Cabela's Incorporated has filed a registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its common stock. The company hopes to raise $230 million inthe offering to pay down debt, expand the number of stores, and other operating expenses.
Credit Suisse First Boston and J.P. Morgan will act as joint book runners with Wachovia Securities, Stephens Inc. and William Blair & Company serving as co-managers for the offering.
Total revenues for the fiscal year ended December were $1.39 billion, a 13.7% increase over revenues of $1.2 billion in 2002. Gross margins rose 60 basis points year-on-year to 40.5% from 39.9% in the previous year. Net income in 2003 was up 9.5% to $51.4 million, or $3.41 per diluted share, versus $46.9 million, or $3.22 per diluted share, in 2002.
Retail comp store sales increased 2.4% in 2003 after rising 3.7% in 2002.
Retail sales grew 33.4% to $404.2 million, 29.2% of sales, in 2003, versus 25.0% of sales, or $305.2 million, in 2002. Direct sales increased just 6.5% to $924.3 million, or 66.4% of sales, from $867.8 million, or 70.9% of sales, in the previous year.
Cabela's had nine retail stores at the end of 2003, a net gain of just one store verus the previous year.
>>> Look for additional information on this IPO in the 0413 edition of Sports Executive Weekly and The B.O.S.S. Report
