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CASEY'S PROFITS UP 27.5 PERCENT; SALES AT ALL-TIME HIGH; BOARD DECLARES DIVIDEND

 CASEY'S PROFITS UP 27.5 PERCENT; SALES AT ALL-TIME HIGH;
 BOARD DECLARES DIVIDEND
 ANKENY, Iowa, June 16 /PRNewswire/ -- Earnings and sales of Casey's General Stores Inc. (NASDAQ: CASY) reached record levels in the 1992 fiscal year ended April 30, it was announced today by Donald F. Lamberti, chairman and chief executive officer.
 Earnings for the Iowa-based convenience-store chain were up 27.5 percent, reaching $11.5 million, or $1.04 a share, compared to $9.0 million, or 81 cents a share a year earlier. Sales for the 12-month period were $606.6 million, up 4.5 percent from 1991 sales of $580.3 million.
 For the fourth quarter, earnings were $1.4 million, or 12 cents a share, compared to $1.0 million, or 9 cents a share in the fiscal 1991 fourth quarter. Quarterly sales were $144.5 million, compared to $136.7 million a year ago.
 Casey's added 23 stores in fiscal 1992, bringing the total number of stores to 799, including 597 corporate-owned units and 202 franchise outlets. Casey's expects to add 35 to 40 stores this year as it quickens the pace of new-store construction. The goal is to have 1,000 stores in operation by the end of 1996.
 "In my experience, conditions for growth are more favorable now than they were in 1978 when we were opening new stores at the rate of l0 a month," Lamberti said.
 The company's board of directors declared a quarterly dividend of 3 cents a share. The dividend is payable Aug. 17 to shareholders of record Aug. 3.
 Commenting on the 1992 fiscal year, Lamberti said Casey's continues to benefit from the updating and expansion of older stores. During the year, Casey's spent $35 million on capital improvements.
 "Bigger stores and improvements such as price-scanning equipment are helping us operate more efficiently," Lamberti said. "We've kept a tight lid on operating expenses. This is reflected in our improved profitability."
 Casey's sold a record 289.5 million gallons of gasoline in fiscal 1992, up 11.1 percent from 260.5 million gallons a year ago. The average retail price of a gallon of gasoline sold by Casey's in fiscal 1992 was $1.04, compared to $1.14 in the year-earlier 12 months.
 "Customers benefited from these lower gasoline prices," noted Lamberti. "When you take out tax increases, and factor in inflation, gasoline is selling in 1992 for about what it sold for in the 1960s, making it an exceptional bargain."
 Casey's menu of prepared-food items expanded in fiscal 1992 to include a breakfast croissant sandwich in four varieties: cheese, sausage, ham and bacon. "We're finding that our customers, particularly those who commute a long distance, are looking for an alternative to a donut or other type pastry for breakfast," said Lamberti.
 "We're meeting this need with Casey's made-from-scratch breakfast croissant sandwiches, which are selling at the rate of 50,000 a week," he added.
 -0- 6/16/92
 /CONTACT: Doug Shull of Casey's General Stores, 515-965-6106/
 (CASY) CO: Casey's General Stores Inc. ST: Iowa IN: REA SU: ERN DIV


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Publication:PR Newswire
Date:Jun 16, 1992
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