CarMax 2000 Annual Report Download - page 47

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CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT 45
CIRCUIT CITY STORES, INC.
TABLE 3 (continued)
1998 Total
(Amounts in thousands) Circuit City Group CarMax Group Segments
Revenues from external customers ............................................................ $ 7,996,591 $ 874,206 $ 8,870,797
Interest expense.......................................................................................... 25,072 1,789 26,861
Depreciation and amortization .................................................................. 110,283 4,577 114,860
Earnings (loss) from continuing operations before income taxes ............. 257,632 (56,104) 201,528
Income tax provision (benefit)................................................................... 98,462 (21,881) 76,581
Earnings (loss) from continuing operations.............................................. 159,170 (34,223) 124,947
Total assets ................................................................................................. $ 2,752,402 $ 448,322 $ 3,200,724
Earnings from continuing operations and total assets for the Circuit City Group exclude: (1) the Inter-Group Interest in the CarMax Group and (2) the discontinued Divx operations as discussed in Note 15.
17. QUARTERLY FINANCIAL DATA (UNAUDITED)
(Amounts in thousands First Quarter Second Quarter Third Quarter Fourth Quarter Year
except per share data) 2000 1999 2000 1999 2000 1999 2000 1999 2000 1999
Net sales and operating revenues...... $2,690,982 $2,271,061 $2,958,394 $2,517,827 $2,984,607 $2,618,198 $3,980,407 $3,403,382 $12,614,390 $10,810,468
Gross profit......................................... $ 602,727 $ 504,908 $ 668,283 $ 572,824 $ 670,910 $ 593,148 $ 920,637 $ 785,358 $ 2,862,557 $ 2,456,238
Net earnings (loss) attributed to:
Circuit City Group Stock:
Continuing operations ............. $ 41,398 $ 21,339 $ 73,692 $ 43,773 $ 52,335 $ 32,710 $ 160,149 $ 119,105 $ 327,574 $ 216,927
Discontinued operations.......... $ (130,240) $ (8,070) $ – $ (11,626) $ – $ (16,765) $ – $ (32,085) $ (130,240) $ (68,546)
CarMax Group Stock ..................... $ 646 $ (736) $ 775 $ (685) $ (757) $ (1,701) $ (408) $ (2,335) $ 256 $ (5,457)
Net earnings (loss) per share:
Circuit City Group Stock:
Basic:
Continuing operations........ $ 0.21 $ 0.11 $ 0.37 $ 0.22 $ 0.26 $ 0.16 $ 0.79 $ 0.60 $ 1.63 $ 1.09
Discontinued operations..... $ (0.65) $ (0.04) $ – $ (0.06) $ – $ (0.08) $ – $ (0.16) $ (0.65) $ (0.34)
Net (loss) earnings.............. $ (0.44) $ 0.07 $ 0.37 $ 0.16 $ 0.26 $ 0.08 $ 0.79 $ 0.44 $ 0.98 $ 0.75
Diluted:
Continuing operations........ $ 0.20 $ 0.11 $ 0.36 $ 0.22 $ 0.26 $ 0.16 $ 0.78 $ 0.59 $ 1.60 $ 1.08
Discontinued operations..... $ (0.64) $ (0.04) $ – $ (0.06) $ – $ (0.08) $ – $ (0.16) $ (0.64) $ (0.34)
Net (loss) earnings.............. $ (0.44) $ 0.07 $ 0.36 $ 0.16 $ 0.26 $ 0.08 $ 0.78 $ 0.43 $ 0.96 $ 0.74
CarMax Group Stock
Basic......................................... $ 0.03 $ (0.03) $ 0.03 $ (0.03) $ (0.03) $ (0.07) $ (0.02) $ (0.10) $ 0.01 $ (0.24)
Diluted ..................................... $ 0.03 $ (0.03) $ 0.03 $ (0.03) $ (0.03) $ (0.07) $ (0.02) $ (0.10) $ 0.01 $ (0.24)
INDEPENDENT AUDITORS’ REPORT
The Board of Directors and Stockholders
of Circuit City Stores, Inc.:
We have audited the accompanying consolidated balance sheets of Circuit
City Stores,Inc.and subsidiaries as of February 29, 2000 and February 28,
1999 and the related consolidated statements of earnings,stockholders’
equity and cash flows for each of the fiscal years in the three-year period
ended February 29, 2000. These consolidated financial statements are the
responsibility of the Company’s management.Our responsibility is to
express an opinion on these consolidated financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement.An audit includes examining,on a test
basis,evidence supporting the amounts and disclosures in the financial
statements.An audit also includes assessing the accounting principles
used and significant estimates made by management,as well as evaluat-
ing the overall financial statement presentation.We believe that our audits
provide a reasonable basis for our opinion.
In our opinion,the consolidated financial statements referred to above
present fairly,in all material respects,the financial position of Circuit City
Stores,Inc.and subsidiaries as of February 29,2000 and February 28,
1999 and the results of their operations and their cash flows for each of
the fiscal years in the three-year period ended February 29, 2000 in con-
formity with generally accepted accounting principles.
Richmond,Virginia
April 4,2000