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Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

Quarterly Report Under Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the Fiscal Quarter Ended July 31, 2014

Commission File Number 001-34700

 

 

CASEY’S GENERAL STORES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

IOWA   42-0935283

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

ONE CONVENIENCE BOULEVARD,

ANKENY, IOWA

  50021
(Address of principal executive offices)   (Zip Code)

(515) 965-6100

(Registrant’s telephone number, including area code)

NONE

(Former name, former address and former fiscal year, if changed since last report)

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of Accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   x    Accelerated filer   ¨
Non-accelerated filer   ¨     

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

  

Outstanding at September 2, 2014

Common stock, no par value per share

   38,649,999 shares

 

 

 


Table of Contents

CASEY’S GENERAL STORES, INC.

INDEX

 

             Page  

PART I

  FINANCIAL INFORMATION   
  Item 1.   Condensed Consolidated Financial Statements      3   
    Condensed consolidated balance sheets – July 31, 2014 and April 30, 2014 (unaudited)      3   
    Condensed consolidated statements of income – three months ended July 31, 2014 and 2013 (unaudited)      5   
    Condensed consolidated statements of cash flows – three months ended July 31, 2014 and 2013 (unaudited)      6   
    Notes to unaudited condensed consolidated financial statements      8   
  Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations      13   
  Item 3.   Quantitative and Qualitative Disclosure about Market Risk      22   
  Item 4.   Controls and Procedures      22   

PART II

  OTHER INFORMATION   
  Item 1.   Legal Proceedings      23   
  Item 1A.   Risk Factors      23   
  Item 6.   Exhibits      24   

SIGNATURE

       25   

 

2


Table of Contents

PART I—FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements

CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(DOLLARS IN THOUSANDS)

 

     July 31,      April 30,  
     2014      2014  

ASSETS

     

Current assets:

     

Cash and cash equivalents

   $ 116,747         121,641   

Receivables

     30,331         25,841   

Inventories

     218,403         204,833   

Prepaid expenses

     2,748         1,478   

Deferred income taxes

     12,225         11,878   

Income tax receivable

     —           12,473   
  

 

 

    

 

 

 

Total current assets

     380,454         378,144   
  

 

 

    

 

 

 

Other assets, net of amortization

     16,395         15,947   

Goodwill

     126,931         120,406   

Property and equipment, net of accumulated depreciation of $1,093,305 at July 31, 2014 and $1,062,278 at April 30, 2014

     1,852,807         1,778,965   
  

 

 

    

 

 

 

Total assets

   $ 2,376,587         2,293,462   
  

 

 

    

 

 

 

 

See notes to unaudited condensed consolidated financial statements.

 

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CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Continued)

(DOLLARS IN THOUSANDS)

 

     July 31,      April 30,  
     2014      2014  
LIABILITIES AND SHAREHOLDERS’ EQUITY      

Current liabilities:

     

Notes payable to bank

   $ —           —     

Current maturities of long-term debt

     427         553   

Accounts payable

     255,767         250,807   

Accrued expenses

     119,887         111,583   

Income taxes payable

     19,900         —     
  

 

 

    

 

 

 

Total current liabilities

     395,981         362,943   
  

 

 

    

 

 

 

Long-term debt, net of current maturities

     853,545         853,642   

Deferred income taxes

     320,136         317,953   

Deferred compensation

     16,938         16,558   

Other long-term liabilities

     19,033         22,500   
  

 

 

    

 

 

 

Total liabilities

     1,605,633         1,573,596   
  

 

 

    

 

 

 

Shareholders’ equity:

     

Preferred stock, no par value

     —           —     

Common stock, no par value

     40,402         33,878   

Retained earnings

     730,552         685,988   
  

 

 

    

 

 

 

Total shareholders’ equity

     770,954         719,866   
  

 

 

    

 

 

 
   $ 2,376,587         2,293,462   
  

 

 

    

 

 

 

See notes to unaudited condensed consolidated financial statements.

 

4


Table of Contents

CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)

 

     Three months ended July 31,  
     2014      2013  

Total revenue

   $ 2,291,186         2,114,749   

Cost of goods sold (exclusive of depreciation and amortization, shown separately below)

     1,917,010         1,769,239   
  

 

 

    

 

 

 

Gross profit

     374,176         345,510   
  

 

 

    

 

 

 

Operating expenses

     244,318         215,974   

Depreciation and amortization

     36,249         30,501   

Interest, net

     10,257         9,456   
  

 

 

    

 

 

 

Income before income taxes

     83,352         89,579   

Federal and state income taxes

     31,062         33,869   
  

 

 

    

 

 

 

Net income

   $ 52,290         55,710   
  

 

 

    

 

 

 

Net income per common share

     

Basic

   $ 1.35         1.45   
  

 

 

    

 

 

 

Diluted

   $ 1.34         1.43   
  

 

 

    

 

 

 

Basic weighted average shares outstanding

     38,616,340         38,393,076   

Plus effect of stock compensation

     390,121         434,809   
  

 

 

    

 

 

 

Diluted weighted average shares outstanding

     39,006,461         38,827,885   
  

 

 

    

 

 

 

See notes to unaudited condensed consolidated financial statements.

 

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Table of Contents

CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(DOLLARS IN THOUSANDS)

 

     Three months ended July 31,  
     2014     2013  

Cash flows from operating activities:

    

Net income

   $ 52,290       55,710  

Adjustments to reconcile net income to net cash provided by operating activities:

    

Depreciation and amortization

     36,249       30,501  

Other amortization

     108       93  

Stock-based compensation

     1,632       1,044  

Loss on disposal of assets and impairment charges

     242       916  

Deferred income taxes

     1,836       3,122  

Excess tax benefits related to stock option exercises

     (579     (440

Changes in assets and liabilities:

    

Receivables

     (4,490     (5,018

Inventories

     (11,362     (15,979

Prepaid expenses

     (1,270     (1,433

Accounts payable

     4,960       19,631  

Accrued expenses

     7,458       20,005  

Income taxes

     29,301       30,207  

Other, net

     (18     (126
  

 

 

   

 

 

 

Net cash provided by operating activities

     116,357       138,233  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchase of property and equipment

     (88,789     (72,456

Payments for acquisition of businesses, net of cash acquired

     (30,774     (1,669

Proceeds from sales of property and equipment

     557       449  
  

 

 

   

 

 

 

Net cash used in investing activities

     (119,006     (73,676
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from long-term debt

     —          150,000  

Repayments of long-term debt

     (223     (208

Net repayments of short-term debt

     —          (59,100

Proceeds from exercise of stock options

     4,313       900  

Payments of cash dividends

     (6,914     (6,913

Excess tax benefits related to stock option exercises

     579       440  
  

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     (2,245     85,119  
  

 

 

   

 

 

 

 

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CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Continued)

(DOLLARS IN THOUSANDS)

 

     Three months ended July 31,  
     2014     2013  

Net (decrease) increase in cash and cash equivalents

     (4,894     149,676  

Cash and cash equivalents at beginning of the period

     121,641       41,271  
  

 

 

   

 

 

 

Cash and cash equivalents at end of the period

   $ 116,747       190,947  
  

 

 

   

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION

 

     Three months ended July 31,  
     2014     2013  

Cash paid (received) during the period for:

    

Interest, net of amount capitalized

   $ 3,665        118  

Income taxes, net

     (106     540  

See notes to unaudited condensed consolidated financial statements.

 

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Table of Contents

CASEY’S GENERAL STORES, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(Dollars in Thousands, Except Share and Per Share Amounts)

1. Presentation of Financial Statements

The accompanying condensed consolidated financial statements include the accounts and transactions of the Company and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated in consolidation.

2. Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. Although management believes that the disclosures are adequate to make the information presented not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Company’s most recent audited financial statements and notes thereto. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of all normal recurring accruals) necessary to present fairly the financial position as of July 31, 2014 and April 30, 2014, and the results of operations for the three months ended July 31, 2014 and 2013, and cash flows for the three months ended July 31, 2014 and 2013.

3. Revenue Recognition

The Company recognizes retail sales of fuel, grocery and general merchandise, prepared food and fountain and commissions on lottery, newspapers, prepaid phone cards, and video rentals at the time of the sale to the customer. Renewable Identification Numbers (RINs) are treated as a reduction in cost of goods sold in the period the Company commits to a price and agrees to sell the RIN. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized pro rata over the period covered by the applicable rebate agreement. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold.

4. Long-Term Debt and Fair Value Disclosure

The fair value of the Company’s long-term debt is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt was approximately $894,000 and $841,000, respectively, at July 31, 2014 and April 30, 2014. The Company has an aggregate $100,000 line of credit with no balance owed at July 31, 2014 and April 30, 2014, respectively.

5. Disclosure of Compensation Related Costs, Share Based Payments

The 2009 Stock Incentive Plan (the “Plan”), was approved by the Board in June 2009 and approved by the shareholders in September 2009. The Plan replaced the 2000 Option Plan and the Non-employee Director Stock Plan (together, the “Prior Plans”).

 

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Table of Contents

There are 3,916,668 shares still available for grant at July 31, 2014. Awards made under the Plan may take the form of stock options, restricted stock or restricted stock units. Each share issued pursuant to a stock option will reduce the shares available for grant by one, and each share issued pursuant to an award of restricted stock or restricted stock units will reduce the shares available for grant by two. We account for stock-based compensation by estimating the fair value of stock options and restricted stock unit awards granted under the Plan using the market price of a share of our common stock on the date of grant. We recognize this fair value as an operating expense in our consolidated statements of income ratably over the requisite service period using the straight-line method, as adjusted for certain retirement provisions. Additional information regarding the Plan is provided in the Company’s 2009 Proxy Statement.

On June 7, 2013 and June 19, 2013, restricted stock units with respect to a total of 77,650 shares were granted to certain officers and key employees. These awards were granted at no cost to the grantee. These awards will vest on June 7, 2016.

On September 13, 2013, restricted stock units totaling 14,000 shares were granted to the non-employee members of the Board. This award was granted at no cost to the non-employee members of the Board. This award vested on May 1, 2014.

On June 6, 2014, restricted stock units with respect to a total of 91,000 shares were granted to certain officers and key employees. These awards were granted at no cost to the grantee. The fair value of these awards was $6,584. These awards will vest on June 6, 2017.

At July 31, 2014, options for 645,124 shares (which expire between 2014 and 2021) were outstanding for the Plan and Prior Plans. Information concerning the issuance of stock options under the Plan and Prior Plans is presented in the following table:

 

           Weighted  
     Number of     average option  
     option shares     exercise price  

Outstanding at April 30, 2014

     712,024     $ 36.73   

Granted

     —         —    

Exercised

     (66,900     40.27  

Forfeited

     —         —    
  

 

 

   

 

 

 

Outstanding at July 31, 2014

     645,124     $ 36.36   
  

 

 

   

 

 

 

At July 31, 2014, all outstanding options had an aggregate intrinsic value of $19,231 and a weighted average remaining contractual life of 5.8 years. The vested options totaled 645,124 shares with a weighted average exercise price of $36.36 per share and a weighted average remaining contractual life of 5.8 years. The aggregate intrinsic value for the vested options as of July 31, 2014, was $19,231. The aggregate intrinsic value for the total of all options exercised during the three months ended July 31, 2014, was $2,018. The fair value of options vested during the quarter ended July 31, 2014 was $6,270.

 

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Information concerning the issuance of restricted stock units under the Plan is presented in the following table:

 

Unvested at April 30, 2014

     148,546  

Granted

     91,000  

Vested

     (38,198

Forfeited

     (6,136
  

 

 

 

Unvested at July 31, 2014

     195,212  
  

 

 

 

Total compensation costs recorded for the three months ended July 31, 2014 and 2013, respectively, were $1,632 and $1,044 for the stock option and restricted stock unit awards. As of July 31, 2014, there were no unrecognized compensation costs related to the Plan for stock options and $9,312 of unrecognized compensation costs related to restricted stock units which are expected to be recognized ratably through fiscal 2018.

6. Acquisitions

During the first three months of fiscal 2015, the Company acquired 25 stores through one transaction with a third party. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.

Allocation of the purchase price for the transaction in aggregate is as follows (in thousands):

 

Assets acquired:

  

Inventories

   $ 2,208   

Property and equipment

     22,075   
  

 

 

 

Total assets

     24,283   
  

 

 

 

Liabilities assumed:

  

Accrued expenses

     34   
  

 

 

 

Total liabilities

     34   
  

 

 

 

Net tangible assets acquired, net of cash

     24,249   

Goodwill and other intangible assets

     6,525   
  

 

 

 

Total consideration paid, net of cash acquired

   $ 30,774   
  

 

 

 

 

 

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The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management’s analysis.

The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transaction referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data)(all acquisitions from the three month period ended July 31, 2014 were completed in May):

 

     Three months ended
July 31,
 
     2014      2013  

Total revenues

   $ 2,291,186         2,210,709   

Net earnings

     52,290         57,708   

Earnings per common share:

     

Basic

   $ 1.35         1.50   

Diluted

   $ 1.34         1.49   

7. Commitments and Contingencies

As previously reported, the Company was named as a defendant in four lawsuits (“hot fuel” cases) brought in the federal courts in Kansas and Missouri against a variety of fuel retailers, which were consolidated in the U.S. District Court for the District of Kansas in Kansas City, Kansas as part of the multidistrict “Motor Fuel Temperature Sales Practices Litigation”. On November 20, 2012, the Court preliminarily approved the previously-reported settlement involving the Company, which when approved in final form by the Court following notice to the Class would result in the settlement and dismissal of all claims against Casey’s in the multidistrict litigation. The preliminarily approved settlement includes, but is not limited to, a commitment on the part of the Company to “sticker” certain information on its fuel pumps and make a monetary payment (which is not considered to be material in amount) to the plaintiff class.

From time to time we may be involved in other legal and administrative proceedings or investigations arising from the conduct of our business operations, including contractual disputes; employment or personnel matters; personal injury and property damage claims; and claims by federal, state, and local regulatory authorities relating to the sale of products pursuant to licenses and permits issued by those authorities. Claims for compensatory or exemplary damages in those actions may be substantial. While the outcome of such litigation, proceedings, investigations, or claims is never certain, it is our opinion, after taking into consideration legal counsel’s assessment and the availability of insurance proceeds and other collateral sources to cover potential losses, that the ultimate disposition of such matters currently pending or threatened, individually or cumulatively, will not have a material adverse effect on our consolidated financial position and results of operation.

 

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8. Unrecognized Tax Benefits

The total amount of gross unrecognized tax benefits was $9,244 at April 30, 2014. At July 31, 2014, gross unrecognized tax benefits were $9,759. If this unrecognized tax benefit were ultimately recognized, $6,466 is the amount that would impact our effective tax rate. The total amount of accrued interest and penalties for such unrecognized tax benefits was $183 at July 31, 2014, and $402 at April 30, 2014. Net interest and penalties included in income tax expense for the three months ended July 31, 2014, was a net benefit of $219 and an expense of $94 for the same period of 2013.

A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. These changes could result from the expiration of the statute of limitations, examinations or other unforeseen circumstances. The Company currently has no ongoing federal or state income tax examinations. The Company does not have any outstanding litigation related to tax matters. At this time, management expects the aggregate amount of unrecognized tax benefits to decrease by approximately $2,549 within the next 12 months. The expected decrease is due to the expiration of the statute of limitations related to certain federal and state income tax filing positions.

The federal statute of limitation remains open for the tax years 2010 and forward. Tax years 2009 and forward are subject to audit by state tax authorities depending on open statute of limitations waivers and the tax code of each state.

In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists to provide guidance on the presentation of unrecognized tax benefits. The pronouncement requires unrecognized tax benefits to be offset on the balance sheet by any same-jurisdiction net operating loss or tax credit carryforward that would be used to settle the position with a tax authority. The pronouncement was adopted by the Company effective May 1, 2014. The adoption did not have a material impact on our financial statements.

9. Segment Reporting

As of July 31, 2014 we operated 1,837 stores in fourteen states. Our stores offer a broad selection of merchandise, fuel and other products and services designed to appeal to the convenience needs of our customers. We manage the business on the basis of one operating segment and therefore, have only one reportable segment. Our stores sell similar products and services, use similar processes to sell those products and services, and sell their products and services to similar classes of customers. We make specific disclosures concerning the three broad merchandise categories of fuel, grocery & other merchandise, and prepared food and fountain because it makes it easier for us to discuss trends and operational initiatives within our business and industry. Although we can separate gross margins within these categories (and further sub-categories), the operating expenses associated with operating a store that sells these products are not separable by these three categories.

10. Subsequent Events

Events that have occurred subsequent to July 31, 2014 have been evaluated for disclosure through the filing date of this Quarterly Report on Form 10-Q with the SEC.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in Thousands).

Overview

Casey’s General Stores, Inc. (“Casey’s”) and its wholly-owned subsidiaries (Casey’s, together with its subsidiaries, are referred to herein as the “Company”) operate convenience stores primarily under the name “Casey’s General Store” (hereinafter collectively referred to as “Casey’s Store” or “Stores”) in fourteen Midwestern states, primarily Iowa, Missouri and Illinois. The Company also operates one stand-alone pizza delivery and carry-out store and one store selling primarily tobacco products. On July 31, 2014, there were a total of 1,837 Casey’s Stores in operation. All convenience stores offer fuel for sale on a self-serve basis and most stores carry a broad selection of food (including freshly prepared foods such as pizza, donuts and sandwiches), beverages, tobacco products, health and beauty aids, automotive products and other non-food items. The Company derives its revenue primarily from the retail sale of fuel and the products offered in its stores.

Approximately 57% of all Casey’s Stores are located in areas with populations of fewer than 5,000 persons, while approximately 17% of all stores are located in communities with populations exceeding 20,000 persons. The Company operates a central warehouse, the Casey’s Distribution Center, adjacent to its Corporate Headquarters facility in Ankeny, Iowa, through which it supplies grocery and general merchandise items to stores. At July 31, 2014, the Company owned the land at 1,832 locations and the buildings at 1,820 locations, and leased the land at five locations and the buildings at 17 locations.

The Company reported diluted earnings per common share of $1.34 for the first quarter of fiscal 2015. For the same quarter a year-ago, diluted earnings per common share were $1.43.

During the first fiscal quarter, the Company completed seven new-store constructions, opened four replacement stores, acquired 25 stores, and closed three stores. The annual goal is to build or acquire 72 to 108 stores and replace 25 existing locations.

The first quarter results reflected a 3.0% increase in same-store fuel gallons sold, with an average margin of 19.6 cents per gallon, primarily driven by the continuing benefit of our fuel saver program and $5,738 of renewable fuel credits. The Company policy is to price to the competition, so the timing of retail price changes is driven by local competitive conditions.

Same-store sales of grocery and other merchandise increased 7.7% and prepared foods and fountain increased 11.1% during the first quarter. Operating expenses increased 13.1% in the quarter primarily due to 88 more stores in operation compared to the same period a year ago, and the expansion of our operating initiatives in our stores (expanded hours at select locations, stores with pizza delivery, and major remodels).

 

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Three Months Ended July 31, 2014 Compared to

Three Months Ended July 31, 2013

(Dollars and Amounts in Thousands)

 

Three months ended 7/31/14    Fuel     Grocery &
Other
Merchandise
    Prepared
Food &
Fountain
    Other     Total  

Revenue

   $ 1,607,126        478,586        194,610        10,864        2,291,186   

Gross profit

     91,134        155,683        116,511        10,848        374,176   

Margin

     5.7     32.5     59.9     99.9     16.3

Fuel gallons

     464,214           

 

Three months ended 7/31/13    Fuel     Grocery &
Other
Merchandise
    Prepared
Food &
Fountain
    Other     Total  

Revenue

   $ 1,514,874        423,585        166,248        10,042        2,114,749   

Gross profit

     94,316        138,412        102,754        10,028        345,510   

Margin

     6.2     32.7     61.8     99.9     16.3

Fuel gallons

     426,549           

Total revenue for the first quarter of fiscal 2015 increased by $176,437 (8.3%) over the comparable period in fiscal 2014. Retail fuel sales increased by $92,252 (6.1%) as the number of gallons sold increased by 37,665 (8.8% or $130,398) while the average retail price per gallon decreased 2.5% (amounting to a $38,146 decrease). During this same period, retail sales of grocery and general merchandise increased by $55,001 (13.0%), primarily due to a $22,807 increase from stores that were built or acquired after April 30, 2013, and a $10,665 increase from the expansion of our operating initiatives in our stores. Prepared food and fountain sales also increased by $28,362 (17.1%), due primarily to an $8,719 increase from stores that were built or acquired after April 30, 2013, and a $6,462 increase from the expansion of our operating initiatives in our stores.

The other revenue category primarily consists of lottery, prepaid phone cards, newspaper, money orders, car wash, video rental revenues and automated teller machine (ATM) commissions received. These revenues increased $822 (8.2%) for the first quarter of fiscal 2015 primarily due to the increases in prepaid phone card sales, car wash revenues, and ATM commissions from the comparable period in the prior year.

 

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Total gross profit margin was 16.3% for the first quarter of fiscal 2015, compared to 16.3% for the comparable period in the prior year. The gross profit margin on retail fuel sales decreased (to 5.7%) during the first quarter of fiscal 2015 from the first quarter of the prior year (6.2%). The gross profit margin per gallon also decreased (to $.1963) in the first quarter of fiscal 2015 from the comparable period in the prior year ($.2211) primarily due to the decrease of the renewable fuel credits sold this quarter ($5,738) compared to the comparable quarter in the prior year ($12,942). The gross profit margin on retail sales of grocery and other merchandise decreased (to 32.5%) from the comparable period in the prior year (32.7%), primarily due to margin pressure on cigarettes. The prepared food margin also decreased (to 59.9%) from the comparable period in the prior year (61.8%) primarily due to higher input costs of cheese, meat, and supplies.

Operating expenses increased 13.1% ($28,344) in the first quarter of fiscal 2015 from the comparable period in the prior year primarily due to an $11,716 increase from stores that were built or acquired after April 30, 2013 and a $5,399 increase from the expansion of our operating initiatives in our stores. Operating expenses as a percentage of total revenue were 10.7% for the first quarter of fiscal 2015 compared to 10.2% for the comparable period in the prior year. The store level operating expenses for open stores not impacted by the initiatives were up approximately 5.0% for the quarter.

Depreciation and amortization expense increased 18.8% to $36,249 in the first quarter of fiscal 2015 from $30,501 for the comparable period in the prior year. The increase was due to capital expenditures made during the previous twelve months.

The effective tax rate decreased 50 basis points to 37.3% in the first quarter of fiscal year 2015 from 37.8% in the first quarter of fiscal year 2014. The decrease in the effective tax rate was due to a decline in unrecognized tax benefits from prior period.

Net income decreased by $3,420 (6.1%). The decrease in net income was attributable primarily to the decrease in renewable fuel credits sold and higher input costs in prepared foods category. However, this was partially offset by increases in same-store sales and having 88 more stores in operation compared to prior year.

Use of Non-GAAP Measures

We define EBITDA as net income before net interest expense, depreciation and amortization, and income taxes. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets as well as impairment charges. Both EBITDA and Adjusted EBITDA are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

We believe EBITDA and Adjusted EBITDA are useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and they are regularly used by management for internal purposes including our capital budgeting process, evaluating acquisition targets, and assessing store performance.

 

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EBITDA and Adjusted EBITDA are not recognized terms under GAAP and should not be considered as a substitute for net income, cash flows from operating activities or other income or cash flow statement data. These measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. We strongly encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

Because non-GAAP financial measures are not standardized, EBITDA and Adjusted EBITDA, as defined by us, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare our use of these non-GAAP financial measures with those used by other companies.

The following table contains a reconciliation of net income to EBITDA and Adjusted EBITDA for the three months ended July 31, 2014 and 2013:

 

     Three months ended  
     July 31, 2014      July 31, 2013  

Net income

   $ 52,290         55,710   

Interest, net

     10,257         9,456   

Depreciation and amortization

     36,249         30,501   

Federal and state income taxes

     31,062         33,869   
  

 

 

    

 

 

 

EBITDA

   $ 129,858         129,536   

Loss on disposal of assets and impairment charges

     242         916   
  

 

 

    

 

 

 

Adjusted EBITDA

   $ 130,100         130,452   
  

 

 

    

 

 

 

For the three months ended July 31, 2014, EBITDA and Adjusted EBITDA were effectively flat with prior year. The primary reasons for this were the decrease in renewable fuel credits sold and higher input costs in prepared foods, offset by a higher store count, same-store sales increases, and higher depreciation.

Critical Accounting Policies

Critical accounting policies are those accounting policies that management believes are important to the portrayal of the Company’s financial condition and results of operations.

Inventory. Inventories, which consist of merchandise and fuel, are stated at the lower of cost or market. For fuel, cost is determined through the use of the first-in, first-out (FIFO) method. For merchandise inventories, cost is determined through the use of the last-in, first-out (LIFO) method for financial and income tax reporting purposes. This is applied to inventory values determined primarily by our FIFO accounting system for warehouse inventories.

 

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Vendor allowances include rebates and other funds received from vendors to promote their products. The Company often receives such allowances on the basis of quantitative contract terms that vary by product and vendor or directly on the basis of purchases made. Vendor rebates in the form of rack display allowances are treated as a reduction in cost of goods sold and are recognized incrementally over the period covered by the applicable rebate agreement. The rack display allowances are funds that we receive from various vendors for allocating certain shelf space to carry their specific products or to introduce new products in our stores for a particular period of time. These funds do not represent reimbursements of specific, incremental, identifiable costs incurred by us in selling the vendor’s products. Vendor rebates in the form of billbacks are treated as a reduction in cost of goods sold and are recognized at the time the product is sold. Reimbursements of an operating expense (e.g., advertising) are recorded as reductions of the related expense.

Goodwill. Goodwill and intangible assets with indefinite lives are tested for impairment at least annually. The Company assesses impairment annually at year-end using a market based approach to establish fair value. All of the goodwill assigned to the individual stores is aggregated into a single reporting unit due to the similar economic characteristics of the stores. As of July 31, 2014, there was $126,931 of goodwill. Management’s analysis of recoverability completed as of the fiscal year end yielded no evidence of impairment and no events have occurred since the annual test indicating a potential impairment.

Long-lived Assets. The Company periodically monitors under-performing stores to assess whether the carrying amount of assets may not be recoverable. If the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets, an impairment loss is recognized to the extent the carrying value of the assets exceeds their estimated fair value. Fair value is based on management’s estimate of the future cash flows to be generated and the amount that could be realized from the sale of assets in a current transaction between willing parties, which are considered Level 3 inputs. The estimate is derived from offers, actual sale or disposition of assets subsequent to the reporting period, and other indications of fair value. In determining whether an asset is impaired, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets, which for the Company is generally on a store-by-store basis. Management expects to continue its on-going evaluation of under-performing stores, and may periodically sell specific stores where further operational and marketing efforts are not likely to improve their performance. The Company incurred impairment charges of $132 and $686 during the three months ended July 31, 2014 and 2013, respectively. Impairment charges are a component of operating expenses.

Self-insurance. The Company is primarily self-insured for employee health care, workers’ compensation, general liability, and automobile claims. The self-insurance claim liability is determined actuarially at each year end based on claims filed and an estimate of claims incurred but not yet reported. Actuarial projections of the losses are

 

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employed due to the high degree of variability in the liability estimates. Some factors affecting the uncertainty of claims include the time frame of development, settlement patterns, litigation and adjudication direction, and medical treatment and cost trends. The liability is not discounted.

Liquidity and Capital Resources (Dollars in Thousands)

Due to the nature of the Company’s business, cash provided by operations is the Company’s primary source of liquidity. The Company finances its inventory purchases primarily from normal trade credit aided by the relatively rapid turnover of inventory. This turnover allows the Company to conduct its operations without large amounts of cash and working capital. As of July 31, 2014, the Company’s ratio of current assets to current liabilities was .96 to 1. The ratio at July 31, 2013 and April 30, 2014 was 1.10 to 1 and 1.04 to 1 respectively. Management believes that the Company’s current aggregate $100,000 bank line of credit, together with the current cash and cash equivalents and the future cash flow from operations will be sufficient to satisfy the working capital needs of our business.

Net cash provided by operations decreased $21,876 (15.8%) in the three months ended July 31, 2014 from the comparable period in the prior year, primarily as a result of a reduced net income, and smaller increases in accounts payable and accrued expenses. This was partially offset by a larger increase in depreciation and amortization. Cash used in investing in the three months ended July 31, 2014 increased due to the increase in the store acquisition activity. Cash flows from financing showed a net usage for the period ended July 31, 2014 as compared to a larger net inflow in the prior period, primarily due to the proceeds from long-term debt in the prior period.

Capital expenditures represent the single largest use of Company funds. Management believes that by acquiring and reinvesting in stores, the Company will be better able to respond to competitive challenges and increase operating efficiencies. During the first three months of fiscal 2015, the Company expended $119,563 primarily for property and equipment, resulting from the construction and remodeling of stores, compared to $74,125 for the comparable period in the prior year. The Company anticipates expending between $360,000 and $410,000 in fiscal 2015 for construction, acquisition and remodeling of stores, primarily from existing cash and funds generated by operations.

As of July 31, 2014, the Company had long-term debt, net of current maturities, of $853,545 consisting of $569,000 in principal amount of 5.22% Senior Notes, $150,000 in principal amount of 3.67% Senior Notes, Series A, $50,000 in principal amount of 3.75% Senior Notes Series B, $75,000 in principal amount of 5.72% Senior Notes, Series A and B, and $9,545 of capital lease obligations.

 

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To date, the Company has funded capital expenditures primarily from the proceeds of the sale of Common Stock, issuance of 6-1/4% Convertible Subordinated Debentures (which were converted into shares of Common Stock in 1994), the Senior Notes, a mortgage note, existing cash, and funds generated from operations. Future capital needs required to finance operations, improvements and the anticipated growth in the number of stores are expected to be met from cash generated by operations, the bank line of credit, and additional long-term debt or other securities as circumstances may dictate, and are not expected to adversely affect liquidity.

Cautionary Statements (Dollars in Thousands)

This Form 10-Q, including the foregoing Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains various “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements represent the Company’s expectations or beliefs concerning future events, including (i) any statements regarding future sales and gross profit percentages, (ii) any statements regarding the continuation of historical trends and (iii) any statements regarding the sufficiency of the Company’s cash balances and cash generated from operations and financing activities for the Company’s future liquidity and capital resource needs. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project” and similar expressions are used to identify forward-looking statements. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements, including, without limitations, the following factors described more completely in the Form 10-K for the fiscal year ended April 30, 2014:

Competition. The Company’s business is highly competitive, and marked by ease of entry and constant change in terms of the numbers and type of retailers offering the products and services found in stores. Many of the food (including prepared foods) and non-food items similar or identical to those sold by the Company are generally available from a variety of competitors in the communities served by stores, and the Company competes with other convenience store chains, gasoline stations, supermarkets, drug stores, discount stores, club stores, mass merchants and “fast-food” outlets (with respect to the sale of prepared foods). Sales of such non-fuel items (particularly prepared food items) have contributed substantially to the Company’s gross profits from retail sales in recent years. Fuel sales are also intensely competitive. The Company competes with both independent and national brand gasoline stations in the sale of fuel, other convenience store chains and several non-traditional fuel retailers such as supermarkets in specific markets. Some of these other fuel retailers may have access to more favorable arrangements for fuel supply then do the Company or the firms that supply its stores. Some of the Company’s competitors have greater financial, marketing and other resources than the Company, and, as a result, may be able to respond better to changes in the economy and new opportunities within the industry.

 

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Fuel operations. Fuel sales are an important part of the Company’s sales and earnings, and retail fuel profit margins have a substantial impact on the Company’s net earnings. Profit margins on fuel sales can be adversely affected by factors beyond the control of the Company, including the supply of fuel available in the retail fuel market, uncertainty or volatility in the wholesale fuel market, increases in wholesale fuel costs generally during a period and price competition from other fuel marketers. The market for crude oil and domestic wholesale petroleum products is marked by significant volatility, and is affected by general political conditions and instability in oil producing regions such as the Middle East and South America. The volatility of the wholesale fuel market makes it extremely difficult to predict the impact of future wholesale cost fluctuation on the Company’s operating results and financial conditions. These factors could materially impact the Company’s fuel gallon volume, fuel gross profit and overall customer traffic levels at stores. Any substantial decrease in profit margins on fuel sales or in the number of gallons sold by stores could have a material adverse effect on the Company’s earnings.

The Company purchases its fuel from a variety of independent national and regional petroleum distributors. Although in recent years the Company’s suppliers have not experienced any difficulties in obtaining sufficient amounts of fuel to meet the Company’s needs, unanticipated national and international events could result in a reduction of fuel supplies available for distribution to the Company. Any substantial curtailment in fuel supplied to the Company could adversely affect the Company by reducing its fuel sales. Further, management believes that a significant amount of the Company’s business results from the patronage of customers primarily desiring to purchase fuel and, accordingly, reduced fuel supplies could adversely affect the sale of non-fuel items. Such factors could have a material adverse impact upon the Company’s earnings and operations.

Tobacco Products. Sales of tobacco products represent a significant portion of the Company’s revenues. Significant increases in wholesale cigarette costs and tax increases on tobacco products (such as the past tax increase in Illinois), as well as national and local campaigns to further regulate and discourage smoking in the United States, have had, and are expected to continue having, an adverse effect on the demand for cigarettes sold in our stores. The Company attempts to pass price increases onto its customers, but competitive pressures in specific markets may prevent it from doing so. These factors could materially impact the retail price of cigarettes, the volume of cigarettes sold by stores and overall customer traffic, and have a material adverse impact on the Company’s earnings and profits.

Environmental Compliance Costs. The United States Environmental Protection Agency and several states, including Iowa, have established requirements for owners and operators of underground fuel storage tanks (USTs) with regard to (i) maintenance of leak detection, corrosion protection and overfill/spill protection systems; (ii) upgrade of existing tanks; (iii) actions required in the event of a detected leak; (iv) prevention of leakage through tank closings; and (v) required fuel inventory recordkeeping. Since 1984, new Company stores have been equipped with non-corroding fiberglass USTs, including many with double-wall construction, over-fill protection and electronic tank monitoring. The Company currently has 4,159 USTs, of which 3,259 are fiberglass and 900 are steel. Management believes that its existing fuel procedures and planned capital expenditures will continue to keep the Company in substantial compliance with all current federal and state UST regulations.

 

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Several of the states in which the Company does business have trust fund programs with provisions for sharing or reimbursing corrective action or remediation costs incurred by UST owners, including the Company. In each of the years ended April 30, 2014 and 2013, the Company spent approximately $1,224 and $899, respectively, for assessments and remediation. During the three months ended July 31, 2014, the Company expended approximately $430 for such purposes. Substantially all of these expenditures have been submitted for reimbursement from state-sponsored trust fund programs and as of July 31, 2014, approximately $17,118 has been received from such programs since their inception. Such amounts are typically subject to statutory provisions requiring repayment of the reimbursed funds for non-compliance with upgrade provisions or other applicable laws. No amounts are currently expected to be repaid. The Company has an accrued liability at July 31, 2014 of approximately $330 for estimated expenses related to anticipated corrective actions or remediation efforts, including relevant legal and consulting costs. Management believes the Company has no material joint and several environmental liability with other parties.

Although the Company regularly accrues expenses for the estimated costs related to its future corrective action or remediation efforts, there can be no assurance that such accrued amounts will be sufficient to pay such costs, or that the Company has identified all environmental liabilities at all of its current store locations. In addition, there can be no assurance that the Company will not incur substantial expenditures in the future for remediation of contamination or related claims that have not been discovered or asserted with respect to existing store locations or locations that the Company may acquire in the future, or that the Company will not be subject to any claims for reimbursement of funds disbursed to the Company under the various state programs or that additional regulations, or amendments to existing regulations, will not require additional expenditures beyond those presently anticipated.

Other Factors. Other factors and risks that may cause actual results to differ materially from those in the forward-looking statements include the risk that our cash balances and cash generated from operations and financing activities will not be sufficient for our future liquidity and capital resource needs, tax increases, potential liabilities and expenditures related to compliance with environmental and other laws and regulations, the seasonality of demand patterns, and weather conditions; the increased indebtedness that the Company has incurred to purchase shares of our common stock in our self tender offer; and the other risks and uncertainties included from time to time in our filings with the SEC. We further caution you that other factors we have not identified may in the future prove to be important in affecting our business and results of operations. We ask you not to place undue reliance on any forward-looking statements because they speak only of our views as of the statement dates. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

The Company’s exposure to market risk for changes in interest rates relates primarily to our investment portfolio and long-term debt obligations. We place our investments with high-quality credit issuers and, by policy, limit the amount of credit exposure to any one issuer. Our first priority is to reduce the risk of principal loss. Consequently, we seek to preserve our invested funds by limiting default risk, market risk, and reinvestment risk. We mitigate default risk by investing in only high-quality credit securities that we believe to be low risk and by positioning our portfolio to respond appropriately to a significant reduction in a credit rating of any investment issuer or guarantor. The portfolio includes only marketable securities with active secondary or resale markets to ensure portfolio liquidity. We believe an immediate 100-basis-point move in interest rates affecting our floating and fixed rate financial instruments as of July 31, 2014 would have no material effect on pretax earnings.

We do from time to time, participate in a forward buy of certain commodities, primarily cheese and coffee. These contracts are not accounted for as derivatives as they meet the normal purchases exclusion under derivative accounting.

 

Item 4. Controls and Procedures.

As of the end of the period covered by this report, an evaluation was performed under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 240.13a-15(e)). Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company’s current disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms and such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

There were no changes in the Company’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

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PART II—OTHER INFORMATION

 

Item 1. Legal Proceedings

The information required by this Item is set forth in Note 7 to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q and is incorporated herein by this reference.

 

Item 1A. Risk Factors

There have been no material changes in our “risk factors” from those disclosed in our 2014 Annual Report on Form 10-K.

 

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Item 6. Exhibits.

The following exhibits are filed with this Report or, if so indicated, incorporated by reference.

 

Exhibit
No.

 

Description

    3.1   Restatement of the Restated and Amended Articles of Incorporation (incorporated by reference from the Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 1996) and Articles of Amendment thereto (incorporated by reference from the Current Report on Form 8-K filed April 16, 2010, as amended by the Current Report on Form 8-K/A filed April 19, 2010, and the Current Report on Form 8-K filed May 20, 2011).
    3.2(a)   Second Amended and Restated By-laws (incorporated by reference from the Current Report on Form 8-K filed June 16, 2009) and Amendments thereto (incorporated by reference from the Current Reports on Form 8-K filed May 20, 2011, and August 2, 2011, and the Current Report on 8-K filed on June 22, 2012).
    4.8   Note Purchase Agreement dated as of September 29, 2006 among the Company and the purchasers of the 5.72% Senior Notes, Series A and Series B (incorporated by reference from the Current Report on Form 8-K filed September 29, 2006).
    4.9   Note Purchase Agreement dated as of August 9, 2010 among the Company and the purchasers of the 5.22% Senior Notes (incorporated by reference from the Current Report on Form 8-K filed August 10, 2010).
    4.10   Note Purchase Agreement dated as of June 17, 2013 among the Company and the purchasers of the 3.67% Series A Notes and 3.75% Series B Notes (incorporated by reference from the Current Reports on Form 8-K filed June 18, 2013, and December 18, 2013)
  21(a)   Subsidiaries of Casey’s General Stores, Inc. (incorporated by reference from the Annual Report on Form 10-K for the fiscal year ended April 30, 2014).
  31.1   Certification of Robert J. Myers under Section 302 of the Sarbanes Oxley Act of 2002
  31.2   Certification of William J. Walljasper under Section 302 of the Sarbanes Oxley Act of 2002
  32.1   Certificate of Robert J. Myers under Section 906 of Sarbanes-Oxley Act of 2002
  32.2   Certificate of William J. Walljasper under Section 906 of Sarbanes-Oxley Act of 2002
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema Document
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB   XBRL Taxonomy Extension Label Linkbase Document
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document
101. DEF   XBRL Taxonomy Extension Definition Linkbase Document

 

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

      CASEY’S GENERAL STORES, INC.
Date: September 8, 2014    By:   

/s/ William J. Walljasper

      William J. Walljasper
   Its:   

Senior Vice President and Chief

Financial Officer

     

(Authorized Officer and Principal

Financial and Accounting Officer)

 

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EXHIBIT INDEX

The following exhibits are filed herewith:

 

Exhibit No.

  

Description

  31.1    Certification of Robert J. Myers under Section 302 of the Sarbanes Oxley Act of 2002
  31.2    Certification of William J. Walljasper under Section 302 of the Sarbanes Oxley Act of 2002
  32.1    Certificate of Robert J. Myers under Section 906 of Sarbanes-Oxley Act of 2002
  32.2    Certificate of William J. Walljasper under Section 906 of Sarbanes-Oxley Act of 2002
101.INS    XBRL Instance Document
101.SCH    XBRL Taxonomy Extension Schema Document Schema Document
101.CAL    XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB    XBRL Taxonomy Extension Label Linkbase Document
101.PRE    XBRL Taxonomy Extension Presentation Linkbase Document
101. DEF    XBRL Taxonomy Extension Definition Linkbase Document

 

 

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