CarMax 2001 Annual Report Download - page 50

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47
CIRCUIT CITY STORES, INC. 2001 ANNUAL REPORT
Circuit City Stores, Inc.
The net liabilities of the discontinued Divx operations
reflected in the accompanying consolidated balance sheets as of
February 28 or 29 are comprised of the following:
(Amounts in thousands) 2001 2000
Current assets..................................................... $ 8 $ 612
Property and equipment, net........................... — 513
Other assets ........................................................ 324 —
Current liabilities............................................... (27,522) (32,650)
Other liabilities .................................................. (14,082) (35,291)
Net liabilities of discontinued operations...... $(41,272) $(66,816)
17. OPERATING SEGMENT INFORMATION
The Company conducts business in two operating segments:
Circuit City and CarMax. These segments are identified and
managed by the Company based on the different products and
services offered by each. Circuit City refers to the retail opera-
tions bearing the Circuit City name and to all related operations,
such as its finance operation. This segment is engaged in the
business of selling brand-name consumer electronics, personal
computers and entertainment software. CarMax refers to the
used- and new-car retail locations bearing the CarMax name and
to all related operations, such as its finance operation. Financial
information for these segments for fiscal 2001, 2000 and 1999
are shown in Table 3.
TABLE 3
2001 Total
(Amounts in thousands) Circuit City CarMax Segments
Revenues from external customers ................................................................... $10,458,037 $2,500,991 $12,959,028
Interest expense ................................................................................................... 7,273 12,110 19,383
Depreciation and amortization .......................................................................... 126,297 26,793 153,090
Earnings from continuing operations before income taxes........................... 185,875 73,482 259,357
Provision for income taxes ................................................................................ 70,637 27,918 98,555
Earnings from continuing operations............................................................... 115,238 45,564 160,802
Total assets ........................................................................................................... $ 3,160,048 $ 710,953 $ 3,871,001
2000 Total
(Amounts in thousands) Circuit City CarMax Segments
Revenues from external customers ................................................................... $10,599,406 $2,014,984 $ 12,614,390
Interest expense ................................................................................................... 13,844 10,362 24,206
Depreciation and amortization .......................................................................... 132,923 15,241 148,164
Earnings from continuing operations before income taxes........................... 526,955 1,803 528,758
Provision for income taxes ................................................................................ 200,243 685 200,928
Earnings from continuing operations............................................................... 326,712 1,118 327,830
Total assets ........................................................................................................... $ 3,278,728 $ 675,495 $ 3,954,223
1999 Total
(Amounts in thousands) Circuit City CarMax Segments
Revenues from external customers ................................................................... $ 9,344,170 $1,466,298 $10,810,468
Interest expense ................................................................................................... 21,926 6,393 28,319
Depreciation and amortization .......................................................................... 119,724 10,003 129,727
Earnings (loss) from continuing operations before income taxes................. 379,630 (38,549) 341,081
Income tax provision (benefit)........................................................................... 144,646 (15,035) 129,611
Earnings (loss) from continuing operations..................................................... 234,984 (23,514) 211,470
Total assets ........................................................................................................... $ 2,816,954 $ 571,198 $ 3,388,152
Earnings from continuing operations and total assets for Circuit City on this table exclude: (1) the Inter-Group Interest in CarMax and (2) the discontinued Divx
operations as discussed in Note 16.