Neiman Marcus 2004 Annual Report Download - page 20
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For 2005, net earnings reflect tax benefits aggregating $7.6 million resulting from favorable settlements associated with previous state tax filings and
reductions in previously recorded deferred tax liabilities.
For 2004, operating earnings include a $3.9 million pretax impairment charge related to the writedown to fair value in the net carrying value of the
Chef's Catalog tradename intangible asset.
For 2004, net income reflects a $7.5 million tax benefit related to favorable settlements associated with previous state tax filings.
For 2003, net earnings reflect an after-tax charge of $14.8 million for the writedown of certain intangible assets related to prior purchase business
combinations as a result of the implementation of a new accounting principle.
For 2002, operating earnings reflect 1) a $16.6 million gain from the change in vacation policy made by the Company and 2) $13.2 million of
impairment and other charges, related primarily to the impairment of certain long-lived assets.
For 2001, operating earnings reflect a $9.8 million impairment charge related to our investment in a third-party internet retailer.
Comparable revenues include 1) revenues derived from our retail stores open for more than 52 weeks, including stores that have been relocated or
expanded, 2) revenues from our Direct Marketing operation and 3) revenues from the Brand Development Companies. Comparable revenues exclude
the revenues of closed stores and the revenues of our previous Chef's Catalog operations (sold in November 2004). The calculation of the change in
comparable revenues for 2003 is based on revenues for the 52 weeks ended August 2, 2003 compared to revenues for the 52 weeks ended July 27,
2002.
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