Casey's General Stores (CASY) 8-K Casey’s Strong Prepared Food Performance Offsets Cigarette Challenges

Exhibit 99.1

NEWS RELEASE FOR IMMEDIATE RELEASE
Casey’s General Stores, Inc. One Convenience Blvd. Ankeny, IA 50021	Nasdaq Symbol CASY CONTACT Bill Walljasper (515) 965-6505

Casey’s Strong Prepared Food Performance Offsets Cigarette Challenges

Ankeny, IA, December 10, 2012—Casey’s General Stores, Inc. (Nasdaq symbol CASY) today reported $0.85 in diluted earnings per share for the second quarter of fiscal 2013 ended October 31, 2012 compared to $0.98 for the same period a year ago. Year to date, diluted earnings per share were $1.86 versus $2.01 for the same period last year. Both the quarter and year-to-date earnings were impacted by lower gas margins when compared to the all-time high gas margins from the same periods a year ago. “Our prepared food program is doing exceptionally well, but the cigarette environment remains very challenging for retailers,” said Chairman and CEO Robert J. Myers. “We are diligently evaluating the competitive landscape and will maintain a disciplined approach when making cigarette price adjustments.”

Gasoline—The Company’s annual goal is to increase same-store gallons sold 1% with an average margin of 14.0 cents per gallon. For the second quarter, same-store gallons sold were down 0.4% with an average margin of 14.9 cents per gallon. “We believe higher retail prices had an adverse impact to sales, however the gas margin environment has been favorable when compared to our annual goal.” said Myers. Total gallons sold for the year were up 3.2% with an average margin of 14.9 cents per gallon. Year-to-date same store gallons sold were down 0.3%.

Grocery and Other Merchandise—Casey’s annual goal is to increase same-store sales 6.2% with an average margin of 32.7%. For the second quarter, same-store sales were down 0.7% with an average margin of 33.4%. “Cigarettes have been adversely impacted by competitive pricing as well as an Illinois state excise tax increase,” stated Myers. “However, the grocery & other merchandise margin is above goal primarily due to a more favorable product mix within the category.” For the six months ended October 31, 2012, same-store sales were up 0.7% with an average margin of 33.4%. Total sales for the year were up 3.6% and gross profit increased 6.4% to $250 million.

Prepared Food and Fountain—The goal for fiscal 2013 is to increase same-store sales 11% with an average margin of 61.1%. For the quarter, same-store sales were up 10.1% with an average margin of 62.5%. “This category continues to benefit from three primary operating initiatives: expanded hours, pizza delivery, and major store remodels,” said Myers. “The margin continues to exceed our annual goal primarily due to an increase in pizza sales.” Year to date, total sales were up 14.5% and gross profit rose 19.4% to $182.1 million.

Operating Expenses—Year to date, operating expenses increased 10.5% to $379.4 million. For the second quarter, operating expenses were up 10.6%. Expenses were impacted by the operating initiatives mentioned above, operating 27 more stores than a year ago, and the completion of 20

replacement stores in the last 12 months. “So far this fiscal year we have converted 150 stores to 24-hour operation, added pizza delivery to 103 stores, and completed 51 major remodels,” stated Myers. “We will continue to implement these initiatives where we believe we can drive cash flow.” Store-level operating expenses for locations not impacted by the initiatives were up approximately 3.5% for the quarter.

Expansion—The annual goal is to increase the total number of stores 4-6%. At the mid-year point, the Company opened 8 new store constructions and completed the acquisition of 3 stores. The Company has also replaced 13 stores. “In November we completed the acquisition of 22 Kum and Go locations and opened our first stores in Tennessee and North Dakota,” stated Myers. “We are on pace to build 30 new stores this fiscal year and continue to be optimistic with the acquisition environment.” Casey’s currently has 13 stores under construction and has 8 stores under written agreement to acquire.

Dividend—At its December meeting, the Board of Directors declared a quarterly dividend of $0.165 per share. The dividend is payable February 15, 2013 to shareholders of record on February 1, 2013.

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Casey’s General Stores, Inc. Condensed Consolidated Statements of Comprehensive Income (Dollars in thousands, except share and per share amounts) (Unaudited)

	Three months ended October 31,				Six months ended October 31,
	2012		2011		2012		2011
Total revenue	$	1,911,644		1,782,518	$	3,779,946		3,656,350
Cost of goods sold (exclusive of depreciation and amortization, shown separately below)		1,632,331		1,519,600		3,213,659		3,126,650
Gross profit		279,313		262,918		566,287		529,700
Operating expenses		190,040		171,832		379,439		343,248
Depreciation and amortization		27,148		23,432		53,684		46,327
Interest, net		8,637		8,777		17,541		17,711
Income before income taxes		53,488		58,877		115,623		122,414
Federal and state income taxes		20,629		21,245		43,733		45,391
Net Income		32,859		37,632		71,890		77,023
Other comprehensive income		—		—		—		—
Comprehensive income	$	32,859		37,632	$	71,890		77,023
Net income per common share
Basic	$	.86		.99	$	1.88		2.02
Diluted	$	.85		.98	$	1.86		2.01
Basic weighted average shares outstanding		38,304,840		38,055,909		38,264,724		38,040,142
Plus effect of stock compensation		353,690		342,934		354,434		328,239
Diluted weighted average shares outstanding		38,658,530		38,398,843		38,619,158		38,368,381

Casey’s General Stores, Inc.

Condensed Consolidated Balance Sheets

(Dollars in thousands)

(Unaudited)

	October 31,		April 30,
	2012		2012
Assets
Current assets
Cash and cash equivalents	$	39,327	$	55,919
Receivables		21,284		21,700
Inventories		178,298		170,794
Prepaid expenses		2,032		1,298
Deferred income taxes		10,604		13,143
Income tax receivable		8,286		16,424
Total current assets		259,831		279,278
Other assets, net of amortization		13,385		12,403
Goodwill		104,686		104,385
Property and equipment, net of accumulated depreciation of $901,517 at October 31, 2012, and of $860,998 at April 30, 2012		1,483,659		1,378,749
Total assets	$	1,861,561	$	1,774,815
Liabilities and Shareholders’ Equity
Current liabilities
Current maturities of long-term debt	$	13,244	$	10,737
Accounts payable		215,213		211,165
Accrued expenses		86,272		84,739
Total current liabilities		314,729		306,641
Long-term debt, net of current maturities		660,055		667,930
Deferred income taxes		278,092		260,405
Deferred compensation		15,044		14,698
Other long-term liabilities		21,128		19,100
Total liabilities		1,289,048		1,268,774
Total shareholders’ equity		572,513		506,041
Total liabilities and shareholders’ equity	$	1,861,561	$	1,774,815

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. 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.

Sales and Gross Profit by Product (Amounts in thousands)
	Gasoline			Grocery & Other Merchandise			Prepared Food & Fountain			Other			Total
Six months ended 10/31/12
Sales	$	2,724,146		$	748,791		$	289,248		$	17,761		$	3,779,946
Gross profit	$	116,429		$	250,040		$	182,080		$	17,738		$	566,287
Margin		4.3	%		33.4	%		62.9	%		99.9	%		15.0	%
Gasoline gallons		780,268
Six months ended 10/31/11
Sales	$	2,666,412		$	722,987		$	252,681		$	14,270		$	3,656,350
Gross profit	$	128,009		$	234,950		$	152,501		$	14,240		$	529,700
Margin		4.8	%		32.5	%		60.4	%		99.8	%		14.5	%
Gasoline gallons		755,911

Gasoline Gallons

Same-store Sales Growth

	Q1			Q2			Q3			Q4			Fiscal Year
F2013		-0.2	%		-0.4	%
F2012		-2.7			-2.9			-2.4	%		2.5	%		-1.5	%
F2011		1.5			3.6			3.5			-1.9			1.6

Grocery & Other Merchandise

Same-store Sales Growth

	Q1			Q2			Q3			Q4			Fiscal Year
F2013		2.6	%		-0.7	%
F2012		6.2			5.8			6.3	%		8.5	%		6.7	%
F2011		2.0			6.9			5.8			4.8			4.6

Prepared Food & Fountain

Same-store Sales Growth

	Q1			Q2			Q3			Q4			Fiscal Year
F2013		10.6	%		10.1	%
F2012		15.3			14.2			12.6	%		16.8	%		14.3	%
F2011		2.4			7.2			10.5			11.8			7.7

Gasoline Margin

(Cents per gallon, excluding credit card fees)

	Q1			Q2			Q3			Q4			Fiscal Year
F2013		14.9	¢		14.9	¢
F2012		17.2			16.7			13.6	¢		13.7	¢		15.3	¢
F2011		16.4			14.9			13.9			15.6			15.2

Grocery & Other Merchandise

Margin

	Q1			Q2			Q3			Q4			Fiscal Year
F2013		33.4	%		33.4	%
F2012		32.5			32.5			31.8	%		33.0	%		32.5	%
F2011		32.8			32.9			30.9			32.1			32.2

Prepared Food & Fountain

Margin

	Q1			Q2			Q3			Q4			Fiscal Year
F2013		63.5	%		62.5	%
F2012		61.2			59.5			61.2	%		60.8	%		60.7	%
F2011		63.8			62.7			62.1			60.2			62.2

Corporate information is available at this Web site: http://www.caseys.com. Earnings will be reported during

a conference call on December 11, 2012. The call will be broadcast live over the Internet at 9:30 a.m. CST via the

Investor Relations section of our Web site and will be available in an archived format.