CarMax 2001 Annual Report Download - page 35

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32
CIRCUIT CITY STORES, INC. 2001 ANNUAL REPORT
Consolidated Statements of Earnings
Years Ended February 28 or 29
(Amounts in thousands except per share data) 2001 % 2000 % 1999 %
NET SALES AND OPERATING REVENUES........................................... $12,959,028 100.0 $12,614,390 100.0 $10,810,468 100.0
Cost of sales, buying and warehousing ..................................... 10,135,380 78.2 9,751,833 77.3 8,354,230 77.3
Appliance exit costs [NOTE 15] ........................................................ 28,326 0.2 — — — —
GROSS PROFIT................................................................................. 2,795,322 21.6 2,862,557 22.7 2,456,238 22.7
Selling, general and administrative expenses [NOTE 11] ................ 2,514,912 19.4 2,309,593 18.3 2,086,838 19.3
Appliance exit costs [NOTE 15] ........................................................ 1,670 —————
Interest expense [NOTE 5]................................................................. 19,383 0.2 24,206 0.2 28,319 0.2
TOTAL EXPENSES.............................................................................. 2,535,965 19.6 2,333,799 18.5 2,115,157 19.5
Earnings from continuing operations before income taxes ....... 259,357 2.0 528,758 4.2 341,081 3.2
Provision for income taxes [NOTE 6] .............................................. 98,555 0.8 200,928 1.6 129,611 1.2
EARNINGS FROM CONTINUING OPERATIONS................................. 160,802 1.2 327,830 2.6 211,470 2.0
Discontinued operations [NOTE 16]:
Loss from discontinued operations of Divx,
less income tax benefit..................................................... –— (16,215) (0.1) (68,546) (0.7)
Loss on disposal of Divx, less income tax benefit................ –— (114,025) (0.9) — —
Loss from discontinued operations ............................................ –— (130,240) (1.0) (68,546) (0.7)
NET EARNINGS................................................................................. $ 160,802 1.2 $ 197,590 1.6 $ 142,924 1.3
Net earnings (loss) attributed to [NOTES 1 AND 2]:
Circuit City Group Common Stock:
Continuing operations ...................................................... $ 149,247 $ 327,574 $ 216,927
Discontinued operations................................................... –(130,240) (68,546)
CarMax Group Common Stock ............................................. 11,555 256 (5,457)
$ 160,802 $ 197,590 $ 142,924
Weighted average common shares [NOTES 2 AND 8]:
Circuit City Group basic......................................................... 203,774 201,345 198,304
Circuit City Group diluted...................................................... 205,830 204,321 200,812
CarMax Group basic ............................................................... 25,554 23,778 22,604
CarMax Group diluted............................................................ 26,980 25,788 22,604
NET EARNINGS (LOSS) PER SHARE ATTRIBUTED TO [NOTES 2 AND 8]:
Circuit City Group basic:
Continuing operations............................................................ $0.73 $ 1.63 $ 1.09
Discontinued operations......................................................... –(0.65) (0.34)
Net earnings............................................................................. $0.73 $ 0.98 $ 0.75
Circuit City Group diluted:
Continuing operations............................................................ $0.73 $ 1.60 $ 1.08
Discontinued operations ........................................................ –(0.64) (0.34)
Net earnings............................................................................. $0.73 $ 0.96 $ 0.74
CarMax Group basic..................................................................... $ 0.45 $ 0.01 $ (0.24)
CarMax Group diluted ................................................................. $ 0.43 $ 0.01 $ (0.24)
See accompanying notes to consolidated financial statements.