Casey's To Revise Results Due To Ethanol Excise Tax Reporting Error

(RTTNews) - Casey's General Stores, Inc. (CASY) said Monday that it will revise its financial statements for fiscal years 2012, 2013 and 2014 and the first quarter of fiscal year 2015, due to an inadvertent accounting and reporting error that occurred during those periods.

The revision is related to the treatment of the excise tax on ethanol following a change in the law governing ethanol blending credits, which was discovered by the company during a routine Internal Revenue Service examination.

Casey's said it voluntarily reported the error, has been cooperating fully with the IRS, and has paid $30.4 million in taxes due as well as $1.1 million in interest to resolve the matter.

Since discovery, Casey's said it has been taking steps to improve the oversight and controls of its excise tax accounting and reporting.

The aggregate impact of the unrecorded excise taxes for the period from January 1, 2012 through July 31, 2014, including accrued interest, is approximately $31.5 million. Over that period, the impact to Casey's fully diluted earnings per share is approximately 4.5 cents in each of the affected quarters.

For the fiscal 2012, the total impact reduces earnings per share from $3.04 to $2.99%. For the fiscal year 2013, the total impact, including interest paid, reduces earnings per share from $2.86 to $2.69. For the fiscal year 2014, the total impact reduces earnings per share from $3.46 to $3.26. For the first quarter of fiscal 2015, the total impact reduces earnings per share from $1.34 to $1.28.

Casey's said the revision is not expected to affect its continued quarterly dividend payments of $0.20 per share, increased from $0.18 per share in June 2014. Additionally, Casey's long term growth plans remain on track, and the company remains committed to achieving its financial goals for Fiscal 2015.