Neiman Marcus 2007 Annual Report Download - page 139
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Table of Contents
Fiscal year ended July 28, 2007 (Successor)
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS—OPERATING
ACTIVITIES
Net earnings (loss) $ 111,932 $ 111,932 $ 336,114 $ (448,046) $ 111,932
Loss from discontinued operations — — 21,282 1,489 22,771
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depreciation and amortization expense — 191,625 31,249 — 222,874
Deferred income taxes — (60,522) — — (60,522)
Impairment of Horchow tradename — — 11,473 — 11,473
Other, primarily costs related to defined
benefit pension and other long-term benefit
plans — 27,701 (7,170) — 20,531
Intercompany royalty income payable
(receivable) — 276,095 (276,095) — —
Equity in earnings of subsidiaries (111,932) (334,625) — 446,557 —
Changes in operating assets and liabilities, net — 37,744 (96,976)— (59,232)
Net cash provided by continuing operating
activities — 249,950 19,877 — 269,827
Net cash used for discontinued operations — — (10,918)— (10,918)
Net cash provided by operating activities — 249,950 8,959 — 258,909
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures — (139,775) (8,102) — (147,877)
Payment to minority interest holder in Kate
Spade — (59,400) — — (59,400)
Net proceeds from sale of Kate Spade — 121,469 — — 121,469
Net cash used for continuing investing activities — (77,706) (8,102) — (85,808)
Net cash used for discontinued operations — — (128)— (128)
Net cash used for investing activities — (77,706)(8,230)— (85,936)
CASH FLOWS—FINANCING ACTIVITIES
Repayment of borrowings — (254,918) — — (254,918)
Debt issuance costs paid — (1,449) — — (1,449)
Proceeds from purchase of common stock — 1,148 — — 1,148
Net cash used for continuing financing activities — (255,219) — — (255,219)
Net cash used for discontinued operations — — (1,675)— (1,675)
Net cash used for financing activities — (255,219)(1,675)— (256,894)
CASH AND CASH EQUIVALENTS
Decrease during the period — (82,975) (946) — (83,921)
Beginning balance — 222,308 2,820 — 225,128
Ending balance $ — $ 139,333 $ 1,874 $ — $ 141,207
F-53