Cabela's 2008 Annual Report Download - page 54

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49
South Dakota, store in August 2008, compared to eight retail stores opened in 2007. A retail store in Billings,
Montana, is currently scheduled to open in the second quarter of 2009. At December 27, 2008, we estimate remaining
total capital expenditures, including the purchase of any economic development bonds, to approximate $93 million
relating to the development, construction, and completion of retail stores. We expect to fund these estimated capital
expenditures with funds from operations. Economic development bonds totaling $3 million related to our Mitchell,
South Dakota, retail store were retired in 2008 and bonds totaling $45 million were retired in 2007. We purchased
$19 million of economic development bonds in 2008 compared to $36 million in 2007, and used $9 million in the
September 2007 acquisition of S.I.R. Warehouse Sports in Winnipeg, Manitoba.
The following table highlights the growth of our retail stores, and the activity of economic development bonds
related to the construction of these stores and related projects, for the years ended:
2008 2007
(Dollars In Thousands)
Property and equipment additions $ 91,164 $ 335,644
Purchases of economic development bonds 18,525 36,223
Acquisition of outdoor equipment retailer, net of cash acquired - 9,277
Total $ 109,689 $381,144
Proceeds from retirements and maturities of economic development bonds $ 3,405 $45,427
Number of new retail stores opened or acquired during the year 2 9
Number of retail stores at the end of the year 29 27
Financing Activities – Cash provided by financing activities decreased $36 million for 2008 compared to 2007.
This net decrease between years from financing activities was due to a net change in WFB’s short-term borrowings of
$200 million primarily from the repayment of a variable funding facility credit agreement and a net decrease of $87
million in borrowings primarily on lines of credit for working capital and inventory financing. In addition, long-term
debt decreased $26 million comparing years due to prepayment of debt at the end of 2008. Partially offsetting these
decreases was an increase of $326 million in time deposits at the end of 2008 compared to 2007, which WFB utilized
to help fund its credit card operations, resulting in a net change in cash flows of $267 million between years.
The following table highlights the borrowing activity of our merchandising business and bank operations for
the years ended:
2008 2007
(In Thousands)
Borrowings on (repayment of) lines of credit and short-term debt, net $ (37,575) $ 49,691
Borrowing on (repayment of) variable funding facility – WFB (100,000)100,000
Issuances of long-term debt, net of repayments 8,326 33,792
Total $(129,249) $ 183,483