Circuit City 2004 Annual Report Download - page 14

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Net income (loss) per common share $.30 $.09 $(1.71) - $(1.16)
Net income (loss) per common share, diluted:
Income (loss) before cumulative effect of change in accounting
principle, net of tax $.29 $.09 $(.21) - $(1.16)
Cumulative effect of change in accounting principle, net of tax - - $(1.50) - -
Net income (loss) per common share $.29 $.09 $(1.71) - $(1.16)
Weighted average common shares outstanding:
Basic 34.4 34.2 34.1 34.1 34.3
Diluted 35.5 34.9 34.1 34.1 34.3
Selected Operating Data:
-----------------------
Orders entered 5.2 4.4 4.0 4.0 3.9
Number of catalogs distributed 88 97 106 126 157
Number of catalog titles 22 30 37 38 37
13
Balance Sheet Data:
------------------
Working capital $148.0 $144.1 $132.0 $101.5 $105.6
Total assets $483.2 $445.3 $436.6 $452.6 $536.9
Short-term debt $25.0 $20.8 $21.2 $2.8 $48.6
Long-term debt, excluding current portion $8.6 $18.4 $17.5 - -
Shareholders' equity $222.6 $208.6 $200.6 $253.1 $254.6
14
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Restatement of Previously Issued Financial Statements
On May 11, 2005 we announced that we would restate our previously issued financial statements for the year
ended December 31, 2004 as a result of errors discovered in the accounting for inventory at our Tiger Direct, Inc.
subsidiary. This discussion and analysis of our results of operations and financial condition gives effect to the
restatement described in Note 2 to the consolidated financial statements.
Overview
We are a direct marketer of brand name and private label products, including personal desktop computers,
notebook computers, computer related products and industrial products in North America and Europe. We assemble
our own PCs and sell them under our own trademarks, which we believe gives us a competitive advantage. We also sell
personal computers manufactured by other leading companies, such as IBM and Hewlett Packard. We offer more than
*
Restated as described in Note 2 to the consolidated financial statements.