Cabela's 2007 Annual Report Download - page 88

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82
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
24. QUARTERLY FINANCIAL INFORMATION (Unaudited)
The following table sets forth unaudited financial and operating data in each quarter for the years ended 2007
and 2006:
2007 2006
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Total revenue ................... $462,091 $451,199 $546,809 $889,500 $404,805 $387,263 $490,453 $781,003
Operating income ............... 12,391 20,252 24,346 94,103 14,203 14,545 26,851 88,146
Net income . . . . . . . . . . . . . . . . . . . . 7,142 11,264 13,232 56,241 9,083 8,356 14,994 53,352
Earnings per share — Basic (1) . . . . 0.11 0.17 0.20 0.85 0.14 0.13 0.23 0.82
Earnings per share — Diluted (1) ... 0.11 0.17 0.20 0.84 0.14 0.13 0.23 0.80
(1) Basic and diluted earnings per share are computed independently for each of the quarters presented.
Revenue is typically higher in our third and fourth quarters than in the first and second quarters due to holiday
buying patterns and hunting and fishing season openings across the United States. Our quarterly operating results
may fluctuate significantly as a result of these events and a variety of other factors, and operating results for any
quarter are not necessarily indicative of results for a full year.
25. SUBSEQUENT EVENTS
On January 18, 2008, the Cabela’s Credit Card Master Note Trust completed the sale of $500,000 in asset-backed
notes, Series 2008-I. The securitization transaction included the issuance of six classes of notes with an expected life
of approximately three years (a legal maturity of approximately six years). This securitization refinanced an existing
$300,000 securitization that matured January 2008, with the remaining amount to fund continued growth of the
bank’s credit card portfolio. These notes are obligations of the aforementioned trust, and are not in the consolidated
balance sheet of the Company.
On January 16, 2008, we issued $57,000 of 7.20% unsecured notes to institutional buyers. The notes have a final
maturity of 10 years and an average life of seven years. We intend to use the proceeds to pay down existing debt and
for general corporate purposes.