Neiman Marcus 2005 Annual Report Download - page 136

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Year ended July 30, 2005 (Predecessor)
(in thousands) NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Revenues $ 3,175,675 $ 604,635 $ (5,512 ) $ 3,774,798
Cost of goods sold including buying and occupancy costs (excluding
depreciation) 2,009,096 386,855 (5,668 ) 2,390,283
Selling, general and administrative expenses (excluding depreciation) 796,060 135,559 — 931,619
Income from credit card operations — (71,644 ) — (71,644
Depreciation expense 84,831 21,515 — 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 278,640 130,220 156 409,016
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 394,431 320,509 (318,226 ) 396,714
Income taxes 145,607 — — 145,607
Earnings (loss) from continuing operations before minority interest 248,824 320,509 (318,226 ) 251,107
Minority interest in net earnings of subsidiaries — — (3,107 )(3,107
Earnings (loss) from continuing operations 248,824 320,509 (321,333 ) 248,000
Earnings (loss) from discontinued operation, net of taxes — 1,554 (730 )824
Net earnings (loss) $ 248,824 $ 322,063 $ (322,063 )$ 248,824
Year ended July 31, 2004 (Predecessor)
(in thousands) NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Revenues $ 2,969,417 $ 520,948 $ (6,366 ) $ 3,483,999
Cost of goods sold including buying and occupancy costs (excluding
depreciation) 1,901,967 335,770 (6,528 ) 2,231,209
Selling, general and administrative expenses (excluding depreciation) 745,773 117,630 — 863,403
Income from credit card operations — (55,750 ) — (55,750
Depreciation expense 77,659 20,392 — 98,051
Impairment and other charges — 3,853 — 3,853
Operating earnings 244,018 99,053 162 343,233
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 325,023 261,936 (259,629 ) 327,330
Income taxes 120,191 — — 120,191
Earnings (loss) from continuing operations before minority interest 204,832 261,936 (259,629 ) 207,139
Minority interest in net earnings of subsidiaries — — (2,957 )(2,957
Earnings (loss) from continuing operations 204,832 261,936 (262,586 ) 204,182
Earnings (loss) from discontinued operation, net of taxes — 1,242 (592 )650
Net earnings (loss) $ 204,832 $ 263,178 $ (263,178 )$ 204,832
F-52