CarMax 2000 Annual Report Download - page 54

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CIRCUIT CITY GROUP STATEMENTS OF CASH FLOWS
CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT
52
Years Ended February 29 or 28
(Amounts in thousands) 2000 1999 1998
OPERATING ACTIVITIES:
Net earnings............................................................................................................................. $ 197,334 $ 148,381 $ 112,074
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 – –
Net (earnings) loss related to Inter-Group Interest in the CarMax Group......................... (862) 18,057 26,460
Depreciation and amortization.......................................................................................... 132,923 119,724 110,283
(Gain) loss on sales of property and equipment................................................................ (418) 3,087 2,593
Provision for deferred income taxes................................................................................... 41,828 5,951 16,919
Decrease in deferred revenue and other liabilities............................................................. (17,799) (32,771) (23,859)
Decrease (increase) in net accounts receivable.................................................................. 12,967 60,138 (33,545)
(Increase) decrease in merchandise inventory................................................................... (144,598) (16,107) 43,528
Decrease (increase) in prepaid expenses and other current assets..................................... 83,540 5,543 (8,856)
(Increase) decrease in other assets.................................................................................... (1,015) 202 10,296
Increase in accounts payable,accrued expenses and
other current liabilities................................................................................................. 184,429 10,745 37,804
NET CASH PROVIDED BY OPERATING ACTIVITIES
OF CONTINUING OPERATIONS...................................................................... 618,569 391,496 314,333
INVESTING ACTIVITIES:
Purchases of property and equipment..................................................................................... (176,873) (214,085) (341,608)
Proceeds from sales of property and equipment..................................................................... 74,811 134,315 199,028
NET CASH USED IN INVESTING ACTIVITIES
OF CONTINUING OPERATIONS...................................................................... (102,062) (79,770) (142,580)
FINANCING ACTIVITIES:
(Decrease) increase in allocated short-term debt,net............................................................. (1,958) (2,180) 5,244
Decrease in inter-group payable.............................................................................................. –– (48,147)
Decrease in allocated long-term debt,net ............................................................................... (74,603) (109,885) (33,573)
Equity issuances,net................................................................................................................ 50,205 42,165 22,311
Dividends paid......................................................................................................................... (14,207) (13,981) (13,792)
NET CASH USED IN FINANCING ACTIVITIES
OF CONTINUING OPERATIONS...................................................................... (40,563) (83,881) (67,957)
CASH USED IN DISCONTINUED OPERATIONS [NOTE 15].......................... (90,193) (69,844) (45,818)
Increase in cash and cash equivalents........................................................................................... 385,751 158,001 57,978
Cash and cash equivalents at beginning of year............................................................................ 248,201 90,200 32,222
Cash and cash equivalents at end of year....................................................................................... $ 633,952 $ 248,201 $ 90,200
See accompanying notes to group financial statements.