On Sept. 6, Casey's General Stores (NASDAQ:CASY) released first-quarter earnings for the period ended July 31, 2006.

  • Sales met expectations, but earnings missed analyst estimates by $0.12 per share on lower margins on gasoline and lower same-store gallons sold of gasoline.
  • Gross, operating, and net margins declined substantially.
  • Balance sheet changes are close to being in line with sales growth, but $100 million in additional debt will be taken on to fund acquisitions.

(Figures in thousands, except per-share data)

Income Statement Highlights

Avg. Est.

Q1 2007

Q1 2006

Change

Sales

$1,100,000

$1,100,544

$857,702

28.3%

Net
Profit

--

$16,901

$20,892

($19.1%)

EPS

$0.45

$0.33

$0.41

(19.5%)

Dil.
Shrs.*

51,215

50,956

0.5%

*Not provided by the company. Estimated using EPS and net income.

Get back to basics with a look at the income statement.

Margin Checkup

Q1 2006

Q1 2005

Change*

Gross Margin

13.25%

16.36%

(3.11)

Operating Margin

2.68%

4.34%

(1.66)

Net Margin

1.54%

2.44%

( .9)

*Expressed in percentage points.

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Assets

Q1 2006

Q1 2005

Change

Cash + ST Invest.

$60,003

$71,500

(16.1%)

Accounts Rec.

$10,045

$8,200

22.5%

Inventory

$106,779

$79,400

34.5%

Liabilities

Q1 2006

Q1 2005

Change

Accounts Payable

$129,543

$115,000

12.6%

Long-Term Debt

$94,617

$111,200

(14.9%)

Learn the ways of the balance sheet.

Cash Flow Highlights

Not provided by company.

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Related Companies:

  • The Pantry (NASDAQ:PTRY)
  • Walgreen (NYSE:WAG)
  • CVS (NYSE:CVS)
  • Dollar Tree (NASDAQ:DLTR)
  • Dollar General (NYSE:DG)

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Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean.

At the time of publication,Nathan Parmelee had no positions in any of the companies mentioned. Fool rules are here.