Cabela's 2010 Annual Report Download - page 8

Download and view the complete annual report

Please find page 8 of the 2010 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 128

  • 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

Fiscal Year Ended
January 2, 2010
GAAP Basis
As Reported Excluded
Amounts Non-GAAP
As Adjusted
(Dollars in Thousands Except Earnings Per Share)
Revenue:
Merchandise sales $2,447,635 $ - $2,447,635
Financial Services revenue (5) 171,414 (2,557) 168,857
Other revenue 13,191 - 13,191
Total revenue 2,632,240 (2,557) 2,629,683
Total cost of revenue (exclusive of
depreciation and amortization) 1,602,621 - 1,602,621
Selling, distribution, and administrative expenses 870,147 - 870,147
Impairment and restructuring charges (2) 66,794 (66,794) -
Operating income 92,678 64,237 156,915
Interest expense, net (23,109) - (23,109)
Other non-operating income, net (6) 6,955 574 7,529
Income before provision for income taxes 76,524 64,811 141,335
Provision for income taxes (3) 26,907 22,813 49,720
Net income $49,617 $41,998 $91,615
Earnings per basic share $0.74 $0.63 $1.37
Earnings per diluted share $0.74 $0.62 $1.36
(1) Reflects an accrual recognized in fiscal 2010 as a result of an agreement in principle to settle all matters with
the FDIC arising out of the FDIC’s compliance examination conducted in 2009 of WFB.
(2) Reflects impairment losses on certain assets where projected cash flows were less than the fair value of the
respective assets and restructuring charges for severance and related benefits pursuant to certain reductions in
workforce and voluntary retirement plans. See Note 15 in the 2010 Form 10-K for additional detail.
(3) The provision for income taxes for the non-GAAP measures were based on the effective tax rate for the
respective fiscal year.
(4) Amounts may not foot across due to rounding from the calculations using basic and diluted weighted average
shares outstanding.
(5) Valuations of the interest-only strip associated with securitized loans of the Company’s Financial Services
business segment.
(6) Loss incurred in the fourth quarter of fiscal 2009 to terminate forward exchange rate contracts for Canadian
operations.
CABELA’S INCORPORATED AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES