Circuit City 2004 Annual Report Download - page 59

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-----------------------
2004 2003 2002
---- ---- ----
Net Sales:
----------
United States:
Industrial products $151,630 $131,921 $137,481
Computer products 1,011,118 866,383 810,191
--------- ------- -------
United States total 1,162,748 998,304 947,672
Other North America 69,704 26,384 16,583
Europe 695,695 631,048 587,681
------- ------- -------
Consolidated $1,928,147 $1,655,736 $1,551,936
========== ========== ==========
61
Dec 31, 2004 Dec 31, 2003
------------ ------------
Long-lived Assets:
------------------
North America - principally United States $34,654 $36,571
Europe 30,909 32,076
------ ------
Consolidated $65,563 $68,647
======= =======
Three months ended: March 31, 2004 June 30, 2004 September 30, 2004 December 31, 2004
-------------- ------------- ------------------ -----------------
As As As As
Previously Previously Previously Previously
Reported As Restated Reported As Restated Reported As Restated Reported As Restated
-------- ----------- -------- ----------- -------- ----------- -------- -----------
Sales $485,736 $484,507 $430,990 $433,267 $460,271 $457,984 $550,838 $552,389
Cost of sales $411,597 $408,067 $363,854 $365,740 $387,786 $386,735 $474,215 $481,139
Gross profit $74,139 $76,440 $67,136 $67,527 $72,485 $71,249 $76,623 $71,250
Income from operations $4,522 $6,823 $2,062 $2,453 $5,043 $3,807 $11,289 $5,916
Income before income
taxes $3,875 $6,176 $1,636 $2,027 $4,328 $3,092 $10,634 $5,261
Provision for income taxes $1,940 $2,486 $1,441 $1,965 $2,155 $1,759 $2,387 $158
Net income $1,935 $3,690 $195 $62 $2,173 $1,333 $8,247 $5,103
Net sales are attributed to countries based on location of selling subsidiary.
13.
QUARTERLY FINANCIAL DATA (UNAUDITED)
As described in Note 2, subsequent to the issuance of the Company's financial statements in its Form 10-
K for the
period ended December 31, 2004, the Company discovered errors related to accounting for inventory at a
subsidiary company. These errors were the result of recording errors, which had the effect of overstating
inventories and income for the three months and year to date periods ended March 31, 2004, June 30, 2004,
September 30, 2004 and December 31, 2004. In addition, during its review of its consolidated financial
statements for 2004, the Company determined that a correction in the application of its revenue recognition
policy was required.
As a result, the condensed consolidated financial statements for the periods ended March 31, 2004 and 2003,
June 30, 2004 and 2003, September 30, 2004 and 2003 and December 31, 2004 and 2003 have been restated from
the amounts previously reported to properly reflect these items. A summary of the effects of the restatement on
the quarterly financial data is as follows (in thousands, except per share data):