Neiman Marcus 2005 Annual Report Download - page 128

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Forty-three weeks ended July 29, 2006 (Successor)
(in thousands) Company NMG
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS—OPERATING
ACTIVITIES
Net earnings (loss) $ 12,455 $ 12,455 $ 260,981 $ (15,232 ) $ (258,204 ) $ 12,455
Loss (earnings) from discontinued
operation — — — 14,317 (462 ) 13,855
Adjustments to reconcile net earnings to
net cash provided by operating
activities:
Depreciation — 89,545 17,028 4,513 — 111,086
Amortization of debt issue costs — 11,728 — — — 11,728
Amortization of customer lists and
favorable lease commitments — 49,830 9,760 575 — 60,165
Non-cash charges related to step-up in
carrying value of inventory — 32,890 5,177 — — 38,067
Stock-based compensation charges — 3,951 — — — 3,951
Deferred income taxes — (65,939 ) — — — (65,939
Minority interest — — — — 204
Other, primarily costs related to defined
benefit pension and other long-term
benefit plans — 14,438 1,590 (713 ) — 15,315
Intercompany royalty income payable
(receivable) — 201,878 (201,878 ) — —
Equity in earnings of subsidiaries (12,455 ) (246,686 ) — — 259,141
Changes in operating assets and liabilities,
net — 254,617 (81,204 )16,385 (679 )189,119
Net cash provided by continuing operating
activities — 358,707 11,454 19,845 — 390,006
Net cash used for discontinued operation — — — (9,241 )— (9,241
Net cash provided by operating activities — 358,707 11,454 10,604 — 380,765
CASH FLOWS—INVESTING
ACTIVITIES
Capital expenditures — (126,546 ) (11,390 ) (3,054 ) — (140,990
Acquisition of The Neiman Marcus
Group, Inc. — (5,156,423 ) — — — (5,156,423
Net proceeds from the Gurwitch
Disposition — 40,752 — — — 40,752
Intercompany (receivable) payable (1,427,739 )— — — 1,427,739
Net cash used for continuing investing
activities (1,427,739 ) (5,242,217 ) (11,390 ) (3,054 ) 1,427,739 (5,256,661
Net cash used for discontinued operation — — — (3,141 )— (3,141
Net cash used for investing activities (1,427,739 )(5,242,217 )(11,390 )(6,195 )1,427,739 (5,259,802
CASH FLOWS—FINANCING
ACTIVITIES
Proceeds from borrowings — 3,325,000 — 15,250 — 3,340,250
Repayment of borrowings — (385,812 ) — (17,000 ) — (402,812
Debt issuance costs paid — (102,854 ) — — — (102,854
Cash equity contributions 1,427,739 1,427,739 — — (1,427,739 )1,427,739
Net cash provided by (used for) continuing
financing activities 1,427,739 4,264,073 — (1,750 ) (1,427,739 ) 4,262,323
Net cash used for discontinued operation — — — (2,418 )— (2,418
Net cash provided by (used for) financing
activities 1,427,739 4,264,073 — (4,168 )(1,427,739 )4,259,905
CASH AND CASH EQUIVALENTS