Neiman Marcus 2006 Annual Report Download - page 152

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Fiscal year ended July 30, 2005 (Predecessor)
(in thousands) NMG
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS - OPERATING ACTIVITIES
Net earnings (loss) $ 248,824 $ 235,819 $ 82,167 $ (317,986 ) $ 248,824
(Earnings) loss from discontinued operations — — (8,857 ) 3,837 (5,020
Adjustments to reconcile net earnings to net cashprovided by
operating activities:
Depreciation 84,832 18,301 456 — 103,589
Deferred income taxes (15,925 ) — — — (15,925
Loss on disposition of Chef's catalog 7,048 8,300 — — 15,348
Gain on Credit Card Sale — — (6,170 ) — (6,170
Net cash received from Credit Card Sale — — 533,656 — 533,656
Other, primarily costs related to defined benefit pension and
other long-term benefit plans 40,783 1,474 642 — 42,899
Intercompany royalty income payable (receivable) 195,572 (195,572 ) — —
Equity in earnings of subsidiaries (314,149 ) — — 314,149
Changes in operating assets and liabilities, net (119,816 )(51,468 )85,981 — (85,303
Net cash provided by continuing operating activities 127,169 16,854 687,875 — 831,898
Net cash provided by discontinued operations — — 13,502 — 13,502
Net cash provided by operating activities 127,169 16,854 701,377 — 845,400
CASH FLOWS—INVESTING ACTIVITIES
Capital expenditures (172,806 ) (16,887 ) (562 ) — (190,255
Net increase in cash restricted for repayment of borrowings under
Credit Card Facility — — (40,713 ) — (40,713
Proceeds from the sale of Chef's Catalog 14,419 — — — 14,419
Net cash used for continuing investing activities (158,387 ) (16,887 ) (41,275 ) — (216,549
Net cash used for discontinued operations — — (12,280 )— (12,280
Net cash used for investing activities (158,387 )(16,887 )(53,555 )— (228,829
CASH FLOWS—FINANCING ACTIVITIES
Repayment of borrowings on lines of credit (113 ) — — — (113
Repayment of borrowings under Credit Card Facility — — (112,500 ) — (112,500
Acquisitions of treasury stock (3,088 ) — — — (3,088
Proceeds from stock-based compensation awards 16,100 — — — 16,100
Cash dividends paid (27,398 )— — — (27,398
Net cash used for continuing financing activities (14,499 ) — (112,500 ) — (126,999
Net cash used for discontinued operations — — (4,457 )— (4,457
Net cash used for financing activities (14,499 )— (116,957 )— (131,456
CASH AND CASH EQUIVALENTS
(Decrease) increase during the period (45,717 ) (33 ) 530,865 — 485,115
Beginning balance 363,063 828 4,476 — 368,367
Ending balance 317,346 795 535,341 — 853,482
Less cash of discontinued operations — — 889 — 889
Ending balance $ 317,346 $ 795 $ 534,452 $ — $ 852,593
F-52