Ankeny, IA - Casey's General Stores, Inc. (Nasdaq symbol CASY) today issued the following statement regarding a letter to Casey's shareholders publicly released earlier today by JCP Investment Management, LLC, BLR Partners LP and Joshua E. Schechter, who collectively own approximately 1% of Casey's outstanding shares.
Terry Handley, President and CEO of Casey's, said, "Casey's Board of Directors and management team welcome and appreciate input from all shareholders. To that end, we met with representatives from JCP this past summer. During that discussion they did not raise their recommendation that Casey's explore strategic alternatives, and there has been no substantive engagement with them since that time. However, the Board will review the content of their letter thoroughly."
Casey's has a strong track record of delivering value for shareholders. The Company's 5-year total shareholder returns (TSR) of 121% exceed the TSRs of the S&P 500 index (108%) and the S&P Retail index (46%) over the same period.
Mr. Handley continued, "The Company is focused on generating increased long-term value for shareholders through new initiatives to accelerate same-store growth and returning cash to shareholders through share repurchases and a steadily increasing dividend. With the combination of the Company's growing acquisition pipeline, new store construction activity, new initiatives aimed at enhancing operations – such as digital engagement and price optimization projects – Casey's expects to deliver substantial value for its shareholders."
About Casey's General Stores, Inc.
Casey's General Stores, Inc., headquartered in Ankeny, Iowa, owns and operates over 2,000 convenience stores in 15 states. The stores offer self-service gasoline, a wide variety of grocery items, and prepared foods, such as made-from-scratch pizza and donuts, chicken tenders, and made-to-order sub-sandwiches. Casey's owns and operates two distribution centers, delivering approximately 90% of in-store products as well as approximately 75% of the fuel sold at their stores.
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