EX-99.1 7 exhibit991_2013430xq4.htm DEBT COVENANT COMPLIANCE Exhibit 99.1_2013.4.30_Q4


Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF APRIL 30, 2013

Adjusted EBITDA:
(in 000s)
LTM (i)
 
Q1 FY13
 
Q2 FY13
 
Q3 FY13
 
Q4 FY13
Net Income
$
5,037

 
$
2,221

 
$
2,110

 
$
2,611

 
$
(1,905
)
Add Back:
 
 
 
 
 
 
 
 
 
Depreciation and Amortization
5,919

 
1,426

 
1,413

 
1,546

 
1,534

Income Tax Provision
5,129

 
1,477

 
1,352

 
1,551

 
749

Interest Charges
1,573

 
340

 
325

 
297

 
611

Non-Cash Charges
3,528

 
927

 
768

 
942

 
891

Adjusted EBITDA
$
21,186

 
$
6,391

 
$
5,968

 
$
6,947

 
$
1,880

I. Consolidated Leverage Ratio
 
 
 
 
 
 
 
 
 
A. Total Long-Term Obligations and Notes Payable (ii)
$
18,977

 
 
 
 
 
 
 
 
B. Adjusted EBITDA
$
21,186

 
 
 
 
 
 
 
 
C. Consolidated Leverage Ratio (Line I.A / Line I.B)
0.90

 
 
 
 
 
 
 
 
Maximum Permitted
2.75x to 1
 
 
 
 
 
 
 
 
II. Consolidated Fixed Charge Coverage Ratio (i)
 
 
 
 
 
 
 
 
 
A. Adjusted EBITDA
 
 
 
 
 
 
 
 
 
1. Consolidated Net Income
$
5,037

 
 
 
 
 
 
 
 
2. Consolidated Interest Charges
$
1,573

 
 
 
 
 
 
 
 
3. Provision for income taxes
$
5,129

 
 
 
 
 
 
 
 
4. Depreciation expenses
$
5,357

 
 
 
 
 
 
 
 
5. Amortization expenses
$
562

 
 
 
 
 
 
 
 
6. Non-recurring non-cash reductions of Consolidated Net Income
$
3,528

 
 
 
 
 
 
 
 
7. Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6)
$
21,186

 
 
 
 
 
 
 
 
B. Cash payments for taxes
$
2,381

 
 
 
 
 
 
 
 
C. Maintenance Capital Expenditures
$
2,000

 
 
 
 
 
 
 
 
D. Consolidated Interest Charges (except non-cash interest)
$
1,303

 
 
 
 
 
 
 
 
E. Current portion of other long term debt (iii)
$
35

 
 
 
 
 
 
 
 
F. Consolidated Fixed Charge Coverage Ratio ((Line II.A.7 - Line II.B - Line II.C) / (Line II.D + Line II.E)
12.6

 
 
 
 
 
 
 
 
Minimum required
1.75x to 1
 
 
 
 
 
 
 
 
____________
Notes:
(i)
Last Twelve Months (Most Recent Four Fiscal Quarters)
(ii)
Includes letters of credit of $8.4 million and excludes subordinated debt
(iii)
Represents current portion of other long-term debt as of April 30, 2013