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Long-Term Debt (Tables)
9 Months Ended
Jan. 31, 2013
Long-Term Debt [Abstract]  
Schedule of Long-Term Debt

 

 

 

 

 

 

 

January 31,

 

April 30,

 

 

2013

 

2012

Term Note A payable to Wells Fargo Capital Finance, LLC. Interest is incurred at the prevailing LIBOR rate plus 5.0% per annum with a minimum rate of 6.50% (6.50% at January 31, 2013), payable monthly. Principal is payable over four years with principal payments of $239 quarterly plus an additional annual payment based on the Company’s free cash flow for the year with any remaining amount due at maturity, June 30, 2015.  As a result of prior free cash flow payments, the quarterly principal payment was decreased from $300 to $239.  This note is secured by an interest in substantially all of the Company's assets. This note includes certain financial covenants and the Company is in compliance with such covenants at January 31, 2013.

$

8,361 

$

11,100 

 

 

 

 

 

Term Note B payable to Wells Fargo Capital Finance, LLC. Interest is incurred at the prevailing LIBOR rate plus 10.0% per annum with a minimum rate of 12.0% (12.0% at January 31, 2013) payable monthly.  Principal is due in full at maturity, June 30, 2015.

 

4,000 

 

4,000 

 

 

 

 

 

Wells Fargo Capital Finance, LLC, revolving line of credit, interest rate at prevailing LIBOR rate plus 5.0% per annum with a minimum rate of 6.50% (6.50% at January 31, 2013), payable June 30, 2015.

 

5,500 

 

5,500 

 

 

 

 

 

Capital leases, payable in monthly installments through July 2015.

 

353 

 

651 

 

 

18,214 

 

21,251 

   Less current portion

 

(1,120)

 

(2,945)

   Total long term debt, net

$

17,094 

$

18,306 

 

Schedule of Maturities of Long-term Debt

 

 

 

Fiscal Year Ending April 30,

 

Amount

Remainder of 2013

$

286 

2014

 

1,104 

2015

 

1,081 

2016

 

15,743 

 

$

18,214