-store Sales Growth                                                                                                                                                                                                                                                                                                      Margin
                                                  Q1                                               Q2                                               Q3                                               Q4                                              Fiscal                                                                                      Q1                                                          Q2                                                          Q3                                                          Q4                                                         Fiscal
                                                                                                                                                                                                                                                      Year                                                                                                                                                                                                                                                                                                                                       Year
                                                -----                                            -----                                            -----                                            -----                                            -------                                                                       ------------------------------                              ------------------------------                              ------------------------------                              ------------------------------                              --------------------------------
F2016                                            7.0 %                                            7.5 %                                            7.1 %                                            7.4 %                                            7.1 %                        F2016                                                                32.6 %                                                      31.5 %                                                      31.2 %                                                      32.1 %                                                        31.9 %
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
                                                                                                                                                                                                                                                                                
                                                                                                                  Prepared Food & Fountain                                                                                                                                                                                                                                                                                                           Prepared Food & Fountain
                                                                                                                   Same-store Sales Growth                                                                                                                                                                                                                                                                                                      Margin
                                                  Q1                                               Q2                                               Q3                                               Q4                                              Fiscal                                                                                      Q1                                                          Q2                                                          Q3                                                          Q4                                                         Fiscal
                                                                                                                                                                                                                                                      Year                                                                                                                                                                                                                                                                                                                                       Year
                                                -----                                            -----                                            -----                                            -----                                            -------                                                                       ------------------------------                              ------------------------------                              ------------------------------                              ------------------------------                              --------------------------------
F2016                                           10.3 %                                            9.4 %                                            6.0 %                                            8.2 %                                            8.4 %                        F2016                                                                62.5 %                                                      63.4 %                                                      62.0 %                                                      61.9 %                                                        62.5 %
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
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

Corporate information is available at this Web site: http://www.caseys.com . Earnings will be reported during a conference call on June 7, 2016. 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=20160606006362r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20160606006362/en/

SOURCE: Casey’s General Stores, Inc.

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


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