CarMax 2000 Annual Report Download - page 34

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CONSOLIDATED STATEMENTS OF CASH FLOWS
CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT
32
Years Ended February 29 or 28
(Amounts in thousands) 2000 1999 1998
OPERATING ACTIVITIES:
Net earnings............................................................................................................................. $ 197,590 $ 142,924 $ 104,311
Adjustments to reconcile net earnings to net cash provided
by operating activities of continuing operations:
Loss from discontinued operations [NOTE 15]..................................................................... 16,215 68,546 20,636
Loss on disposal of discontinued operations [NOTE 15]...................................................... 114,025 – –
Depreciation and amortization.......................................................................................... 148,164 129,727 114,860
Loss on disposition of property and equipment................................................................ 17 3,087 14,093
Provision for deferred income taxes................................................................................... 43,053 17,235 15,052
Changes in operating assets and liabilities,net of effects
from business acquisitions:
Decrease in deferred revenue and other liabilities....................................................... (15,565) (33,022) (23,024)
(Increase) decrease in net accounts receivable ............................................................ (18,922) 23,640 (66,061)
Increase in inventory.................................................................................................... (184,507) (97,597) (18,182)
Decrease (increase) in prepaid expenses and other current assets.............................. 81,316 31,257 (6,113)
Decrease (increase) in other assets.............................................................................. 240 (607) 10,359
Increase in accounts payable,accrued expenses and
other current liabilities........................................................................................... 211,850 24,315 62,276
NET CASH PROVIDED BY OPERATING ACTIVITIES
OF CONTINUING OPERATIONS...................................................................... 593,476 309,505 228,207
INVESTING ACTIVITIES:
Cash used in business acquisitions [NOTE 3] ............................................................................ (34,849) (41,562) –
Purchases of property and equipment..................................................................................... (222,268) (352,384) (575,860)
Proceeds from sales of property and equipment..................................................................... 100,151 273,647 297,126
NET CASH USED IN INVESTING ACTIVITIES
OF CONTINUING OPERATIONS...................................................................... (156,966) (120,299) (278,734)
FINANCING ACTIVITIES:
(Payments on) proceeds from issuance of short-term debt,net............................................. (5,011) (960) 5,629
Principal payments on long-term debt.................................................................................... (2,707) (1,301) (6,187)
Issuances of Circuit City Group common stock,net................................................................ 50,205 42,165 22,311
Issuances of CarMax Group common stock,net...................................................................... 3,456 3,983 2,353
Dividends paid on Circuit City Group common stock............................................................. (14,207) (13,981) (13,792)
NET CASH PROVIDED BY FINANCING ACTIVITIES
OF CONTINUING OPERATIONS.................................................................... 31,736 29,906 10,314
CASH USED IN DISCONTINUED OPERATIONS [NOTE 15].......................... (90,193) (69,844) (45,818)
Increase (decrease) in cash and cash equivalents......................................................................... 378,053 149,268 (86,031)
Cash and cash equivalents at beginning of year............................................................................ 265,880 116,612 202,643
Cash and cash equivalents at end of year...................................................................................... $ 643,933 $ 265,880 $ 116,612
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the year for:
Interest..................................................................................................................................... $ 34,389 $ 31,858 $ 26,697
Income taxes............................................................................................................................ $ 14,908 $ 53,528 $ 47,936
See accompanying notes to consolidated financial statements.