EX-99.1 7 exhibit991_2011430xq4.htm EX-99.1 Exhibit 99.1_2011.4.30_Q4


Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF APRIL 30, 2011

Consolidated Adjusted EBITDA:
(in 000s)
LTM (i)
 
Q1 FY11
 
Q2 FY11
 
Q3 FY11
 
Q4 FY11
Net Income (Loss)
$
766

 
$
(540
)
 
$
(323
)
 
$
1,241

 
$
388

Add Back:
 
 
 
 
 
 
 
 
 
Depreciation and Amortization
6,302

 
1,622

 
1,562

 
1,522

 
1,596

Income Tax Provision (Benefit)
2,895

 
1,064

 
804

 
1,058

 
(31
)
Interest Charges
1,776

 
413

 
437

 
418

 
508

Non-Cash Charges
2,000

 
379

 
634

 
687

 
300

Consolidated Adjusted EBITDA
$
13,739

 
$
2,938

 
$
3,114

 
$
4,926

 
$
2,761

I. Consolidated Leverage Ratio
 
 
 
 
 
 
 
 
 
A. Total Long-Term Obligations and Notes Payable (ii)
$
7,888

 
 
 
 
 
 
 
 
B. Consolidated Adjusted EBITDA
$
13,739

 
 
 
 
 
 
 
 
C. Consolidated Leverage Ratio (Line I.A / Line I.B)
0.57

 
 
 
 
 
 
 
 
Maximum Permitted
2.75x to 1
 
 
 
 
 
 
 
 
II. Consolidated Fixed Charge Coverage Ratio (i)
 
 
 
 
 
 
 
 
 
A. Consolidated Adjusted EBITDA
 
 
 
 
 
 
 
 
 
1. Consolidated Net Income
$
766

 
 
 
 
 
 
 
 
2. Consolidated Interest Charges
$
1,776

 
 
 
 
 
 
 
 
3. Provision for income taxes
$
2,895

 
 
 
 
 
 
 
 
4. Depreciation expenses
$
5,871

 
 
 
 
 
 
 
 
5. Amortization expenses
$
431

 
 
 
 
 
 
 
 
6. Non-recurring non-cash reductions of Consolidated Net Loss
$
2,000

 
 
 
 
 
 
 
 
7. Consolidated Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6)
$
13,739

 
 
 
 
 
 
 
 
B. Cash payments for taxes
$
803

 
 
 
 
 
 
 
 
C. Maintenance Capital Expenditures
$
2,000

 
 
 
 
 
 
 
 
D. Consolidated Interest Charges (except non-cash interest)
$
609

 
 
 
 
 
 
 
 
E. Current portion of other long term debt (iii)
$
25

 
 
 
 
 
 
 
 
F. Consolidated Fixed Charge Coverage Ratio ((Line II.A.7 - Line II.B - Line II.C) / (Line II.D + Line II.E)
17.2

 
 
 
 
 
 
 
 
Minimum required
1.75x to 1
 
 
 
 
 
 
 
 
____________
Notes:
(i)    Last Twelve Months (Most Recent Four Fiscal Quarters)
(ii)    Includes letters of credit of $2.3 million and excludes subordinated debt
(iii)    Represents current portion of other long-term debt as of April 30, 2011