Neiman Marcus 2004 Annual Report Download - page 97
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The table below summarizes the amount of cash flows between us and the Trust (prior to the Credit Card Sale in 2005):
Years Ended
July 30,
2005
July 31,
2004
August 2,
2003
(in millions)
Principal collections:
Reinvested by the Trust in revolving period securitizations $2,013.4 $1,958.9 $1,719.9
Reinvested portion allocable to Retained Interests — 483.4 922.4
Servicing fees received by the Company 5.4 6.3 6.3
Excess cash flows related to the IO Strip $ 52.4 $ 53.6 $ 46.7
The table below provides historical credit card delinquencies and net credit losses:
Years Ended
July 31,
2004
August 2,
2003
(in millions, except percentages)
Total face value of receivables $ 527.7 $ 471.0
Delinquent principal over 90 days 1.8% 1.8%
Annual credit losses (net of recoveries) $ 14.3 $ 14.3
Income from Credit Operations. A summary of the income and expenses related to our accounts receivable portfolio, included as components of
selling, general and administrative expenses in the consolidated statements of earnings, is:
Years Ended
July 30,
2005
July 31,
2004
August 2,
2003
(in millions)
Income:
Finance charge income $ 78.7 $ 39.9 $ —
Gains on sales of Sold Interests — 3.2 8.0
Income from Retained Interests, net — 21.5 39.0
Servicing fee income 5.4 6.3 6.3
HSBC Program Income 2.2 — —
Expenses:
Interest expense on Class A Certificates (5.2) (2.1) —
Bad debt expense, net (14.7) (7.6) —
Amortization of premium — (7.6) —
Credit contribution before administration, promotion and marketing expenses $ 66.4 $ 53.6 $ 53.3
As of the start of the Transition Period in December 2003, the carrying value of the Sold and Retained Interests exceeded face value by approximately
$7.6 million as a result of the application of
F-18