CarMax 2002 Annual Report Download - page 38

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CONSOLIDATED STATEMENTS OF EARNINGS
CIRCUIT CITY STORES, INC. ANNUAL REPORT 2002 36
Years Ended February 28 or 29
(Amounts in thousands except per share data) 2002 % 2001 % 2000 %
NET SALES AND OPERATING REVENUES ............................... $12,791,468 100.0 $12,959,028 100.0 $12,614,390 100.0
Cost of sales, buying and warehousing .................................. 10,049,793 78.6 10,135,380 78.2 9,751,833 77.3
Appliance exit costs [NOTE 14]................................................. 10,000 – 28,326 0.2 – –
GROSS PROFIT ...................................................................... 2,731,675 21.4 2,795,322 21.6 2,862,557 22.7
Selling, general and administrative expenses [NOTE 10] ............ 2,372,941 18.6 2,514,912 19.4 2,309,593 18.3
Appliance exit costs [NOTE 14]................................................. –– 1,670 – – –
Interest expense [NOTE 4] ........................................................ 5,839 – 19,383 0.2 24,206 0.2
TOTAL EXPENSES................................................................... 2,378,780 18.6 2,535,965 19.6 2,333,799 18.5
Earnings from continuing operations before income taxes..... 352,895 2.8 259,357 2.0 528,758 4.2
Provision for income taxes [NOTE 5] ........................................ 134,100 1.1 98,555 0.8 200,928 1.6
EARNINGS FROM CONTINUING OPERATIONS ...................... 218,795 1.7 160,802 1.2 327,830 2.6
Discontinued operations [NOTE 15]:
Loss from discontinued operations of Divx,
less income tax benefit................................................. –– – – (16,215) (0.1)
Loss on disposal of Divx, less income tax benefit.............. –– – – (114,025) (0.9)
Loss from discontinued operations........................................ –– – – (130,240) (1.0)
NET EARNINGS ..................................................................... $ 218,795 1.7 $ 160,802 1.2 $ 197,590 1.6
Net earnings (loss) attributed to [NOTES 1 AND 2]:
Circuit City Group Common Stock:
Continuing operations ................................................ $ 190,799 $ 149,247 $ 327,574
Discontinued operations ............................................. –– (130,240)
CarMax Group Common Stock....................................... 27,996 11,555 256
$ 218,795 $ 160,802 $ 197,590
Weighted average common shares [NOTES 2 AND 7]:
Circuit City Group basic.................................................. 205,501 203,774 201,345
Circuit City Group diluted .............................................. 207,095 205,830 204,321
CarMax Group basic ........................................................ 32,140 25,554 23,778
CarMax Group diluted..................................................... 34,122 26,980 25,788
NET EARNINGS (LOSS) PER SHARE ATTRIBUTED
TO [NOTES 1, 2 AND 7]:
Circuit City Group basic:
Continuing operations ..................................................... $ 0.93 $ 0.73 $ 1.63
Discontinued operations .................................................. –– (0.65)
Net earnings..................................................................... $ 0.93 $ 0.73 $ 0.98
Circuit City Group diluted:
Continuing operations ..................................................... $ 0.92 $ 0.73 $ 1.60
Discontinued operations .................................................. –– (0.64)
Net earnings..................................................................... $ 0.92 $ 0.73 $ 0.96
CarMax Group basic............................................................. $ 0.87 $ 0.45 $ 0.01
CarMax Group diluted ......................................................... $ 0.82 $ 0.43 $ 0.01
See accompanying notes to consolidated financial statements.