Neiman Marcus 2006 Annual Report Download - page 120
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A summary of the income earned in connection with our proprietary credit card program is as follows:
(Successor) (Predecessor)
(in thousands)
Fiscal year
ended
July 28,
2007
Forty-three
weeks ended
July 29,
2006
Nine weeks
ended
October 1,
2005
Fiscal year
ended
July 30,
2005
Income:
HSBC Program Income $ 65,723 $ 49,353 $ 7,818 $ 2,157
Finance charge income — — — 84,143
Expenses:
Bad debt, net — — — (14,656)
$ 65,723 $ 49,353 $ 7,818 $ 71,644
NOTE 7. GOODWILL AND INTANGIBLE ASSETS
The significant components of our intangible assets and goodwill, by our operating segments, are as follows:
(in thousands)
Customer
lists
Favorable
lease
commitments
Tradenames
(indefinite
lives) Goodwill
Specialty Retail
Recorded in connection with Acquisition $ 490,314 $ 479,980 $ 1,406,030 $ 1,300,253
Amortization (32,641)(14,783)
Balance at July 29, 2006 457,673 465,197 1,406,030 1,300,253
Amortization (39,615)(17,878)
Balance at July 28, 2007 $ 418,058 $ 447,319 $ 1,406,030 $ 1,300,253
Direct Marketing
Recorded in connection with Acquisition $ 86,174 $ — $ 215,758 $ 304,887
Amortization (12,215)—
Balance at July 29, 2006 73,959 — 215,758 304,887
Amortization (14,772) —
Writedown of Horchow tradename — — (11,473)—
Balance at July 28, 2007 $ 59,187 $ — $ 204,285 $ 304,887
Total at July 28, 2007 $ 477,245 $ 447,319 $ 1,610,315 $ 1,605,140
In the fourth quarter of fiscal year 2007, we recorded a $11.5 million pretax impairment charge related to the writedown to fair
value in the net carrying value of the Horchow tradename based upon lower anticipated future revenues associated with the brand.
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