Neiman Marcus 2006 Annual Report Download - page 104

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NEIMAN MARCUS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Successor) (Predecessor)
(in thousands)
Fiscal year
ended
July 28,
2007
Forty-three
weeks ended
July 29,
2006
Nine weeks
ended
October 1,
2005
Fiscal year
ended
July 30,
2005
CASH FLOWS—OPERATING ACTIVITIES
Net earnings $ 111,932 $ 12,455 $ 44,154 $ 248,824
Loss (earnings) from discontinued operations 22,771 13,993 793 (5,020
Adjustments to reconcile net earnings to net cash provided by operating
activities:
Depreciation 136,468 106,950 19,209 103,589
Amortization of debt issue costs 14,141 11,728 96 831
Amortization of customer lists and favorable lease commitments 72,265 59,640 — —
Non-cash charges related to step-up in carrying value of inventory — 38,067 — —
Stock-based compensation charges 5,859 3,951 19,968 —
Deferred income taxes (60,522 ) (65,620 ) (7,318 ) (15,925
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 Horchow tradename 11,473 — — —
Other—primarily costs related to defined benefit pension and other
long-term benefit plans 14,672 15,079 (4,224 )42,068
329,059 196,243 72,678 917,201
Changes in operating assets and liabilities:
(Increase) decrease in merchandise inventories (124,648 ) 107,829 (172,924 ) (36,016
(Increase) decrease in other current assets (45,392 ) 2,117 (881 ) (73,924
(Increase) decrease in other assets (3,333 ) 5,627 (2,274 ) 10,743
Increase in accounts payable and accrued liabilities 86,256 61,163 122,608 20,112
Increase in deferred real estate credits 27,885 25,068 4,326 13,782
Payment of deferred compensation and stock-based awards — (12,901 ) — —
Funding of defined benefit pension plan — — — (20,000
Net cash provided by operating activities — continuing operations 269,827 385,146 23,533 831,898
Net cash (used for) provided by operating activities — discontinued
operations (10,918 )(4,381 ) (4,098 )13,502
Net cash provided by operating activities 258,909 380,765 19,435 845,400
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures (147,877 ) (138,212 ) (25,575 ) (190,255
Payment to minority interest holder in Kate Spade LLC (59,400 ) — — —
Net proceeds from sale of Kate Spade LLC 121,469 — — —
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
Net cash used for investing activities — continuing operations (85,808 ) (5,253,883 ) (25,575 ) (216,549
Net cash used for investing activities — discontinued operations (128 )(5,919 ) (736 )(12,280
Net cash used for investing activities (85,936 )(5,259,802 ) (26,311 )(228,829
F-8