CarMax 2009 Annual Report Download - page 45

Download and view the complete annual report

Please find page 45 of the 2009 CarMax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 88

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88

39
In our opinion, the consolidated financial statements and financial statement schedule referred to above present
fairly, in all material respects, the financial position of CarMax, Inc. and subsidiaries as of February 28, 2009 and
February 29, 2008, and the results of their operations and their cash flows for each of the fiscal years in the
three-year period ended February 28, 2009, in conformity with U.S. generally accepted accounting principles. Also
in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting
as of February 28, 2009, based on criteria established in Internal Control — Integrated Framework issued by
COSO.
As discussed in note 8 to the consolidated financial statements, the Company adopted the provisions of
FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement
No. 109, effective March 1, 2007.
Richmond, Virginia
April 23, 2009