CarMax 2000 Annual Report Download - page 82

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CIRCUIT CITY STORES, INC. 2000 ANNUAL REPORT
80
16. 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.................................. $486,063 $346,363 $535,727 $400,031 $488,958 $345,940 $504,236 $373,964 $2,014,984 $1,466,298
Gross profit.................................................................... $ 61,996 $ 39,896 $ 63,780 $ 46,202 $ 52,728 $ 39,760 $ 61,861 $ 46,408 $ 240,365 $ 172,266
Net earnings (loss) ........................................................ $ 2,733 $ (3,215) $ 3,233 $ (2,965) $ (3,136) $ (7,331) $ (1,712) $ (10,003) $ 1,118 $ (23,514)
Net earnings (loss) attributed
to CarMax Group Stock........................................... $ 646 $ (736) $ 775 $ (685) $ (757) $ (1,701) $ (408) $ (2,335) $ 256 $ (5,457)
Net earnings (loss) per share:
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 balance sheets of the CarMax Group
(as defined in Note 1) as of February 29, 2000 and February 28, 1999 and
the related statements of operations,group equity and cash flows for each
of the fiscal years in the three-year period ended February 29, 2000. These
financial statements are the responsibility of Circuit City Stores,Inc.’s
management.Our responsibility is to express an opinion on these finan-
cial 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.
As more fully discussed in Note 1,the financial statements of the CarMax
Group should be read in conjunction with the consolidated financial
statements of Circuit City Stores,Inc.and subsidiaries and the financial
statements of the Circuit City Group.
In our opinion,the financial statements referred to above present fairly, in
all material respects,the financial position of the CarMax Group as of
February 29, 2000 and February 28,1999 and the results of its operations
and its cash flows for each of the fiscal years in the three-year period
ended February 29, 2000 in conformity with generally accepted account-
ing principles.
Richmond,Virginia
April 4,2000