CarMax 2004 Annual Report Download - page 30

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28
CARMAX
2004
Years Ended February 29 or 28
(In thousands except per share data)
2004 %(1)2003 %(1)2002 %(1)
SALES AND OPERATING REVENUES:
Used vehicle sales $3,470,615 75.5 $2,912,082 73.4 $2,497,150 70.7
New vehicle sales 515,383 11.2 519,835 13.1 559,943 15.8
Wholesale vehicle sales 440,571 9.6 366,589 9.2 325,552 9.2
Other sales and revenues 171,122 3.7 171,438 4.3 151,114 4.3
NET SALES AND OPERATING REVENUES
4,597,691 100.0 3,969,944 100.0 3,533,759 100.0
Cost of sales 4,026,803 87.6 3,501,705 88.2 3,114,366 88.1
GROSS PROFIT
570,888 12.4 468,239 11.8 419,393 11.9
CARMAX AUTO FINANCE INCOME (NOTES 3 AND 4)
84,963 1.8 82,399 2.1 66,473 1.9
Selling, general, and administrative expenses
(NOTE 2)
468,374 10.2 392,417 9.9 334,464 9.5
Gain on franchise dispositions, net 2,327 0.1 — — ——
Interest expense
(NOTE 9)
1,137 — 2,261 0.1 4,958 0.1
Interest income 683 — 737 — 12 —
Earnings before income taxes 189,350 4.1 156,697 3.9 146,456 4.1
Provision for income taxes
(NOTE 7)
72,900 1.6 61,895 1.6 55,654 1.6
NET EARNINGS
$116,450 2.5 $ 94,802 2.4 $ 90,802 2.6
Weighted average common shares
(NOTE 11 )
:
Basic 103,503 102,983 102,039
Diluted 105,628 104,570 104,022
NET EARNINGS PER SHARE (NOTE 11 ):
Basic $1.13 $ 0.92 $ 0.89
Diluted $1.10 $ 0.91 $ 0.87
(1) Percents are calculated as a percentage of net sales and operating revenues and may not equal totals due to rounding.
CONSOLIDATED STATEMENTS OF EARNINGS
See accompanying notes to consolidated financial statements.