CarMax 2001 Annual Report Download - page 59

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Circuit City Group Statements of Cash Flows
Years Ended February 28 or 29
(Amounts in thousands) 2001 2000 1999
OPERATING ACTIVITIES:
Net earnings.......................................................................................................... $ 149,247 $ 197,334 $ 148,381
Adjustments to reconcile net earnings to net cash provided by
operating activities of continuing operations:
Loss from discontinued operations [NOTE 13].................................................. –16,215 68,546
Loss on disposal of discontinued operations [NOTE 13] ................................. –114,025 —
Net (earnings) loss related to Inter-Group Interest in
the CarMax Group .................................................................................... (34,009) (862) 18,057
Depreciation and amortization ..................................................................... 126,297 132,923 119,724
Loss (gain) on sales of property and equipment ........................................ 4,259 (418) 3,087
Provision for deferred income taxes............................................................ 11,007 41,828 5,951
Decrease in deferred revenue and other liabilities ..................................... (17,442) (17,799) (32,771)
Decrease in net accounts receivable ............................................................ 12,950 12,967 60,138
Increase in merchandise inventory .............................................................. (4,910) (144,598) (16,107)
(Increase) decrease in prepaid expenses and other current assets .............. (41,964) 83,540 5,543
Decrease (increase) in other assets ............................................................... 588 (1,015) 202
(Decrease) increase in accounts payable, accrued expenses
and other current liabilities ..................................................................... (68,074) 216,043 18,609
NET CASH PROVIDED BY OPERATING ACTIVITIES
OF CONTINUING OPERATIONS.......................................................................... 137,949 650,183 399,360
INVESTING ACTIVITIES:
Purchases of property and equipment............................................................... (274,722) (176,873) (214,085)
Proceeds from sales of property and equipment.............................................. 100,189 74,811 134,315
NET CASH USED IN INVESTING ACTIVITIES
OF CONTINUING OPERATIONS.......................................................................... (174,533) (102,062) (79,770)
FINANCING ACTIVITIES:
Decrease in allocated short-term debt, net ....................................................... (1,240) (1,958) (2,180)
Decrease in allocated long-term debt, net ........................................................ (156,402) (74,603) (109,885)
Equity issuances, net ........................................................................................... 38,123 18,591 34,301
Dividends paid...................................................................................................... (14,346) (14,207) (13,981)
NET CASH USED IN FINANCING ACTIVITIES
OF CONTINUING OPERATIONS.......................................................................... (133,865) (72,177) (91,745)
CASH USED IN DISCONTINUED OPERATIONS [NOTE 13]................................................ (26,174) (90,193) (69,844)
(Decrease) increase in cash and cash equivalents ................................................. (196,623) 385,751 158,001
Cash and cash equivalents at beginning of year................................................... 633,952 248,201 90,200
Cash and cash equivalents at end of year.............................................................. $ 437,329 $ 633,952 $ 248,201
See accompanying notes to Group financial statements.
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CIRCUIT CITY STORES, INC. 2001 ANNUAL REPORT