CarMax 2001 Annual Report Download - page 24

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22
2001 2000 1999 1998 1997 1996 1995 1994 1993 1992
CONSOLIDATED SUMMARY OF EARNINGS FROM CONTINUING OPERATIONS
(Amounts in millions except per share data)
Net sales and operating revenues................ $12,959 $12,614 $10,810 $ 8,871 $ 7,664 $ 7,029 $ 5,583 $ 4,130 $ 3,270 $ 2,790
Gross profit .......................................................... $ 2,795 $ 2,863 $ 2,456 $ 2,044 $ 1,761 $ 1,635 $ 1,385 $ 1,106 $ 924 $ 809
Selling, general and
administrative expenses .............................. $ 2,515 $ 2,310 $ 2,087 $ 1,815 $ 1,499 $ 1,315 $ 1,105 $ 892 $ 745 $ 676
Earnings from continuing
operations before income taxes................. $ 259 $ 529 $ 341 $ 202 $ 233 $ 295 $ 270 $ 209 $ 175 $ 124
Earnings from continuing operations.......... $ 161 $ 328 $ 211 $ 125 $ 144 $ 184 $ 169 $ 132 $ 110 $ 78
Earnings (loss) per share from continuing operations:
Circuit City Group:
Basic......................................................... $ 0.73 $ 1.63 $ 1.09 $ 0.68 $ 0.74 $ 0.95 $ 0.88 $ 0.70 $ 0.59 $ 0.43
Diluted ..................................................... $ 0.73 $ 1.60 $ 1.08 $ 0.67 $ 0.73 $ 0.94 $ 0.87 $ 0.69 $ 0.58 $ 0.42
CarMax Group:
Basic......................................................... $ 0.45 $ 0.01 $ (0.24) $ (0.35) $ (0.01) $ — $ — $ — $ — $ —
Diluted ..................................................... $ 0.43 $ 0.01 $ (0.24) $ (0.35) $ (0.01) $ — $ — $ — $ — $ —
CONSOLIDATED SUMMARY OF EARNINGS FROM CONTINUING OPERATIONS PERCENTAGES
(% to sales except effective tax rate)
Gross profit........................................................... 21.6 22.7 22.7 23.0 23.0 23.3 24.8 26.8 28.3 29.0
Selling, general and
administrative expenses .............................. 19.4 18.3 19.3 20.5 19.6 18.7 19.8 21.6 22.8 24.2
Earnings from continuing operations
before income taxes..................................... 2.0 4.2 3.2 2.3 3.0 4.2 4.8 5.1 5.4 4.5
Effective tax rate................................................. 38.0 38.0 38.0 38.0 38.0 37.5 37.5 36.7 37.0 37.0
Earnings from continuing operations............... 1.2 2.6 2.0 1.4 1.9 2.6 3.0 3.2 3.4 2.8
CONSOLIDATED SUMMARY BALANCE SHEETS
(Amounts in millions)
Total current assets .......................................... $ 2,847 $ 2,943 $ 2,394 $ 2,146 $ 2,163 $ 1,736 $ 1,387 $ 1,024 $ 791 $ 597
Property and equipment, net ........................... $ 989 $ 965 $ 1,006 $ 1,049 $ 886 $ 774 $ 593 $ 438 $ 371 $ 319
Deferred income taxes..................................... $–$—$—$—$—$—$6$79$88$68
Other assets ....................................................... $35$ 47 $ 45 $ 37 $ 32 $ 16 $ 18 $ 14 $ 13 $ 15
Total assets....................................................... $ 3,871 $ 3,955 $ 3,445 $ 3,232 $ 3,081 $ 2,526 $ 2,004 $ 1,555 $ 1,263 $ 999
Total current liabilities .................................... $ 1,292 $ 1,406 $ 964 $ 906 $ 837 $ 831 $ 706 $ 546 $ 373 $ 279
Long-term debt, excluding
current installments................................... $ 116 $ 249 $ 426 $ 424 $ 430 $ 399 $ 179 $ 30 $ 82 $ 85
Deferred revenue and other liabilities........... $92$ 130 $ 112 $ 145 $ 166 $ 214 $ 242 $ 268 $ 232 $ 187
Deferred income taxes..................................... $15$ 28 $ 38 $ 27 $ 33 $ 18 $ — $ — $ — $ —
Total liabilities.................................................. $ 1,515 $ 1,813 $ 1,540 $ 1,502 $ 1,466 $ 1,462 $ 1,127 $ 844 $ 687 $ 551
Total stockholders’ equity.............................. $ 2,356 $ 2,142 $ 1,905 $ 1,730 $ 1,615 $ 1,064 $ 877 $ 711 $ 576 $ 448
Total liabilities and stockholders’ equity...... $ 3,871 $ 3,955 $ 3,445 $ 3,232 $ 3,081 $ 2,526 $ 2,004 $ 1,555 $ 1,263 $ 999
CONSOLIDATED STATEMENTS OF CASH FLOWS FROM CONTINUING OPERATIONS
(Amounts in millions)
Depreciation and amortization....................... $ 153 $ 148 $ 130 $ 115 $ 99 $ 80 $ 67 $ 55 $ 42 $ 36
Cash flow from operating activities
of continuing operations........................... $ 156 $ 626 $ 319 $ 236 $ 26 $ (46) $ 51 $ 111 $ 163 $ 67
Capital expenditures ........................................ $ 286 $ 222 $ 352 $ 576 $ 540 $ 517 $ 375 $ 252 $ 190 $ 110
OTHER DATA
Cash dividends per share paid on
Circuit City Group Common Stock............ $ 0.07 $ 0.07 $ 0.07 $ 0.07 $ 0.07 $ 0.06 $ 0.05 $ 0.04 $ 0.03 $ 0.03
Return on average stockholders’ equity (%)..... 7.1 9.8 7.9 6.2 10.2 18.5 21.1 20.6 21.5 19.2
Number of Associates at year-end................... 56,865 60,083 53,710 46,691 42,312 37,086 31,413 23,625 20,107 16,635
Number of Circuit City retail units
at year- end .................................................... 629 616 587 556 493 419 352 294 260 228
Number of CarMax retail units at year-end ... 40 40 31 18 7 4 2 1 – –
All earnings per share and dividends per share calculations for the Circuit City Group 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 shown above exclude Digital
Video Express. See notes to consolidated and group financial statements.
Selected Financial Data