LONG-TERM DEBT (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| LONG-TERM DEBT [Abstract] |
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| Long Term Debt |
Long-term debt consisted of the following (in thousands): | | | December 31, | | | | | 2016 | | | 2015 | | | | | | | | | | Line of credit | | $ | 147,600 | | | $ | 172,147 | | Term loan | | | 74,500 | | | | 175,000 | | Promissory note payable in monthly installments at 2.9% through January 2021, collateralized by equipment | | | 3,577 | | | | 4,408 | | Less unamortized debt issuance costs | | | (992 | ) | | | (2,046 | ) | Total Debt | | | 224,685 | | | | 349,509 | | Less: Current maturities | | | (51,354 | ) | | | (50,829 | ) | Total Long-term Debt | | $ | 173,331 | | | $ | 298,680 | |
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| Computation of Minimum Consolidated EBITDA |
Minimum Consolidated EBITDA– The Facility requires that the Company’s Consolidated EBITDA for any twelve month period as of the last day of any calendar month ending during the periods specified below not be less than the corresponding amount set forth below: Period | | Minimum Consolidated EBITDA | | December 31, 2016 | | $ | 39,891,000 | | January 31, 2017 | | $ | 40,576,000 | | February 28, 2017 | | $ | 42,257,000 | | March 31, 2017 | | $ | 43,276,000 | | April 30, 2017 | | $ | 41,266,000 | | May 31, 2017 | | $ | 39,283,000 | | June 30, 2017 | | $ | 36,210,000 | | July 31, 2017 | | $ | 42,968,000 | | August 31, 2017 | | $ | 42,411,000 | | September 30, 2017 | | $ | 39,306,000 | | October 31, 2017 and thereafter | | $ | 39,000,000 | |
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| Computation of the Leverage Ratio |
The following table sets forth the computation of the Leverage Ratio as of December 31, 2016 (in thousands, except for ratios): For the Twelve Months ended December 31, 2016 | | Leverage Ratio | | | | | | | Income before taxes | | $ | 9,674 | | Before tax loss attributable to noncontrolling interest | | | 886 | | Interest expense | | | 15,564 | | Depreciation and amortization | | | 29,994 | | Stock compensation expense | | | 3,580 | | (A) Defined EBITDA | | $ | 59,698 | | | | | | | | As of December 31, 2016 | | | | | Total long-term debt, including current maturities | | $ | 224,685 | | Unamortized debt issuance costs | | | 992 | | (B) Defined indebtedness | | $ | 225,677 | | | | | | | | Leverage Ratio (B)/(A) | | | 3.78 | |
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| Computation of the Fixed Charge Coverage Ratio |
The following table sets forth the computation of the Fixed Charge Coverage Ratio as of December 31, 2016 (in thousands, except for ratios):
For the Twelve Months ended December 31, 2016 | | | | | | | | | Defined EBITDA | | $ | 59,698 | | Cash paid for income taxes | | | 4,780 | | Capital expenditures | | | 4,868 | | (A) Defined EBITDA minus capital expenditures & cash income taxes | | $ | 50,050 | | Cash interest payments | | $ | 13,708 | | Dividends | | | 90 | | Scheduled principal payments | | | 50,831 | | (B) Fixed Charges | | $ | 64,629 | | Fixed Charge Coverage Ratio (A)/(B) | | | 0.77 | |
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| Computation of the Asset Coverage Ratio |
The following table sets forth the computation of the Asset Coverage Ratio as of December 31, 2016 (in thousands, except for ratios):
Credit facility outstanding balance | | $ | 147,600 | | Outstanding letters of credit | | | 5,564 | | Defined indebtedness | | $ | 153,164 | | | | | | | | Accounts receivable (net), valued at 85% of gross | | $ | 126,581 | | Inventory, valued at 65% of gross | | | 54,405 | | | | | $ | 180,986 | | Asset Coverage Ratio | | | 1.18 | |
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| Maturities of Long-Term Debt |
As of December 31, 2016, the maturities of long-term debt for the next five years and thereafter were as follows (in thousands):
2017 | | $ | 51,354 | | 2018 | | | 172,479 | | 2019 | | | 905 | | 2020 | | | 940 | | Thereafter | | | - | |
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