Outdoor financials: Cabela's closes $500 million securitization, plus Big 5, Dick's, Hibbett, Play It Again Sports/Winmark

Cabela’s closes $500 million securitization

Cabela’s (NYSE: CAB) said its Credit Card Master Note Trust sold $500 million of Asset-Backed Notes, Series 2009-I. The securitization transaction included the issuance of $425 million of Class A Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 2.00 percent per year. The Class A Notes are eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF) established by the Federal Reserve.

The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $75 million. World’s Foremost Bank, Cabela’s wholly owned subsidiary, purchased each of the subordinated classes of notes.

Firm initiates coverage on select industry players

On April 15, JMP Securities, a research firm, initiated coverage on various companies, including:

• Big 5 (Nasdaq: BGFV) with a “market perform” rating

• Dick’s Sporting Goods (NYSE: DKS) with a “market outperform” rating

• Hibbett Sports (Nasdaq: HIBB) with a “market outperform” rating

• Cabela’s (CAB) with a “market perform” rating

Additionally, Feltl & Co. upgraded Cabela’s from “hold” to “buy.”

Play It Again Sports’ parent reports rise in Q1 profit

Winmark Corp. (Nasdaq: WINA), parent of Play It Again Sports, reported an increase in net income for the first quarter, partially crediting the up tick to a tighter control on expenses.

For the quarter ended March 28, profit was $1.41 million, or $0.26 per share diluted, versus $937,300, or $0.17 per share diluted, in the first quarter of 2008.

Revenue was also up: $9.25 million compared to $8.87 million the year before.

Chairman and CEO John Morgan said in a statement, “The growth in our first quarter profits was primarily due to the improved performance of Winmark Capital, as well as a tighter control of selling, general and administrative expenses across all of our businesses. We are pleased with our performance, but remain cautious about the current economic environment.”

Winmark creates, supports and finances businesses and has 864 franchises in operation. It said an additional 50 retail franchises have been awarded but are not open. Also, the company had loans and leases equal to $45.9 million.

–Compiled by Wendy Geister

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