CarMax 2000 Annual Report Download - page 32

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CONSOLIDATED STATEMENTS OF EARNINGS
CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT
30
Years Ended February 29 or 28
(Amounts in thousands except per share data) 2000 % 1999 % 1998 %
NET SALES AND OPERATING REVENUES.................. $12,614,390 100.0 $10,810,468 100.0 $8,870,797 100.0
Cost of sales,buying and warehousing................................................... 9,751,833 77.3 8,354,230 77.3 6,827,133 77.0
GROSS PROFIT ............................................................................. 2,862,557 22.7 2,456,238 22.7 2,043,664 23.0
Selling, general and administrative expenses [NOTE 11] .......................... 2,309,593 18.3 2,086,838 19.3 1,815,275 20.5
Interest expense [NOTE 5]......................................................................... 24,206 0.2 28,319 0.2 26,861 0.2
T O T AL EXPENSES....................................................................... 2,333,799 18.5 2,115,157 19.5 1,842,136 20.7
Earnings from continuing operations before income taxes ................... 528,758 4.2 341,081 3.2 201,528 2.3
Provision for income taxes [NOTE 6] ........................................................ 200,928 1.6 129,611 1.2 76,581 0.9
EARNINGS FROM CONTINUING OPERATIONS......... 327,830 2.6 211,470 2.0 124,947 1.4
Discontinued operations [NOTE 15]:
Loss from discontinued operations of Divx,less income tax benefit .. (16,215) (0.1) (68,546) (0.7) (20,636) (0.2)
Loss on disposal of Divx,including provision for losses
during phase-out period,less income tax benefit....................... (114,025) (0.9) – – – –
Loss from discontinued operations........................................................ (130,240) (1.0) (68,546) (0.7) (20,636) (0.2)
NET EARNINGS............................................................................. $ 197,590 1.6 $ 142,924 1.3 $ 104,311 1.2
Net earnings (loss) attributed to [NOTES 1 AND 2]:
Circuit City Group common stock:
Continuing operations ................................................................ $ 327,574 $ 216,927 $ 132,710
Discontinued operations............................................................. (130,240) (68,546) (20,636)
CarMax Group common stock.......................................................... 256 (5,457) (7,763)
$ 197,590 $ 142,924 $ 104,311
Weighted average common shares [NOTES 2 AND 8]:
Circuit City Group:
Basic............................................................................................ 201,345 198,304 196,054
Diluted......................................................................................... 204,321 200,812 198,408
CarMax Group:
Basic............................................................................................ 23,778 22,604 22,001
Diluted......................................................................................... 25,788 22,604 22,001
NET EARNINGS (LOSS) PER SHARE [NOTES 2 AND 8]:
Circuit City Group:
Basic:
Continuing operations............................................................ $ 1.63 $ 1.09 $ 0.68
Discontinued operations......................................................... (0.65) (0.34) (0.11)
Net earnings............................................................................ $ 0.98 $ 0.75 $ 0.57
Diluted:
Continuing operations............................................................ $ 1.60 $ 1.08 $ 0.67
Discontinued operations......................................................... (0.64) (0.34) (0.10)
Net earnings............................................................................ $ 0.96 $ 0.74 $ 0.57
CarMax Group:
Basic.............................................................................................. $ 0.01 $ (0.24) $ (0.35)
Diluted.......................................................................................... $ 0.01 $ (0.24) $ (0.35)
See accompanying notes to consolidated financial statements.