Cabela's 2007 Annual Report Download

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2007 annual report
Letter To Shareholders - Year In Review - Form 10-K

Table of contents

  • Page 1
    2007 annual report Letter To Shareholders - Year In Review - Form 10-K

  • Page 2
    ... retail customers to order from our entire product inventory and have the order shipped to their home or one of our retail stores for pick up. World's Foremost Bank exceeds one million average active credit card accounts in the quarter and more than $2 billion in total credit card loans outstanding...

  • Page 3
    ... new In-Store Kiosk Program allows retail customers to order from our entire product inventory, the largest product assortment in the outdoor industry. Also, our highly successful Web site, www.cabelas.com, was once again the most visited e-commerce Web site in the sporting goods industry for 2007...

  • Page 4
    ... the World's Foremost Outfitter®. Through our growing number of retail stores and our wellestablished direct business, we offer a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. We also issue the Cabela's CLUB® Visa...

  • Page 5
    ...and executive officers and the beneficial owners of 5% or more of its voting common stock as of June 29, 2007, are affiliates of the registrant. Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. Common stock, $0.01 par value...

  • Page 6
    ... into new markets; market saturation due to new retail store openings; the rate of growth of general and administrative expenses associated with building a strengthened corporate infrastructure to support our growth initiatives; increasing competition in the outdoor segment of the sporting goods...

  • Page 7
    ... Disagreements With Accountants on Accounting and Financial Disclosure ...Controls and Procedures...Other Information ...PART III Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder...

  • Page 8
    ... common stock is listed on the New York Stock Exchange under the symbol "CAB." Retail Business We currently operate 27 retail stores, 26 in 19 states and one in Canada. We opened eight retail stores in 2007, increasing our total retail square footage by 1.3 million square feet, or 49%. Retail store...

  • Page 9
    ... the locations of our stores. Direct Business Our Direct business uses catalogs and the Internet as marketing tools to generate sales orders via the Internet, telephone, and mail. Our Direct business generated revenue of $1.13 billion in 2007, representing 52.0% of our total revenue from our Retail...

  • Page 10
    ...'s CLUB Visa card to qualifying customers. This card is marketed throughout our catalogs. Our customers can apply for the Cabela's CLUB Visa card at our retail stores and website through our instant credit process and, if approved, receive reward points available for use on merchandise purchases the...

  • Page 11
    ...largest marketing effort consists of distributing over 140 million catalogs annually in order to attract customers to our Retail and Direct businesses. We have also established our website to market our products to customers and potential customers who shop via the Internet. We use both our catalogs...

  • Page 12
    ...centers located in Sidney, Nebraska; Prairie du Chien, Wisconsin; and Wheeling, West Virginia. These distribution centers comprise nearly 3.0 million square feet of warehouse space for our retail store replenishment and Direct business activities. We ship merchandise to our Direct business customers...

  • Page 13
    ... store merchandise, helping to increase customer satisfaction and sales. We also added additional vendors onto our inventory replenishment system. We continued working on our merchandise management system, which consolidates information related to our item master, vendor master, and purchase order...

  • Page 14
    ... bank subsidiary to collect outstanding balances owed by borrowers. Taxation Applicable to Us. We pay applicable corporate income, franchise, and other taxes to states in which our retail stores are physically located. As we open more retail stores, we will be subject to tax in an increasing number...

  • Page 15
    ... or other concessions which are material to our operations. Available Information Our website address is www.cabelas.com. We make available on our website, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those...

  • Page 16
    ...Sporting Goods; retailers that currently compete with us through retail businesses that may enter the direct business; mass merchandisers, warehouse clubs, discount stores, and department stores, such as Wal-Mart and Target; and casual outdoor apparel and footwear retailers, such as L.L. Bean, Lands...

  • Page 17
    ... Service rates, paper costs, and printing costs resulting in higher catalog production costs and lower profits for our Direct business; failures to properly design, print, and mail our catalogs in a timely manner; failures to introduce new catalog titles; failures to timely fill customer orders...

  • Page 18
    ...our Retail and Direct businesses; and third-party card processors, such as First Data Resources, that process Cabela's CLUB Visa transactions. Any disruption in these services could have a negative impact on our ability to market and sell our products, and serve our customers. Our ten largest trade...

  • Page 19
    ... cost to deliver merchandise to the customers of our Direct business and from our distribution centers to our retail stores may rise which could have an adverse impact on our profitability. Political and economic uncertainty and unrest in foreign countries where our merchandise vendors are located...

  • Page 20
    ... success depends on hiring, training, managing, and retaining quality managers, sales associates, and employees in our retail stores and customer care centers. Our corporate headquarters, distribution centers, return center, and some of our retail stores are located in sparsely populated rural areas...

  • Page 21
    ... effect on the profitability and cash flows of our Direct business. The customer service enhancements we are implementing at our retail stores are designed to increase customer convenience, purchasing, and delivery options. These enhancements include Internet kiosks, catalog order desks, and in...

  • Page 22
    ...pay the bonds. At the time we purchase these bonds, we make estimates of the discounted future cash flow streams they are expected to generate in the form of interest and principal payments. Because these cash flows are based primarily on future property or sales tax collections at our retail stores...

  • Page 23
    ... Financial Services business, which could limit growth of the business and decrease our profitability. Our Financial Services business requires a significant amount of cash to operate. These cash requirements will increase if our credit card originations increase or if our cardholders' balances or...

  • Page 24
    ...Services business could decline, for a variety of reasons, many of which are beyond our control, including: credit risk related to the loans we make to cardholders and the charge-off levels of our credit card accounts; lack of growth of potential new customers generated by our Retail and Direct...

  • Page 25
    ... merchandising businesses and to the strength of the Cabela's brand. In addition, transactions on cardholder accounts produce loyalty points which the cardholder may apply to future purchases from us. Adverse changes in the desirability of products we sell, negative trends in retail customer service...

  • Page 26
    ...principal non-retail properties: Property Location Total Square Feet Segment That Uses Property Corporate Headquarters ...Sidney, Nebraska Administrative Offices and Customer Care Center ...Sidney, Nebraska Distribution Center ...Distribution Center ...Distribution Center ...Retail Store, Warehouse...

  • Page 27
    ... Opening Date Total Square Footage Kearney, Nebraska ...Sidney, Nebraska ...Owatonna, Minnesota ...Prairie Du Chien, Wisconsin ...East Grand Forks, Minnesota ...Dundee, Michigan ...Mitchell, South Dakota ...Kansas City, Kansas ...Hamburg, Pennsylvania ...Wheeling, West Virginia ...Fort Worth...

  • Page 28
    ... name" accounts through brokers or banks. The following table sets forth, for the fiscal quarters indicated, the high and low sales prices per share of our common stock as reported on the NYSE: 2007 High Low High 2006 Low First Quarter ...Second Quarter ...Third Quarter ...Fourth Quarter ... $26...

  • Page 29
    ... our common stock and do not anticipate paying any cash dividends on our common stock in the foreseeable future. In addition, our revolving credit facility and our senior notes limit our ability to pay dividends to our stockholders. Equity Compensation Plans For information on securities authorized...

  • Page 30
    ...123 million, $53 million, $81 million, $58 million, and $77 million at years ended 2007, 2006, 2005, 2004 and 2003. Due to regulatory restrictions, our ability to use this cash for non-banking operations, including for working capital for our Retail or Direct businesses or for retail store expansion...

  • Page 31
    ...Cabela's® We are a leading specialty retailer, and the world's largest direct marketer, of hunting, fishing, camping, and related outdoor merchandise. We provide a quality service to our customers who enjoy an outdoor lifestyle by supplying outdoor products through our multi-channel retail business...

  • Page 32
    ... footage to over 4.0 million square feet at the end of 2007. Customer Service Enhancements - We completed implementation of customer service enhancements directed at increasing sales and customer satisfaction in 10 of our retail stores including: in-store pick-up for catalog and Internet orders...

  • Page 33
    ... and use our retail store, catalog, and Internet channels, including completing our roll-out of Internet kiosks, catalog order desks, and in-store pick-up for catalog and Internet purchases. Our in-store pick-up program allows customers to order products through our catalogs and Internet site, and...

  • Page 34
    .... Our gift instrument liability at the end of 2007 was $113 million compared to $87 million at the end of 2006. Customers also receive points for purchases at our retail stores or through our Direct business on various loyalty programs. In addition, our Cabela's CLUB Visa card loyalty program allows...

  • Page 35
    ... presented in the following table for our Retail and Direct businesses and in total for the years ended: Retail 2007 2006 2007 Direct 2006 2007 Total 2006 Hunting Equipment ...Fishing and Marine ...Camping...Clothing and Footwear ...Gifts and Furnishings ...Total ... 38.7% 35.6% 15.6 16.7 12.9 12...

  • Page 36
    ... our website. Catalog mail order sales continue to decrease as these sales transition to our Internet site and our new retail stores. 2007 2006 Increase (Decrease) % Change Percentage increase year over year in Internet website visits ...Catalog circulation in pages (in millions) ...Number of...

  • Page 37
    ... rewards costs increased $18 million from continued growth in the Cabela's CLUB Visa card usage by our customers. Managed credit card loans of the Financial Services business segment include both credit card loans receivable we own and securitized credit card loans. The process by which credit card...

  • Page 38
    ... expenses related to our retail stores, Internet website, distribution centers, product procurement, and overhead costs, including: advertising and marketing, catalog costs, employee compensation and benefits, occupancy costs, information systems processing, and depreciation and amortization...

  • Page 39
    ...declining sales in comparable stores. Depreciation on new stores not open in the comparable period of 2006 of $9 million. Direct Business Segment: An increase of $6 million in marketing costs primarily from Internet marketing and mailing promotions, catalog costs from higher postage and print rates...

  • Page 40
    ... of new retail stores in 2007 and 2006, 2) sales increases for our Direct business, and 3) the profitability of our Financial Services business segment. The Financial Services segment incurs a marketing fee paid to the Retail and Direct business segments. This marketing fee is included in selling...

  • Page 41
    ... and card account growth. Net interest income on loans receivable increased $5 million. Customer rewards costs increased $17 million from continued growth in the Cabela's CLUB Visa card usage by our customers. We also measure the results of our Financial Services business on a non-GAAP managed basis...

  • Page 42
    ... business segment of $3 million for positions added to support our growth. Increases in incidental equipment and software expenses of $3 million specifically related to our website. An increase in Direct advertising costs of $3 million primarily from a new postcard promotion. Financial Services...

  • Page 43
    ... between years, up 0.1%, to 21.9% from 21.8%, as growth in our customer loyalty program continued to contribute positive returns. The Financial Services segment incurs a marketing fee paid to the Retail and Direct business segments. This marketing fee is included in selling, distribution, and...

  • Page 44
    ... charged-off credit card loans on the 24th day of the month after an account became 115 days contractually delinquent resulting in a 129-day average for charging-off an account. Our charge-off activity for the managed portfolio is summarized below for the years ended: 2007 2006 (Dollars in Thousands...

  • Page 45
    ...in our management information systems and infrastructure, purchases of economic development bonds related to the construction of new retail stores, and general working capital needs. We historically have met these requirements with cash generated from our merchandising business operations, borrowing...

  • Page 46
    ... credit related to new stores which opened in 2007. In addition, unpresented checks net of bank balance increased $33 million due to timing of when checks cleared our bank. Partially offsetting these increases was a net decrease of $152 million in long-term debt ($215 million borrowed in 2006) used...

  • Page 47
    ... decrease in the purchases of economic development bonds related to the timing on the opening of certain new retail stores and the incentives related to those stores. In 2006, $53 million in bonds we owned related to our Wheeling, West Virginia, retail store and distribution center were retired in...

  • Page 48
    ... of a number of our new retail stores, including free land, monetary grants, and the recapture of incremental sales, property, or other taxes through economic development bonds, with many local and state governments. We design our retail stores to provide exciting tourist and entertainment shopping...

  • Page 49
    ... and note holders, credit losses, and servicing and administration fees. We use certain valuation assumptions related to the average lives of the loans sold and anticipated credit losses, as well as the appropriate market discount rate, in determining the estimated present value of the interest-only...

  • Page 50
    ... becomes necessary could increase our financing costs and potentially limit our ability to grow our Financial Services business. Unfavorable conditions in the asset-backed securities markets generally, including the unavailability of commercial bank liquidity support or credit enhancements, such as...

  • Page 51
    ...under economic development bonds. The table does not include any amounts for contractual obligations associated with retail store locations where we are in the process of certain negotiations. Our purchase obligations relate primarily to purchases of inventory, shipping, and other goods and services...

  • Page 52
    ... is recognized on our Internet and catalog sales when merchandise is delivered to customers at the point of delivery, with the point of delivery based on our estimate of shipping time from our distribution centers to the customer. We recognize reserves for estimated product returns based upon our...

  • Page 53
    ... of our direct mail catalogs, composed principally of creative design, prepress/production, paper, printing, postal, and mailing costs. Deferred catalog costs are amortized over their expected period of future benefit or twelve months, whichever is shorter, based upon sales forecasts developed using...

  • Page 54
    ... Services Interest Rate Risk Interest rate risk refers to changes in earnings or the net present value of assets and off-balance sheet positions, less liabilities (termed "economic value of equity") due to interest rate changes. To the extent that interest income collected on managed credit card...

  • Page 55
    .... However, purchases of Cabela's merchandise, certain other charges, and balance transfer programs are financed at a fixed interest rate of 9.99%. Together, the balances on these credit cards represent 64.2% of total balances outstanding at the end of 2007. No interest is charged if the account is...

  • Page 56
    ...8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA TABLE OF CONTENTS Page REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ...CONSOLIDATED FINANCIAL STATEMENTS: Consolidated Statements of Income...Consolidated Balance Sheets ...Consolidated Statements of Cash Flows ...Consolidated Statements of...

  • Page 57
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Cabela's Incorporated and Subsidiaries Sidney, Nebraska We have audited the accompanying consolidated balance sheets of Cabela's Incorporated and Subsidiaries (the "Company") as of December 29, ...

  • Page 58
    CABELA'S INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Dollars in Thousands Except Earnings Per Share) 2007 Fiscal Years 2006 2005 Revenue: Merchandise sales ...Financial services revenue ...Other revenue ...Total revenue ...Cost of revenue: Merchandise costs ...Cost of other ...

  • Page 59
    ... CURRENT Accounts payable, including unpresented checks of $11,340 in 2007 ...Gift certificates, and credit card and loyalty rewards programs ...Accrued expenses...Time deposits ...Short-term borrowings of financial services subsidiary ...Current maturities of long-term debt ...Income taxes payable...

  • Page 60
    ... expenses and other current assets ...Land held for sale or development ...Accounts payable and accrued expenses ...Gift certificates, and credit card and loyalty rewards programs ...Other long-term liabilities ...Income taxes payable...Net cash derived from operating activities ...CASH FLOWS FROM...

  • Page 61
    ... Shares BALANCE, beginning of 2005 ...64,568,180 Comprehensive income: Net income...- Unrealized loss on economic development bonds, net of taxes of $1,428 ...- Derivative adjustment, net of taxes of $88 ...- Total comprehensive income ...Stock based compensation ...- Employee stock purchase plan...

  • Page 62
    ... Business - Cabela's Incorporated is a retailer of hunting, fishing, and outdoor gear, offering products through retail stores, the Internet, and regular and special catalog mailings. Cabela's operates 27 retail stores, 26 located in 19 states and one located in Winnipeg, Manitoba. World's Foremost...

  • Page 63
    ... of three months or less, and credit card and debit card receivables from other banks, which settle within one to four business days. Receivables from other banks totaled $9,711 and $10,050 at the end of 2007 and 2006, respectively. Unpresented checks, net of available cash bank balances, are...

  • Page 64
    ... purchased the majority of the bonds associated with our developments. Cash grants are made available to fund land, retail store construction, and/or development infrastructure costs. Economic development bonds are typically repaid through sales and/or property taxes generated by the retail store...

  • Page 65
    ...income tax impact. Declines in the fair value of held-to-maturity and available-for-sale economic development bonds below cost that are deemed to be other than temporary are reflected in earnings. Credit Card and Loyalty Rewards Programs - Cabela's CLUB Visa cardholders receive Cabela's points based...

  • Page 66
    ... discounted using current borrowing rates for similar debt instruments of comparable maturity. Time deposits are pooled in homogeneous groups, and the future cash flows of those groups are discounted using current market rates offered for similar products for purposes of estimating fair value...

  • Page 67
    ... (Dollars in Thousands Except Share and Per Share Amounts) 2. CHANGE IN ACCOUNTING PRINCIPLES Inventories: Effective the beginning of 2007, we changed our method for valuing inventories from the LIFO method to the FIFO method. Due to merchandise unit cost increases for new and higher-priced product...

  • Page 68
    ... receives a servicing fee based on the average outstanding loans in the trust. Servicing fees are paid monthly and reflected as a component of Financial Services revenue. The trust issues commercial paper, long-term bonds, or long-term notes. Variable bonds and notes are priced at a benchmark rate...

  • Page 69
    ... in the managed credit card loan portfolio at year end: 30-89 days ...90 days or more and still accruing ...Total net charge-offs on the managed credit card loans portfolio for the year ended ...Annual average credit card loans: Managed credit card loans ...Securitized credit card loans including...

  • Page 70
    ...assumptions used to estimate the fair value of the interest-only strips resulting from the securitization of credit card loans for the years ended: 2007 2006 Weighted average payment rates ...Weighted average life in years ...Weighted average expected credit losses ...Servicing fee ...Discount rate...

  • Page 71
    ... Per Share Amounts) Cash Flows from Securitizations: The following table summarizes the cash flows received from the securitization trust during the years ended: 2007 2006 2005 Proceeds from new securitizations, net ...Collections used by the trust to purchase new balances in revolving credit card...

  • Page 72
    ... TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in Thousands Except Share and Per Share Amounts) 6. ECONOMIC DEVELOPMENT BONDS Economic development bonds consisted of the following at the years ended: 2007 Gross Gross Unrealized Unrealized Gains Losses Cost Fair Value Classified as: Available-for...

  • Page 73
    ...EXPENSES Accrued expenses consisted of the following at the years ended: 2007 2006 Accrued employee compensation and benefits ...Accrued property, sales, and other taxes ...Deferred revenue and accrued sales returns ...Accrued interest ...Accrued credit card fees ...Other ... $ 61,519 17,926 27,710...

  • Page 74
    ...372 For purposes of estimating fair value, time deposits are pooled in homogeneous groups and the future cash flows of those groups are discounted using current market rates offered for similar products. At the end of 2007 and 2006, the carrying amounts of the bank's time deposits were $160,591 and...

  • Page 75
    ... in the transferor's interest of the Cabela's Master Credit Card Trust. The facility limit was entered into on June 21, 2007, for $50,000, and was increased to $100,000 on November 29, 2007. The facility carries a liquidity fee of 0.15% on the outstanding commitment and a program fee of 0.10% on the...

  • Page 76
    ... value of $387,743 and $315,979, respectively. We have a lease agreement for our distribution facility in Wheeling, West Virginia. The lease term is through June 2036. The monthly installments are $83 with the lease contains a bargain purchase option at the end of the lease term. We are accounting...

  • Page 77
    CABELA'S INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in Thousands Except Share and Per Share Amounts) 14. INTEREST (EXPENSE) INCOME, NET Interest expense, net of interest income, consisted of the following for years ended: 2007 2006 2005 Interest expense ......

  • Page 78
    ... as other long-term liabilities in the consolidated balance sheet, is as follows for the year ended 2007: Unrecognized tax benefits, beginning of year ...Decreases on items related to prior periods ...Increases from current period items ...Unrecognized tax benefits, end of year ...$ 8,569 (6,866...

  • Page 79
    ...real estate purchase, construction, and/or economic development agreements for various new retail store site locations. At December 29, 2007, we had total estimated cash commitments of approximately $180,000 for 2008 and 2009 for projected retail store-related expenditures and the purchase of future...

  • Page 80
    ...the normal course of business through the origination of unsecured credit card loans. These financial instruments consist of commitments to extend credit, totaling $11,635,000 and $9,528,000, in addition to any other balances a cardholder might have, at years ended 2007 and 2006, respectively. These...

  • Page 81
    ...As of December 29, 2007, the total unrecognized deferred share-based compensation balance for unvested shares issued, net of expected forfeitures, was approximately $7,725, net of tax, which is expected to be amortized over a weighted average period of 3.5 years. The fair value of options granted on...

  • Page 82
    ... TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in Thousands Except Share and Per Share Amounts) The fair value of options in the years presented was estimated using the Black-Scholes model with the following weighted average assumptions: 2007 2006 2005 Risk-free interest rate based on U.S. Treasury...

  • Page 83
    ... number of shares of common stock available for issuance under our Employee Stock Purchase Plan (the "ESPP") is 1,835,000. During 2007, there were 133,606 shares issued under the ESPP. As of December 29, 2007, 1,445,276 shares were authorized and available for issuance. We intend to utilize market...

  • Page 84
    ... of our common stock by the Selling Stockholders. The sale of the shares of our common stock by the Selling Stockholders closed on March 14, 2007, and the public offering price was $24.05 per share. We did not receive any proceeds from the sale of this common stock by the Selling Stockholders. 78

  • Page 85
    ...retail stores. For the Direct segment, operating costs primarily consist of catalog costs, e-commerce advertising costs, and order processing costs. For the Financial Services segment, operating costs primarily consist of advertising and promotion, marketing fees, third party services for processing...

  • Page 86
    ... cash and cash equivalents, merchandise distribution inventory for the Retail or Direct segments, the net book value of corporate facilities and related information systems, deferred income taxes, and other corporate long-lived assets. The accounting policies of the segments, where applicable...

  • Page 87
    CABELA'S INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in Thousands Except Share and Per Share Amounts) Corporate Overhead and Other Fiscal Year 2005 Retail Direct Financial Services Total Revenue from external ...$ 618,044 Revenue (loss) from internal ...2,...

  • Page 88
    CABELA'S INCORPORATED AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Dollars in Thousands Except Share and Per Share Amounts) 24. QUARTERLY FINANCIAL INFORMATION (Unaudited) The following table sets forth unaudited financial and operating data in each quarter for the years ended 2007 ...

  • Page 89
    ... include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, or...

  • Page 90
    ... Organizations of the Treadway Commission. Their report is included in this Item 9A. Changes in Internal Control Over Financial Reporting There were no changes in our internal control over financial reporting that occurred during the quarter ended December 29, 2007, that materially affected, or are...

  • Page 91
    ... INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of Cabela's Incorporated and Subsidiaries Sidney, Nebraska We have audited the internal control over financial reporting of Cabela's Incorporated and Subsidiaries (the "Company") as of December 29, 2007, based...

  • Page 92
    ... the address specified above. Information contained on our website, whether currently posted or posted in the future, is not part of this document or the documents incorporated by reference in this document. On June 12, 2007, we filed with the NYSE the Annual CEO Certification regarding the company...

  • Page 93
    ... documents are filed as part of this report: Financial Statements 2. • Report of Independent Registered Public Accounting Firm Consolidated Statements of Income -Years ended December 29, 2007, December 30, 2006 and December 31, 2005 Consolidated Balance Sheets - December 29, 2007 and December 30...

  • Page 94
    ... thereto (incorporated by reference from Exhibit 4.4 of our Current Report on Form 8-K, filed on June 20, 2007, File No. 001-32227) Note Purchase Agreements dated as of September 5, 2002, among Cabela's Incorporated and various purchasers party thereto (incorporated by reference from Exhibit 4.7 of...

  • Page 95
    ...Note Agreements dated as of January 1, 1995, among Cabela's Incorporated and various purchasers party thereto (incorporated by reference from Exhibit 4.6 of our Current Report on Form 8-K, filed on June 20, 2007, File No. 001-32227) Executive Employment Agreement dated as of January 4, 2004, between...

  • Page 96
    ... Third Amended and Restated Deferred Compensation Plan (incorporated by reference from Exhibit 10.28 of our Annual Report on Form 10-K, filed on February 28, 2007, File No. 001-32227)* Summary of Non-Employee Director Compensation* Summary of Named Executive Officer Compensation* 10.18 10.19 10...

  • Page 97
    ...Development Authority and Cabela's Wholesale, Inc. (incorporated by reference from Exhibit 10.29 of our Annual Report of Form 10-K, filed on March 1, 2006, File No. 001-32227) Performance Bonus Plan (incorporated by reference from Exhibit 10 of our Current Report on Form 8-K, filed February 19, 2007...

  • Page 98
    ...'S INCORPORATED Dated: February 26, 2008 By: /s/ Dennis Highby Dennis Highby President and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and...

  • Page 99
    ...financial information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. b. Date: February 26, 2008 /s/ Dennis Highby Dennis Highby President and Chief Executive Officer 93

  • Page 100
    ... in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and Any fraud, whether or not material, that involves management or other employees who...

  • Page 101
    ... TO 18 U.S.C. SECTION 1350 In connection with the Annual Report of Cabela's Incorporated (the "registrant") on Form 10-K for the year ended December 29, 2007, as filed with the Securities and Exchange Commission on the date hereof (the "report"), each of the undersigned certifies, pursuant to 18...

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  • Page 105
    ... Senior Vice President of Business Development and International Operations John H. Edmondson Retired Chief Executive Officer West Marine, Inc. Brian J. Linneman Senior Vice President of Global Supply Chain and Operations John Gottschalk Chairman Omaha World-Herald Company Ralph W. Castner Vice...

  • Page 106
    Cabela's Incorporated One Cabela Drive Sidney, Nebraska 69160 Telephone: (308)254-5505 www.cabelas.com NYSE:CAB