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CASEY'S FIRST QUARTER EARNINGS & SALES AT RECORD HIGHS; BOARD DECLARES DIVIDEND

 CASEY'S FIRST QUARTER EARNINGS & SALES AT RECORD HIGHS;
 BOARD DECLARES DIVIDEND
 ANKENY, IOWA, Sept. 2 /PRNewswire/ -- Earnings and sales of Casey's General Stores Inc. (NASDAQ: CASY) advanced to record highs in the convenience store chain's fiscal 1993 first quarter ended July 31, it was announced today by Donald F. Lamberti, chairman and chief executive officer.
 Quarterly earnings for the Iowa-based company were up 15.2 percent to a record $4.1 million, or 37 cents a share, compared to $3.6 million, or 32 cents a share in the year-earlier period. Sales were at an all- time high, reaching $177.3 million, up 7.5 percent over fiscal 1992 first-quarter sales of $164.9 million.
 The Casey's board of directors declared a quarterly dividend of 3 cents a share of common stock, payable Nov. 16 to shareholders of record Nov. 2.
 "This is an excellent start on the new fiscal year," commented Lamberti. "Keep in mind that we are comparing earnings and sales with an exceptionally strong year-ago first quarter."
 Earnings for the quarter benefitted from an increase in sales of prepared-food items, including the company's new line of breakfast sandwiches, which are selling at the rate of 55,000 a week.
 "These popularly priced cheese, sausage, ham, bacon and egg croissant sandwiches are targeted to satisfy the growing number of commuters who stop at Casey's," said Lamberti. "These travelers are looking for a hot breakfast to eat on their way to work."
 Casey's opened 6 stores in the fiscal first quarter, bringing the total to 805 as of July 31, including 609 corporate-owned stores and 196 franchise units. In the traditional convenience-store industry, based on number of stores, Casey's now ranks as the sixth largest c-store chain in the nation.
 Casey's will construct 35 to 40 new stores in the current year, nearly double the number that were opened in the 1992 fiscal year. In addition, the company plans to continue its aggressive store remodeling program, which resulted in 67 stores being extensively updated in the 12 months ended April 30.
 "We're convinced that there is significant opportunity in our eight-state market area to expand the presence of Casey's stores, particularly in communities of 5,000 or fewer population," said Lamberti. "Our goal is to take full advantage of this situation."
 Casey's annual shareholders' meeting is scheduled for 10 a.m., Friday, Sept. 18, at the corporate headquarters, One Convenience Blvd., Ankeny. Shareholders are scheduled to vote on the election of seven directors to one-year terms, plus a proposal to expand the authorized number of board members from seven to nine.
 -0- 9/2/92
 /CONTACT: Doug Shull of Casey's General Stores, 515-965-6106/
 (CASY) CO: Casey's General Stores Inc. ST: Iowa IN: REA SU: ERN


MC -- DV002 -- 5765 09/02/92 09:01 EDT
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Publication:PR Newswire
Date:Sep 2, 1992
Words:465
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