CarMax 2008 Annual Report Download - page 49

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37
CONSOLIDATED STATEMENTS OF EARNINGS
Years Ended February 29 or 28
(In thousands except per share data) 2008 %(1) 2007 %(1) 2006 %(1)
SALES AND OPERATING REVENUES:
Used vehicle sales ................................ $ 6,589,342 80.4 $ 5,872,816 78.7 $ 4,771,325 76.2
New vehicle sales................................. 370,603 4.5 445,144 6.0 502,805 8.0
Wholesale vehicle sales ....................... 985,048 12.0 918,408 12.3 778,268 12.4
Other sales and revenues...................... 254,578 3.1 229,288 3.1 207,569 3.3
NET SALES AND OPERATING REVENUES.......... 8,199,571 100.0 7,465,656 100.0 6,259,967 100.0
Cost of sales............................................. 7,127,146 86.9 6,494,594 87.0 5,469,253 87.4
GROSS PROFIT ............................................ 1,072,425 13.1 971,062 13.0 790,714 12.6
CARMAX AUTO FINANCE INCOME .................. 85,865 1.0 132,625 1.8 104,327 1.7
Selling, general and administrative
expenses ............................................... 858,372 10.5 776,168 10.4 674,370 10.8
Gain on franchise disposition .................. 740 — — —
—
—
Interest expense ....................................... 4,955 0.1 5,373 0.1 4,093 0.1
Interest income ........................................ 1,366 — 1,203 — 1,023
—
Earnings before income taxes.................. 297,069 3.6 323,349 4.3 217,601 3.5
Provision for income taxes ...................... 115,044 1.4 124,752 1.7 83,381 1.3
NET EARNINGS ............................................ $ 182,025 2.2 $ 198,597 2.7 $ 134,220 2.1
Weighted average common shares:
Basic..................................................... 216,045 212,454 209,270
Diluted ................................................. 220,522 216,739 212,846
NET EARNINGS PER SHARE:
Basic..................................................... $ 0.84 $ 0.93 $ 0.64
Diluted ................................................. $ 0.83 $ 0.92 $ 0.63
(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.