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Cabela's Inc. Reports Record Second Quarter 2013 Results

Management believes these non-GAAP financial results provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. In addition, management evaluates results using non-GAAP adjusted operating income, adjusted net income, and adjusted earnings per diluted share. These non-GAAP measures should not be considered in isolation or as a substitute for operating income, net income, earnings per diluted share, or any other measure calculated in accordance with GAAP. The following table reconciles these financial measures to the related GAAP financial measures for the periods presented.

 
        Three Months Ended
June 29, 2013       June 30, 2012
GAAP Basis       Amounts       Non-GAAP GAAP Basis
As Reported Added Back As Adjusted As Reported
(Dollars in Thousands Except Earnings Per Share)
 
Total revenue (1) $ 756,805 $ (1,200 ) $ 755,605 $ 627,254
 
Total cost of revenue (exclusive of depreciation and amortization) 413,465 413,465 340,377
Selling, distribution, and administrative expenses 275,468 275,468 229,049
Impairment and restructuring charges (2) 937   (937 )  
 
Operating income 66,935 (263 ) 66,672 57,828
 
Interest expense, net (3,914 ) (3,914 ) (6,444
Other non-operating income, net 1,108     1,108   1,450
Income before provision for income taxes 64,129 (263 ) 63,866 52,834
Provision for income taxes 19,584   (85 ) 19,499   18,964
 
Net income $ 44,545   $ (178 ) $ 44,367   $ 33,870
 
Earnings per basic share $ 0.63   $   $ 0.63   $ 0.48
 
Earnings per diluted share $ 0.62   $   $ 0.62   $ 0.47
 
 
          Six Months Ended
June 29, 2013       June 30, 2012
GAAP Basis       Amounts       Non-GAAP GAAP Basis
As Reported Added Back As Adjusted As Reported
(Dollars in Thousands Except Earnings Per Share)
 
Total revenue (1) $ 1,559,302 $ (1,200 ) $ 1,558,102 $ 1,250,758
 
Total cost of revenue (exclusive of depreciation and amortization) 872,160 872,160 691,136
Selling, distribution, and administrative expenses 540,155 540,155 455,218
Impairment and restructuring charges (2) 937   (937 )    
 
Operating income 146,050 (263 ) 145,787 104,404
 
Interest expense, net (9,270 ) (9,270 ) (10,948 )
Other non-operating income, net 2,647     2,647   2,851  
Income before provision for income taxes 139,427 (263 ) 139,164 96,307
Provision for income taxes 45,035   (85 ) 44,950   33,611  
 
Net income $ 94,392   $ (178 ) $ 94,214   $ 62,696  
 
Earnings per basic share $ 1.34   $   $ 1.34   $ 0.90  
 
Earnings per diluted share $ 1.32   $   $ 1.32   $ 0.87  
 
(1)   Reflects an adjustment recorded through interchange income to the Company's outstanding liability related to the proposed settlement of the Visa antitrust litigation due to a group of plaintiffs opting out of the proposed Visa settlement in May 2013.
(2) Reflects charges related to the closure of the former Winnipeg retail store in conjunction with the opening of the new Winnipeg next-generation store in May 2013.




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