CarMax 2000 Annual Report Download - page 24

2000 1999 1998 1997 1996 1995 1994 1993 1992 1991
CONSOLIDATED SUMMARY OF EARNINGS FROM CONTINUING OPERATIONS
(Amounts in millions except per share data)
Net sales and operating revenues................................................ $12,614 $10,810 $8,871 $7,664 $7,029 $5,583 $4,130 $3,270 $2,790 $2,367
Gross profit...................................................................................... $ 2,863 $ 2,456 $2,044 $1,761 $1,635 $1,385 $1,106 $ 924 $ 809 $ 690
Selling, general and administrative expenses................................. $ 2,310 $ 2,087 $1,815 $1,499 $1,315 $1,105 $ 892 $ 745 $ 676 $ 586
Earnings from continuing operations before income taxes............ $ 529 $ 341 $ 202 $ 233 $ 295 $ 270 $ 209 $ 175 $ 124 $ 91
Earnings from continuing operations........................................ $ 328 $ 211 $ 125 $ 144 $ 184 $ 169 $ 132 $ 110 $ 78 $ 57
Earnings (loss) per share from continuing operations:
Circuit City Group:
Basic.................................................................................. $ 1.63 $ 1.09 $ 0.68 $ 0.74 $ 0.95 $ 0.88 $ 0.70 $ 0.59 $ 0.43 $ 0.31
Diluted............................................................................... $ 1.60 $ 1.08 $ 0.67 $ 0.73 $ 0.94 $ 0.87 $ 0.69 $ 0.58 $ 0.42 $ 0.31
CarMax Group:
Basic.................................................................................. $ 0.01 $ (0.24) $(0.35) $(0.01) $ – $ – $ – $ – $ – $ –
Diluted............................................................................... $ 0.01 $ (0.24) $(0.35) $(0.01) $ – $ – $ – $ – $ – $ –
CONSOLIDATED SUMMARY OF EARNINGS FROM CONTINUING OPERATIONS PERCENTAGES
(% to sales except effective tax rate)
Gross profit...................................................................................... 22.7 22.7 23.0 23.0 23.3 24.8 26.8 28.3 29.0 29.1
Selling, general and administrative expenses................................. 18.3 19.3 20.5 19.6 18.7 19.8 21.6 22.8 24.2 24.8
Earnings from continuing operations before income taxes............ 4.2 3.2 2.3 3.0 4.2 4.8 5.1 5.4 4.5 3.9
Effective tax rate.............................................................................. 38.0 38.0 38.0 38.0 37.5 37.5 36.7 37.0 37.0 38.0
Earnings from continuing operations............................................. 2.6 2.0 1.4 1.9 2.6 3.0 3.2 3.4 2.8 2.4
CONSOLIDATED SUMMARY BALANCE SHEETS
(Amounts in millions)
Total current assets ......................................................................... $ 2,943 $ 2,394 $2,146 $2,163 $1,736 $1,387 $1,024 $ 791 $ 597 $ 450
Property and equipment,net.......................................................... $ 965 $ 1,006 $1,049 $ 886 $ 774 $ 593 $ 438 $ 371 $ 319 $ 355
Deferred income taxes..................................................................... $ – $ – $ – $ – $ – $ 6 $ 79 $ 88 $ 68 $ 51
Other assets..................................................................................... $ 47 $ 45 $ 37 $ 32 $ 16 $ 18 $ 14 $ 13 $ 15 $ 18
Total assets..................................................................................... $ 3,955 $ 3,445 $3,232 $3,081 $2,526 $2,004 $1,555 $1,263 $ 999 $ 874
Total current liabilities.................................................................... $ 1,406 $ 964 $ 906 $ 837 $ 831 $ 706 $ 546 $ 373 $ 279 $ 261
Long-term debt,excluding current installments............................ $ 249 $ 426 $ 424 $ 430 $ 399 $ 179 $ 30 $ 82 $ 85 $ 94
Deferred revenue and other liabilities............................................. $ 130 $ 112 $ 145 $ 166 $ 214 $ 242 $ 268 $ 232 $ 187 $ 152
Deferred income taxes .................................................................... $ 28 $ 38 $ 27 $ 33 $ 18 $ – $ – $ – $ – $ –
Total liabilities............................................................................... $ 1,813 $ 1,540 $1,502 $1,466 $1,462 $1,127 $ 844 $ 687 $ 551 $ 507
Total stockholders’ equity............................................................. $ 2,142 $ 1,905 $1,730 $1,615 $1,064 $ 877 $ 711 $ 576 $ 448 $ 367
Total liabilities and stockholders’ equity.................................... $ 3,955 $ 3,445 $3,232 $3,081 $2,526 $2,004 $1,555 $1,263 $ 999 $ 874
CONSOLIDATED STATEMENTS OF CASH FLOWS FROM CONTINUING OPERATIONS
(Amounts in millions)
Depreciation and amortization....................................................... $ 148 $ 130 $ 115 $ 99 $ 80 $ 67 $ 55 $ 42 $ 36 $ 29
Cash flow from operating activities of continuing operations........ $ 593 $ 310 $ 228 $ 23 $ (51) $ 48 $ 108 $ 150 $ 66 $ 53
Capital expenditures....................................................................... $ 222 $ 352 $ 576 $ 540 $ 517 $ 375 $ 252 $ 190 $ 110 $ 160
OTHER DATA
Cash dividends per share paid on
Circuit City Group common stock............................................ $ 0.07 $ 0.07 $ 0.07 $ 0.07 $ 0.06 $ 0.05 $ 0.04 $ 0.03 $ 0.03 $ 0.03
Return on average stockholders’ equity (%)................................... 9.8 7.9 6.2 10.2 18.5 21.1 20.6 21.5 19.2 16.8
Number of Associates at year-end................................................... 60,083 53,710 46,691 42,312 37,086 31,413 23,625 20,107 16,635 14,982
Number of Circuit City retail units at year-end .............................. 616 587 556 493 419 352 294 260 228 185
Number of CarMax retail units at year-end.................................... 40 31 18 7 4 2 1 – – –
Amounts for 1991 assume change in accounting for extended warranties is retroactively applied. All earnings per share and dividend per share calculations for the Circuit City Group have been
adjusted to reflect a two-for-one stock split effective June 30, 1999. On June 16, 1999, Digital Video Express announced that it would discontinue operations. Results of continuing operations shown
above exclude Digital Video Express.See notes to consolidated and group financial statements.
SELECTED FINANCIAL DATA
CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT
22