Neiman Marcus 2005 Annual Report Download - page 131

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Year ended July 30, 2005 (Predecessor)
(in thousands) NMG
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS - OPERATING ACTIVITIES
Net earnings (loss) $ 248,824 $ 235,819 $ 86,244 $ (322,063 ) $ 248,824
(Earnings) loss from discontinued operation — — (1,554 ) 730 (824
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation 84,831 18,301 3,214 — 106,346
Deferred income taxes (15,336 ) — — — (15,336
Loss on disposition of Chef's catalog 7,048 8,300 — — 15,348
Gain on Credit Card Sale — — (6,170 ) — (6,170
Net cash received from Credit Card Sale — — 533,656 — 533,656
Minority Interest — — — 3,107 3,107
Other, primarily costs related to defined benefit
pension and other long-term benefit plans 41,991 1,474 (3,496 ) — 39,969
Intercompany royalty income payable (receivable) 195,572 (195,572 ) — —
Equity in earnings of subsidiaries (318,382 ) — — 318,382
Changes in operating assets and liabilities, net (117,121 )(51,468 )85,766 (156 )(82,979
Net cash provided by continuing operating activities 127,427 16,854 697,660 — 841,941
Net cash provided by discontinued operation — — 3,459 — 3,459
Net cash provided by operating activities 127,427 16,854 701,119 — 845,400
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures (173,064 ) (16,887 ) (9,747 ) — (199,698
Net increase in cash restricted for repayment of
borrowings under Credit Card Facility — — (40,713 ) — (40,713
Proceeds from the sale of Chef's Catalog 14,419 — — — 14,419
Net cash used for continuing investing activities (158,645 ) (16,887 ) (50,460 ) — (225,992
Net cash used for discontinued operation — — (2,837 )— (2,837
Net cash used for investing activities (158,645 )(16,887 )(53,297 )— (228,829
CASH FLOWS—FINANCING ACTIVITIES
Proceeds from borrowings on lines of credit — — 5,500 — 5,500
Repayment of borrowings on lines of credit (113 ) — (5,500 ) — (5,613
Repayment of borrowings under Credit Card Facility — — (112,500 ) — (112,500
Acquisitions of treasury stock (3,088 ) — — — (3,088
Proceeds from stock-based compensation awards 16,100 — — — 16,100
Cash dividends paid (27,398 ) — — — (27,398
Distributions paid — — (3,898 )— (3,898
Net cash used for continuing financing activities (14,499 ) — (116,398 ) — (130,897
Net cash used for discontinued operation — — (559 )— (559
Net cash used for financing activities (14,499 )— (116,957 )— (131,456
CASH AND CASH EQUIVALENTS
(Decrease) increase during the period (45,717 ) (33 ) 530,865 — 485,115
Beginning balance 363,063 828 4,476 — 368,367
Ending balance 317,346 795 535,341 — 853,482
Less cash of discontinued operation — — 63 —
Ending balance $ 317,346 $ 795 $ 535,278 $ — $ 853,419
F-47