Neiman Marcus 2012 Annual Report Download - page 136

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Table of Contents
Fiscal year ended July 30, 2011
(in thousands) Company NMG
Non-
Guarantor
Subsidiaries Eliminations Consolidated
CASH FLOWS - OPERATING ACTIVITIES
Net earnings (loss) $ 31,623 $ 31,623 $ 301,302 $ (332,925) $ 31,623
Adjustments to reconcile net earnings (loss) to net cash
provided by operating activities:
Depreciation and amortization expense —182,638 27,004 —209,642
Loss on debt extinguishment —70,388 — — 70,388
Deferred income taxes —3,967 — — 3,967
Other —6,819 263 — 7,082
Intercompany royalty income payable (receivable) —194,556 (194,556) — —
Equity in (earnings) loss of subsidiaries (31,623)(301,302) — 332,925 —
Changes in operating assets and liabilities, net —75,471 (125,789) — (50,318)
Net cash provided by operating activities —264,160 8,224 — 272,384
CASH FLOWS - INVESTING ACTIVITIES
Capital expenditures —(85,839)(8,342) — (94,181)
Net cash used for investing activities —(85,839)(8,342) — (94,181)
CASH FLOWS - FINANCING ACTIVITIES
Borrowings under Senior Secured Term Loan Facility —554,265 — — 554,265
Repayment of borrowings —(797,937) — — (797,937)
Debt issuance costs paid —(33,947) — — (33,947)
Net cash used for financing activities —(277,619) — — (277,619)
CASH AND CASH EQUIVALENTS
Decrease during the period —(99,298)(118) — (99,416)
Beginning balance —420,163 844 —421,007
Ending balance $ — $ 320,865 $726 $ — $ 321,591
NOTE 19. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Fiscal year 2013
(in millions)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Revenues $1,068.5 $ 1,362.4 $ 1,098.3 $ 1,119.0 $ 4,648.2
Gross profit (1) $423.1 $440.7 $435.0 $354.1 $1,652.9
Net earnings (2) $49.6 $40.4 $70.8 $2.9 $ 163.7
Fiscal year 2012
Revenues $1,003.1 $1,279.1 $1,057.7 $1,005.5 $4,345.4
Gross profit (1) $395.7 $ 419.8 $ 429.7 $ 305.5 $ 1,550.7
Net earnings (loss) $48.4 $40.1 $62.6 $(11.0)$140.1
(1) Gross profit includes revenues less cost of goods sold including buying and occupancy costs (excluding depreciation).
(2) For fiscal year 2013, net earnings include a $15.6 million pretax charge related to a loss on debt extinguishment recorded in the second quarter.
F-41