Neiman Marcus 2005 Annual Report Download - page 139

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Year ended July 30, 2005 (Predecessor)
(in thousands) NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS—OPERATING ACTIVITIES
Net earnings (loss) $ 248,824 $ 322,063 $ (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 21,515 — 106,346
Loss on disposition of Chef's catalog 7,048 8,300 — 15,348
Deferred income taxes (15,336 ) — — (15,336
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 (2,022 ) — 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 )34,298 (156 )(82,979
Net cash provided by continuing operating activities 127,427 714,514 — 841,941
Net cash provided by discontinued operation — 3,459 — 3,459
Net cash provided by operating activities 127,427 717,973 — 845,400
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures (173,064 ) (26,634 ) — (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 ) (67,347 ) — (225,992
Net cash used for discontinued operation — (2,837 )— (2,837
Net cash used for investing activities (158,645 )(70,184 )— (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 ) 530,832 — 485,115
Beginning balance 363,063 5,304 — 368,367
Ending balance 317,346 536,136 — 853,482
Less cash of discontinued operation — 63 — 63
Ending balance $ 317,346 $ 536,073 $ — $ 853,419
F-55