CarMax 2002 Annual Report Download - page 88

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CARMAX GROUP STATEMENTS OF CASH FLOWS
CIRCUIT CITY STORES, INC. ANNUAL REPORT 2002 86
Years Ended February 28 or 29
(Amounts in thousands) 2002 2001 2000
OPERATING ACTIVITIES:
Net earnings...................................................................................................... $ 90,802 $ 45,564 $ 1,118
Adjustments to reconcile net earnings to net cash provided by
(used in) operating activities:
Depreciation and amortization..................................................................... 16,340 18,116 15,241
Unearned compensation amortization of restricted stock.............................. 100 154 447
Write-down of assets and lease termination costs [NOTE 9] ............................. –8,677 4,755
Loss (gain) on disposition of property and equipment.................................. –415 (820)
Provision for deferred income taxes .............................................................. 3,162 8,758 1,225
Changes in operating assets and liabilities, net of effects
from business acquisitions:
Increase in net accounts receivable........................................................... (38,606) (5,409) (31,889)
Increase in inventory ............................................................................... (51,947) (62,745) (39,909)
Decrease (increase) in prepaid expenses and other current assets .............. 241 538 (2,224)
Decrease in other assets ........................................................................... 1,639 424 1,255
Increase in accounts payable, accrued expenses and other
current liabilities................................................................................. 19,330 3,881 25,016
Increase (decrease) in deferred revenue and other liabilities...................... 1,580 (413) 2,234
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES ............................ 42,641 17,960 (23,551)
INVESTING ACTIVITIES:
Cash used in business acquisitions..................................................................... –(1,325) (34,849)
Purchases of property and equipment................................................................ (41,417) (10,834) (45,395)
Proceeds from sales of property and equipment, net.......................................... 98,965 15,506 25,340
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES ............................. 57,548 3,347 (54,904)
FINANCING ACTIVITIES:
Increase (decrease) in allocated short-term debt, net.......................................... 8,853 (565) (3,053)
(Decrease) increase in allocated long-term debt, net .......................................... (112,600) (21,658) 71,896
Equity issuances, net ......................................................................................... (1,958) (263) 1,914
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES ............................ (105,705) (22,486) 70,757
Decrease in cash and cash equivalents .................................................................... (5,516) (1,179) (7,698)
Cash and cash equivalents at beginning of year ...................................................... 8,802 9,981 17,679
Cash and cash equivalents at end of year................................................................ $ 3,286 $ 8,802 $ 9,981
See accompanying notes to Group financial statements.