Neiman Marcus 2005 Annual Report Download - page 100

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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 July 2005):
(Predecessor)
Fiscal years ended
(in millions)
July 30,
2005
July 31,
2004
Principal collections:
Reinvested by the Trust in revolving period
securitizations $ 2,013.4 $ 1,958.9
Reinvested portion allocable to Retained
Interests — 483.4
Servicing fees received by the Company 5.4 6.3
Excess cash flows related to the IO Strip $ 52.4 $ 53.6
The table below provides historical credit card delinquencies and net credit losses:
(Predecessor)
(in millions, except percentages)
Fiscal year
ended
July 31,
2004
Total face value of receivables $ 527.7
Delinquent principal over 90 days 1.8 %
Annual credit losses (net of recoveries) $ 14.3
A summary of the income earned in connection with our proprietary credit card program is as follows:
(Successor) (Predecessor)
(in thousands)
Forty-three
weeks ended
July 29,
2006
Nine weeks
ended
October 1,
2005
Fiscal year
ended
July 30,
2005
Fiscal year
ended
July 31,
2004
Income:
HSBC Program Income $ 49,353 $ 7,818 $ 2,157 $ —
Finance charge income — — 78,706 39,936
Servicing fee income — — 5,437 6,340
Gain on sales of Sold Interests — — — 3,189
Income from Retained Interests, net — — — 21,478
Expenses:
Bad debt, net — — (14,656) (7,610)
Amortization of premium — — — (7,583)
$ 49,353 $ 7,818 $ 71,644 $ 55,750
F-21