CarMax 2004 Annual Report Download - page 31

CARMAX 2004 29
At February 29 or 28
(In thousands except share data) 2004 2003
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (NOTE 2) $61,643 $ 34,615
Accounts receivable, net 72,358 56,449
Automobile loan receivables held for sale (NOTE 4) 18,781 3,579
Retained interests in securitized receivables (NOTE 4) 145,988 135,016
Inventory 466,061 466,450
Prepaid expenses and other current assets 8,650 12,636
TOTAL CURRENT ASSETS 773,481 708,745
Property and equipment, net (NOTE 6) 244,064 187,158
Deferred income taxes (NOTE 7) 185 —
Other assets 19,287 21,714
TOTAL ASSETS $1,037,017 $917,617
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $145,517 $117,587
Accrued expenses and other current liabilities 55,674 44,682
Accrued income taxes 4,050 —
Deferred income taxes (NOTE 7) 32,711 29,783
Short-term debt (NOTE 9) 4,446 56,051
TOTAL CURRENT LIABILITIES 242,398 248,103
Long-term debt, excluding current installments (NOTE 9) 100,000 100,000
Deferred revenue and other liabilities 13,866 10,904
Deferred income taxes (NOTE 7) —4,041
TOTAL LIABILITIES 356,264 363,048
SHAREHOLDERS’ EQUITY (NOTES 1 AND 10):
Common stock, $0.50 par value; 350,000,000 shares authorized;
103,778,461 and 103,083,047 shares issued and outstanding at
February 29, 2004, and February 28, 2003, respectively 51,889 51,542
Capital in excess of par value 482,132 472,745
Retained earnings 146,732 30,282
TOTAL SHAREHOLDERS’ EQUITY 680,753 554,569
Commitments and contingent liabilities (NOTES 1, 8, 9, 12, AND 13) ——
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,037,017 $917,617
CONSOLIDATED BALANCE SHEETS
See accompanying notes to consolidated financial statements.