CarMax 2001 Annual Report Download - page 51

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48
CIRCUIT CITY STORES, INC. 2001 ANNUAL REPORT
18. QUARTERLY FINANCIAL DATA (UNAUDITED)
(Amounts in thousands First Quarter Second Quarter Third Quarter Fourth Quarter Year
except per share data) 2001 2000 2001 2000 2001 2000 2001 2000 2001 2000
Net sales and operating revenues.......... $3,074,851 $2,690,982 $3,179,781 $2,958,394 $2,887,269 $2,984,607 $3,817,127 $3,980,407 $12,959,028 $12,614,390
Gross profit ............................................... $ 683,262 $ 602,727 $ 673,465 $ 668,283 $ 582,128 $ 670,910 $ 856,467 $ 920,637 $ 2,795,322 $ 2,862,557
Net earnings (loss) attributed to:
Circuit City Group Common Stock:
Continuing operations .............. $ 57,123 $ 41,398 $ 55,341 $ 73,692 $ (64,407) $ 52,335 $ 101,190 $ 160,149 $ 149,247 $ 327,574
Discontinued operations........... $ — $ (130,240) $ — $ — $ — $ — $ — $ — $ — $ (130,240)
CarMax Group Common Stock....... $ 3,535 $ 646 $ 4,126 $ 775 $ 1,920 $ (757) $ 1,974 $ (408) $ 11,555 $ 256
Net earnings (loss) per share attributed to:
Circuit City Group Common Stock:
Basic:
Continuing operations....... $ 0.28 $ 0.21 $ 0.27 $ 0.37 $ (0.32) $ 0.26 $ 0.50 $ 0.79 $ 0.73 $ 1.63
Discontinued operations ... $ — $ (0.65) $ — $ — $ — $ — $ — $ — $ — $ (0.65)
Net earnings (loss).............. $ 0.28 $ (0.44) $ 0.27 $ 0.37 $ (0.32) $ 0.26 $ 0.50 $ 0.79 $ 0.73 $ 0.98
Diluted:
Continuing operations....... $ 0.28 $ 0.20 $ 0.27 $ 0.36 $ (0.32) $ 0.26 $ 0.49 $ 0.78 $ 0.73 $ 1.60
Discontinued operations..... $ — $ (0.64) $ — $ — $ — $ — $ — $ — $ — $ (0.64)
Net earnings (loss).............. $ 0.28 $ (0.44) $ 0.27 $ 0.36 $ (0.32) $ 0.26 $ 0.49 $ 0.78 $ 0.73 $ 0.96
CarMax Group Common Stock:
Basic ............................................ $ 0.14 $ 0.03 $ 0.16 $ 0.03 $ 0.08 $ (0.03) $ 0.08 $ (0.02) $ 0.45 $ 0.01
Diluted......................................... $ 0.13 $ 0.03 $ 0.15 $ 0.03 $ 0.07 $ (0.03) $ 0.07 $ (0.02) $ 0.43 $ 0.01
Independent Auditors Report
The Board of Directors and Stockholders of Circuit City Stores, Inc.:
We have audited the accompanying consolidated balance
sheets of Circuit City Stores, Inc. and subsidiaries as of February
28, 2001 and February 29, 2000 and the related consolidated
statements of earnings, stockholders’ equity and cash flows for
each of the fiscal years in the three-year period ended February
28, 2001. These consolidated financial statements are the respon-
sibility of the Company’s management. Our responsibility is to
express an opinion on these consolidated financial statements
based on our audits.
We conducted our audits in accordance with auditing stan-
dards generally accepted in the United States of America. 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 evaluating the overall financial state-
ment presentation. We believe that our audits provide a reason-
able basis for our opinion.
In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the financial posi-
tion of Circuit City Stores, Inc. and subsidiaries as of February 28,
2001 and February 29, 2000 and the results of their operations
and their cash flows for each of the fiscal years in the three-year
period ended February 28, 2001 in conformity with accounting
principles generally accepted in the United States of America.
Richmond, Virginia
April 2, 2001