CarMax 2000 Annual Report Download - page 72

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CARMAX GROUP STATEMENTS OF CASH FLOWS
CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT
70
Years Ended February 29 or 28
(Amounts in thousands) 2000 1999 1998
OPERATING ACTIVITIES:
Net earnings (loss)..................................................................................................................... $ 1,118 $ (23,514) $ (34,223)
Adjustments to reconcile net earnings (loss) to net cash used in operating activities:
Depreciation and amortization............................................................................................ 15,241 10,003 4,577
Gain on disposition of property and equipment.................................................................. (820) – –
Lease termination costs and write-down of assets [NOTE 13] ............................................... 4,755 – 11,500
Provision for deferred income taxes..................................................................................... 1,225 11,284 (1,867)
Changes in operating assets and liabilities,net of effects
from business acquisitions:
Increase (decrease) in deferred revenue and other liabilities......................................... 2,234 (251) 835
Increase in net accounts receivable................................................................................ (31,889) (36,498) (32,516)
Increase in inventory...................................................................................................... (39,909) (81,490) (61,710)
(Increase) decrease in prepaid expenses and other current assets................................ (2,224) 25,714 2,743
Decrease (increase) in other assets................................................................................ 1,255 (809) 63
Increase in accounts payable,accrued expenses and
other current liabilities............................................................................................. 23,921 13,570 24,472
NET CASH USED IN OPERATING ACTIVITIES............................................. (25,093) (81,991) (86,126)
INVESTING ACTIVITIES:
Cash used in business acquisitions [NOTE 4]............................................................................... (34,849) (41,562) –
Purchases of property and equipment....................................................................................... (45,395) (138,299) (234,252)
Proceeds from sales of property and equipment....................................................................... 25,340 139,332 98,098
Decrease in inter-group receivable,net...................................................................................... –– 48,147
NET CASH USED IN INVESTING ACTIVITIES.............................................. (54,904) (40,529) (88,007)
FINANCING ACTIVITIES:
(Decrease) increase in allocated short-term debt,net............................................................... (3,053) 1,220 385
Increase in allocated long-term debt,net .................................................................................. 71,896 108,584 27,386
Equity issuances,net.................................................................................................................. 3,456 3,983 2,353
NET CASH PROVIDED BY FINANCING ACTIVITIES................................ 72,299 113,787 30,124
Decrease in cash and cash equivalents............................................................................................ (7,698) (8,733) (144,009)
Cash and cash equivalents at beginning of year.............................................................................. 17,679 26,412 170,421
Cash and cash equivalents at end of year......................................................................................... $ 9,981 $ 17,679 $ 26,412
See accompanying notes to group financial statements.