Outdoor financials: Cabela's reports record Q4 results, plus Crocs, Wellman, Big 5

Cabela’s reports record Q4 results
Cabela’s (NYSE: CAB) said fourth-quarter net income grew nearly 26 percent, as both direct and retail revenue rose.

Net income for the fourth fiscal quarter of 2006 increased 25.5 percent to $53.4 million, or $0.80 per diluted share, compared to $42.5 million, or $0.64 per diluted share, for the fourth fiscal quarter of 2005. Total revenue for the quarter increased 15.6 percent to $781.0 million compared to $675.4 million for the fourth fiscal quarter of 2005.

The company said it had a strong fourth fiscal quarter in each of its business segments compared to the same period a year ago. Direct revenue increased $25.2 million, or 6.2 percent, to $432.4 million; total retail revenue increased 27.3 percent to $304.9 million with a same store sales increase of 1.7 percent; and financial services revenue increased 33.1 percent to $38.5 million.

For the year, earnings grew 18 percent to $85.8 million, or $1.29 per share, from $72.6 million, or $1.10 per share in 2005. Revenue grew 15 percent to $2.06 billion, from $1.8 billion in 2005.

Each of the company’s three main business segments grew in fiscal 2006 compared to fiscal 2005, it said. Direct revenue increased 4.2 percent to $1.09 billion; retail revenue increased 32.3 percent to $820.3 million with a same store sales increase of 1.3 percent; and financial services revenue increased 29.9 percent to $137.4 million.

During the year, the company opened four new retail stores to end the year with 18 stores.

Crocs Q4 profit jumps on strong sales numbers
Fourth-quarter profit for Crocs (Nasdaq: CROX) more than quadrupled on strong sales numbers.

Quarterly earnings after paying preferred dividends grew to $20.8 million, or $0.51 per share, from $4.2 million, or $0.12 per share, in the prior year’s quarter. Revenue more than tripled, rising to $112.9 million from $33.6 million in the fourth quarter of 2005.

Ron Snyder, president and CEO, said in a statement that demand rose for the company’s shoes in the United States and abroad “coupled with growing consumer acceptance of our new styles.”

For the full year, profit was nearly 4 times higher than in 2005. Crocs earned $64.4 million, or $1.61 per share, for the year and $16.7 million, or 51 cents per share, in 2005. Revenue also was more than three times higher, climbing to $354.7 million from $108.6 million in 2005.

Crocs raised its outlook for 2007 earnings and revenue growth, saying it expects to easily beat analyst expectations for the first quarter and full year.

The company said it anticipates revenue and earnings growing 45 percent in fiscal 2007, estimating full-year earnings per share of $2.33 and revenue of $514.3 million. Those targets are well above analysts’ forecast for earnings per share of $2.07 and revenue of $466.8 million. Previously, Crocs said it could grow its revenue and earnings per share by 30 percent.

For the first quarter, the company sees earnings between $0.47 and $0.49 per share on revenue between $113 million and $117 million. Analysts are predicting earnings of $0.35 per share on revenue of $88.6 million for the quarter.

Wellman reports Q4, FY ’06 losses
Wellman (NYSE: WLM) reported a wider fourth-quarter loss, citing disappointing results after raising prices and a charge related to closing an operation.

The company posted a net loss attributable to common stockholders of $52.9 million, or $1.65 per share, compared with a net loss of $47.4 million, or $1.50 a share in the year ago period. Excluding special items, the loss from continuing operations attributable to common stockholders was $0.80 a share. Sales rose to $324.5 million from $287.3 million in the year-ago period.

For the full year 2006, Wellman reported a net loss of $126.8 million, or $3.97 per share, compared to a net loss of $74.1 million, or $2.34 per share for the full year 2005.

“In light of our 2006 results and the difficult business environment, we have made the strategic decision to focus on our chemical-based PET resin and polyester fiber businesses,” said Tom Duff, Wellman’s chairman and CEO, in a statement. “This will allow us to capitalize on our two world-class facilities which utilize some of the latest technology to produce high quality, value added products. We have restructured our management group functionally which will allow us to operate in a more efficient and cost effective manner.”

Big 5 announces quarterly cash dividend
Big 5 Sporting Goods (Nasdaq: BGFV) declared a quarterly cash dividend of $0.09 per share of outstanding common stock, which will be paid on March 15, 2007, to stockholders of record as of March 1, 2007.

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