Cabela's 2010 Annual Report Download - page 116

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106
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
The following table provides the estimated fair values of financial instruments not carried at fair value at the
years ended:
2010 2009
Carrying
Value Estimated
Fair Value Carrying
Value Estimated
Fair Value
Financial Assets:
Credit card loans, net $ 2,709,312 $2,709,312 $135,935 $140,199
Financial Liabilities:
Time deposits 512,751 545,461 476,664 499,838
Secured long-term obligations of the Trust 1,590,900 1,577,779 - -
Long-term debt 345,152 340,939 348,279 343,108
26. QUARTERLY FINANCIAL INFORMATION (Unaudited)
The following table sets forth unaudited financial and operating data in each quarter for years 2010 and 2009:
2010 2009
First
Quarter Second
Quarter Third
Quarter Fourth
Quarter First
Quarter Second
Quarter Third
Quarter Fourth
Quarter
Total revenue $ 559,610 $525,970 $643,251 $ 934,411 $ 539,540 $549,236 $ 624,296 $ 919,168
Operating income (1) 15,939 30,669 36,641 103,513 12,326 18,948 31,921 29,483
Net income 8,091 18,024 19,742 66,302 5,128 9,123 18,766 16,600
Earnings per share—Basic (2) 0.12 0.27 0.29 0.97 0.08 0.14 0.28 0.26
Earnings per share—Diluted (2) 0.12 0.26 0.29 0.95 0.08 0.14 0.28 0.25
(1) The Company recorded impairment and restructuring charges of $6 million and $67 million in 2010 and 2009,
respectively. For 2010, these charges by quarter were: second quarter - $2 million, third quarter - $3 million,
and in the fourth quarter - $1 million. For 2009, these charges by quarter were: first quarter - $2 million, second
quarter - $12 million, and the fourth quarter - $53 million.
(2) 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 the Company’s 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. The Company’s
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.