CarMax 2005 Annual Report Download - page 31

CARMAX 2005 29
CONSOLIDATED BALANCE SHEETS
At February 28 or 29
(In thousands except share data) 2005 2004
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (NOTE 2) $ 29,099 $ 61,643
Accounts receivable, net 76,167 72,358
Automobile loan receivables held for sale (NOTE 4) 22,152 18,781
Retained interest in securitized receivables (NOTE 4) 147,963 145,988
Inventory 576,567 466,061
Prepaid expenses and other current assets 13,008 8,650
TOTAL CURRENT ASSETS 864,956 773,481
Property and equipment, net (NOTE 6) 406,301 251,459
Deferred income taxes (NOTE 7) —185
Other assets (NOTE 15) 21,756 22,762
TOTAL ASSETS $1,293,013 $1,047,887
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 170,646 $ 145,517
Accrued expenses and other current liabilities (NOTE 15) 65,664 55,674
Accrued income taxes 1,179 4,050
Deferred income taxes (NOTE 7) 26,315 32,711
Short-term debt (NOTE 9) 65,197 4,446
Current installments of long-term debt (NOTE 9) 330 —
TOTAL CURRENT LIABILITIES 329,331 242,398
Long-term debt, excluding current installments (NOTE 9) 128,419 100,000
Deferred revenue and other liabilities 29,260 24,736
Deferred income taxes (NOTE 7) 5,027 —
TOTAL LIABILITIES 492,037 367,134
SHAREHOLDERS’ EQUITY (NOTES 1 AND 10):
Common stock, $0.50 par value; 350,000,000 shares authorized;
104,303,375 and 103,778,461 shares issued and outstanding at
February 28, 2005, and February 29, 2004, respectively 52,152 51,889
Capital in excess of par value 489,164 482,132
Retained earnings 259,660 146,732
TOTAL SHAREHOLDERS’ EQUITY 800,976 680,753
Commitments and contingent liabilities (NOTES 8, 9, 12, AND 13) ——
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,293,013 $1,047,887
See accompanying notes to consolidated financial statements.