On June 13, Casey's General Stores (NASDAQ:CASY) released fourth-quarter earnings for the period ended April 30.

  • Net sales surged by 13.5%, with good growth from the gasoline, grocery, and prepared foods segments.
  • The gross margin increased 120 basis points, with rising gasoline and prepared food margins fueling most of the increase, but offset by higher drink costs from its "dual cola program."
  • An increase in credit card usage fees offset the higher gasoline margins, reducing the operating margin gain.

(Figures in millions, except per-share data.)

Income Statement Highlights

Q4 2007

Q4 2006

Change

Sales

$1,002.9

$883.4

13.5%

Net Profit*

$18.0

$11.0

64.1%

EPS

$0.33

$0.21

57.1%

*Income from continuing operations

Get back to basics with the income statement.

Margin Checkup

Q4 2007

Q4 2006

Change*

Gross Margin

15.2%

14.0%

1.2

Operating Margin

3.0%

2.2%

0.8

Net Margin

1.8%

1.2%

0.6

*Expressed in percentage points

Margins are the earnings engine.

Balance Sheet Highlights

Assets

Q4 2007

Q4 2006

Change

Cash + ST Invest.

$107.1

$75.4

42.1%

Accounts Rec.

$13.4

$11.0

21.8%

Inventory

$109.7

$96.2

14.0%

Liabilities

Q4 2007

Q4 2006

Change

Accounts Payable

$134.4

$146.1

(8.0%)

Long-Term Debt

$199.5

$106.5

87.3%

The balance sheet reflects the company's health.

Cash Flow Highlights

Casey's should consider stepping up to the plate by including a cash flow statement in future releases.

Free cash flow is a Fool's best friend.

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