CarMax 2002 Annual Report Download - page 56

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CIRCUIT CITY STORES, INC. ANNUAL REPORT 2002 54
18. QUARTERLY FINANCIAL DATA (UNAUDITED)
(Amounts in thousands First Quarter Second Quarter Third Quarter Fourth Quarter Year
except per share data) 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001
Net sales and operating revenues............... $2,678,474 $3,074,851 $2,887,915 $3,179,781 $3,054,232 $2,887,269 $4,170,847 $3,817,127 $12,791,468 $12,959,028
Gross profit ............................................... $ 566,353 $ 683,262 $ 605,070 $ 673,465 $ 642,177 $ 582,128 $ 918,075 $ 856,467 $ 2,731,675 $ 2,795,322
Net earnings (loss) attributed to:
Circuit City Group Common Stock... $ 10,135 $ 57,123 $ 6,822 $ 55,341 $ 21,134 $ (64,407) $ 152,708 $ 101,190 $ 190,799 $ 149,247
CarMax Group Common Stock......... $ 6,832 $ 3,535 $ 8,028 $ 4,126 $ 6,554 $ 1,920 $ 6,582 $ 1,974 $ 27,996 $ 11,555
Net earnings (loss) per share attributed to:
Circuit City Group Common Stock:
Basic ............................................. $ 0.05 $ 0.28 $ 0.03 $ 0.27 $ 0.10 $ (0.32) $ 0.74 $ 0.50 $ 0.93 $ 0.73
Diluted ......................................... $ 0.05 $ 0.28 $ 0.03 $ 0.27 $ 0.10 $ (0.32) $ 0.73 $ 0.49 $ 0.92 $ 0.73
CarMax Group Common Stock:
Basic ............................................. $ 0.26 $ 0.14 $ 0.27 $ 0.16 $ 0.18 $ 0.08 $ 0.18 $ 0.08 $ 0.87 $ 0.45
Diluted ......................................... $ 0.25 $ 0.13 $ 0.25 $ 0.15 $ 0.17 $ 0.07 $ 0.17 $ 0.07 $ 0.82 $ 0.43
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, 2002 and 2001, 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,
2002. These consolidated financial statements are the responsi-
bility 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, 2002 and 2001, and the results of their operations and their
cash flows for each of the fiscal years in the three-year period
ended February 28, 2002, in conformity with accounting princi-
ples generally accepted in the United States of America.
KPMG LLP
Richmond, Virginia
April 2, 2002
INDEPENDENT AUDITORS’ REPORT