Cracker Barrel 2012 Annual Report Download - page 55

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53
Related to its insurance coverage, the Company is contin-
gently liable pursuant to standby leers of credit as credit
guarantees to certain insurers. As of August 3, 2012, the
Company had $31,506 of standby leers of credit related to
securing reserved claims under workers’ compensation
insurance. All standby leers of credit are renewable annually
and reduce the Company’s borrowing availability under its
Revolving Credit facility (see Note 5).
As of August 3, 2012, the Company is secondarily liable
for lease payments associated with two properties. e
Company is not aware of any non-performance under these
lease arrangements that would result in the Company having
to perform in accordance with the terms of those guarantees,
and therefore, no provision has been recorded in the
Consolidated Balance Sheets for amounts to be paid in case
of non-performance by the third parties.
e Company enters into certain indemnication agree-
ments in favor of third parties in the ordinary course of
business. e Company believes that the probability of
incurring an actual liability under such indemnication
agreements is suciently remote so that no liability has been
recorded in the Consolidated Balance Sheet.
18 QUARTERLY FINANCIAL DATA
UNAUDITED
Quarterly nancial data for 2012 and 2011 are summarized
as follows:
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter(a)
2012
Total revenue $ 598,437 $ 673,234 $ 608,514 $ 700,010
Gross prot 412,130 437,843 418,899 483,839
Income before
income taxes 33,489 36,312 27,935 48,552
Net income 23,802 25,609 18,974 34,696
Net income per share –
basic $ 1.04 $ 1.11 $ 0.82 $ 1.49
Net income per share –
diluted $ 1.03 $ 1.10 $ 0.81 $ 1.47
2011
Total revenue $ 598,691 $ 640,277 $ 582,525 $ 612,942
Gross prot 418,938 420,887 402,751 419,388
Income before
income taxes 33,702 40,642 19,586 21,761
Net income 23,734 28,777 15,154 17,543
Net income per share –
basic $ 1.04 $ 1.24 $ 0.66 $ 0.77
Net income per share –
diluted $ 1.01 $ 1.20 $ 0.64 $ 0.75
(a) e Company’s fourth quarter of 2012 consisted of 14 weeks.