Casey's General Stores, Inc. One Convenience Blvd. Ankeny, IA 50021
Nasdaq Symbol CASY CONTACT Bill Walljasper (515) 965-6505
Casey's Posts Strong Revenue Growth for Fiscal 2014 Ankeny, IA, June 9, 2014-Casey's General Stores, Inc. (Nasdaq symbol CASY) today reported diluted earnings per share of $0.59 for the fourth quarter of fiscal year ended April 30, 2014 compared to $0.60 for the same period a year ago. For the year, diluted earnings per share were$3.46 versus $2.86 for the same period last year. "Inside sales were up over 13% for the fiscal year, and total fuel gallons sold increased by over 8%," said Chairman and CEO Robert J. Myers. "We were able to add new stores and acquisitions in a disciplined manner while at the same time enhance the performance of our existing store base."
Fuel-The Company's annual goal for fiscal 2014 was to increase same-store gallons sold 1.5% with an average margin of 15 cents per gallon. Annual same-store gallons sold were up 3.1% with an average margin of 16.8 cents per gallon. For the quarter, same-store gallons rose 1.8% with an average margin of 13.8 cents per gallon. The Company sold 12.1 million renewable fuel credits for
$5.7 million in the fourth quarter. "Fuel margins tightened in the fourth quarter primarily due to less volatility of wholesale costs," said Myers. "The fuel saver program provided a boost to same- store gallons for both the fourth quarter and the year." For fiscal 2014, total gallons sold were up
8.5% to 1.7 billion, while gross profit dollars rose 20% to $280.1 million.
11.6% to $1.6 billion, while gross profit dollars rose 9.8% to $507.9 million.
Prepared Food and Fountain-Casey's annual goal was to increase same-store sales 9% with an average margin of 62%. For the year, same-store sales were up 11.8% with an average margin of
61.1%. Same-store sales for the fourth quarter increased 12.1% with an average margin of 60.1%. "Even though rising cheese and meat costs adversely impacted the margin, we were still able to grow gross profit dollars by over 16% in the fourth quarter compared to the same period last year," said Myers. "Our sales continue to benefit from expanding operations to 24-hours a day, adding pizza delivery, and completing major remodels. We also implemented strategic price increases at the start of fiscal 2015 to partially offset rising input costs." For fiscal 2014, total sales were up
16.7% to $659.2 million, while gross profit dollars rose 15.5% to $403 million.
also completed 20 replacements as well as 25 major remodels. "We continue to execute our prudent growth strategy of blending new store growth with acquisitions, and reached a milestone in the fourth quarter as we now operate over 1,800 stores," said Myers. "Casey's is off to a great start to fiscal 2015 as we completed the 24-store Stop-n-Go acquisition in May." The Company currently has 27 new stores and 23 replacement stores under construction, as well as 38 new sites, 28 replacement sites, and 5 acquisition stores under contract to purchase. The Company recently announced plans to build a second distribution center in Terre Haute, Indiana to facilitate store growth as well as provide a more efficient distribution system to the existing chain.
Fiscal 2015 Goals-The corporate performance goals for fiscal 2015 are as follows:
• Increase same-store fuel gallons sold 1% with an average margin of 15.3 cents per gallon
• Increase same-store grocery & other merchandise sales 5.3% with an average margin of
32.1%
• Increase same-store prepared food & fountain sales 9.5% with an average margin of 60%
• Build or acquire 72 to 108 stores and replace 25 existing locations
Dividend-At its June meeting, the Board of Directors increased the quarterly dividend to $0.20 per share. The dividend is payable August 15th to shareholders of record on August 1st, 2014.
Condensed Consolidated
Statements of Income
(Dollars in thousands, except share and per share amounts) (Unaudited)
Three months ended April 30, Year ended April 30,
2014 2013 2014 2013
Total revenue $ 1,919,566 $ 1,808,529 $ 7,840,255 $ 7,250,840
Cost of goods sold (exclusive of depreciation and amortization,
shown separately below) 1,632,991 1,542,137 6,605,996 6,168,475
Gross profit 286,575 266,392 1,234,259 1,082,365
Operating expenses 210,123 191,054 857,297 760,365
Depreciation and amortization 35,556 29,910 131,160 111,823
Interest, net 10,119 8,743 39,270 35,048
Income before income taxes 30,777 36,685 206,532 175,129
Federal and state income taxes 7,961 13,413 72,018 64,504
Net Income $ 22,816 $ 23,272 $ 134,514 $ 110,625
Net income per common share
Basic $ .59 $ .61 $ 3.50 $ 2.89
Diluted $ .59 $ .60 $ 3.46 $ 2.86
Basic weighted average shares 38,499 38,342 38,458 38,297
Plus effect of stock compensation 425 353 410 323
Diluted weighted average shares 38,924 38,695 38,868 38,620
Casey's General Stores, Inc. Condensed Consolidated Balance Sheets (Dollars in thousands)
(Unaudited)
Assets
Current assets
April 30, April 30,
2014 2013
Cash and cash equivalents $ 121,641 $ 41,271
Receivables 25,841 20,900
Inventories 204,833 189,514
Prepaid expenses 1,478 1,396
Deferred income taxes 11,878 9,916
Income tax receivable 12,473 9,820
Total current assets 378,144 272,817
Other assets, net of amortization 15,947 14,485
Goodwill 120,406 114,791
Property and equipment, net of
accumulated depreciation of $1,062,278 at
April 30, 2014, and of $952,286 at April 30, 2013 1,778,965 1,581,925
Total assets $ 2,293,462 $ 1,984,018
Liabilities and Shareholders' Equity
Current liabilities
Notes payable to bank $ -------- $ 59,100
Current maturities of long-term debt 553 15,810
Accounts payable 250,807 232,913
Accrued expenses 111,583 89,925
Total current liabilities 362,943 397,748
Long-term debt, net of current maturities 853,642 653,081
Deferred income taxes 317,953 293,708
Deferred compensation 16,558 15,787
Other long-term liabilities 22,500 21,399
Total liabilities 1,573,596 1,381,723
Total shareholders' equity 719,866 602,295
Total liabilities and shareholders' equity $ 2,293,462 $ 1,984,018
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.
Sales and Gross Profit by Product (Amounts in thousands)
Three months ended 04/30/14 | Fuel | Grocery & Other Merchandise | Prepared Food & Fountain | Other | Total |
Sales | $ 1,366,951 | $ 378,251 | $ 162,977 | $ 11,387 | $1,919,566 |
Gross profit | $ 55,891 | $ 121,388 | $ 97,924 | $ 11,372 | $ 286,575 |
Margin | 4.1% | 32.1% | 60.1% | 99.9% | 14.9% |
Fuel gallons | 403,767 | ||||
Three months ended 04/30/13 | |||||
Sales | $ 1,319,371 | $ 340,263 | $ 138,642 | $ 10,253 | $1,808,529 |
Gross profit | $ 64,287 | $ 107,963 | $ 83,902 | $ 10,240 | $ 266,392 |
Margin | 4.9% | 31.7% | 60.5% | 99.9% | 14.7% |
Fuel gallons | 378,062 |
Sales and Gross Profit by Product (Amounts in thousands)
Year ended 04/30/14 | Fuel | Grocery & Other Merchandise | Prepared Food & Fountain | Other | Total |
Sales | $ 5,554,580 | $ 1,583,234 | $ 659,176 | $ 43,265 | $7,840,255 |
Gross profit | $ 280,115 | $ 507,936 | $ 402,996 | $ 43,212 | $1,234,259 |
Margin | 5.0% | 32.1% | 61.1% | 99.9% | 15.7% |
Fuel gallons | 1,665,600 | ||||
Year ended 04/30/13 | |||||
Sales | $ 5,229,157 | $ 1,418,711 | $ 564,924 | $ 38,048 | $7,250,840 |
Gross profit | $ 232,718 | $ 462,663 | $ 348,993 | $ 37,991 | $1,082,365 |
Margin | 4.5% | 32.6% | 61.8% | 99.9% | 14.9% |
Fuel gallons | 1,535,140 |
Fuel Gallons Fuel Margin
Same-store Sales Growth (Cents per gallon, excluding credit card fees)
Q1Q2Q3Q4FYQ1Q2Q3Q4FYF2014 3.2% 4.2% 3.8% 1.8% 3.1% F2014 22.1¢ 16.7¢ 14.4¢ 13.8¢ 16.8¢ F2013 -0.2 -0.4 0.6 1.0 0.1 F2013 14.9 14.9 13.8 17.0 15.2
F2012 -2.7 -2.9 -2.4 2.5 -1.5 F2012 17.2 16.7 13.6 13.7 15.3
Grocery & Other Merchandise Grocery & Other Merchandise
Same-store Sales Growth Margin
Q1Q2Q3Q4FYQ1Q2Q3Q4FYF2014 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
F2012 6.2 5.8 6.3 8.5 6.7 F2012 32.5 32.5 31.8 33.0 32.5
Prepared Food & Fountain Prepared Food & Fountain
Same-store Sales Growth Margin
Q1Q2Q3Q4FYQ1Q2Q3Q4FYF2014 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
F2012 15.3 14.2 12.6 16.8 14.3 F2012 61.2 59.5 61.2 60.8 60.7
Corporate information is available at this Web site: http://www.caseys.com. Earnings will be reported during a conference call on June 10, 2014. The call will be broadcast live over the Internet at 9:30 a.m. CST via the Investor Relations section of our Web site and will be available in an archived format.
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