CarMax Reports Record Fourth Quarter and Fiscal Year 2007 Results Releases Fiscal 2008 Expectations



    RICHMOND, Va., March 29 /PRNewswire-FirstCall/ -- CarMax, Inc. (NYSE:  
 KMX) today reported record results for the fourth quarter and fiscal year
 ended February 28, 2007. All share and per share amounts have been adjusted
 for the effect of the 2-for-1 stock split on March 26, 2007.
     -- Total fourth quarter sales increased 16% to $1.88 billion from $1.62
        billion in the fourth quarter of fiscal 2006.  For the fiscal year,
        total sales increased 19% to $7.47 billion from $6.26 billion.
 
     -- Comparable store used unit sales increased 12% for the fourth quarter.
        For the fiscal year, comparable store used unit sales increased 9%.
 
     -- Total used unit sales grew 18% in the fourth quarter and 16% for the
        fiscal year.
 
     -- For the fourth quarter, net earnings increased 15% to $42.1 million, or
        19 cents per share, compared with $36.7 million, or 17 cents per share,
        in the fourth quarter of fiscal 2006.  For the fiscal year, net
        earnings increased 48% to $198.6 million, or 92 cents per share,
        compared with $134.2 million, or 63 cents per share, in fiscal 2006.
 
     -- Results for the fourth quarter of fiscal 2007 included an asset
        impairment charge of 1 cent per share related to one of our new car
        franchises.  Results for the fourth quarter of fiscal 2006 included a
        benefit of 1 cent per share for favorable CarMax Auto Finance items.
 
     Fourth Quarter Business Performance Review
     "We've had a great year at CarMax and are pleased to wrap up fiscal
 2007 with another quarter of solid performance," said Tom Folliard,
 president and chief executive officer.
     Sales. "We posted our second consecutive quarter of double-digit used
 unit comp growth, up 12% in the fourth quarter," said Folliard. "Similar to
 the first nine months of the year, we benefited from strong store and
 Internet traffic and continued excellent execution by our store teams."
 Compared with earlier quarters of this year, our average used vehicle
 selling price moderated slightly in the fourth quarter. In the fourth
 quarter of last year, our average selling price reflected the rebound in
 SUV and truck sales, which had been adversely affected by the spike in
 gasoline prices earlier that year.
     Wholesale vehicle sales were relatively flat in the fourth quarter, as
 the increase in unit sales was offset by a decline in our average wholesale
 selling price. We believe the decline in wholesale price reflects the
 difficult comparison with last year's fourth quarter. Our wholesale selling
 prices were unusually strong in the second half of last year, due in part
 to the large number of vehicles destroyed by Hurricanes Katrina, Rita, and
 Wilma, which caused a supply/demand imbalance, particularly for older,
 higher mileage cars that make up the majority of our wholesale sales.
     Gross Profit. Our total gross profit per unit of $2,651 was slightly
 below the prior year's quarter, primarily because of a $60 per unit decline
 in wholesale vehicle profits. As expected, our wholesale profit per unit
 was lower than in last year's fourth quarter, which had benefited from the
 unusually strong demand and pricing for older cars in the wake of Hurricane
 Katrina. However, our wholesale profit per unit did strengthen compared
 with the third quarter of fiscal 2007, as we typically generate our highest
 wholesale margins in the fourth quarter when the seasonal demand for older,
 higher mileage cars normally peaks.
     CarMax Auto Finance. "We again reported strong financial results at
 CarMax Auto Finance," said Folliard. CAF income rose 25%, to $31.7 million,
 despite the 1 cent per share of favorable valuation adjustments recorded
 last year. CAF income benefited from our strong sales performance and an
 improvement in the gain on loans originated and sold.
     The gain on loans originated and sold as a percent of loans originated
 and sold (the gain percentage) increased to 4.0% in this year's fourth
 quarter compared with 3.6% in the fourth quarter of fiscal 2006. Over the
 long-term, we expect our gain percentage to be in the range of 3.5% to
 4.5%. We were at or below the lower end of this range throughout fiscal
 2006. Our gain percentage began returning to more normalized levels last
 summer, coincident with the general stabilization in our funding costs.
     SG&A. The SG&A ratio increased 10 basis points to 10.7% from 10.6% in
 the fourth quarter of fiscal 2006. As expected, we had significantly higher
 pre- opening costs in this year's fourth quarter due to differences in the
 timing of store openings. In addition, this year's fourth quarter SG&A
 expense included an impairment charge of approximately $4.9 million, or 1
 cent per share, related to the write down of intangible assets associated
 with one of our new car franchises. Excluding the impairment loss and
 assuming pre- opening costs at a level similar to the prior year, we
 estimate the SG&A ratio would have declined approximately 30 basis points
 versus last year's fourth quarter.
     As previously reported, we adopted the new accounting rules for stock-
 based compensation in the first quarter of fiscal 2007, and results for the
 prior year were restated to enhance comparability. We recognized $6.5
 million, or 2 cents per share, of share-based compensation in the fourth
 quarter of fiscal 2007, $5.9 million of which was included in SG&A,
 compared with $6.1 million, or 2 cents per share, in last year's fourth
 quarter, all of which was included in SG&A.
     Superstore Openings. We opened four stores during the fourth quarter: a
 standard superstore in Fresno; satellite superstores in Austin and East
 Haven; and a satellite superstore in Charlottesville, Va., which was our
 first entry into a small market. We adjusted our store footprint, inventory
 level, and staffing model in Charlottesville to accommodate the expected
 smaller aggregate sales opportunity in this market. We believe this store
 will help us better understand our long-term opportunities in smaller
 markets, as well as having possible application in larger markets in
 fill-in situations or where real estate availability is constrained. For
 the fiscal year, we opened a total of ten superstores, including five
 standard and five satellite superstores, expanding our store base by 15%.
     Supplemental Financial Information
 
     Sales Components
 
                              Three Months Ended         Fiscal Years Ended
     (in millions)              February 28 (1)            February 28 (1)
                            2007      2006    Change    2007     2006    Change
     Used vehicle sales  $1,507.4  $1,243.9   21.2 % $5,872.8 $4,771.3   23.1 %
     New vehicle sales       95.6     103.5   (7.7)%    445.1    502.8  (11.5)%
     Wholesale vehicle
      sales                 222.5     223.8   (0.6)%    918.4    778.3   18.0 %
     Other sales and
      revenues:
       Extended service
        plan revenues        29.3      25.1   16.5 %    114.4     97.9   16.9 %
       Service department
        sales                22.0      23.0   (4.1)%     90.6     93.4   (3.0)%
       Third-party finance
        fees, net             6.1       4.5   35.3 %     24.3     16.3   49.3 %
     Total other sales
      and revenues           57.4      52.6    9.1 %    229.3    207.6   10.5 %
     Net sales and
     operating revenues  $1,882.8  $1,623.8   16.0 % $7,465.7 $6,260.0   19.3 %
 
     (1) Percent calculations and amounts shown are based on amounts presented
         on the attached consolidated statements of earnings and may not sum
         due to rounding.
 
 
     Retail Vehicle Sales Changes
 
                                    Three Months Ended       Fiscal Years Ended
                                       February 28              February 28
                                     2007       2006          2007       2006
     Comparable store
      vehicle sales:
         Used vehicle units           12 %       (3)%           9 %        4 %
         New vehicle units            (8)%       (3)%         (11)%        1 %
         Total units                  11 %       (3)%           8 %        4 %
 
         Used vehicle dollars         14 %        4 %          16 %        8 %
         New vehicle dollars          (8)%       (4)%         (12)%        1 %
         Total dollars                13 %        3 %          13 %        8 %
 
     Total vehicle sales:
         Used vehicle units           18 %        6 %          16 %       15 %
         New vehicle units            (8)%        1 %         (11)%        1 %
         Total units                  17 %        5 %          14 %       14 %
 
         Used vehicle dollars         21 %       13 %          23 %       19 %
         New vehicle dollars          (8)%        0 %         (11)%        2 %
         Total dollars                19 %       12 %          20 %       17 %
 
 
     Retail Vehicle Sales Mix
 
                                   Three Months Ended       Fiscal Years Ended
                                       February 28              February 28
                                     2007       2006          2007       2006
     Vehicle units:
         Used vehicles                96 %       94 %          95 %       93 %
         New vehicles                  4          6             5          7
         Total                       100 %      100 %         100 %      100 %
 
     Vehicle dollars:
         Used vehicles                94 %       92 %          93 %       90 %
         New vehicles                  6          8             7         10
         Total                       100 %      100 %         100 %      100 %
 
 
     Unit Sales
 
                                   Three Months Ended      Fiscal Years Ended
                                      February 28              February 28
                                    2007        2006         2007       2006
     Used vehicles                 86,900      73,449      337,021    289,888
     New vehicles                   3,953       4,302       18,563     20,901
     Wholesale vehicles            50,692      47,191      208,959    179,548
 
 
     Average Selling Prices
 
                                   Three Months Ended       Fiscal Years Ended
                                      February 28              February 28
                                    2007        2006         2007       2006
     Used vehicles                $17,180     $16,715      $17,249    $16,298
     New vehicles                 $24,031     $23,848      $23,833    $23,887
     Wholesale vehicles            $4,277      $4,590       $4,286     $4,233
 
 
     Selected Operating Ratios
 
     (in millions)                            Three Months Ended
                                                  February 28
                                       2007      % (1)     2006(2)     % (1)
 
     Net sales and operating
      revenues                      $1,882.8    100.0 %   $1,623.8    100.0 %
     Gross profit                     $240.8     12.8 %     $207.2     12.8 %
     CarMax Auto Finance income        $31.7      1.7 %      $25.5      1.6 %
     Selling, general, and
      administrative expenses         $201.8     10.7 %     $171.9     10.6 %
     Operating profit (EBIT) (3)       $70.7      3.8 %      $60.8      3.7 %
     Net earnings                      $42.1      2.2 %      $36.7      2.3 %
 
                                              Fiscal Years Ended
     (in millions)                                February 28
                                       2007      % (1)     2006(2)     % (1)
 
     Net sales and operating
      revenues                      $7,465.7    100.0 %   $6,260.0    100.0 %
     Gross profit                     $971.1     13.0 %     $790.7     12.6 %
     CarMax Auto Finance income       $132.6      1.8 %     $104.3      1.7 %
     Selling, general, and
      administrative expenses         $776.2     10.4 %     $674.4     10.8 %
     Operating profit (EBIT) (3)
     Net earnings                     $198.6      2.7 %     $134.2      2.1 %
 
     (1) Calculated as the ratio of the applicable amount to net sales and
         operating revenues.
     (2) Restated to reflect the adoption of SFAS 123R.
     (3) Operating profit equals earnings before interest and income taxes.
 
 
     Gross Profit
 
                     Three Months Ended               Fiscal Years Ended
                         February 28                     February 28
                      2007            2006           2007             2006
                $/unit(1) %(2) $/unit(1) %(2)  $/unit(1) %(2)  $/unit(1)  %(2)
     Used
      vehicle
      gross
      profit      $1,826  10.5%  $1,810  10.7%   $1,903  10.9%  $1,808  11.0%
     New vehicle
      gross
      profit      $1,172   4.8%    $899   3.7%   $1,169   4.9%    $934   3.9%
     Wholesale
      vehicle
      gross
      profit        $805  18.4%    $865  18.2%     $742  16.9%    $700   16.1%
     Other gross
      profit        $404  64.0%    $380  56.2%     $431  66.8%    $391   58.5%
    Total gross
     profit       $2,651  12.8%  $2,665  12.8%   $2,731  13.0%  $2,544   12.6%
 
 
     (1)  Calculated as category gross profit divided by its respective units
          sold, except the other and total categories, which are divided by
          total retail units sold.
     (2)  Calculated as a percentage of its respective sales or revenue.
 
 
     Earnings Highlights
 
                                 Three Months Ended       Fiscal Years Ended
     (in millions except            February 28              February 28
     per share data)
                                 2007  2006(1)  Change   2007  2006(1)  Change
 
     Net earnings               $42.1  $36.7   14.9 %   $198.6 $134.2   48.0 %
     Weighted average
      shares outstanding (2)    219.8  213.3    3.0 %    216.7  212.8    1.8 %
     Net earnings per share (2) $0.19  $0.17   11.8 %    $0.92  $0.63   46.0 %
 
     (1)  Restated to reflect the adoption of SFAS 123R.
     (2)  Share and per share amounts are presented on a fully diluted basis
          and have been adjusted for the effect of the 2-for-1 stock split in
          March 2007.
 
 
     Fiscal 2008 Expectations
     Superstore Openings and Capital Expenditures. We plan to expand our
 used car superstore base by approximately 17% in fiscal 2008, opening 13
 used car superstores, including 5 standard and 8 satellite superstores. We
 plan to enter five new markets and expand our presence in six existing
 markets. The fiscal 2008 store opening plan contains a mix of market sizes,
 ranging from San Diego, which is our first new larger market in several
 years, to Omaha and Jackson, Miss.
     In fiscal 2008, we also plan to open three additional car buying
 centers, in the Raleigh, Tampa, and Dallas markets. These sites will expand
 a test begun in fiscal 2007, when we opened our first car buying center in
 the Atlanta market. These test stores are part of our longer-term efforts
 to increase both appraisal traffic and retail vehicle sourcing
 self-sufficiency.
     We currently estimate gross capital expenditures will total
 approximately $300 million in fiscal 2008. Planned expenditures primarily
 relate to new store construction and land purchases associated with future
 year store openings. Compared with the approximately $192 million spent in
 fiscal 2007, the fiscal 2008 capital spending estimate reflects more real
 estate purchases for future development in larger, multi-store markets. In
 addition, the fiscal 2007 capital spending amount was lower than originally
 projected, due in part to the acquisition of some store sites pursuant to
 ground lease.
     Fiscal 2008 Sales. "We currently anticipate comparable store used unit
 growth for fiscal 2008 in the range of 3% to 9%," said Folliard. "We also
 expect wholesale unit sales growth to be consistent with our total used
 unit sales increase. Total revenues are expected to climb by between 14%
 and 20%, reflecting our expectations for used unit comp growth, new store
 openings, a modest increase in used vehicle average selling price, and a
 continued decline in our new vehicle sales."
     Fiscal 2008 Earnings Per Share. "We currently anticipate fiscal 2008
 earnings per share in the range of $1.03 to $1.14, representing EPS growth
 in the range of 12% to 24%," said Folliard. "We expect modest improvement
 in both used vehicle and wholesale gross profits per unit in fiscal 2008,
 as we continue to refine and improve our car-buying processes.
     "We expect CAF income to increase modestly, but at a pace slower than
 anticipated sales growth, primarily reflecting the headwind created by the
 $13 million of favorable CAF items reported in fiscal 2007," continued
 Folliard. "The CAF gain percentage is anticipated to be slightly above the
 midpoint of our normalized 3.5% to 4.5% range in fiscal 2008, assuming no
 significant change in the interest rate environment.
     "We expect to begin generating a modest amount of SG&A leverage with
 comparable store used unit sales growth at the midpoint of our expectation
 range," said Folliard. "This expectation reflects an increase in planned
 SG&A spending to support strategic, operational, and Internet initiatives,
 as well as an increase in pre-opening costs for the larger number of
 planned store openings.
     "Our effective tax rate for fiscal 2008 is expected to be similar to
 the fiscal 2007 rate," said Folliard. "However, our diluted share count is
 expected to increase by approximately 3%, reflecting the effects of the
 recent increase in our stock price and option exercises on the weighted
 average share calculation."
     First Quarter Fiscal 2008 Earnings Release Date
     We currently plan to release first quarter sales and earnings results
 on Wednesday, June 20, 2007, before the opening of the New York Stock
 Exchange. We will host a conference call for investors at 9:00 a.m. Eastern
 time on that date. Information on this conference call will be available on
 our investor information home page at investor.carmax.com in early June.
     Conference Call Information
     We will host a conference call for investors at 9:00 a.m. Eastern time
 today, March 29, 2007. Domestic investors may access the call at 1-888-298-
 3261 (international callers dial 1-706-679-7457). The conference I.D. for
 both domestic and international callers is 4348025. A live webcast of the
 call will be available on the company's investor information home page and
 at http://www.streetevents.com.
     A webcast replay of the call will be available on the company's
 investor information home page beginning at approximately 1:00 p.m. Eastern
 time on March 29, 2007, through April 28, 2007. A telephone replay also
 will be available through April 5, 2007, and may be accessed by dialing
 1-800-642-1687 (international callers dial 1-706-645-9291.) The conference
 I.D. for both domestic and international callers is 4348025.
     About CarMax
     CarMax, a Fortune 500 company and one of the Fortune 2007 "100 Best
 Companies to Work For," is the nation's largest retailer of used cars.
 Headquartered in Richmond, Va., CarMax currently operates 79 used car
 superstores in 38 markets. CarMax also operates seven new car franchises,
 all of which are integrated or co-located with its used car superstores.
 During the twelve month period ended February 28, 2007, the company
 retailed 337,021 used cars, which is 95% of the total 355,584 vehicles the
 company retailed during that period. For more information, access the
 CarMax website at http://www.carmax.com.
     Forward-Looking Statements
     The company cautions readers that the statements contained in this
 release about the company's future business plans, operations,
 opportunities, or prospects, including without limitation any statements or
 factors regarding expected sales, margins, or earnings, are forward-looking
 statements made pursuant to the safe harbor provisions of the Private
 Securities Litigation Reform Act of 1995. Such forward-looking statements
 are based upon management's current knowledge and assumptions about future
 events and involve risks and uncertainties that could cause actual results
 to differ materially from anticipated results. Among the factors that could
 cause actual results and outcomes to differ materially from those contained
 in the forward-looking statements are the following: changes in the general
 U.S. or regional U.S. economy; intense competition within the company's
 industry; significant changes in retail prices for used and new vehicles; a
 reduction in the availability or the company's access to sources of
 inventory; the significant loss of key employees from the company's store,
 regional, or corporate management teams; the efficient operation of the
 company's information systems; changes in the availability or cost of
 capital and working capital financing; the company's ability to acquire
 suitable real estate; the occurrence of adverse weather events; seasonal
 fluctuations in the company's business; the geographic concentration of the
 company's superstores; the regulatory environment in which the company
 operates; the effect of various litigation matters; the effect of new
 accounting requirements or changes to generally accepted accounting
 principles; and the occurrence of certain other material events. The
 company disclaims any intent or obligation to update its forward-looking
 statements.
     For more details on factors that could affect expectations, see our
 Annual Report on Form 10-K for the fiscal year ended February 28, 2006, and
 our quarterly or current reports as filed with or furnished to the
 Securities and Exchange Commission. Our filings are publicly available on
 our investor information home page at investor.carmax.com. Requests for
 information may also be made to the Investor Relations Department by email
 to investor_relations@carmax.com or by calling 1-804-747-0422 ext. 4489.
                         CARMAX, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF EARNINGS
                                  (UNAUDITED)
                      (In thousands except per share data)
 
 
                       Three Months Ended         Twelve Months Ended
                          February 28                  February 28
                                Restated(2)                    Restated(2)
                    2007   %(1)    2006   %(1)     2007   %(1)    2006    %(1)
 
     Sales and operating
      revenues:
       Used
        vehicle
        sales   $1,507,407 80.1 $1,243,909 76.6 $5,872,816 78.7 $4,771,325 76.2
       New
        vehicle
        sales       95,565  5.1    103,491  6.4    445,144  6.0    502,805  8.0
       Wholesale
        vehicle
        sales      222,450 11.8    223,758 13.8    918,408 12.3    778,268 12.4
       Other
        sales and
        revenues    57,406  3.0     52,616  3.2    229,288  3.1    207,569  3.3
     Net sales
      and
      operating
      revenues  1,882,828 100.0 1,623,774 100.0 7,465,656 100.0 6,259,967 100.0
     Cost of
      sales      1,641,995 87.2  1,416,576 87.2  6,494,594 87.0  5,469,253 87.4
     Gross
      profit       240,833 12.8    207,198 12.8    971,062 13.0    790,714 12.6
     CarMax Auto
      Finance
      income        31,745  1.7     25,461  1.6    132,625  1.8    104,327  1.7
     Selling,
      general,
      and
      administrative
      expenses     201,835 10.7    171,853 10.6    776,168 10.4    674,370 10.8
     Interest
      expense          924   -       2,094  0.1      5,373  0.1      4,093  0.1
     Interest
      income           230   -         435   -       1,203   -       1,023   -
     Earnings
      before
      income
      taxes         70,049  3.7     59,147  3.6    323,349  4.3    217,601  3.5
     Provision
      for income
      taxes         27,911  1.5     22,474  1.4    124,752  1.7     83,381  1.3
     Net earnings   42,138  2.2    $36,673  2.3   $198,597  2.7   $134,220  2.1
 
     Weighted
      average
      common
      shares: (3)
        Basic      214,482         209,796         212,454         209,270
        Diluted    219,828         213,322         216,739         212,846
 
     Net earnings
      per share: (3)
        Basic        $0.20           $0.17           $0.93           $0.64
        Diluted      $0.19           $0.17           $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.
     (2)  Restated to reflect the adoption of SFAS 123R.
     (3)  Share and per share amounts have been adjusted for the effect of the
          2-for-1 stock split in March 2007.
 
 
                         CARMAX, INC. AND SUBSIDIARIES
                          CONSOLIDATED BALANCE SHEETS
                                   UNAUDITED
                                 (In thousands)
 
                                                          Restated(1)
                                           February 28    February 28
                                               2007           2006
     ASSETS
     Current assets:
     Cash and cash equivalents             $   19,455     $   21,759
     Accounts receivable, net                  71,413         76,621
     Automobile loan receivables
      held for sale                             6,162          4,139
     Retained interest in
      securitized receivables                 202,302        158,308
     Inventory                                836,116        669,700
     Prepaid expenses and other
      current assets                           15,068         11,211
 
     Total current assets                   1,150,516        941,738
 
     Property and equipment, net              651,850        499,298
     Deferred income taxes                     40,174         24,576
     Other assets                              43,033         44,000
 
     TOTAL ASSETS                          $1,885,573     $1,509,612
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
     Current liabilities:
     Accounts payable                      $  254,895     $  188,614
     Accrued expenses and other
      current liabilities                      68,885         66,871
     Accrued income taxes                      23,377          5,598
     Deferred income taxes                     13,132         23,562
     Short-term debt                            3,290            463
     Current portion of long-term
      debt                                    148,443         59,762
 
     Total current liabilities                512,022        344,870
 
     Long-term debt, excluding
      current portion                          33,744        134,787
     Deferred revenue and other
      liabilities                              92,432         49,852
 
     TOTAL LIABILITIES                        638,198        529,509
 
     SHAREHOLDERS' EQUITY                   1,247,375        980,103
 
     TOTAL LIABILITIES AND
      SHAREHOLDERS' EQUITY                 $1,885,573     $1,509,612
 
     (1)  Restated to reflect the adoption of SFAS 123R.
 
 
                         CARMAX, INC. AND SUBSIDIARIES
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)
                                 (In thousands)
 
                                              Twelve Months Ended
                                                  February 28
 
                                                           Restated(1)
                                               2007           2006
     Operating Activities:
     Net earnings                          $  198,597     $  134,220
     Adjustments to reconcile
      net earnings to net cash provided
      by operating activities:
       Depreciation and amortization           34,551         26,692
       Share-based compensation expense        31,826         21,632
       Loss (gain) on disposition of assets        88           (764)
       Deferred income tax benefit            (14,169)       (19,088)
       Impairment of long-lived assets          4,891             __
       Net decrease (increase) in:
         Accounts receivable, net               5,208           (454)
         Automobile loan receivables held
          for sale, net                        (2,023)        18,013
         Retained interest in securitized
          receivables                         (43,994)       (10,345)
         Inventory                           (166,416)       (93,133)
         Prepaid expenses and other current
          assets                               (3,857)         1,797
         Other assets                          (3,924)        (5,975)
       Net increase (decrease) in:
         Accounts payable, accrued expenses
          and other current liabilities,
          and accrued income taxes             85,633         35,133
         Deferred revenue and other
          liabilities                          10,389          9,785
     Net cash provided by operating
      activities                              136,800        117,513
 
     Investing Activities:
     Capital expenditures                    (191,760)      (194,433)
     Proceeds from sales of assets              4,569         78,340
     Net cash used in investing activities   (187,191)      (116,093)
 
     Financing Activities:
     Increase (decrease) in short-term
      debt, net                                 2,827        (64,734)
     Issuance of long-term debt                64,000        174,929
     Payments on long-term debt               (76,362)      (116,993)
     Equity issuances, net                     35,411          6,035
     Excess tax benefits from share-based
      payment arrangements                     22,211          3,978
     Net cash provided by financing
      activities                               48,087          3,215
 
     (Decrease) increase in cash and cash
      equivalents                              (2,304)         4,635
     Cash and cash equivalents at beginning
      of year                                  21,759         17,124
     Cash and cash equivalents at end of
      period                               $   19,455     $   21,759
 
     (1)  Restated to reflect the adoption of SFAS 123R.
 
     (Logo:  http://www.newscom.com/cgi-bin/prnh/20011214/CARMAXLOGO )
 
 

SOURCE CarMax, Inc.

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