CarMax 2004 Annual Report Download - page 48

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46
CARMAX
2004
To the Board of Directors and Shareholders
CarMax, Inc.:
We have audited the accompanying consolidated balance sheets of CarMax, Inc. and subsidiaries (the “Company”) as of
February 29, 2004 and February 28, 2003, and the related consolidated statements of earnings, shareholders’ equity and cash
flows for each of the fiscal years in the three-year period ended February 29, 2004. 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 29, 2004 and February 28, 2003, and the results of their operations
and their cash flows for each of the fiscal years in the three-year period ended February 29, 2004, in conformity with accounting
principles generally accepted in the United States of America.
RICHMOND,VIRGINIA
MARCH 30, 2004
INDEPENDENT AUDITORS’ REPORT