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Neiman Marcus posts Q4 & fiscal year 2010 results
15
Sep '10
Neiman Marcus, Inc. reported financial results for both the fourth quarter and fiscal year ended July 31, 2010. For the fourth quarter of fiscal year 2010, the Company reported total revenues of $826.3 million compared to $768.0 million in the prior year. Comparable revenues increased 6.5 percent. Operating earnings for the fourth quarter of fiscal year 2010 were $4.5 million compared to an operating loss of $192.1 million for the fourth quarter of fiscal year 2009.

The Company's Adjusted operating loss for the fourth quarter of fiscal year 2009, excluding non-cash impairment charges of $143.1 million, as described below under “Other Items”, was $49.0 million.

The Company reported a net loss of $32.8 million for the fourth quarter of fiscal year 2010 compared to a net loss of $168.6 million in the prior year. EBITDA for the fourth quarter of fiscal year 2010 was $59.8 million compared to a loss of $137.4 million in the prior year. Adjusted EBITDA for the fourth quarter of fiscal year 2009 was $5.7 million.

For fiscal year 2010, the Company reported total revenues of $3.69 billion compared to $3.64 billion in the prior year. Comparable revenues decreased 0.1 percent. The Company recorded operating earnings for fiscal year 2010 of $231.8 million compared to an operating loss of $652.9 million for the comparable period a year ago. The Company's Adjusted operating earnings for fiscal year 2009, excluding non-cash impairment charges of $703.2 million, as described below under “Other Items”, were $50.3 million.

The Company reported a net loss of $1.8 million for fiscal year 2010 compared to a net loss of $668.0 million in the prior year. EBITDA for fiscal year 2010 was $446.9 million compared to a loss of $429.4 million in the prior year. Adjusted EBITDA for fiscal year 2009 was $273.8 million.

This release contains information regarding the Company's Adjusted operating earnings (loss), EBITDA and Adjusted EBITDA, all of which are non-GAAP financial measures. A reconciliation of these figures to the most directly comparable GAAP figures, together with certain other information, can be found at the end of this release.

Other Items
The Company recorded non-cash impairment charges of $703.2 million in fiscal year 2009 which represents 1) $329.7 million pretax impairment charge related to the writedown to fair value of goodwill, 2) $343.2 million pretax impairment charge related to the writedown to fair value of the net carrying value of tradenames and 3) $30.3 million pretax impairment charge related to the writedown to fair value of the net carrying value of certain long-lived assets.

Neiman Marcus Inc

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