CarMax 2003 Annual Report Download - page 47

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CARMAX 2003 45
Certain prior year amounts have been reclassified to
conform to the current presentation. Wholesale sales were
reclassified and reported in net sales and operating revenues.
Previously, wholesale sales were recorded as a reduction
to cost of sales. This reclassification increased sales and cost
of sales in the first through fourth quarters of fiscal 2002
by $84.5 million, $90.1 million, $76.7 million and
$74.3 million, respectively, for an annual impact of $325.6
million. An additional reclassification between sales and cost
of sales made to conform to the current presentation
decreased sales and cost of sales in the first through fourth
quarters of fiscal 2002 by $2.3 million, $2.5 million,
$2.2 million and $2.1 million, respectively, for an annual
impact of $9.1 million. Third-party finance fees were
reclassified from selling, general and administrative expenses
to sales. This reclassification increased sales in the first
through fourth quarters of fiscal 2002 by $3.8 million,
$4.2 million, $3.9 million and $3.8 million, respectively, for
an annual impact of $15.7 million.Additionally, the company
presents CarMax Auto Finance income separately in the
consolidated statements of earnings. Previously, CarMax
Auto Finance income was recorded as a reduction to selling,
general and administrative expenses. This reclassification
increased selling, general and administrative expenses in the
first through fourth quarters of fiscal 2002 by $15.7 million,
$18.6 million, $18.0 million and $14.2 million, respectively,
for an annual impact of $66.5 million.These reclassifications
had no impact on the company’s net earnings.
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
(Amounts in thousands First Quarter Second Quarter Third Quarter Fourth Quarter Fiscal Year
except per share data) 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002
Net sales and
operating revenues $1,005,803 $882,825 $1,080,682 $943,122 $936,819 $852,670 $946,640 $855,142 $3,969,944 $3,533,759
Gross profit $ 122,142 $107,785 $ 128,812 $112,738 $106,940 $ 94,889 $110,345 $103,981 $ 468,239 $ 419,393
CarMax Auto
Finance income $ 19,838 $ 15,685 $ 22,110 $ 18,555 $19,220 $ 18,027 $ 21,231 $ 14,206 $ 82,399 $ 66,473
Selling, general and
administrative expenses $ 93,037 $ 78,060 $ 97,997 $ 85,029 $101,810 $ 83,117 $ 99,573 $ 88,258 $ 392,417 $ 334,464
Net earnings $ 29,238 $ 26,572 $ 31,714 $ 27,391 $ 14,717 $ 18,443 $ 19,133 $ 18,396 $ 94,802 $ 90,802
Net earnings per share:
Basic $ 0.28 $0.26$ 0.31 $0.27 $ 0.14 $0.18$ 0.19 $0.18$ 0.92 $ 0.89
Diluted $ 0.28 $0.26$ 0.30 $0.26 $ 0.14 $0.18$ 0.18 $0.18$ 0.91 $ 0.87
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