Casey�s General Stores, Inc. (Nasdaq: CASY) today reported
earnings for the fourth quarter and the fiscal year ended April 30,
2009. For the quarter, basic earnings per share from continuing
operations were $0.31 compared to $0.28 a year ago. For the year,
basic earnings per share were $1.69, up from $1.68 in fiscal 2008.
The results include a $9.1 million pre-tax charge related to the
previously disclosed settlement of two wage and hour lawsuits.
Without the effect of the settlement, earnings would have been
approximately $1.80 for the year. �Despite this charge and a very
challenging economy, we were able to achieve record earnings and we
anticipate continuing our strong performance in fiscal 2010,� said
President and CEO Robert J. Myers.
Gasoline�Casey�s annual goal in fiscal 2009 was to
increase same-store gasoline gallons sold 2% with an average margin
of 10.8 cents per gallon. For the year, same-store gallons were up
1% with an average margin of 12.9 cents per gallon. �The high
retail price environment held same-store gallons in check during
the first half of the fiscal year,� said Myers. �However,
same-store gallons improved during the second half of the year as
retail prices declined.� Same-store gallons sold were up 1.2% for
the fourth quarter with an average margin of 12.1 cents.
Grocery and Other Merchandise�The Company�s goal was to
increase same-store sales 7% with an average margin of 33.2%. For
the fiscal year, same-store sales rose 5.9% with an average margin
of 33.5%; up 40 basis points from a year ago. Gains made in the
cigarette area and the continued popularity of high-margin
beverages were significant contributors to the growth. �We are
pleased with this category�s performance over the past several
years and remain encouraged about future growth opportunities,�
stated Myers. For the quarter, same-store sales increased 8% with
an average margin of 32.9%.
Prepared Food and Fountain�Casey�s annual goal was to
increase same-store sales 6.8% with a margin of 61.2%. Same-store
sales increased 9.1% during fiscal 2009, with an average margin of
61.4%. �The Company benefited from strategic price increases
implemented early in the year and was successful in negotiating a
forward buy that locked in our cheese cost through October 2009,�
said Myers. �In fiscal 2010 we intend to maintain the momentum by
expanding our coffee and fountain selections, introducing new menu
items and continuing the roll-out of our made-to-order sub sandwich
program.� Total sales for the year were up 11.2% to $335.6 million.
Same-store sales in the fourth quarter rose 7.2%, with a margin of
62.7%; up 180 basis points from the fourth quarter a year ago.
Operating Expenses�For the fiscal year, operating
expenses increased 6.2%. In the fourth quarter, operating expenses
were up 7.1%. Without the effect of the lawsuit settlement,
operating expenses would have been up only 4.3% for the year and
down 0.6% in the quarter. �Lower fuel prices during the second half
of the year helped reduce our transportation costs and credit card
fees,� stated Myers.
Expansion�The goal for fiscal 2009 was to increase the
total number of stores 4%. For the year, the Company increased the
store count by approximately 2%, with 16 new store constructions
and 16 acquired stores. �In addition to unit growth, we continue to
replace and remodel existing locations to meet the changing needs
of our customers,� stated Myers. �During fiscal 2009 we replaced 14
stores and completed 2 remodels utilizing the features of our new
store design.�
Fiscal 2010 Goals�Myers shared four corporate performance
goals for fiscal 2010:
- Increase same-store gasoline
gallons sold 2% with an average margin of 11 cents per gallon.
- Increase same-store grocery and
other merchandise sales 8.9% with an average margin of 33.9%.
- Increase same-store prepared
food and fountain sales 7.5% with an average margin of 62%.
- Increase the total number of
stores by 4%.
Dividends�At its June meeting, the Board of Directors
increased the quarterly dividend to $0.085 per share. The dividend
is payable August 17, 2009 to shareholders of record on August 3,
2009.
Casey�s General Stores,
Inc.Condensed Consolidated Statements of
Earnings(Dollars in thousands, except per share amounts)
� �
�
Three months ended April 30,
�
Year ended April 30,
�
2009
�
�
2008
�
2009
�
�
2008
Total revenue
$ 883,015 $ 1,204,723
$
4,687,895 $ 4,828,793
Cost of goods sold (exclusive
of�depreciation and amortization,�shown separately below)
�
710,859
�
1,046,139
�
3,964,513
�
4,142,552
Gross profit
172,156 158,584
723,382 686,241
Operating expenses
125,325 116,975
504,181 474,794
Depreciation and amortization
17,369 16,973
69,406
67,651 Interest, net
2,892 2,780
10,626 9,792
Earnings from continuing
operations�before income taxes
26,570
21,856
139,169
134,004
Federal and state income taxes
10,997 7,401
53,425
49,031
Earnings from continuing
operations
15,573 14,455
85,744 84,973
Loss on discontinued
operations,�net of tax benefit of $12, $32,�$35 and $52
�
18
�
49
�
54
�
82
Net earnings
$ 15,555 $ 14,406
$ 85,690
$ 84,891 Basic Earnings from continuing operations
$
.31 $ .28
$ 1.69 $ 1.68
Loss on discontinued operations,
net of�tax benefit
---- ----
---- ---- Net earnings per common share
$ .31 $ .28
$ 1.69 $ 1.68 Diluted
Earnings from continuing operations
$ .31 $ .28
$ 1.68 $ 1.67
Loss on discontinued operations,
net of�tax benefit
---- ----
---- ---- Net earnings per common share
$ .31 $ .28
$ 1.68 $ 1.67
Casey�s General Stores,
Inc.
Condensed Consolidated Balance
Sheets
(Dollars in thousands)
� �
April 30,
April 30,
2009 2008
Assets Current assets Cash and cash
equivalents
$ 145,695 $ 154,523 Receivables
10,888 16,662 Inventories
106,528 124,503 Prepaid
expenses
1,394 1,419 Deferred income taxes
11,895
8,398 Income taxes receivable
8,327 7,751 Total current
assets � �
284,727 � � 313,256 Property and equipment, at
cost Land
273,406 249,842 Buildings and leasehold
improvements
568,366 523,748 Machinery and equipment
711,090 655,270 Leasehold interest in property and equipment
17,924 15,194
1,570,786 1,444,054 Less accumulated
depreciation and amortization
652,376 595,316 Net property
and equipment
918,410 848,738 Other assets, net of
amortization
8,582 8,898 Goodwill
50,976 48,308 Total
assets �
$ 1,262,695 � $ 1,219,200 �
Liabilities
and Shareholders' Equity Current liabilities Current maturities
of long-term debt
$ 28,442 $ 34,383 Accounts payable
115,436 163,343 Accrued expenses Wages and related taxes
23,155 13,816 Property taxes
14,156 13,877 Insurance
19,111 18,265 Other
20,943 15,415 Total current
liabilities � �
221,243 � � 259,099 Long-term debt, net of
current maturities
167,887 181,443 Deferred income taxes
125,536 105,959 Deferred compensation
11,085 10,201
Other long-term liabilities
15,914 15,026 Total liabilities
541,665 571,728 � Total shareholders' equity
721,030
647,472 � � Total liabilities and shareholders' equity �
$
1,262,695 � $ 1,219,200
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)
� � � � �
Year ended
4/30/09
Gasoline
Grocery & Other
Merchandise
Prepared Food
& Fountain
Other
Total
�
Sales $ 3,321,549 $ 1,010,018
$ 335,587 $ 20,741 $
4,687,895 Gross profit $ 159,787
$ 338,135 $ 205,954 $
19,506 $ 723,382 Margin 4.8%
33.5% 61.4% 94.0% 15.4% �
Gasoline
gallons 1,241,502 � Year ended
4/30/08
� Sales $ 3,559,245 $ 943,118 $ 301,702 $ 24,728 $ 4,828,793 Gross
profit $ 168,934 $ 311,959 $ 188,002 $ 17,346 $ 686,241 Margin 4.7%
33.1% 62.3% 70.1% 14.2% � Gasoline gallons � � 1,214,932 � � � � �
� � � � � � �
Gasoline Gallons Gasoline Margin
Same-store Sales Growth (Cents per gallon, excluding credit
card fees) � � � � � Fiscal � � � � � Fiscal
Q1
Q2
Q3
Q4
Year
Q1
Q2
Q3
Q4
Year
F2009 0.5 % 0.2 % 2.1
% 1.2 % 1.0 % F2009
15.6� 13.7� 9.9� 12.1� 12.9�
F2008 0.3 -1.6 -3.9 -2.5 -2.0 F2008 15.8 13.6 13.5 12.6 13.9 F2007
� -2.9 � � 2.7 � � 4.0 � � 2.8 � � 1.4 � F2007 � 9.8 � � 9.4 � �
10.5 � � 11.8 � � 10.4 � � �
Grocery & Other Merchandise
Grocery & Other Merchandise Same-store Sales
Growth Margin Fiscal Fiscal
Q1
Q2
Q3
Q4
Year
Q1
Q2
Q3
Q4
Year
F2009 4.7 % 4.9 % 6.5
% 8.0 % 5.9 % F2009
34.0 % 33.9 % 32.9 %
32.9 % 33.5 % F2008 9.1 11.2 5.4 3.6
7.3 F2008 34.0 33.1 31.9 33.2 33.1 F2007 � 2.3 � � 3.5 � � 6.7 � �
7.3 � � 4.6 � F2007 � 32.2 � � 32.6 � � 30.8 � � 35.0 � � 32.7 � �
�
Prepared Food & Fountain Prepared Food &
Fountain Same-store Sales Growth Margin Fiscal
Fiscal
Q1
Q2
Q3
Q4
Year
Q1
Q2
Q3
Q4
Year
F2009 12.3 % 9.3 % 8.1
% 7.2 % 9.1 % F2009
60.5 % 60.6 % 61.8 %
62.7 % 61.4 % F2008 9.5 10.6 8.4 11.2
9.8 F2008 61.7 63.0 63.6 60.9 62.3 F2007 � 9.5 � � 13.7 � � 11.9 �
� 8.5 � � 11.0 � F2007 � 62.9 � � 61.6 � � 62.1 � � 61.6 � � 62.0 �
Corporate information is available at
this Web site: http://www.caseys.com. Earnings will be reported
during a conference call on June 16, 2009. 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.
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