Neiman Marcus 2005 Annual Report Download - page 126

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Fiscal year ended July 30, 2005 (Predecessor)
(in thousands) NMG
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries Eliminations Consolidated
Revenues $ 3,175,675 $ 518,492 $ 86,143 $ (5,512 ) $ 3,774,798
Cost of goods sold including buying and occupancy
costs (excluding depreciation) 2,009,096 339,543 47,312 (5,668 ) 2,390,283
Selling, general and administrative expenses
(excluding depreciation) 796,060 112,101 23,458 — 931,619
Income from credit card operations — — (71,644 ) — (71,644
Depreciation expense 84,831 18,301 3,214 — 106,346
Loss on disposition of Chef's Catalog 7,048 8,300 — — 15,348
Gain on credit card sale — — (6,170 )— (6,170
Operating earnings 278,640 40,247 89,973 156 409,016
Interest expense, net 7,019 — 5,283 — 12,302
Intercompany royalty charges (income) 195,572 (195,572 ) — —
Equity in earnings of subsidiaries (318,382 )— — 318,382
Earnings (loss) from continuing operations before
income taxes and minority interest 394,431 235,819 84,690 (318,226 ) 396,714
Income taxes 145,607 — — — 145,607
Earnings (loss) from continuing operations before
minority interest 248,824 235,819 84,690 (318,226 ) 251,107
Minority interest in net earnings of subsidiaries — — — (3,107 )(3,107
Earnings (loss) from continuing operations 248,824 235,819 84,690 (321,333 ) 248,000
Earnings (loss) from discontinued operation, net of
taxes — — 1,554 (730 )824
Net earnings (loss) $ 248,824 $ 235,819 $ 86,244 $ (322,063 )$ 248,824
Fiscal year ended July 31, 2004 (Predecessor)
(in thousands) NMG
Guarantor
Subsidiaries
Non-Guarantor
Subsidiaries Eliminations Consolidated
Revenues $ 2,969,417 $ 450,526 $ 70,422 $ (6,366 ) $ 3,483,999
Cost of goods sold including buying and occupancy
costs (excluding depreciation) 1,901,967 298,795 36,975 (6,528 ) 2,231,209
Selling, general and administrative expenses
(excluding depreciation) 745,773 99,079 18,551 — 863,403
Income from credit card operations — — (55,750 ) — (55,750
Depreciation expense 77,659 17,137 3,255 — 98,051
Impairment and other charges — 3,853 — — 3,853
Operating earnings 244,018 31,662 67,391 162 343,233
Interest expense, net 13,792 — 2,111 — 15,903
Intercompany royalty charges (income) 164,994 (164,994 ) — —
Equity in earnings of subsidiaries (259,791 )— — 259,791
Earnings (loss) from continuing operations before
income taxes and minority interest 325,023 196,656 65,280 (259,629 ) 327,330
Income taxes 120,191 — — — 120,191
Earnings (loss) from continuing operations before
minority interest 204,832 196,656 65,280 (259,629 ) 207,139
Minority interest in net earnings of subsidiaries — — — (2,957 )(2,957
Earnings (loss) from continuing operations 204,832 196,656 65,280 (262,586 ) 204,182
Earnings (loss) from discontinued operation, net of
taxes — — 1,242 (592 )650
Net earnings (loss) $ 204,832 $ 196,656 $ 66,522 $ (263,178 )$ 204,832
F-44