Neiman Marcus 2007 Annual Report Download - page 132

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Table of Contents
Forty-three weeks ended July 29, 2006 (Successor)
(in thousands) Company NMG
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS—OPERATING
ACTIVITIES
Net earnings (loss) $ 12,455 $ 12,455 $ 260,981 $ (14,669) $ (258,767) $ 12,455
Loss (earnings) from discontinued
operations — — — 14,251 (258) 13,993
Adjustments to reconcile net earnings to net
cash provided by operating activities:
Depreciation and amortization expense — 151,153 26,788 377 — 178,318
Deferred income taxes — (65,620) — — — (65,620)
Non-cash charges related to step-up in
carrying value of inventory — 32,890 5,177 — — 38,067
Other, primarily costs related to defined
benefit pension and other long-term
benefit plans — 18,696 1,590 (1,256) — 19,030
Intercompany royalty income payable
(receivable) — 201,878 (201,878) — — —
Equity in earnings of subsidiaries (12,455) (246,570) — — 259,025 —
Changes in operating assets and liabilities,
net — 253,825 (81,204)16,282 — 188,903
Net cash provided by continuing operating
activities — 358,707 11,454 14,985 — 385,146
Net cash used for discontinued operations — — — (4,381)— (4,381)
Net cash provided by operating activities — 358,707 11,454 10,604 — 380,765
CASH FLOWS—INVESTING
ACTIVITIES
Capital expenditures — (126,546) (11,390) (276) — (138,212)
Acquisition of The Neiman Marcus
Group, Inc. — (5,156,423) — — — (5,156,423)
Net proceeds from the Gurwitch Disposition — 40,752 — — — 40,752
Intercompany (receivable) payable (1,427,739)— — — 1,427,739 —
Net cash (used for) provided by continuing
investing activities (1,427,739) (5,242,217) (11,390) (276) 1,427,739 (5,253,883)
Net cash used for discontinued operations — — — (5,919)— (5,919)
Net cash (used for) provided by investing
activities (1,427,739)(5,242,217)(11,390)(6,195)1,427,739 (5,259,802)
CASH FLOWS—FINANCING
ACTIVITIES
Proceeds from borrowings — 3,325,000 — — — 3,325,000
Repayment of borrowings — (385,812) — — — (385,812)
Debt issuance costs paid — (102,854) — — — (102,854)
Cash equity contributions 1,427,739 1,427,739 — — (1,427,739)1,427,739
Net cash provided by (used for) continuing
financing activities 1,427,739 4,264,073 — — (1,427,739) 4,264,073
Net cash used for discontinued operations — — — (4,168)— (4,168)
Net cash provided by (used for) financing
activities 1,427,739 4,264,073 — (4,168)(1,427,739)4,259,905
CASH AND CASH EQUIVALENTS
(Decrease) increase during the period — (619,437) 64 241 — (619,132)
Beginning balance — 841,745 922 1,593 — 844,260
Ending balance — 222,308 986 1,834 — 225,128
Less cash of discontinued operations — — — 1,388 — 1,388
Ending balance $ — $ 222,308 $ 986 $ 446 $ — $ 223,740
F-46