CarMax 2005 Annual Report Download - page 30

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28
CARMAX 2005
CONSOLIDATED STATEMENTS OF EARNINGS
Years Ended February 28 or 29
(In thousands except per share data)
2005 %(1) 2004 %(1) 2003 %(1)
SALES AND OPERATING REVENUES:
Used vehicle sales $3,997,218 76.0 $3,470,615 75.5 $2,912,082 73.4
New vehicle sales 492,054 9.4 515,383 11.2 519,835 13.1
Wholesale vehicle sales 589,704 11.2 440,571 9.6 366,589 9.2
Other sales and revenues 181,286 3.4 171,122 3.7 171,438 4.3
NET SALES AND OPERATING REVENUES
5,260,262 100.0 4,597,691 100.0 3,969,944 100.0
Cost of sales 4,610,066 87.6 4,026,803 87.6 3,501,705 88.2
GROSS PROFIT
650,196 12.4 570,888 12.4 468,239 11.8
CARMAX AUTO FINANCE INCOME
(NOTES 3 and 4) 82,656 1.6 84,963 1.8 82,399 2.1
Selling, general, and administrative expenses (NOTE 15) 546,577 10.4 468,374 10.2 392,417 9.9
Gain on franchise dispositions, net 633 — 2,327 0.1 — —
Interest expense (NOTE 9) 2,806 0.1 1,137 — 2,261 0.1
Interest income 421 — 683 — 737 —
Earnings before income taxes 184,523 3.5 189,350 4.1 156,697 3.9
Provision for income taxes (NOTE 7) 71,595 1.4 72,900 1.6 61,895 1.6
NET EARNINGS
$ 112,928 2.1 $ 116,450 2.5 $ 94,802 2.4
Weighted average common shares (NOTE 11):
Basic 104,036 103,503 102,983
Diluted 105,779 105,628 104,570
NET EARNINGS PER SHARE (NOTE 11):
Basic $ 1.09 $ 1.13 $ 0.92
Diluted $ 1.07 $ 1.10 $ 0.91
(1) Percents are calculated as a percentage of net sales and operating revenues and may not equal totals due to rounding.
See accompanying notes to consolidated financial statements.