CarMax 2000 Annual Report Download - page 52

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CIRCUIT CITY GROUP STATEMENTS OF EARNINGS
CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT
50
Years Ended February 29 or 28
(Amounts in thousands except per share data) 2000 % 1999 % 1998 %
NET SALES AND OPERATING REVENUES..................... $10,599,406 100.0 $9,344,170 100.0 $7,996,591 100.0
Cost of sales,buying and warehousing...................................................... 7,977,214 75.3 7,060,198 75.6 6,026,434 75.4
GROSS PROFIT................................................................................. 2,622,192 24.7 2,283,972 24.4 1,970,157 24.6
Selling, general and administrative expenses [NOTES 3 AND 11].................. 2,081,393 19.6 1,882,416 20.1 1,687,453 21.1
Interest expense [NOTES 3 AND 5] ................................................................ 13,844 0.1 21,926 0.2 25,072 0.3
T O T AL EXPENSES.......................................................................... 2,095,237 19.7 1,904,342 20.3 1,712,525 21.4
Earnings from continuing operations before income taxes and
Inter-Group Interest in the CarMax Group.......................................... 526,955 5.0 379,630 4.1 257,632 3.2
Provision for income taxes [NOTES 3 AND 6] ................................................ 200,243 1.9 144,646 1.6 98,462 1.2
EARNINGS FROM CONTINUING OPERATIONS
BEFORE INTER-GROUP INTEREST
IN THE CARMAX GROUP
...................................................... 326,712 3.1 234,984 2.5 159,170 2.0
Net earnings (loss) related to Inter-Group Interest in the
CarMax Group [NOTES 1 AND 2].............................................................. 862 0.0 (18,057) (0.2) (26,460) (0.3)
EARNINGS FROM CONTINUING OPERATIONS........... 327,574 3.1 216,927 2.3 132,710 1.7
Discontinued operations [NOTE 15]:
Loss from discontinued operations of Divx,less income tax benefit.... (16,215) (0.1) (68,546) (0.7) (20,636) (0.3)
Loss on disposal of Divx,including provision for losses
during phase-out period,less income tax benefit ......................... (114,025) (1.1) – – – –
Loss from discontinued operations........................................................... (130,240) (1.2) (68,546) (0.7) (20,636) (0.3)
NET EARNINGS................................................................................ $ 197,334 1.9 $ 148,381 1.6 $ 112,074 1.4
Weighted average common shares [NOTES 2 AND 8]:
Basic..................................................................................................... 201,345 198,304 196,054
Diluted................................................................................................. 204,321 200,812 198,408
NET EARNINGS (LOSS) PER SHARE [NOTES 2 AND 8]:
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
See accompanying notes to group financial statements.