Exhibit 99.1
 caseyscolorlogoa13.jpg
 
 
 
NEWS RELEASE FOR IMMEDIATE RELEASE
  
 
Casey’s General Stores, Inc.
One SE Convenience Blvd.
Ankeny, IA 50021
  
Nasdaq Symbol CASY
CONTACT Bill Walljasper
(515) 965-6505
Casey’s Completes Strong 2019 with 33% Growth in 4th Quarter Diluted Earnings Per Share
Ankeny, IA, June 10, 2019 - Casey’s General Stores, Inc. ("Casey's", or the "Company") (Nasdaq symbol CASY) today reported diluted earnings per share of $0.68 for the fourth quarter of its fiscal year ended April 30, 2019, compared to $0.51 for the same period a year ago. Diluted earnings per share was $5.51 for the year, compared to $3.81 last year, or $8.34 when including the one-time benefit of the adoption of the Tax Cuts and Jobs Act. Income before income taxes grew nearly 58% and 23% for the fourth quarter and fiscal year, respectively. “The combination of gross profit dollar margin expansion, a focus on controlling operating expense growth, and opening more stores were the primary drivers of that growth,” stated Terry Handley, President and Chief Executive Officer. “We are pleased with our fiscal 2019 results. The entire team demonstrated a focused effort to drive the business forward while working diligently to build out new capabilities that will support future earnings growth, including completing several value creation plan milestones in the fourth quarter.”
Value Creation Plan Update - The Company has completed or made progress on the following value creation plan activities:
Successfully launched the new Caseys.com e-commerce website
Launched fuel price optimization platform in all stores
At fiscal year end, the new fleet card program has over 2,000 active cards and 500 new accounts
Completed inside price optimization store test with planned rollout in fiscal 2020
Piloting new in-store order management system with expected launch in first half of fiscal 2020
Expecting launch of enhanced mobile app in first quarter of fiscal 2020

Fuel - For the quarter, the average margin was 18.6 cents per gallon, compared to 16.3 cents per gallon for the same quarter a year ago. Same-store gallons sold in the quarter decreased 2.8%. “The Company experienced a challenging wholesale cost environment throughout the quarter,” stated Handley. “However, our balanced approach to retail fuel pricing resulted in a considerable increase in gross profit when compared to the fourth quarter a year ago.” Total gross profit dollars for the quarter increased over 17% to $101.4 million, while total gallons sold for the quarter increased 2.6% to 546.0 million. For fiscal 2019, total gross profit dollars were up 14.6% to $466.1 million, while total gallons sold were up 4.4% to 2.3 billion. For the year, same-store gallons sold were down 1.7% with an average margin of 20.3 cents per gallon. “Moving forward, we remain confident the newly-implemented capabilities in retail fuel pricing and fuel procurement will further enhance fuel profitability,” added Handley.
Grocery and Other Merchandise - For the fourth quarter, same-store sales were up 5.7% with an average margin of 31.5%. Same-store sales for the fiscal year were up 3.6% with an average margin of 32.1%. “Refinements in product offerings and promotional strategies in higher margin items contributed to increased same-store sales growth and margin expansion comparatively for the fourth quarter and fiscal year,” said Handley. Total sales for the quarter were up nearly 10% to $562.7 million while total gross profit dollars increased 10.8% to $177.2 million. For the year, total sales were up 8.5% to $2.4 billion and gross profit dollars increased 9.6% to $759.8 million. “The successful inside price optimization store test and eminent rollout will provide our diverse store base dynamic pricing capabilities to meet today’s ever-changing competitive landscape, and will further support ongoing growth in gross profit dollars to the category,” said Handley.
Prepared Food and Fountain - For the fourth quarter, same-store sales were up 2.0% with an average margin of 62.2%. “Continued benefits from strategic price increases, favorable commodity costs and changes in promotional





campaigns resulted in considerable margin expansion in the fourth quarter compared to the same time period a year ago,” said Handley. Total gross profit dollars for the quarter were up nearly 10% to $158.1 million while total sales increased 5.4% to $254.1 million. For fiscal 2019, total gross profit dollars rose 8.9% to $668.6 million, and total sales increased 6.8% to $1.1 billion. Same-store sales for fiscal 2019 were up 1.9% with an average margin of 62.2%. “The recent launch of the new Caseys.com e-commerce website marked a key milestone in our digital transformation journey,” said Handley. “We are confident these digital capabilities, combined with our new price optimization platform, will improve our competitive position and increase gross profit dollars to the category.”
Operating Expenses - For the fourth quarter, operating expenses were up 9.6% to $346.2 million. For the fiscal year, operating expenses increased 8.4% to $1.4 billion. “Both the quarter and full year increase in operating expenses was primarily due to operating more stores than the same time a year ago offset by a reduction in employee costs at same-stores,” said Handley. Fourth quarter operating expenses were also impacted by lapping the reduction in 24-hour and pizza delivery formats from prior year, along with increases in technology expenses and credit card fees. Same-store operating expenses excluding credit card fees were down 1.1% and 0.6% for the quarter and full year, respectively. “A focus on aligning labor with customer trends throughout the fiscal year contributed to the Company’s strong earnings growth,” added Handley. “Process improvements and new capabilities are under way across the business focused on driving efficiencies and enhancing future earnings growth.”
Expansion - The following table represents the roll forward of store growth through the fourth quarter of fiscal 2019:
 
Store Count
Stores at 4/30/18
2,073
New Store Construction
56
Acquisitions
24
Acquisitions not opened
(2)
Prior Acquisitions opened
5
Closed
(10)
Stores at 4/30/19
2,146
As of April 30, 2019, the Company had 8 acquisition stores under agreement to purchase and a new store pipeline of 81 sites, including 41 under construction.
Share Repurchase Program - The Company has $300 million remaining on its authorization from March 2018. There were no repurchases made against that authorization in the fourth quarter.
Fiscal 2020 Guidance - The corporate performance guidance for fiscal 2020 is as follows:
 
Same-store Sales
 
Average Margin
Fuel (Gallons and CPG)
 
(.5%) - 1.0%
 
 
20.5 - 22.5
Grocery and Other Merchandise
 
2.5 - 4.0%
 
 
32.0 - 33.0%
Prepared Food and Fountain
 
3.0 - 6.0%
 
 
61.0 - 63.0%
 
 
 
 
 
 
 
 
Other Guidance
 
 
 
Operating Expenses (including expenses from value creation plan)
 
7.0 - 9.0%
 
 
 
Depreciation and Amortization
 
11.0 - 13.0%
 
 
 
New Store Construction
 
60 stores
 
 
 
Acquisitions
 
25 stores
 
 
 
Dividend - For the last 19 years, the Company has increased its annual dividend to shareholders. At its June meeting, the Board of Directors increased the quarterly dividend from $0.29 to $0.32 per share. The dividend is payable August 15, 2019 to shareholders of record on August 1, 2019.





 caseyscolorlogoa13.jpg
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,
 
2019
 
2018
 
2019
 
2018
Total revenue
$
2,178,397

 
2,089,037

 
$
9,352,910

 
8,391,124

Cost of goods sold (exclusive of depreciation and amortization, shown separately below)
1,726,027

 
1,683,922

 
7,398,186

 
6,621,731

Operating expenses
346,165

 
315,809

 
1,391,279

 
1,283,046

Depreciation and amortization
62,867

 
57,402

 
244,387

 
220,970

Interest, net
13,749

 
13,119

 
55,656

 
50,940

Income before income taxes
29,589

 
18,785

 
263,402

 
214,437

Federal and state income taxes
4,377

 
(477
)
 
59,516

 
(103,466
)
Net income
$
25,212

 
19,262

 
$
203,886

 
317,903

Net income per common share
 
 
 
 
 
 
 
Basic
$
0.69

 
0.52

 
$
5.55

 
8.41

Diluted
$
0.68

 
0.51

 
$
5.51

 
8.34

Basic weighted average shares
36,752,152

 
37,298,281

 
36,709,940

 
37,778,304

Plus effect of stock compensation
268,779

 
353,010

 
265,447

 
353,795

Diluted weighted average shares
37,020,931

 
37,651,291

 
36,975,387

 
38,132,099






Casey’s General Stores, Inc.
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
 
 
April 30, 2019
 
April 30, 2018
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
63,296

 
$
53,679

Receivables
37,856

 
45,045

Inventories
273,040

 
241,668

Prepaid expenses
7,493

 
5,766

Income tax receivable
28,895

 
50,682

Total current assets
410,580

 
396,840

Other assets, net of amortization
52,947

 
29,909

Goodwill
157,223

 
140,258

Property and equipment, net of accumulated depreciation
3,110,626

 
2,902,920

Total assets
$
3,731,376

 
$
3,469,927

Liabilities and Shareholders’ Equity
 
 
 
Current liabilities
 
 
 
Notes payable to bank
$
75,000

 
$
39,600

Current maturities of long-term debt
17,205

 
15,374

Accounts payable
335,240

 
321,419

Accrued expenses
163,487

 
131,457

Total current liabilities
590,932

 
507,850

Long-term debt, net of current maturities
1,283,275

 
1,291,725

Deferred income taxes
385,788

 
341,946

Deferred compensation
15,881

 
15,928

       Insurance accruals, net of current portion
22,663

 
19,748

Other long-term liabilities
24,068

 
21,589

Total liabilities
2,322,607

 
2,198,786

Total shareholders’ equity
1,408,769

 
1,271,141

Total liabilities and shareholders’ equity
$
3,731,376

 
$
3,469,927

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, including our ability to execute our value creation plan or to realize benefits therefrom. 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.






Summary by Category (Amounts in thousands)
Three months ended 4/30/2019
Fuel
 
Grocery & Other
Merchandise
 
Prepared Food
& Fountain
 
Other
 
Total
Revenue
$
1,345,866

 
$
562,699

 
$
254,086

 
$
15,746

 
$
2,178,397

Revenue less cost of goods sold (exclusive of depreciation and amortization)
$
101,417

 
$
177,188

 
$
158,057

 
$
15,708

 
$
452,370

Margin
7.5
%
 
31.5
%
 
62.2
%
 
99.8
%
 
20.8
%
Fuel gallons
546,006

 
 
 
 
 
 
 
 
Three months ended 4/30/2018
 
 
 
 
 
 
 
 
 
Revenue
$
1,321,417

 
$
511,834

 
$
241,163

 
$
14,623

 
$
2,089,037

Revenue less cost of goods sold (exclusive of depreciation and amortization)
$
86,640

 
$
159,929

 
$
143,949

 
$
14,597

 
$
405,115

Margin
6.6
%
 
31.2
%
 
59.7
%
 
99.8
%
 
19.4
%
Fuel gallons
532,196

 
 
 
 
 
 
 
 
 
Summary by Category (Amounts in thousands)
Twelve months ended 4/30/2019
Fuel
 
Grocery & Other
Merchandise
 
Prepared Food
& Fountain
 
Other
 
Total
Revenue
$
5,848,770

 
$
2,369,521

 
$
1,074,294

 
$
60,325

 
$
9,352,910

Revenue less cost of goods sold (exclusive of depreciation and amortization)
$
466,107

 
$
759,817

 
$
668,598

 
$
60,202

 
$
1,954,724

Margin
8.0
%
 
32.1
%
 
62.2
%
 
99.8
%
 
20.9
%
Fuel gallons
2,296,030

 
 
 
 
 
 
 
 
Twelve months ended 4/30/2018
 
 
 
 
 
 
 
 
 
Revenue
$
5,145,988

 
$
2,184,147

 
$
1,005,621

 
$
55,368

 
$
8,391,124

Revenue less cost of goods sold (exclusive of depreciation and amortization)
$
406,811

 
$
693,576

 
$
613,736

 
$
55,270

 
$
1,769,393

Margin
7.9
%
 
31.8
%
 
61.0
%
 
99.8
%
 
21.1
%
Fuel gallons
2,198,600

 
 
 
 
Fuel Gallons
 
Fuel Margin
Same-store Sales
 
(Cents per gallon, excluding credit card fees)
 
Q1
 
Q2
 
Q3
 
Q4
 
Fiscal
Year
 
 
Q1
 
Q2
 
Q3
 
Q4
 
Fiscal
Year
F2019
0.5
%
 
(1.1
)%
 
(3.4
)%
 
(2.8
)%
 
(1.7
)%
 
F2019

20.5
¢
 

20.0
¢
 

22.1
¢
 

18.6
¢
 

20.3
¢
F2018
1.7

 
1.9

 
3.8

 
2.0

 
2.3

 
F2018
19.3

 
19.7

 
18.6

 
16.3

 
18.5

F2017
3.1

 
3.7

 
2.6

 
(0.5
)
 
2.1

 
F2017
19.5

 
18.6

 
17.9

 
17.2

 
18.4

Grocery & Other Merchandise
 
Grocery & Other Merchandise
Same-store Sales
Margin
 
Q1
 
Q2
 
Q3
 
Q4
 
Fiscal
Year
 
Q1
 
Q2
 
Q3
 
Q4
 
Fiscal
Year
F2019
3.2
%
 
2.7
%
 
3.4
%
 
5.7
 %
 
3.6
%
F2019
32.4
%
 
32.4
%
 
31.9
%
 
31.5
%
 
32.1
%
F2018
3.1

 
2.5

 
2.5

 
(0.4
)
 
1.9

F2018
31.9

 
32.0

 
31.9

 
31.2

 
31.8

F2017
4.7

 
3.1

 
3.0

 
1.5

 
2.9

F2017
31.6

 
32.0

 
31.1

 
31.1

 
31.5

Prepared Food & Fountain
 
Prepared Food & Fountain
Same-store Sales
Margin
 
Q1
 
Q2
 
Q3
 
Q4
 
Fiscal
Year
 
Q1
 
Q2
 
Q3
 
Q4
 
Fiscal
Year
F2019
1.7
%
 
2.2
%
 
1.5
%
 
2.0
 %
 
1.9
%
F2019
62.0
%
 
62.4
%
 
62.3
%
 
62.2
%
 
62.2
%
F2018
3.7

 
2.1

 
1.7

 
(1.3
)
 
1.7

F2018
62.5

 
61.3

 
60.5

 
59.7

 
61.0

F2017
5.1

 
5.1

 
5.8

 
3.2

 
4.8

F2017
62.8

 
62.9

 
61.7

 
61.7

 
62.3


Corporate information is available at this website: https://www.caseys.com. Earnings will be reported during a conference call on June 11, 2019. The call will be broadcast live over the Internet at 9:30 a.m. CST.  To access the call, go to the Events and Presentations section of our website at https://investor.caseys.com/events-and-presentations/default.aspx.  No access code is required.  A webcast replay of the call will remain available in an archived format on the Press Releases and Webcasts section of our website at https://investor.caseys.com/events-and-presentations/default.aspx for one year after the call.


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