Circuit City 2004 Annual Report Download - page 48

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Reported As Restated
-------- -----------
As of December 31, 2003:
Accounts receivable, net $152,435 $136,931
Inventories, net 133,905 147,707
Deferred income tax assets, net 10,132 10,915
Total current assets 362,023 360,564
TOTAL ASSETS 446,719 445,260
Retained earnings (78,757) (77,298)
Total shareholders' equity (210,085) (208,626)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (446,719) (445,260)
As of December 31, 2004:
Accounts receivable, net $153,724 $137,706
Inventories, net 176,227 192,774
Prepaid expenses and other current assets 24,888 22,096
Deferred income tax assets, net 8,812 9,594
Total current assets 399,908 398,427
Deferred income tax assets - noncurrent, net 18,268 18,645
TOTAL ASSETS 484,300 483,196
Short-term borrowings, including current portions of
long-term debt (16,560) (25,020)
Accounts payable (161,864) (165,761)
51
Accrued expense and other current liabilities (60,756) (59,639)
Total current liabilities (239,180) (250,420)
Long-term debt (17,099) (8,639)
Additional paid in capital (180,530) (180,640)
Accumulated other comprehensive income, net of tax (4,093) (3,920)
Retained earnings (91,307) (87,486)
Total shareholders' equity (226,516) (222,632)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (484,300) (483,196)
Year ended Dec. 31, 2004 Year ended Dec. 31, 2003 Year ended Dec. 31, 2002
As previously As previously As previously
reported As restated reported As restated reported As restated
Net sales $1,927,835 $1,928,147 $1,657,778 $1,655,736 $1,551,517 $1,551,936
Cost of sales 1,637,452 1,641,681 1,392,745 1,390,840 1,285,929 1,285,592
Gross profit 290,383 286,466 265,033 264,896 265,588 266,344
Income (loss) from operations 22,916 18,999 9,287 9,150 (7,781) (7,025
Income (loss) before income taxes 20,473 16,556 7,698 7,561 (9,007) (8,251
Provision (benefit) for income taxes 7,923 6,368 4,352 4,354 (1,039) (812
Income (loss) before cumulative
effect of change in accounting
principle, net of tax 12,550 10,188 3,346 3,207 (7,968) (7,439
Net income (loss) 12,550 10,188 3,346 3,207 (58,939) (58,410
Net income (loss) per common share,
basic:
Income (loss) before cumulative
effect of change in accounting
principle, net of tax $.37 $.30 $.10 $.09 $(.23) $(.22
Net income (loss) $.37 $.30 $.10 $.09 $(1.73) $(1.71
Net income (loss) per common share,
diluted:
Income (loss) before cumulative
effect of change in accounting
principle, net of tax $.35 $.29 $.10 $.09 $(.23) $(.22
Net income (loss) $.35 $.29 $.10 $.09 $(1.73) $(1.71
The Company has also restated its segment disclosures to separately show segments which were previously
combined
–
see Note 12.