CarMax 1999 Annual Report Download - page 32

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Years Ended February 28
(Amounts in thousands except per share data)
1999 % 1998 % 1997 %
NET SALES AND OPERATING REVENUES ...............................
$10,804,447
100.0 $8,870,797 100.0 $7,663,811 100.0
Cost of sales, buying and warehousing...........................................
8,359,428
77.4 6,827,133 77.0 5,902,711 77.0
GROSS PROFIT ............................................................................
2,445,019
22.6 2,043,664 23.0 1,761,100 23.0
Selling, general and administrative
expenses [NOTE 11] ......................................................................
2,186,177
20.2 1,848,559 20.8 1,511,294 19.7
Interest expense [NOTE 5] .................................................................
28,319
0.3 26,861 0.3 29,782 0.4
TOTAL EXPENSES ........................................................................
2,214,496
20.5 1,875,420 21.1 1,541,076 20.1
Earnings before income taxes .........................................................
230,523
2.1 168,244 1.9 220,024 2.9
Provision for income taxes [NOTE 6].................................................
87,599
0.8 63,933 0.7 83,610 1.1
NET EARNINGS ...........................................................................
$ 142,924
1.3 $ 104,311 1.2 $ 136,414 1.8
Net earnings (loss) attributed to [NOTES 1AND 2]:
Circuit City Group common stock............................................
$ 148,381
$112,074 $ 136,680
CarMax Group common stock..................................................
(5,457)
(7,763) (266)
$142,924
$104,311 $ 136,414
Weighted average common shares [NOTES 2AND 8]:
Circuit City Group:
Basic .....................................................................................
99,152
98,027 97,311
Diluted.................................................................................
100,406
99,204 98,472
CarMax Group..........................................................................
22,604
22,001 21,860
NET EARNINGS (LOSS) PER SHARE [NOTES 2 AND 8]:
Circuit City Group:
Basic .....................................................................................
$ 1.50
$1.14 $ 1.40
Diluted.................................................................................
$1.48
$1.13 $ 1.39
CarMax Group..........................................................................
$ (0.24)
$(0.35) $ (0.01)
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF EARNINGS
30 CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT