CarMax 1999 Annual Report Download - page 2

FINANCIAL HIGHLIGHTS
THE CIRCUIT CITY STORES, INC.
COMMON STOCK SERIES INCLUDE:
Circuit City Group Common Stock (NYSE:CC). Circuit City is a leading
national retailer of brand-name consumer electronics, personal computers,
major appliances and entertainment software. At the end of fiscal year 1999, the
Circuit City business included 537 Superstores in more than 140 markets,
48 Circuit City Express mall stores and two consumer electronics-only stores.
The Circuit City Group also includes an investment in Digital Video Express
and a retained interest in the equity value of the CarMax Group.
CarMax Group Common Stock (NYSE:KMX). As the pioneer of the
used-car superstore concept, CarMax is transforming auto retailing with a
friendly offer that delivers low, “no-haggle” prices, a broad selection and high
quality customer service. At the end of fiscal year 1999, CarMax operated
30 locations.
IN THIS REPORT, WE USE THE
FOLLOWING TERMS AND DEFINITIONS:
Circuit City Stores and Circuit City Stores, Inc. refer to the corpora-
tion, which includes the Circuit City retail stores and Circuit City-related
operations, the CarMax retail stores and related operations, and the company’s
interest in Digital Video Express.
Circuit City refers to the retail operations bearing the Circuit City name and
to all related operations such as product service and First North American
National Bank.
Circuit City Group refers to Circuit City and Circuit City-related opera-
tions, the company’s interest in Digital Video Express and to the retained interest
in the equity value of the CarMax Group.
CarMax Group and CarMax refer to retail locations bearing the CarMax
name and to all related operations such as First North American Credit
Corporation.
Years Ended February 28
(Dollar amounts in thousands except per share data) 1999 1998 1997
CIRCUIT CITY STORES, INC.
Net Sales and Operating Revenues .....................................................
$10,804,447 $8,870,797 $7,663,811
Net Earnings ..................................................................................... $ 142,924 $ 104,311 $ 136,414
Total Assets....................................................................................... $ 3,445,266 $3,231,701 $3,081,173
Total Stockholders’ Equity.................................................................. $ 1,905,130 $1,730,039 $1,614,856
Working Capital................................................................................ $ 1,430,710 $1,240,523 $1,326,482
CIRCUIT CITY GROUP
Net Sales and Operating Revenues..................................................... $ 9,338,149 $7,996,591 $7,153,562
Earnings Before Inter-Group Interest
in the CarMax Group....................................................................
$ 166,438 $ 138,534 $ 145,732
Net Earnings ..................................................................................... $ 148,381 $ 112,074 $ 136,680
Net Earnings Per Share:
Basic ............................................................................................
$ 1.50 $ 1.14 $ 1.40
Diluted ........................................................................................ $ 1.48 $ 1.13 $ 1.39
Number of Circuit City Superstores ................................................... 537 500 443
CARMAX GROUP
Net Sales and Operating Revenues.....................................................
$ 1,466,298 $ 874,206 $ 510,249
Net Loss............................................................................................ $ 23,514 $ 34,223 $ 9,318
Net Loss Per Share............................................................................. $ 0.24 $ 0.35 $ 0.01
Number of CarMax Stores ................................................................. 30 18 7
See notes to consolidated and group financial statements.
FORWARD-LOOKING STATEMENTS:
This report contains forward-looking statements, which are subject to risks and uncertainties, including, but not limited to, risks associated with the development of
new business concepts. Additional discussion of factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and
expectations is contained in the company’s SEC filings, including the Circuit City Stores, Inc. “Management’s Discussion and Analysis” contained in this annual report.