Neiman Marcus 2010 Annual Report Download - page 137

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Table of Contents
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 — 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
NOTE 17. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Fiscal year 2011
(in millions)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Revenues $ 927.2 $ 1,171.6 $ 983.8 $ 919.7 $ 4,002.3
Gross profit (1) $ 364.6 $ 377.9 $ 390.3 $ 280.1 $ 1,412.9
Net earnings (loss) (2) $ 25.7 $ 21.0 $ 46.2 $ (61.3)$ 31.6
Fiscal year 2010
Revenues $ 868.9 $ 1,102.4 $ 895.2 $ 826.3 $ 3,692.8
Gross profit (1) $ 334.7 $ 340.9 $ 341.9 $ 255.8 $ 1,273.3
Net earnings (loss) $ 8.5 $ 4.0 $ 18.5 $ (32.8)$ (1.8)
(1) Gross profit includes revenues less cost of goods sold including buying and occupancy costs (excluding depreciation).
(2) For fiscal year 2011, net earnings (loss) include a $70.4 million pretax charge related to a loss on debt extinguishment
recorded in the fourth quarter.
F-41