Neiman Marcus 2009 Annual Report Download - page 135

Table of Contents
Fiscal year ended July 31, 2010
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS—OPERATING
ACTIVITIES
Net (loss) earnings $ (1,838) $ (1,838) $ 272,734 $ (270,896) $ (1,838)
Adjustments to reconcile net (loss) earnings to
net cash provided by operating activities:
Depreciation and amortization expense — 205,011 28,784 — 233,795
Paid-in-kind interest — 14,362 — — 14,362
Deferred income taxes — (39,643) — — (39,643)
Other, primarily costs related to defined
benefit pension and other long-term benefit
plans — 6,973 187 — 7,160
Intercompany royalty income payable
(receivable) — 182,910 (182,910) — —
Equity in loss (earnings) of subsidiaries 1,838 (272,734) — 270,896 —
Changes in operating assets and liabilities, net — 169,410 (115,208)— 54,202
Net cash provided by operating activities — 264,451 3,587 — 268,038
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures — (55,291)(3,402)— (58,693)
Net cash used for investing activities — (55,291)(3,402)— (58,693)
CASH FLOWS—FINANCING ACTIVITIES
Repayment of borrowings — (111,763)— — (111,763)
Net cash used for financing activities — (111,763)— — (111,763)
CASH AND CASH EQUIVALENTS
Increase during the period — 97,397 185 — 97,582
Beginning balance — 322,766 659 — 323,425
Ending balance $ — $ 420,163 $ 844 $ — $ 421,007
Fiscal year ended August 1, 2009
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS—OPERATING
ACTIVITIES
Net (loss) earnings $ (668,046) $ (668,046) $ (163,975) $ 832,021 $ (668,046)
Adjustments to reconcile net (loss) earnings to
net cash provided by operating activities:
Depreciation and amortization expense — 211,146 29,499 — 240,645
Deferred income taxes — (153,888) — — (153,888)
Impairment charges — 307,989 395,277 — 703,266
Paid-in-kind interest — 38,082 — — 38,082
Other, primarily costs related to defined
benefit pension and other long-term benefit
plans — 10,208 (23) — 10,185
Intercompany royalty income payable
(receivable) — 195,079 (195,079) — —
Equity in loss (earnings) of subsidiaries 668,046 163,975 — (832,021) —
Changes in operating assets and liabilities, net — 102,055 (61,486)— 40,569
Net cash provided by operating activities — 206,600 4,213 — 210,813
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures — (96,995)(4,530)— (101,525)
Net cash used for investing activities — (96,995)(4,530)— (101,525)
CASH FLOWS—FINANCING ACTIVITIES
Repayment of borrowings — (1,611) — — (1,611)
Debt issuance costs paid — (23,432)— — (23,432)
Net cash used for financing activities — (25,043)— — (25,043)
CASH AND CASH EQUIVALENTS
Increase (decrease) during the period — 84,562 (317) — 84,245
Beginning balance — 238,204 976 — 239,180
Ending balance $ — $ 322,766 $ 659 $ — $ 323,425
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