Outdoor Specialty Store Cabela's Files for IPO

AP ^ | Mar. 23, 2004

[nuconvert]

Outdoor Specialty Store Cabela's Files for IPO

Mar 23, 2004

By Joe Ruff/ Associated Press Writer

OMAHA, Neb. (AP) - Outdoor gear marketer Cabela's Inc. plans to sell its stock to the public for the first time. Founded in 1961 by Dick Cabela and his wife, Mary, the family owned business has grown from selling Japanese fishing lures by mail order to become the nation's largest direct marketer of hunting, fishing, camping and other outdoor equipment.

Based in Sidney, Cabela's also has nine stores, which feature big-game trophies, indoor waterfalls and aquariums. There are two stores in Nebraska, two in Minnesota, and one in South Dakota, Wisconsin, Michigan, Kansas and Pennsylvania. A tenth store is set to open later this year in Wheeling, W.Va.

In papers filed with the Securities and Exchange Commission, Cabela's said it expected the IPO to raise $230 million, which it would use to open new stores. Cabela's shares would trade on the New York Stock Exchange under the symbol CAB.

Cabela's had $51 million in net income in fiscal 2003 on $1.4 billion in revenue in fiscal 2003, the filing said.

Company spokesman Joe Arterburn said he could not discuss the IPO until the SEC has accepted it. The timing or size of the planned sale were not disclosed.

Cabela and his wife began selling outdoor gear after Cabela traveled to a trade show in Chicago to buy furniture for his family's store in Chappell. He spotted Japanese fishing lures and decided he could make money by selling them through the mail.

With Cabela still working by day at the furniture store, the Cabelas reinvested their money from outdoor gear sales and imported more Japanese fishing gear, primarily fishing rods and tackle. By 1962, a small shed in their back yard in Chappell became Cabela's first warehouse.

Cabela's brother, Jim, joined the enterprise in 1963. In 1968, Cabela moved the business and his family 25 miles west to Sidney, where it was easier to find employees.

Now, Cabela's is a major employer in the town of 6,200 where it has its headquarters and a store.

It publishes more than 40 different catalogs each year and ships to all 50 states and 125 countries. They include massive spring and fall books, as well as specialty books focusing on sports like archery, fly fishing and boating.

[11th Earl of Mar]

These are the most INCREDIBLE hunting and fishing stores ever!

I hope they do well.

[Dan from Michigan]

There are two stores in Nebraska, two in Minnesota, and one in South Dakota, Wisconsin, Michigan, Kansas and Pennsylvania. A tenth store is set to open later this year in Wheeling, W.Va.

What is amazing is that Cabela's is Michigan's number one tourist attraction.

[Dan from Michigan]

There are two stores in Nebraska, two in Minnesota, and one in South Dakota, Wisconsin, Michigan, Kansas and Pennsylvania. A tenth store is set to open later this year in Wheeling, W.Va.

What is amazing is that Cabela's is Michigan's number one tourist attraction.

"Up North" is where everyone goes, but Cabela's near Dundee beats that out.

[nuconvert]

Cabela's has a loyal following.

[crz]

Dammed expensive stuff. But, if you need it, its there.

[nuconvert]

Yeah.....not WalMart prices for sure.

[sonofatpatcher2]

I have been told they are building one here in Corsicana, Texas. 56 miles south of Dallas.

[Labyrinthos]

Dammed expensive stuff. But, if you need it, its there.

I think the prices are very reasonable. A Columbia 100% cotton fishing shirt from Cabela's is about $10 to $15 less than what you pay in a retail store. Flies and lures are also very reasonable.

[nuconvert]

I think they're gonna start popping up all over.

[Tax-chick]

Wow, seems like quite an investment, if one had some free cash (which we don't :-( )

[Pearls Before Swine]

Dammed expensive stuff.

They aren't low on everything, but they are competitive on a lot of quality outdoor gear. That's especially true if you hit their internet bargain bin and care if the waterproof/insulated stuff is really waterproof and warm.

[sonofatpatcher2]

I had never heard of them before I was told about them opening a store in Corsicana. I go up to Dallas to Bass Pro when I need something not at our WalMart here. I just checked out their online prices and if the store has the same, I will shop elsewhere...

[Mini-14]

I stopped at their store in South Dakota on a trip to Wyoming last summer. It was definitely a tourist attraction in my mind -- a candy story for grown men.

[buccaneer81]

My son and I love to play Cabella's Dangerous Hunts on PS2.

[nuconvert]

: )

[Dan from Michigan]

It's a great place(although EXPENSIVE!), but I was still shocked when I read that since tourism is the top industry in Michigan outside of automobiles.

Luckily, I'm only a little over an hour away from there. :)

[Rebelbase]

Cabela's is a great store. I mail ordered my Svea backpack stove from them 28 years ago.

[CarolAnn]

It's a huge draw here in Kansas too. I've always stopped at the one in Owatanna Min on the way to Canada. We always have a few odds and ends to pick up, and the displays are incredible.

[CarryaBigStick]

I've been buying fishin' and huntin' gear from Cabelas for years. I bought a ranch coat for my wife for Christmas this year from them. Cabelas was the only retailer that offered a good ranch coat for ladies. In fact, they have an entire outdoor gear catalog tailored just for women. Gotta love it.

I just hope this IPO is going to be accessible to the average investor, because if it is, I'll definately be 'on board'