Neiman Marcus 2005 Annual Report Download - page 85

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NEIMAN MARCUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(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
CASH FLOWS—OPERATING ACTIVITIES
Net earnings $ 12,455 $ 44,154 $ 248,824 $ 204,832
Loss (earnings) from discontinued operation 13,855 346 (824 ) (650
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation 111,086 19,726 106,346 98,051
Amortization of debt issue costs 11,728 96 831 370
Amortization of customer lists and favorable lease commitments 60,165 — — —
Non-cash charges related to step-up in carrying value of inventory 38,067 — — —
Stock-based compensation charges 3,951 19,968 — —
Deferred income taxes (65,939 ) (6,921 ) (15,336 ) 22,969
Loss on disposition of Chef's Catalog — — 15,348 —
Gain on Credit Card Sale — — (6,170 ) —
Net cash received from Credit Card Sale — — 533,656 —
Impairment of intangible assets and other charges — — — 3,853
Minority interest 204 (347 ) 3,107 2,957
Other—primarily costs related to defined benefit pension and other
long-term benefit plans 15,315 650 39,138 33,510
200,887 77,672 924,920 365,892
Changes in operating assets and liabilities:
Increase in accounts receivable (7,413 ) (7,213 ) (68,781 ) (528,658
Decrease in undivided interests — — — 242,565
Decrease (increase) in merchandise inventories 111,798 (173,118 ) (39,118 ) (31,520
Decrease (increase) in other current assets 10,829 6,264 (4,641 ) 12,170
Decrease (increase) in other assets 5,627 (2,274 ) 10,743 (4,454
Increase in accounts payable and accrued liabilities 56,845 114,417 23,950 39,312
Increase in deferred real estate credits 24,334 4,305 14,868 1,556
Payment of deferred compensation and stock-based awards (12,901 ) — — —
Funding of defined benefit pension plan — — (20,000 )(45,000
Net cash provided by continuing operating activities 390,006 20,053 841,941 51,863
Net cash (used for) provided by discontinued operation (9,241 ) (618 )3,459 709
Net cash provided by operating activities 380,765 19,435 845,400 52,572
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures (140,990 ) (26,231 ) (199,698 ) (119,069
Acquisition of The Neiman Marcus Group, Inc. (5,156,423 ) — — —
Proceeds from sale of Gurwitch Products, L.L.C. 40,752 — — —
Net increase in cash restricted for repayment of borrowings under Credit
Card Facility — — (40,713 ) —
Proceeds from sale of Chef's Catalog and other assets — — 14,419 3,183
Net cash used for continuing investing activities (5,256,661 ) (26,231 ) (225,992 ) (115,886
Net cash used for discontinued operation (3,141 ) (80 )(2,837 )(1,404
Net cash used for investing activities (5,259,802 ) (26,311 )(228,829 )(117,290
F-6