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Carmax Inc (KMX) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, February 29, 2012

Carmax Inc

CIK: 1170010 Ticker: KMX

Exhibit 99.1

 

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CARMAX REPORTS RECORD FOURTH QUARTER

AND FISCAL YEAR RESULTS

Richmond, Va., April 5, 2012 – CarMax, Inc. (NYSE:KMX) today reported record results for the fourth quarter and fiscal year ended February 29, 2012.

 

   

Net sales and operating revenues increased 10% to $2.48 billion from $2.25 billion in the fourth quarter of last year. For the fiscal year, net sales and operating revenues increased 11% to $10.00 billion from $8.98 billion in fiscal 2011.

 

   

Comparable store used unit sales increased 4% in the fourth quarter and 1% in the fiscal year.

 

   

Total used unit sales rose 6% in the fourth quarter and 3% in the fiscal year.

 

   

Total wholesale unit sales increased 13% in the fourth quarter and 20% in the fiscal year.

 

   

CarMax Auto Finance (CAF) income rose 22% to $66.1 million in the fourth quarter. For the fiscal year, CAF income rose 19% to $262.2 million.

 

   

Fourth quarter net earnings increased 7% to $95.0 million, or $0.41 per diluted share, compared with $88.8 million, or $0.39 per diluted share, in the prior year quarter.

 

   

Fiscal 2012 net earnings increased 10% to $413.8 million, or $1.79 per diluted share, compared with $377.5 million, or $1.65 per diluted share, in fiscal 2011.

“We are pleased to report strong fourth quarter and full year results,” said Tom Folliard, president and chief executive officer. “We hit some major milestones this year, including total revenues of $10 billion and annual used retail vehicle sales in excess of 400,000 units, and we look forward to continued growth as we expand our store base in the coming years.”

Fourth Quarter Business Performance Review

Sales. Comparable store used unit sales grew 4% compared with a 12% increase in last year’s fourth quarter. Used unit sales benefited from strong subprime-financed sales, as well as an extra day in the current year quarter due to leap year.

For the fiscal year, our data indicates that we increased our share of the late-model (0-to 6-year old) used vehicle market by approximately 3%. We remain confident that the strength of our consumer offer and the skill of our associates, combined with our resumption of store growth, will continue to drive future share gains.

 

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The following information was filed by Carmax Inc (KMX) on Thursday, April 5, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Earnings
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (parenthetical)
Auto Loan Receivables
Auto Loan Receivables (allowance For Loan Losses) (details)
Auto Loan Receivables (auto Loan Receivables, Net) (details)
Auto Loan Receivables (ending Managed Receivables By Major Credit Grade) (details)
Auto Loan Receivables (past Due Receivables) (details)
Auto Loan Receivables (tables)
Benefit Plans
Benefit Plans (assumptions Used To Determine Benefit Obligations) (details)
Benefit Plans (assumptions Used To Determine Net Pension Expense) (details)
Benefit Plans (benefit Plan Information) (details)
Benefit Plans (changes Not Recognized In Net Pension Expense But Recognized In Other Comprehensive Income) (details)
Benefit Plans (components Of Net Pension Expense) (details)
Benefit Plans (estimated Future Benefit Payments) (details)
Benefit Plans (narrative) (details)
Benefit Plans (schedule Of Fair Value Of Plan Assets) (details)
Benefit Plans (tables)
Business And Background
Carmax Auto Finance Income
Carmax Auto Finance Income (components Of Carmax Auto Finance Income) (details)
Carmax Auto Finance Income (tables)
Comprehensive Income
Comprehensive Income (accumulated Other Comprehensive Loss) (details)
Comprehensive Income (components Of Total Comprehensive Income) (details)
Comprehensive Income (narrative) (details)
Comprehensive Income (tables)
Contingent Liabilities
Contingent Liabilities (details)
Debt
Debt (narrative) (details)
Debt (schedule Of Debt) (details)
Debt (tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (fair Values Of Derivative Instruments On The Consolidated Balance Sheets) (details)
Derivative Instruments And Hedging Activities (narrative) (details)
Derivative Instruments And Hedging Activities (schedule Of Effect Of Derivative Instruments On The Consolidated Statements Of Earnings) (details)
Derivative Instruments And Hedging Activities (tables)
Fair Value Measurements
Fair Value Measurements (schedule Of Changes In Fair Value Of Retained Interest In Securitized Receivables) (details)
Fair Value Measurements (schedule Of Items Measured At Fair Value On A Recurring Basis) (details)
Fair Value Measurements (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Income Tax Provision) (details)
Income Taxes (schedule Of Reconciliation Of Unrecognized Tax Benefits) (details)
Income Taxes (schedule Of Temporary Differences Resulting In Deferred Tax Assets And Liabilities) (details)
Income Taxes (tables)
Lease Commitments
Lease Commitments (narrative) (details)
Lease Commitments (schedule Of Future Minimum Lease Obligations) (details)
Lease Commitments (tables)
Net Earnings Per Share
Net Earnings Per Share (basic And Dilutive Net Earnings Per Share Reconciliations) (details)
Net Earnings Per Share (narrative) (details)
Net Earnings Per Share (tables)
Property And Equipment
Property And Equipment (schedule Of Property And Equipment) (details)
Property And Equipment (tables)
Securitizations
Securitizations (narrative) (details)
Securitizations (schedule Of Credit Loss Information) (details)
Securitizations (schedule Of Past Due Account Information) (details)
Securitizations (schedule Of Selected Cash Flows From Securitized Receivables) (details)
Securitizations (tables)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (schedule Of Selected Quarterly Financial Data) (details)
Selected Quarterly Financial Data (tables)
Stock And Stock-based Incentive Plans
Stock And Stock-based Incentive Plans (assumptions Used To Estimate Option Values) (details)
Stock And Stock-based Incentive Plans (cash-settled Restricted Stock Unit Activity) (details)
Stock And Stock-based Incentive Plans (composition Of Share-based Compensation Expense - By Grant Type) (details)
Stock And Stock-based Incentive Plans (composition Of Share-based Compensation Expense) (details)
Stock And Stock-based Incentive Plans (expected Cash Settlement Range Upon Restricted Stock Unit Vesting) (details)
Stock And Stock-based Incentive Plans (narrative) (details)
Stock And Stock-based Incentive Plans (outstanding Stock Options) (details)
Stock And Stock-based Incentive Plans (restricted Stock Activity) (details)
Stock And Stock-based Incentive Plans (stock Option Activity) (details)
Stock And Stock-based Incentive Plans (stock-settled Restricted Stock Unit Activity) (details)
Stock And Stock-based Incentive Plans (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (impacts Of The Revisions Of Balance Sheet) (details)
Summary Of Significant Accounting Policies (impacts Of The Revisions Of Statements Of Cash Flows) (details)
Summary Of Significant Accounting Policies (impacts Of The Revisions Of Statements Of Earnings) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Estimated Useful Lives) (details)
Summary Of Significant Accounting Policies (tables)
Ticker: KMX
CIK: 1170010
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-182512
Submitted to the SEC: Wed Apr 25 2012 5:31:18 PM EST
Accepted by the SEC: Wed Apr 25 2012
Period: Wednesday, February 29, 2012
Industry: Retail Auto Dealers And Gasoline Stations

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