CarMax 2001 Annual Report Download - page 2

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Years Ended February 28 or 29
(Dollar amounts in thousands except per share data) 2001 2000 1999
CIRCUIT CITY STORES, INC.
Net Sales and Operating Revenues . . . . . . . . . . . . . . . . . . . . . . . . . $12,959,028 $12,614,390 $ 10,810,468
Earnings from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . $ 160,802 $ 327,830 $ 211,470
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,871,333 $ 3,955,348 $ 3,445,266
Total Stockholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,356,483 $ 2,142,174 $ 1,905,130
Working Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,555,580 $ 1,536,456 $ 1,430,710
CIRCUIT CITY GROUP
Net Sales and Operating Revenues . . . . . . . . . . . . . . . . . . . . . . . . . $10,458,037 $10,599,406 $ 9,344,170
Earnings from Continuing Operations Before Inter-Group
Interest in the CarMax Group . . . . . . . . . . . . . . . . . . . . . . . . . $ 115,238 $ 326,712 $ 234,984
Earnings from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . $ 149,247 $ 327,574 $ 216,927
Earnings per Share from Continuing Operations:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.73 $ 1.63 $ 1.09
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.73 $ 1.60 $ 1.08
Number of Circuit City Superstores . . . . . . . . . . . . . . . . . . . . . . . . 594 571 537
CARMAX GROUP
Net Sales and Operating Revenues . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,500,991 $ 2,014,984 $ 1,466,298
Net Earnings (Loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45,564 $ 1,118 $ (23,514)
Net Earnings (Loss) per Share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.45 $ 0.01 $ (0.24)
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.43 $ 0.01 $ (0.24)
Number of CarMax Retail Units . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 40 31
All Circuit City Group earnings per share calculations have been adjusted to reflect a two-for-one stock split effective June 30, 1999. On June 16, 1999, Digital
Video Express announced that it would discontinue operations. Results of continuing operations of Circuit City Stores, Inc. and Circuit City Group shown in the
tables above exclude Digital Video Express. See notes to consolidated and group financial statements.
THE CIRCUIT CITY STORES, INC. COMMON STOCK SERIES INCLUDE:
Circuit City Group Common Stock (NYSE:CC). Circuit City is a leading national retailer of brand-name consumer electronics, personal
computers and entertainment software. At the end of fiscal year 2001, the Circuit City business included 594 Superstores in 161 markets
and 35 Circuit City Express mall stores. The Circuit City Group also includes a retained interest in the equity of the CarMax Group. The
Circuit City Group includes Digital Video Express, which is now classified as a discontinued operation for financial reporting purposes.
CarMax Group Common Stock (NYSE:KMX). As the pioneer of the used- car superstore concept, CarMax is transforming automobile
retailing with a friendly offer that delivers low, no-haggle prices, a broad selection and high-quality customer service. At the end of
fiscal year 2001, CarMax operated 40 retail units in 37 locations, including 33 used-car superstores and 22 new-car franchises.
IN THIS REPORT, WE USE THE FOLLOWING TERMS AND DEFINITIONS:
Circuit City Stores and Circuit City Stores, Inc. refer to the corporation, which includes the Circuit City retail stores and related
operations, the CarMax retail stores and related operations, and the company’s interest in Digital Video Express, which is classified
as a discontinued operation.
Circuit City refers to the retail operations bearing the Circuit City name and to all related operations such as product service and its
finance operation.
Circuit City Group refers to the Circuit City and Circuit City-related operations, the retained interest in the equity of the CarMax
Group and the company’s interest in Digital Video Express, which is classified as a discontinued operation.
CarMax Group and CarMax refer to retail locations bearing the CarMax name and to all related operations such as its finance operation.
FORWARD-LOOKING STATEMENTS:
This report contains forward-looking statements, which are subject to risks and uncertainties, including, but not limited to, risks associ-
ated with the development of new business concepts. Additional discussion of factors that could cause actual results to differ materially
from management’s projections, forecasts, estimates and expectations is contained in the company’s SEC filings, including the Circuit
City Stores, Inc. “Management’s Discussion and Analysis” contained in this annual report.
Financial Highlights