CarMax 2003 Annual Report Download - page 31

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CARMAX 2003 29
At February 28
(Amounts in thousands except share data) 2003 2002
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (NOTE 2) $ 34,615 $ 3,286
Accounts receivable, net 56,449 50,441
Automobile loan receivables held for sale (NOTE 12) 3,579 2,144
Retained interests in securitized receivables (NOTE 12) 135,016 120,683
Inventory 466,450 399,084
Prepaid expenses and other current assets 12,636 2,065
TOTAL CURRENT ASSETS 708,745 577,703
Property and equipment, net (NOTE 3) 187,158 120,976
Other assets 21,714 21,543
TOTAL ASSETS $917,617 $720,222
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $117,587 $ 87,160
Accrued expenses and other current liabilities 44,682 25,775
Deferred income taxes (NOTE 5) 29,783 22,009
Short-term debt (NOTE 4) 56,051 9,840
Current installments of long-term debt (NOTE 4) —78,608
TOTAL CURRENT LIABILITIES 248,103 223,392
Long-term debt, excluding current installments (NOTE 4) 100,000 —
Deferred revenue and other liabilities 10,904 8,416
Deferred income taxes (NOTE 5) 4,041 2,935
TOTAL LIABILITIES 363,048 234,743
STOCKHOLDERS’ EQUITY (NOTES 1 AND 6):
Common stock, $0.50 par value; 350,000,000 shares authorized;
103,083,047 shares issued and outstanding at February 28, 2003 51,542 —
Capital in excess of par value 472,745 —
Retained earnings 30,282 —
Parent’s equity —485,479
TOTAL STOCKHOLDERS’ EQUITY 554,569 485,479
Commitments and contingent liabilities (NOTES 1, 4, 8, 9 AND 14) ——
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $917,617 $720,222
CONSOLIDATED BALANCE SHEETS
See accompanying notes to consolidated financial statements.