Neiman Marcus 2005 Annual Report Download - page 84

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NEIMAN MARCUS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(Successor) (Predecessor)
(in thousands)
Forty-three
weeks ended
July 29,
2006
Nine weeks
ended
October 1,
2005
Fiscal year
ended
July 30,
2005
Fiscal year
Ended
July 31,
2004
Revenues $ 3,462,219 $ 643,377 $ 3,774,798 $ 3,483,999
Cost of goods sold including buying and occupancy costs (excluding
depreciation) 2,259,137 378,242 2,390,283 2,231,209
Selling, general and administrative expenses (excluding depreciation) 822,104 160,683 931,619 863,403
Income from credit card operations (49,353 ) (7,818 ) (71,644 ) (55,750
Depreciation expense 111,086 19,726 106,346 98,051
Amortization of customer lists 45,382 — — —
Amortization of favorable lease commitments 14,783 — — —
Transaction and other costs — 23,544 — —
Loss on disposition of Chef's Catalog — — 15,348 —
Gain on credit card sale — — (6,170 ) —
Impairment and other charges — — — 3,853
Operating earnings 259,080 69,000 409,016 343,233
Interest expense (income), net 217,930 (889 )12,302 15,903
Earnings from continuing operations before income taxes and minority
interest 41,150 69,889 396,714 327,330
Income taxes 14,636 25,736 145,607 120,191
Earnings from continuing operations before minority interest 26,514 44,153 251,107 207,139
Minority interest in net (earnings) loss of subsidiaries (204 ) 347 (3,107 )(2,957
Earnings from continuing operations 26,310 44,500 248,000 204,182
(Loss) earnings from discontinued operation, net of taxes (13,855 ) (346 )824 650
Net earnings $ 12,455 $ 44,154 $ 248,824 $ 204,832
See Notes to Consolidated Financial Statements.
F-5