Neiman Marcus 2009 Annual Report Download - page 133

Table of Contents
Fiscal year ended July 31, 2010
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Revenues $ — $ 3,068,503 $ 624,265 $ — $ 3,692,768
Cost of goods sold including buying and
occupancy costs (excluding depreciation) — 2,022,268 397,277 — 2,419,545
Selling, general and administrative expenses
(excluding depreciation) — 772,353 113,053 — 885,406
Income from credit card program, net — (54,400) (4,676) — (59,076)
Depreciation expense — 125,955 15,884 — 141,839
Amortization of intangible assets and favorable
lease commitments — 60,359 12,900 — 73,259
Operating earnings — 141,968 89,827 — 231,795
Interest expense, net — 237,105 3 — 237,108
Intercompany royalty charges (income) — 182,910 (182,910) — —
Equity in loss (earnings) of subsidiaries 1,838 (272,734)— 270,896 —
(Loss) earnings before income taxes (1,838) (5,313) 272,734 (270,896) (5,313)
Income tax benefit — (3,475)— — (3,475)
Net (loss) earnings $ (1,838)$ (1,838)$ 272,734 $ (270,896)$ (1,838)
Fiscal year ended August 1, 2009
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
Revenues $ — $ 3,067,882 $ 575,464 $ — $ 3,643,346
Cost of goods sold including buying and
occupancy costs (excluding depreciation) — 2,132,190 404,574 — 2,536,764
Selling, general and administrative expenses
(excluding depreciation) — 772,882 109,855 — 882,737
Income from credit card program, net — (45,272) (4,694) — (49,966)
Depreciation expense — 133,604 17,155 — 150,759
Amortization of intangible assets and favorable
lease commitments — 60,359 12,344 — 72,703
Impairment charges — 307,989 395,277 — 703,266
Operating loss — (293,870) (359,047) — (652,917)
Interest expense, net — 235,567 7 — 235,574
Intercompany royalty charges (income) — 195,079 (195,079) — —
Equity in loss (earnings) of subsidiaries 668,046 163,975 — (832,021)—
(Loss) earnings before income taxes (668,046) (888,491) (163,975) 832,021 (888,491)
Income tax benefit — (220,445)— — (220,445)
Net (loss) earnings $ (668,046)$ (668,046)$ (163,975)$ 832,021 $ (668,046)
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