Cabela's 2009 Annual Report Download - page 116

Download and view the complete annual report

Please find page 116 of the 2009 Cabela's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 131

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131

107
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
25. QUARTERLY FINANCIAL INFORMATION (Unaudited)
The following table sets forth unaudited financial and operating data in each quarter for the years ended 2009
and 2008:
2009 2008
First
Quarter Second
Quarter Third
Quarter Fourth
Quarter First
Quarter Second
Quarter Third
Quarter Fourth
Quarter
Total revenue (1) $ 539,540 $549,236 $ 624,296 $ 919,168 $535,539 $525,952 $611,800 $879,430
Operating income (2) 12,326 18,948 31,921 29,483 21,086 14,852 20,845 84,256
Net income 5,128 9,123 18,766 16,600 9,956 7,279 9,722 49,447
Earnings per share—Basic (3) 0.08 0.14 0.28 0.26 0.15 0.11 0.15 0.74
Earnings per share—Diluted (3) 0.08 0.14 0.28 0.25 0.15 0.11 0.15 0.74
(1) In the fourth quarter of 2008, we recorded gift instrument breakage of $8.7 million in Retail revenue and
operating income due to a change in the estimated breakage period from seven years to four years.
(2) We recorded impairment and restructuring charges of $67 million and $6 million in 2009 and 2008, respectively.
For 2009, these charges by quarter were: first quarter - $1.7 million, second quarter - $11.7 million, third quarter
- $0.6 million, and the fourth quarter - $52.8 million. The charges for 2008 were recorded in the fourth quarter.
(3) Basic and diluted earnings per share are computed independently for each of the quarters presented and,
therefore, may not sum to the totals for the year.
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.
26. SUBSEQUENT EVENT
On February 12, 2010, the Trust sold $300,000 of asset-backed notes, Series 2010-I. The securitization
transaction included the issuance of $255,000 of Class A notes, which accrue interest at a floating rate equal to one-
month London Inter-Bank Offered Rate plus 1.45% per year. The Class A notes are eligible collateral under the TALF
program established by the Federal Reserve Bank of New York. The securitization transaction also included the
issuance of three subordinated classes of notes in the aggregate principal amount of $45,000. WFB purchased each
of the subordinated classes of notes. Each class of notes issued in the securitization transaction has an expected life
of approximately five years, with a legal maturity of approximately eight years. The securitization transaction will
be used to refinance asset-backed notes issued by the Trust that matured in 2010 and to fund growth in securitized
loans.
We have evaluated subsequent events through the filing date of this Form 10-K. We have determined that there
were no other subsequent events to recognize or disclose in the consolidated financial statements presented herein.