Cabela's 2012 Annual Report Download - page 123

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113
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
Secured Long-Term Obligations of the Trust. The estimated fair value of secured long-term obligations
of the Trust is based on future cash flows associated with each type of debt discounted using current borrowing
rates for similar types of debt of comparable maturity. For all periods presented, we have consistently applied our
discounting methodologies to estimated future cash flows in determining estimated fair value for secured long-
term obligations of the Trust.
Long-Term Debt. The estimated fair value of long-term debt is based on future cash flows associated with
each type of debt discounted using current borrowing rates for similar types of debt of comparable maturity. For all
periods presented, we have consistently applied our discounting methodologies to estimated future cash flows in
determining estimated fair value for long-term debt.
26. QUARTERLY FINANCIAL INFORMATION (Unaudited)
The following table sets forth unaudited financial and operating data in each quarter for years 2012 and 2011:
2012 by Quarter 2011 by Quarter
First Second Third Fourth First Second Third Fourth
Total revenue $ 623,504 $ 627,254 $ 741,178 $ 1,120,746 $ 586,711 $ 562,100 $ 678,610 $ 983,745
Operating income (1) 46,576 57,828 67,113 104,182 30,887 37,309 53,489 109,863
Net income 28,826 33,870 42,785 68,032 17,785 21,700 33,307 69,828
Earnings per share:
Basic (2) 0.42 0.48 0.61 0.97 0.26 0.31 0.48 1.03
Diluted (2) 0.40 0.47 0.60 0.95 0.25 0.31 0.47 1.00
(1) Includes
impairment and
restructuring
charges recorded
by quarter for
each respective
year as follows: $ - $ - $ - $ 20,324 $ - $ 955 $ 3,488 $ 7,801
(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 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.