<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
[X] Annual report pursuant to section 15 (d) of the Securities Exchange Act
of 1934 (fee required)
For the fiscal year ended December 31, 1994
or
[ ] Transition report pursuant to section 15 (d) of the Securities Exchange
Act of 1934 (no fees required)
For the transition period from to .
Commission file number: 0 - 14579
A. Full title of the plan and the address of The Plan, if different
from that of the issuer named below:
Gander Mountain, Inc. Associates' Savings Plan
B. Name of issuer of securities held pursuant to The Plan and the
address of its principal executive office:
Gander Mountain, Inc.
P.O. Box 128
Highway W
Wilmot, Wisconsin 53192
<PAGE> 2
The following financial statements are furnished herewith:
Report of Independent Accountants
Statement of Financial Condition at
December 31, 1994, 1993 and 1992
Statement of Changes in Net Assets
Available for Plan Benefits for the
years ended December 31, 1994, 1993
1992
Notes to Financial Statements
The following exhibit is furnished herewith:
Exhibit 24.1. Consent of Price Waterhouse
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this annual report to be signed on its behalf by the
undersigned, hereunto duly authorized.
GANDER MOUNTAIN, INC.
ASSOCIATES' SAVINGS PLAN
/s/Kenneth C. Bloom
------------------------
Kenneth C. Bloom
Executive Vice President
Chief Financial Officer
June 29, 1995
<PAGE> 3
GANDER MOUNTAIN, INC.
ASSOCIATES' SAVINGS PLAN
December 31, 1994
Audited Financial Statements
and Schedules
<PAGE> 4
GANDER MOUNTAIN, INC.
Associates' Savings Plan
INDEX
December 31, 1994
AUDITED FINANCIAL STATEMENTS Page No.
- ---------------------------- --------
Report of Independent Accountants . . . . . . . . . . . 1
Statements of Financial Condition . . . . . . . . . . . 2 - 4
Statements of Changes in Net Assets Available
for Plan Benefits . . . . . . . . . . . . . . . . . . 5 - 7
Notes to Financial Statements . . . . . . . . . . . . . 8 - 12
FORM 5500 SCHEDULES
- -------------------
Schedule of Assets Held for Investment . . . . . . . . 13 - 15
Schedule of Reportable Transactions . . . . . . . . . . 16 - 18
<PAGE> 5
GANDER MOUNTAIN, INC.
Associates' Savings Plan
AUDIT REPORT
FROM ACCOUNTANTS
PRICE WATERHOUSE LLP
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of the
Gander Mountain, Inc. Associates' Savings Plan
In our opinion, the financial statements listed in the accompanying index
present fairly, in all material respects, the net assets available for plan
benefits of the Gander Mountain, Inc. Associates' Savings Plan at December 31,
1994, 1993 and 1992, and the changes in its net assets available for plan
benefits for the years then ended, in conformity with generally accepted
accounting principles. These financial statements are the responsibility of the
plan's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for the opinion expressed above.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Form 5500 schedules listed in the
accompanying index are presented for purposes of additional analysis and are
not a required part of the basic financial statements but are additional
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The fund information in the statements of financial condition and the
statements of changes in net assets available for plan benefits is presented
for purposes of additional analysis rather than to present the net assets
available for plan benefits and changes in net assets available for plan
benefits of each fund. The supplemental schedules and fund information have
been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
PRICE WATERHOUSE LLP
June 16, 1995
-1-
<PAGE> 6
GANDER MOUNTAIN, INC.
Associates' Savings Plan
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Money GMI Equity
Market Balanced Stock Growth
Fund Fund Fund Fund Total
-------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash $0 ($1,804) ($400) ($30,016) ($32,220)
Investments - at market:
Short Term Investments 411,154 8,869 4,842 0 424,865
Fixed Income 308,872 311,254 0 0 620,126
Equities - Other 0 500,862 672,685 640,140 1,813,687
Receivables:
Pending Trade 0 0 0 28,000 28,000
Employer Contributions 7,807 8,591 5,247 7,981 29,626
Employee Contributions 85,465 99,015 68,296 103,709 356,485
Interfund Receivable 0 199 0 0 199
Miscellaneous 0 0 0 0 0
Accrued Income 1,992 22 7 33 2,054
-------- -------- -------- -------- ----------
TOTAL ASSETS $815,290 $927,008 $750,677 $749,847 $3,242,822
-------- -------- -------- -------- ----------
LIABILITIES
Pending Trade 0 0 6,766 0 6,766
Interfund Payable 0 0 0 199 199
Other Payable 45,874 23,385 6,523 6,384 82,166
-------- -------- -------- -------- ----------
TOTAL LIABILITIES $45,874 $23,385 $13,289 $6,583 $89,131
-------- -------- -------- -------- ----------
NET ASSET AVAILABLE
FOR PLAN BENEFITS $769,416 $903,623 $737,388 $743,264 $3,153,691
======== ======== ======== ======== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
- 2 -
<PAGE> 7
GANDER MOUNTAIN, INC.
Associates' Savings Plan
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Money GMI Equity
Market Balanced Stock Growth
Fund Fund Fund Fund Total
-------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash ($233) ($83) $0 ($84) ($400)
Investments - at market:
Short Term Investments 339,733 33,292 22,707 25,018 420,750
Fixed Income 291,263 272,438 0 0 563,701
Equities - Other 0 390,555 375,934 579,804 1,346,293
Receivables:
Pending Trade 0 0 0 1,625 1,625
Employer Contributions 7,307 8,233 4,439 7,373 27,352
Employee Contributions 14,250 17,629 9,517 14,302 55,698
Interfund Receivable 8,973 467 19 5,138 14,597
Miscellaneous 0 0 0 0 0
Accrued Income 868 14 20 13 915
-------- -------- -------- -------- ----------
TOTAL ASSETS $662,161 $722,545 $412,636 $633,189 $2,430,531
-------- -------- -------- -------- ----------
LIABILITIES
Pending Trade 0 0 22,676 0 22,676
Interfund Payable 0 14,597 0 0 14,597
Other Payable 1,326 434 181 0 1,941
-------- -------- -------- -------- ----------
TOTAL LIABILITIES $1,326 $15,031 $22,857 $0 $39,214
-------- -------- -------- -------- ----------
NET ASSET AVAILABLE
FOR PLAN BENEFITS $660,835 $707,514 $389,779 $633,189 $2,391,317
======== ======== ======== ======== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
- 3 -
<PAGE> 8
GANDER MOUNTAIN, INC.
Associates' Savings Plan
STATEMENT OF FINANCIAL CONDITION
DECEMBER 31, 1992
<TABLE>
<CAPTION>
Money GMI Equity
Market Balanced Stock Growth
Fund Fund Fund Fund Total
-------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Cash ($6,878) ($923) ($6,076) ($2,660) ($16,537)
Investments - at market:
Short Term Investments 191,611 30,005 24,604 28,404 274,624
Fixed Income 274,131 157,399 0 0 431,530
Equities - Other 0 251,101 152,166 360,962 764,229
Receivables:
Employer Contributions 11,995 14,528 922 23,809 51,254
Employee Contributions 9,900 9,667 6,918 10,242 36,727
Interfund Receivable 5,719 588 2,541 860 9,708
Miscellaneous 353 444 0 0 797
Accrued Income 484 27 35 31 577
-------- -------- -------- -------- ----------
TOTAL ASSETS $487,315 $462,836 $181,110 $421,648 $1,552,909
-------- -------- -------- -------- ----------
LIABILITIES
Pending Trade $0 $0 $18,524 $0 $18,524
Interfund Payable 460 2,397 1,159 5,692 9,708
Other Payable 3,607 1,645 3,556 $1,233 10,041
-------- -------- -------- -------- ----------
TOTAL LIABILITIES $4,067 $4,042 $23,239 $6,925 $38,273
-------- -------- -------- -------- ----------
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $483,248 $458,794 $157,871 $414,723 $1,514,636
======== ======== ======== ======== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
- 4 -
<PAGE> 9
GANDER MOUNTAIN, INC.
Associates' Savings Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Money GMI
Market Balanced Stock Growth
Fund Fund Fund Fund Total
-------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $17,614 $24,133 $345 $569 $42,661
Dividends 0 4,613 0 6,707 11,320
Net realized gain (loss)
on investments 0 4,769 12,397 8,350 25,516
Net unrealized appreciation
(depreciation) of investments 17,609 (44,294) 123,857 (33,018) 64,154
-------- -------- -------- -------- ----------
Net investment income 35,223 (10,779) 136,599 (17,392) 143,651
-------- -------- -------- -------- ----------
Contributions:
Employer 29,264 34,871 23,687 35,758 123,580
Employee 183,589 253,289 145,052 235,648 817,578
-------- -------- -------- -------- ----------
Total contributions 212,853 288,160 168,739 271,406 941,158
-------- -------- -------- -------- ----------
Adjustments:
Interfund transfers (23,057) (3,763) 64,060 (37,240) 0
Participant withdrawals (116,438) (77,509) (21,789) (106,699) (322,435)
-------- -------- -------- -------- ----------
Total adjustments (139,495) (81,272) 42,271 (143,939) (322,435)
-------- -------- -------- -------- ----------
Increase in net
assets during the year 108,581 196,109 347,609 110,075 762,374
Net assets available for Plan
benefits, beginning of year 660,835 707,514 389,779 633,189 2,391,317
-------- -------- -------- -------- ----------
Net assets available for Plan
benefits, end of year $769,416 $903,623 $737,388 $743,264 $3,153,691
======== ======== ======== ======== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
- 5 -
<PAGE> 10
GANDER MOUNTAIN, INC.
Associates' Savings Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION>
Money GMI
Market Balanced Stock Growth
Fund Fund Fund Fund Total
-------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $9,326 $16,138 $198 $674 $26,336
Dividends 0 3,972 0 5,966 9,938
Net realized gain (loss)
on investments 0 2,577 (7,030) 3,764 (689)
Net unrealized appreciation
(depreciation) of investments 17,133 31,575 63,778 42,609 155,095
-------- -------- -------- -------- ----------
Net investment income 26,459 54,262 56,946 53,013 190,680
-------- -------- -------- -------- ----------
Contributions:
Employer 25,955 28,669 16,518 28,668 99,810
Employee 165,410 171,022 115,642 201,896 653,970
-------- -------- -------- -------- ----------
Total contributions 191,365 199,691 132,160 230,564 753,780
-------- -------- -------- -------- ----------
Adjustments:
Interfund transfers (22,658) 3,965 51,422 (32,729) 0
Participant withdrawals (17,579) (9,198) (8,620) (32,382) (67,779)
-------- -------- -------- -------- ----------
Total adjustments (40,237) (5,233) 42,802 (65,111) (67,779)
-------- -------- -------- -------- ----------
Increase in net
assets during the year 177,587 248,720 231,908 218,466 876,681
Net assets available for Plan
benefits, beginning of year 483,248 458,794 157,871 414,723 1,514,636
-------- -------- -------- -------- ----------
Net assets available for Plan
benefits, end of year $660,835 $707,514 $389,779 $633,189 $2,391,317
======== ======== ======== ======== ==========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
-6-
<PAGE> 11
GANDER MOUNTAIN, INC.
Associates' Savings Plan
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
Money GMI
Market Balanced Stock Growth
Fund Fund Fund Fund Total
-------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest $5,965 $11,664 $87 $0 $17,716
Dividends 0 2,901 0 4,104 7,005
Net realized gain (loss)
on investments 0 2,407 315 490 3,212
Net unrealized appreciation
(depreciation) of investments 19,038 12,585 (6,515) 29,331 54,439
-------- -------- -------- -------- ---------
Net investment income (loss) 25,003 29,557 (6,113) 33,925 82,372
-------- -------- -------- -------- ---------
Contributions:
Employer 21,219 23,250 10,909 26,266 81,644
Employee 115,528 118,892 57,899 131,214 423,533
-------- -------- -------- -------- ---------
Total contributions 136,747 142,142 68,808 157,480 505,177
-------- -------- -------- -------- ---------
Adjustments:
Administrative expenses (2,917) (3,386) (710) (1,347) (8,360)
Misc receipts / reimbursements 2,917 3,386 710 1,347 8,360
Interfund transfers (208,689) (53,727) 25,108 237,308 0
Participant withdrawals (17,105) (18,844) (10,275) (13,990) (60,214)
-------- -------- -------- -------- ---------
Total adjustments (225,794) (72,571) 14,833 223,318 (60,214)
-------- -------- -------- -------- ---------
Increase (decrease) in net
assets during the year (64,044) 99,128 77,528 414,723 527,335
Net assets available for Plan
benefits, beginning of year 547,292 359,666 80,343 0 987,301
-------- -------- -------- -------- ---------
Net assets available for Plan
benefits, end of year $483,248 $458,794 $157,871 $414,723 1,514,636
======== ======== ======== ======== =========
</TABLE>
The accompanying notes are an integral
part of the financial statements.
- 7 -
<PAGE> 12
GANDER MOUNTAIN, INC.
Associates' Savings Plan
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
NOTE A - DESCRIPTION OF PLAN
The Gander Mountain, Inc. (GMI) Associates' Savings Plan (The Plan), a defined
contribution plan, was established pursuant to a resolution of the Board of
Directors of GMI effective January 1, 1987. The Plan is subject to certain
provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and
is intended to qualify as a defined contribution plan as described in Section
401(k) of the Internal Revenue Code (Code). Following is a summary of
significant provisions of The Plan.
Changes in The Plan - The Plan was amended and restated effective January 1,
1992 to change The Plan name from Gander Mountain, Inc. Employees' Savings Plan
to Gander Mountain, Inc. Associates' Savings Plan. Further, certain amendments
were incorporated into The Plan to enhance it's benefits and allow for more
flexibility. The major amendments are as follows:
- The investment options were increased from three funds to four funds.
The fourth fund is an Equity fund investing in equity securities in
small to medium sized companies, Mutual Funds, or Collective
Investment Trusts.
- Quarterly contributions, investment elections and entry dates have
been established.
- Gander Mountain, Inc. will make its matching contribution to the funds
on a quarterly basis.
Eligibility - All employees of GMI are eligible to participate in The Plan on
the first January 1, April 1, July 1 or October 1 entry date following twelve
consecutive months of service in which 1,000 or more hours of service have been
completed.
- 8 -
<PAGE> 13
GANDER MOUNTAIN, INC.
Associates' Savings Plan
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
Contributions - All participating employees may elect to contribute up to 15%
of defined compensation on a pre-tax basis, with GMI contributing an amount as
determined by the Board of Directors currently equal to 25% of the first 6% of
employee contributions. Participants may change their percentage of
contribution quarterly effective as of any entry date (January 1, April 1, July
1, or October 1). Participating employees may contribute a rollover amount
into The Plan from another qualified plan or conduit IRA.
Vesting - All participating employees are fully vested in all contributions
made by them and any rollover amounts from another qualified plan. The GMI
matching contribution is vested to the participating employee based upon the
employees' years of uninterrupted service at the rate of 20% per year with full
vesting achieved at the end of the fifth year of service. Full vesting also
occurs on death, total and permanent disability or attainment of age 65 while
employed by GMI.
Investment Options - All amounts contributed under provisions of The Plan will
be invested as the participants direct among the following investment
alternatives:
Money Market Fund -- Contributions are invested in short-term money market
instruments managed by a bank, savings and loan association, or other financial
institutions, short-term securities issued or granted by the United States
Government or its agencies, short-term commercial paper or guaranteed
investment contracts.
Balanced Fund -- Contributions are invested in a diversified mix of common
stocks, intermediate or long-term bonds and money market instruments.
GMI Stock Fund -- Contributions not to exceed 25% of total contributions are
invested in GMI common stock.
Equity Growth Fund -- Contributions are invested in equity securities in small
to medium sized companies, Mutual Funds, or Collective Investment Trusts.
- 9 -
<PAGE> 14
GANDER MOUNTAIN, INC.
Associates' Savings Plan
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
Participant's investment decisions among the alternatives must be made in
increments of 10% which may be changed quarterly. Each participant account is
reviewed quarterly to determine the net investment gain or loss since the last
evaluation. Earnings in each fund are allocated to the participant's account
quarterly based upon the average account balance during the period. At
December 31, 1994, 1993 and 1992, the number of participants in each investment
fund was as follows:
<TABLE>
<CAPTION>
December December December
1994 1993 1992
-------- -------- --------
<S> <C> <C> <C>
Money Market Fund 288 257 193
Balanced Fund 299 265 194
GMI Stock Fund 277 216 175
Equity Growth Fund 276 229 167
</TABLE>
Withdrawals - Withdrawals by participants are limited to the participants'
vested balances valued as of the last day of the prior plan year or as of the
most recent quarterly valuation date. Withdrawals of participant contributions
are limited to "Financial Hardships" as defined by IRS regulations. In
addition, participants will have their pre-tax contributions suspended for a
period of one year if a hardship withdrawal is approved. Furthermore, the Tax
Reform Act of 1986 imposes certain penalties on withdrawals before the age of
59 1/2.
Distribution - If a participant retires at age 65, leaves GMI employment for
any reason, or becomes totally and permanently disabled, he or she is entitled
to a lump-sum distribution of the vested benefits in his or her account as of
the end of the quarterly period used to value the account. In the event of the
death of a participant, a lump-sum distribution of the participant's vested
benefits will be paid to the participant's spouse, named beneficiary, or estate
as circumstances require.
Loans - The Plan has no current loan provisions, however, The Plan may adopt a
policy permitting loans to participants.
Forfeitures - The Plan provides that upon termination of employment a
participant's nonvested funds are provisionally forfeited, and allocated with
the Company's matching contribution as soon as practicable following each Plan
year. After a five year break-in-service the forfeiture is final. However, if
a participant resumes employment with the Company prior to expiration of the
five year break-in-service, any conditionally forfeited amount shall be
reinstated from current forfeitures and income, if available, or from a special
Company contribution.
- 10 -
<PAGE> 15
GANDER MOUNTAIN, INC.
Associates' Savings Plan
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Method - The accounts of The Plan are maintained on an accrual
basis.
Investment Valuation - Investments are stated at market value based on the
quoted net asset values on the last business day of The Plan year. Guaranteed
Investment Contracts are stated at contract value.
Income Recognition - Since The Plan's assets are reported at current
market value in the financial statements, the Statement of Changes in Net
Assets Available for Plan Benefits reflects both realized gains and losses and
unrealized appreciation and depreciation of The Plan's assets.
Expenses of the Plan - Trustee fees, accounting fees and certain other
administrative expenses are paid by GMI.
NOTE C - NET REALIZED GAINS (LOSSES)
Net realized gains (losses) on dispositions of investments for the years ended
December 31, 1994, 1993 and 1992 were as follows:
<TABLE>
<CAPTION>
Cost -
Weighted Net Realized
Funds Average Proceeds Gain (Loss)
- ----- -------- -------- ------------
<S> <C> <C> <C>
Money Market
December 31, 1994 $ 34,204 $ 34,204 $ 0
December 31, 1993 61,531 61,531 0
December 31, 1992 389,574 389,574 0
Balanced
December 31, 1994 $185,651 $190,420 $ 4,769
December 31, 1993 107,422 109,999 2,577
December 31, 1992 117,252 119,659 2,407
GMI Stock
December 31, 1994 $193,914 $206,311 $ 12,397
December 31, 1993 108,451 101,421 (7,030)
December 31, 1992 27,525 27,840 315
Equity Growth
December 31, 1994 $242,085 $250,435 $ 8,350
December 31, 1993 173,465 177,229 3,764
December 31, 1992 320,793 321,283 490
</TABLE>
- 11 -
<PAGE> 16
GANDER MOUNTAIN, INC.
Associates' Savings Plan
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
NOTE D - NET UNREALIZED APPRECIATION (DEPRECIATION)
Net unrealized appreciation (depreciation) of investments included in the
Statement of Changes in Net Assets Available for Plan Benefits for the years
ended December 31, 1994, 1993 and 1992 are as follows:
<TABLE>
<CAPTION>
PLAN YEAR ENDED
-----------------------------------------------------------
December 31, December 31, December 31,
Funds 1994 1993 1992
- --------------------- ------------ ------------ ------------
<S> <C> <C> <C>
Money Market
Beginning of period 50,437 33,304 14,266
End of period 68,046 50,437 33,304
--------- --------- ---------
Net change 17,609 17,133 19,038
Balanced
Beginning of period 122,183 90,608 78,023
End of period 77,889 122,183 90,608
-------- --------- ---------
Net change (44,294) 31,575 12,585
GMI Stock
Beginning of period 77,436 13,658 20,173
End of period 201,293 77,436 13,658
-------- --------- ---------
Net change 123,857 63,778 (6,515)
Equity Growth
Beginning of period 71,940 29,331 0
End of period 38,922 71,940 29,331
-------- --------- ---------
Net change (33,018) 42,609 29,331
</TABLE>
NOTE E - INCOME TAXES
The Plan administrator and management of Gander Mountain, Inc. believe The Plan
conforms with the requirements of the Employee Retirement Income Security Act
of 1974.
A favorable determination letter has been received from the Internal Revenue
Service as to the qualified tax status of The Plan.
- 12 -
<PAGE> 17
GANDER MOUNTAIN, INC.
Associates' Savings Plan
SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1994
<TABLE>
<CAPTION>
Par Value
or Number of Fair
Description of Investment Units/Shares Cost Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Market Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 411,154 $411,154 $411,154
Firstar Bank - Madison
Money GIC Fund 15,864 240,828 308,872
------------- -------------
$651,982 $720,026
============= =============
Balanced Fund:
FIrstar Bank - Madison
Money Market Employee
Benefit Fund 8,869 $8,869 $8,869
FIrstar Bank - Madison
Total Return Bond Fund
Employee Benefit Fund 4,779 71,739 67,321
FIrstar Bank - Madison
Total Intermediate Term Bond
Employee Benefit Investment Fund 12,470 242,507 229,576
FIrstar Bank - Madison
Short Term Bond Fund
Employee Benefit 1,263 15,350 14,357
FIrstar Bank - Madison
Equity Growth Fund A
Employee Benefit 1,715 153,513 199,157
FIrstar Bank - Madison
Special Equity Growth
Fund B Employee Benefit 1,174 172,953 208,625
FIrstar Bank - Madison
Emerging Equity Growth
Fund C Employee Benefit 2,975 78,165 93,080
------------- -------------
$743,096 $820,985
============= =============
GMI Stock Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 4,842 $4,842 $4,842
Gander Mountain, Inc.
Common Stock 41,396 470,511 672,685
------------- -------------
$475,353 $677,527
============= =============
Growth Fund:
Firstar Bank - Madison
Equity Growth Fund A
Employee Benefit 2,120 233,283 246,177
Firstar Bank - Madison
Special Equity Growth
Fund B Employee Benefit 1,457 244,425 258,989
Firstar Bank - Madison
Emerging Equity Growth
Fund C Employee Benefit 4,314 123,510 134,974
------------- -------------
$601,218 $640,140
============= =============
</TABLE>
- 13 -
<PAGE> 18
GANDER MOUNTAIN, INC.
Associates' Savings Plan
SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1993
<TABLE>
<CAPTION>
Par Value
or Number of Fair
Description of Investment Units/Shares Cost Value
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Market Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 339,733 $339,733 $339,733
Firstar Bank - Madison
Money GIC Fund 15,864 240,827 291,263
------------- -------------
$580,560 $630,996
============= =============
Balanced Fund:
FIrstar Bank - Madison
Money Market Employee
Benefit Fund 33,292 $33,292 $33,292
FIrstar Bank - Madison
Total Return Bond Fund
Employee Benefit Fund 5,028 69,840 72,750
FIrstar Bank - Madison
Total Intermediate Term Bond
Employee Benefit Investment Fund 9,686 174,801 181,462
FIrstar Bank - Madison
Short Term Bond Fund
Employee Benefit 1,615 18,477 18,226
FIrstar Bank - Madison
Equity Growth Fund A
Employee Benefit 1,390 109,496 169,755
FIrstar Bank - Madison
Special Equity Growth
Fund B Employee Benefit 790 105,557 142,617
FIrstar Bank - Madison
Emerging Equity Growth
Fund C Employee Benefit 2,484 62,639 78,183
------------- -------------
$574,102 $696,285
============= =============
GMI Stock Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 22,707 $22,707 $22,707
Gander Mountain, Inc.
Common Stock 29,485 297,841 375,934
------------- -------------
$320,548 $398,641
============= =============
Growth Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 25,018 $25,018 $25,018
Firstar Bank - Madison
Equity Growth Fund A
Employee Benefit 1,899 198,157 231,917
Firstar Bank - Madison
Special Equity Growth
Fund B Employee Benefit 1,294 210,717 233,602
Firstar Bank - Madison
Emerging Equity Growth
Fund C Employee Benefit 3,631 98,990 114,285
------------- -------------
$532,882 $604,822
============= =============
</TABLE>
- 14 -
<PAGE> 19
GANDER MOUNTAIN, INC.
Associates' Savings
SCHEDULE OF ASSETS HELD FOR INVESTMENT
DECEMBER 31, 1992
<TABLE>
<CAPTION>
Par Value
or Number of Fair
Description of Investment Units/Shares Cost Value
- --------------------------------------------------------------------------
<S> <C> <C> <C>
Balanced Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 30,005 $30,005 $30,005
Firstar Bank - Madison
Total Return Bond Fund
Employee Benefit 2,935 $35,878 $38,089
Firstar Bank - Madison
Total Intermediate Term Bond
Employee Benefit Investment Fund 6,487 $105,652 $110,794
Firstar Bank - Madison
Short Term Bond Fund
Employee Benefit 800 $8,611 $8,516
Firstar Bank - Madison
Equity Growth Fund A
Employee Benefit 1,101 $73,336 $121,387
Firstar Bank - Madison
Special Equity Growth
Fund B Employee Benefit 520 $59,590 $87,353
Firstar Bank - Madison
Emerging Equity Growth
Fund C Employee Benefit 1,494 $34,824 $42,361
----------- -----------
$347,896 $438,505
=========== ===========
Money Market Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 191,611 $191,611 $191,611
Firstar Bank - Madison
Money GIC Fund 15,864 $240,828 $274,131
----------- -----------
$432,439 $465,742
=========== ===========
GMI Stock Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 24,604 $24,604 $24,604
Gander Mountain, Inc.
Common Stock 14,155 $138,508 $152,166
----------- -----------
$163,112 $176,770
=========== ===========
Growth Fund:
Firstar Bank - Madison
Money Market Employee
Benefit Fund 28,404 $28,404 $28,404
Firstar Bank - Madison
Equity Growth Fund A
Employee Benefit 1,300 $127,448 $143,327
Firstar Bank - Madison
Special Equity Growth
Fund B Employee Benefit 867 $136,825 $145,644
Firstar Bank - Madison
Emerging Equity Growth
Fund C Employee Benefit 2,539 $67,358 $71,991
----------- -----------
$360,035 $389,366
=========== ===========
</TABLE>
- 15 -
<PAGE> 20
GANDER MOUNTAIN, INC.
Associates' Savings Plan
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Current Value
of Asset on
Purchase Selling Cost of Transaction Gain
Identity of Party Involved Description Price Price Asset Date (Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Firstar Bank - Madison Money Market Employee
Benefit Fund:
Aggregate purchases $412,446 $412,446
Aggregate sales $408,331 $408,331 $0
----------------------------------------------------------------------------
Firstar Bank - Madison Equity Growth Fund A
Employee Benefit:
Aggregate purchases $141,179 $141,179
Aggregate sales $75,600 $67,373 $8,227
----------------------------------------------------------------------------
Firstar Bank - Madison Special Equity Growth
Fund B Employee Benefit:
Aggregate purchases $168,178 $168,178
Aggregate sales $75,600 $72,113 $3,487
----------------------------------------------------------------------------
Firstar Bank - Madison Emerging Equity Growth
Fund C:
Aggregate purchases $68,940 $68,940
Aggregate sales $32,300 $29,836 $2,464
----------------------------------------------------------------------------
Firstar Bank - Madison Total Return Bond Fund
Employee Benefit:
Aggregate purchases $0 $0
Aggregate sales $3,500 $3,595 ($95)
----------------------------------------------------------------------------
Firstar Bank - Madison Total Intermediate Term Bond
Employee Benefit Fund:
Aggregate purchases $59,000 $59,000
Aggregate sales $7,500 $7,668 ($168)
----------------------------------------------------------------------------
Firstar Bank - Madison Total Short Term Bond Fund
Employee Benefit:
Aggregate purchases $10,000 $10,000
Aggregate sales $14,000 $14,797 ($797)
----------------------------------------------------------------------------
Gander Mountain, Inc. Common Stock:
Aggregate purchases $225,037 $225,037
Aggregate sales $64,539 $52,142 $12,397
----------------------------------------------------------------------------
</TABLE>
-16-
<PAGE> 21
GANDER MOUNTAIN, INC.
Associates' Savings Plan
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
<TABLE>
<CAPTION> Current Value
of Asset on
Purchase Selling Cost of Transaction Gain
Identity of Party Involved Description Price Price Asset Date (Loss)
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Firstar Bank - Madison Money Market Employee
Benefit Fund:
Aggregate purchases $456,108 $456,108
Aggregate sales $309,982 $309,982 $0
-------------------------------------------------------------------------------
Firstar Bank - Madison Equity Growth Fund A
Employee Benefit:
Aggregate purchases $142,522 $142,522
Aggregate sales $45,236 $40,000 $5,236
-------------------------------------------------------------------------------
Firstar Bank - Madison Special Equity Growth
Fund B
Employee Benefit:
Aggregate purchases $146,811 $146,811
Aggregate sales $32,652 $31,457 $1,195
-------------------------------------------------------------------------------
Firstar Bank - Madison Emerging Equity Growth
Fund C:
Aggregate purchases $73,448 $73,448
Aggregate sales $15,013 $15,088 ($75)
-------------------------------------------------------------------------------
Firstar Bank - Madison Total Return Bond Fund
Employee Benefit:
Aggregate purchases $29,994 $29,994
Aggregate sales $0 $0 $0
-------------------------------------------------------------------------------
Firstar Bank - Madison Total Intermediate Term
Bond Employee Benefit
Fund:
Aggregate purchases $58,943 $58,943
Aggregate sales $0 $0 $0
-------------------------------------------------------------------------------
Firstar Bank - Madison Total Short Term Bond Fun
Employee Benefit:
Aggregate purchases $9,990 $9,990
Aggregate sales $1,002 $1,018 ($16)
-------------------------------------------------------------------------------
Gander Mountain, Inc. Common Stock:
Aggregate purchases $212,430 $212,430
Aggregate sales $46,293 $53,323 ($7,030)
-------------------------------------------------------------------------------
</TABLE>
-17-
<PAGE> 22
GANDER MOUNTAIN, INC.
Associates' Savings Plan
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1992
<TABLE>
<CAPTION>
Current Value
of Asset on
Purchase Selling Cost of Transaction Gain
Identity of Party Involve Description Price Price Asset Date (Loss)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Firstar Bank - Madison Money Market Employee
Benefit Fund:
Aggregate purchases $802,424 $802,424
Aggregate sales $626,629 $626,629 $0
-------------------------------------------------------------------
Firstar Bank - Madison Capital Preservation Fund
Employee Benefit:
Aggregate purchases $0 $0
Aggregate sales $195,000 $195,000 $0
-------------------------------------------------------------------
Firstar Bank - Madison Equity Growth Fund A
Employee Benefit:
Aggregate purchases $141,469 $141,469
Aggregate sales $11,161 $8,520 $2,641
-------------------------------------------------------------------
Firstar Bank - Madison Special Equity Growth
Fund B
Employee Benefit:
Aggregate purchases $146,175 $146,175
Aggregate sales $0 $0 $0
-------------------------------------------------------------------
Firstar Bank - Madison Emerging Equity Growth
Fund C:
Aggregate purchases $82,918 $82,918
Aggregate sales $0 $0 $0
-------------------------------------------------------------------
Firstar Bank - Madison Total Return Bond Fund
Employee Benefit:
Aggregate purchases $2,995 $2,995
Aggregate sales $0 $0 $0
-------------------------------------------------------------------
Firstar Bank - Madison Total Intermediate Term Bond
Employee Benefit Fund:
Aggregate purchases $15,979 $15,979
Aggregate sales $6,005 $5,749 $256
-------------------------------------------------------------------
Firstar Bank - Madison Total Short Term Bond Fund
Employee Benefit
Aggregate purchases $8,000 $8,000
Aggregate sales $0 $0 $0
-------------------------------------------------------------------
Gander Mountain, Inc. Common Stock:
Aggregate purchases $109,064 $109,064
Aggregate sales $19,560 $19,245 $315
-------------------------------------------------------------------
</TABLE>
-18-
<PAGE> 1
Exhibit 24.1
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-39428) of Gander Mountain, Inc. of our report
dated June 16, 1995 appearing on page 1 of the Gander Mountain, Inc.
Associates' Savings Plan included in this Annual Report on Form 11-K.
PRICE WATERHOUSE LLP
Milwaukee, Wisconsin
June 28, 1995
