CarMax 2001 Annual Report Download - page 77

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CarMax Group Statements of Cash Flows
74
CIRCUIT CITY STORES, INC. 2001 ANNUAL REPORT
Years Ended February 28 or 29
(Amounts in thousands) 2001 2000 1999
OPERATING ACTIVITIES:
Net earnings (loss)................................................................................................... $ 45,564 $ 1,118 $ (23,514)
Adjustments to reconcile net earnings (loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization ........................................................................ 18,116 15,241 10,003
Write-down of assets and lease termination costs [NOTE 10] ........................... 8,677 4,755 —
Loss (gain) on disposition of property and equipment ................................. 415 (820) —
Provision for deferred income taxes ............................................................... 8,758 1,225 11,284
Changes in operating assets and liabilities, net of effects
from business acquisitions:
(Decrease) increase in deferred revenue and other liabilities ................. (413) 2,234 (251)
Increase in net accounts receivable ........................................................... (5,409) (31,889) (36,498)
Increase in inventory................................................................................... (62,745) (39,909) (81,490)
Decrease (increase) in prepaid expenses and other current assets ........... 538 (2,224) 25,714
Decrease (increase) in other assets............................................................. 424 1,255 (809)
Increase in accounts payable, accrued expenses and
other current liabilities........................................................................... 3,881 25,016 15,229
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES........................................ 17,806 (23,998) (80,332)
INVESTING ACTIVITIES:
Cash used in business acquisitions [NOTE 3]............................................................ (1,325) (34,849) (41,562)
Purchases of property and equipment.................................................................. (10,834) (45,395) (138,299)
Proceeds from sales of property and equipment................................................. 15,506 25,340 139,332
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES......................................... 3,347 (54,904) (40,529)
FINANCING ACTIVITIES:
(Decrease) increase in allocated short-term debt, net......................................... (565) (3,053) 1,220
(Decrease) increase in allocated long-term debt, net.......................................... (21,658) 71,896 108,584
Equity issuances, net............................................................................................... (109) 2,361 2,324
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES........................................ (22,332) 71,204 112,128
Decrease in cash and cash equivalents ...................................................................... (1,179) (7,698) (8,733)
Cash and cash equivalents at beginning of year...................................................... 9,981 17,679 26,412
Cash and cash equivalents at end of year ................................................................. $ 8,802 $ 9,981 $ 17,679
See accompanying notes to Group financial statements.