CarMax 2003 Annual Report Download - page 48

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46 CARMAX 2003
To the Board of Directors and Stockholders
CarMax, Inc.:
We have audited the accompanying consolidated balance sheets of CarMax, Inc. and subsidiaries (the “Company”) as of
February 28, 2003 and 2002, 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, 2003. These financial statements are the responsibility
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 standards 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 statement presentation.We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of CarMax, Inc. and subsidiaries as of February 28, 2003 and 2002, and the results of their operations and their cash
flows for each of the fiscal years in the three-year period ended February 28, 2003, in conformity with accounting principles
generally accepted in the United States of America.
RICHMOND, VIRGINIA
MARCH 31, 2003
INDEPENDENT AUDITORS’ REPORT