Neiman Marcus 2008 Annual Report Download - page 136

Table of Contents
Fiscal year ended July 28, 2007
(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 operation — — 21,282 1,489 22,771
Adjustments to reconcile net earnings (loss) 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) loss 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 operation — — (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 operation — — (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 operation — — (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
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