-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FYjBzN76ZvV+5oGYjJogugWxbaFuwu6/toWJO3Us+/89U+3jZNuBoBd6bgu37NRC LvqrTPtVYqNGwe/YH4aubg== 0000950103-02-001258.txt : 20021126 0000950103-02-001258.hdr.sgml : 20021126 20021126135425 ACCESSION NUMBER: 0000950103-02-001258 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021126 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20021126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DECRANE AIRCRAFT HOLDINGS INC CENTRAL INDEX KEY: 0000880765 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728] IRS NUMBER: 341645569 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22371 FILM NUMBER: 02840717 BUSINESS ADDRESS: STREET 1: 2361 ROSECRANS AVENUE STREET 2: SUITE 180 CITY: EL SEGUNDO STATE: CA ZIP: 90245-4910 BUSINESS PHONE: 3107259123 MAIL ADDRESS: STREET 1: 2361 ROSECRANS AVENUE STREET 2: SUITE 180 CITY: EL SEGUNDO STATE: CA ZIP: 90245-4910 8-K 1 nov2602_8k.txt =============================================================================== SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): November 26, 2002 DECRANE AIRCRAFT HOLDINGS, INC. (Exact Name of Registrant as Specified in Its Charter) DELAWARE (State or Other Jurisdiction of Incorporation) 000-22371 34-1645569 (Commission File Number) (IRS Employer Identification No.) 2361 ROSECRANS AVENUE SUITE 180 EL SEGUNDO, CA 90245 (Address of Principal Executive Offices) (Zip Code) (310) 725-9123 (Registrant's Telephone Number, Including Area Code) ----------------------- =============================================================================== Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. 99.1 Slide presentation given to bondholders. Item 9. Regulation FD Disclosure. (Effective October 23, 2000.) At a meeting with the Company's bondholders held today, November 26, 2002, the Company disclosed the information attached hereto as Exhibit 99.1. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DECRANE AIRCRAFT HOLDINGS, INC. Date: November 26, 2002 By: /s/ Richard J. Kaplan -------------------------- ------------------------------- Name: Richard J. Kaplan Title: Senior Vice President, Chief Financial Officer, Secretary and Treasurer INDEX TO EXHIBITS Exhibit Number Description - ------- ----------- 99.1 Slide presentation given to bondholders. EX-99.1 3 nov2602_ex9901.txt EXHIBIT 99.1 [ LOGO - DECRANE AIRCRAFT ] PRESENTATION TO SENIOR SUBORDINATED NOTEHOLDERS Regarding: DeCrane Aircraft [GRAPHIC OMITTED] DECRANE AIRCRAFT NOVEMBER 2002 DeCrane Management Committee [ LOGO - DECRANE AIRCRAFT ] ================================================================================ Jack DeCrane Dick Kaplan ------------------------------- -------------------------- o Founder, CEO, Director o CFO, SVP and Director o Served as President since since March 1999 the Company's inception o Formerly a partner with o Previously served as Group Price Waterhouse LLP, Vice President at the having joined the firm in Aerospace Group of BF 1964 Goodrich from 1986-1989 o 12 years industry experience o 32 years industry experience Robert G. Martin Jeffrey A. Nerland Jeffrey F. Smith - ------------------------------- ---------------------------- ------------------------------- o SVP, President of the o SVP, President of the o SVP, President of the Systems Integration Group Cabin Management Group Specialty Avionics Group since Oct. 1999 since March 2001 since 1999 o President of PATS since o Vice President, Business o President of Avtech since its acquisition in January Development from 1999 - its acquisition in 1998 1999 2001 o Previously served in o Previously served as o Previously the President various positions with president of Aerospace of The Nerland Group Avtech since 1989 Display Systems from 1996 o 16 years industry o 11 years industry experience - 1999 Experience o 35 years industry experience
2 Forward Looking Statements [ LOGO - DECRANE AIRCRAFT ] ================================================================================ All statements other than statements of historical facts included in this presentation are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, which are difficult to predict. Please see DeCrane's Quarterly Report on Form 10Q for the period ended September 30, 2002 for a description of the various factors that affect DeCrane's businesses. 3 Agenda [ LOGO - DECRANE AIRCRAFT ] ================================================================================ 1. Executive Summary 2. Review of Operating Groups > Cabin Management Group > Specialty Avionics Group > Systems Integration Group 3. Historical Financial Summary 4 [ LOGO - DECRANE AIRCRAFT ] Executive Summary [GRAPHIC OMITTED} Jack DeCrane, Chief Executive Officer 5 State of the Business [ LOGO - DECRANE AIRCRAFT ] ================================================================================ All major OEMs have reduced deliveries since the March amendment > Corporate OEM deliveries in 2003 are currently projected to total 610, down from 792 as projected in March DeCrane has delivered strong performance in light of this industry turbulence > Major new program wins and development programs will drive growth in the future > Minimized the adverse impact on margins > Corporate focus on organic growth, leveraging competitive advantages and cost containment Key strategic international alliances Diverse customer base > As of 9/30/02, only 2 customers represented more than 10% of DeCrane's sales > Reduced reliance on Boeing Commercial (from 22.6% of 1997 sales to 7.3% of YTD 2002 sales) Cost Reduction Initiatives > The company has taken aggressive actions to rationalize the business in response to current and projected market conditions |X| Manufacturing facility consolidations |X| Substantial headcount and other cost reduction initiatives |X| Increased focus on working capital management > These initiatives have resulted in reduced fixed cash costs of over $20 million (in 2002E vs. 2001) Liquidity Management > $24.7 million cash on hand at 9/30/02 (greater than revolver balance of $21.0 million) > $13.2 million senior term debt repaid during nine months ended 9/30/02 > Positive free cash flow in 2003 > Continuing to service debt and remaining in full compliance Strong sponsorship of DLJ Merchant Banking Partners 6 Cost Reduction Initiatives [ LOGO - DECRANE AIRCRAFT ] ================================================================================ Management has taken aggressive actions to mitigate the effects of adverse market conditions and declining OEM deliveries > Manufacturing facilities rationalization |X| 6 plant closings / consolidations |X| Optimize existing capacity / reduce fixed costs > Personnel and other cost reductions |X| Since 9/11/01, total headcount reduced from 3,100 to 2,300 at 10/31/02 (26% reduction) |X| Minimized salary and wage increases and reduced incentive compensation (primarily at management level) |X| Eliminated 401(k) matching program (effective 1/1/03) > Working capital initiatives |X| Implemented an aggressive inventory reduction plan |X| Accelerated receivables collection |X| Incorporated additional emphasis on working capital focus into incentive compensation process As a result, management estimates that total cash fixed costs have been reduced by over $20 million (2002E compared with 2001) 7 Platform for Future Cash Flow Generation [ LOGO - DECRANE AIRCRAFT ] ================================================================================ Secure strong positions on new business aircraft introductions Leverage total cabin capability > New aircraft introductions and "block" changes on existing airframes > Become a major player in the rapidly growing refurbishment market Continue to focus on total capability in the Systems Integration Group > Capitalize on successful entry into the aircraft interior completion/modification business > Recent appointment as authorized BBJ completion center and service center Capitalize on increasing content and revenue per aircraft in all three market segments 8 [ LOGO - DECRANE AIRCRAFT ] Review of Operating Groups [GRAPHIC OMITTED] 9 Three Focused Operating Groups [ LOGO - DECRANE AIRCRAFT ] ================================================================================ | ---------------------------------|--------------------------- | | | | | | Cabin Specialty Systems Management Group Avionics Group Integration Group Seats, Furniture & Galleys, Flight Deck Communications, Auxiliary Fuel Tanks, Cabinetry, In-flight Audio Power Auxiliary Power, Entertainment Systems, Control Equipment, Power & Engineering & Sidewalls, Headliners, Signal Contact ertification Services Wood Veneer, Products, CD Displays, Interior Completions/ Window Shades Twisted Nematic Glass, ircraft Modifications, SELCAL uthorized BBJ Completion & Service Center
FY 2002E REVENUE SEGMENTATION FY 2002E EBITDA SEGMENTATION Systems Integration Group 18.1% Systems Integration Group 23.5% Specialty Avionics Groups 29.2% Specialty Avionics Groups 33.2% Cabin Management Group 52.7% Cabin Management Group 43.3% 10 [ LOGO - DECRANE AIRCRAFT ] [GRAPHIC OMITTED] Cabin Management Group 11 Cabin Management Group: Highlights [ LOGO - DECRANE AIRCRAFT ] ================================================================================ > Represents approximately 53% and 43% of estimated FY 2002 revenue and EBITDA, respectively > World's leading independent provider of cabin management products for corporate aircraft market > Serves virtually all major corporate aircraft manufacturers |X| Boeing Business Jets, Bombardier, Cessna, Gulfstream, Raytheon and Dassault > Innovative and cost saving product offerings |X| "Totally Integrated Cabin" includes: - Complete, customized, pre-fit, pre-engineered cabin interior systems - Components, such as: furniture, galleys, seats, audio-visual entertainment systems, lighting, sidewalls, headliners and electrical control units Recent Developments > Implemented aggressive cost reduction initiatives |X| Closed/consolidated 6 manufacturing facilities |X| Reduced headcount by 30% > Teamed with Thales on a new major development program 12 Cabin Management Group: OE Deliveries [ LOGO - DECRANE AIRCRAFT ] ================================================================================ Corporate Jet Delivery Forecasts > Total delivery projections have declined since the Company's March 2002 bank meeting Corporate Jet Delivery Forecasts Forecast as of 2001A 2002E 2003E 2004E 2005E - -------------- ----- ----- ----- ----- ----- February 02 788 779 792 829 905 August 02 788 718 650 741 807 November 02 788 709 610 735 801 13 Cabin Management Group: Outlook [ LOGO - DECRANE AIRCRAFT ] ================================================================================ Business Outlook > Total corporate aircraft deliveries in 2002 and 2003 are expected to be down approximately 10% and 14%, sequentially > Decline in deliveries is partially offset by several new contracts for seats and other cabin furniture > Revenue from new contracts, products and services will begin to significantly add to revenue in 2003 |X| Signed contracts account for vast majority of incremental revenue > Plan to capitalize on growing aircraft refurbishment market |X| Reduces dependence on OE deliveries > New product development 14 Cabin Management Group: Financials [ LOGO - DECRANE AIRCRAFT] ================================================================================ Summary Financial Performance ($ in millions) - -------------------------------------------------------------------------------- 2001A ------------------------------------------------------- Q1A Q2A Q3A Q4A FYE - -------------------------------------------------------------------------------- Revenue $51.4 $53.9 $53.5 $47.3 $206.1 Sequential Growth 7.6% 5.0% (0.9%) (11.5%) 5.6% EBITDA $13.4 $13.6 $10.7 $7.9 $45.6 Margin 26.1% 25.2% 20.0% 16.6% 22.1% - -------------------------------------------------------------------------------- - ------------------------------------------------------ ---------------- 2002 YTD ----------------------------- Q1A Q2A Q3A LTM - ------------------------------------------------------ ---------------- Revenue $45.9 $48.2 $41.2 $182.6 Sequential Growth (3.0%) 5.2% (14.6%) (11.6%) EBITDA $7.5 $9.0 $9.0 $33.4 Margin 16.3% 18.7% 21.8% 18.3% - ------------------------------------------------------ ---------------- 15 [ LOGO - DECRANE AIRCRAFT ] ================================================================================ [GRAPHIC OMITTED] Specialty Avionics Group 16 Specialty Avionics Group: Highlights [ LOGO - DECRANE AIRCRAFT ] =============================================================================== > Represents approximately 29% and 33% of estimated 2002 revenue and EBITDA, respectively > Leading market share in some of the most profitable product categories of the avionics components industry > Provides comprehensive, integrated products and services from design to manufacturing > Serves most major customers in the commercial and regional aircraft OEM markets in addition to specialty avionics systems suppliers |X| Boeing |X| Airbus |X| Bombardier |X| Embraer |X| Honeywell |X| Rockwell Collins |X| Matsushita |X| Gulfstream 17 Specialty Avionics Group: Business Review [ LOGO - DECRANE AIRCRAFT ] =============================================================================== Business Review and Outlook > Commercial OEM: 43% of YTD 2002 revenue |X| Boeing deliveries down from 529 in 2001 to an estimated 375 in 2002 and 275 in 2003 - Boeing represents the vast majority of commercial OEM business - Have established long-term pricing agreements that stabilize margins > Commercial Aftermarket: 17% of YTD 2002 revenue |X| Impacted by September 11th due to commercial fleet reductions and discretionary idling of aircraft in need of aftermarket refurb/retrofitting > Military: 17% of YTD 2002 revenue |X| Positive outlook due to increased government spending > Regional OEM: 10% of YTD 2002 revenue |X| Scheduled deliveries reduced in the wake of September 11th > Corporate: 5% of YTD 2002 revenue > Other: 10% of YTD 2002 revenue 18 Specialty Avionics Group: Financials [ LOGO - DECRANE AIRCRAFT ] =============================================================================== Summary Financial Performance ($ in millions) - ------------------------------------------------------------------------------- 2001A --------------------------------------------------------- Q1A Q2A Q3A Q4A FYE - ------------------------------------------------------------------------------- Revenue $31.3 $31.8 $31.9 $28.2 $123.2 Sequential Growth 2.7% 1.8% 0.2% (11.5%) 6.2% EBITDA $7.8 $9.4 $9.0 $7.0 $33.3 Margin 25.0% 29.5% 28.3% 24.9% 27.0% - ------------------------------------------------------------------------------- - ------------------------------------------------------------ -------- 2002 YTD -------------------------------------- Q1A Q2A Q3A LTM - ------------------------------------------------------------ -------- Revenue $25.3 $25.0 $23.4 $102.0 Sequential Growth (10.3%) (1.2%) (6.5%) (18.7%) EBITDA $7.0 $6.7 $6.4 $27.1 Margin 27.7% 26.7% 27.4% 26.6% - ------------------------------------------------------------ -------- 19 [ LOGO - DECRANE AIRCRAFT ] [GRAHIC OMITTED] Systems Integration Group 20 Systems Integration Group: Highlights [ LOGO - DECRANE AIRCRAFT ] =============================================================================== > Represents approximately 18% and 24% of estimated 2002 revenue and EBITDA, respectively > Leading provider of turnkey solutions in aircraft modifications |X| Extending flight range |X| Cockpit and flight control integrator for commercial and corporate aircraft |X| Commercial and corporate aircraft retrofit kits to integrate: - FAA safety mandates - Avionics upgrades > Strong relationships with leading customers in both corporate and commercial aircraft markets, including: - Boeing - Raytheon - Boeing Business Jets - Major corporations with air transport category aircraft - Bombardier - Heads of state with air transport category aircraft - Rockwell Collins
> Successfully entered the completions business with the completion of a BBJ in 2002 |X| Delivered first BBJ interior completion |X| Appointed by Boeing as authorized BBJ completion center and service center - 1 of only 3 worldwide - Existing BBJ fleet is comprised of 67 aircraft 21 Systems Integration Group: Business Review [ LOGO - DECRANE AIRCRAFT ] =============================================================================== Business Review > PATS: 85% of estimated 2002 revenue |X| 12 BBJ auxiliary fuel tank system deliveries in 2002 |X| Increased aircraft content with Navlink 2, cockpit printer, and service bulletin activity |X| Delivered first BBJ2 completion within 60 days of due date (vs. industry average of 18 - 24 months after due date) - Aircraft featured DeCrane seats, furniture, tanks, engineering, certification, veneer > Hollingsead: 15% of estimated 2002 revenue |X| Impacted by September 11th |X| New business developments: - Established Honeywell as new customer on pilot program - Signed a new long-term contract with Bombardier for racks/trays - Developed new cockpit security camera product line using engineering downtime - Solidified a partnership with Rockwell Collins 22 Systems Integration Group: Outlook [ LOGO - DECRANE AIRCRAFT ] =============================================================================== Business Outlook > PATS business is evolving as new capabilities develop |X| Mix of revenue is expected to shift toward completion with less reliance on BBJ fuel tank systems |X| Capacity at the PATS location will facilitate: - AEW&C fuel tank systems - Aircraft interior completions - BBJ service center operations > Auxiliary tank systems expected to be 55% of estimated 2002 revenue |X| 100% market share for BBJ fuel tank systems |X| 737 AEW&C Program > Hollingsead |X| Revenue down more than 40% in 2002 - impacted by September 11th |X| Several new revenue opportunities > New Military Program (pending mandate) |X| Engineering revenue in 2003 and 2004; deliveries in 2005 - Approximately $2.0 million of content per aircraft > Completions Business: 22% of group revenue in 2002 |X| Strong demand due to shortage of capacity in the industry 23 Systems Integration Group: Financials [ LOGO - DECRANE AIRCRAFT ] ================================================================================ Summary Financial Performance ($ in millions) - -------------------------------------------------------------------------------- 2001A ----------------------------------------------------------- Q1A Q2A Q3A Q4A FYE - -------------------------------------------------------------------------------- Revenue $16.7 $17.8 $18.5 $14.5 $67.5 Sequential Growth 6.6% 6.1% 4.3% (21.7%) 7.3% EBITDA $4.1 $4.8 $4.4 $3.9 $17.2 Margin 24.5% 26.9% 23.8% 26.7% 25.4% - -------------------------------------------------------------------------------- - -------------------------------------------------------- ------- 2002 YTD ----------------------------------- Q1A Q2A Q3A LTM ----------------------------------- ------- Revenue $15.1 $13.2 $15.3 $58.1 Sequential Growth 3.9% (12.3%) 15.3% (15.4%) EBITDA $4.3 $4.1 $4.8 $17.1 Margin 28.5% 31.0% 31.5% 29.4% ----------------------------------- ------- 24 [ LOGO - DECRANE AIRCRAFT ] Historical Financial Summary [GRAPHIC OMITTED] Dick Kaplan, Chief Financial Officer 25 Operating Performance: Revenue [ LOGO - DECRANE AIRCRAFT ] =============================================================================== 2001 Revenue: $395 million 2002 YTD Revenue: $252 million ($ in millions) ($ in millions) Revenue Date Bar ------- ---- ----- Q1-01 $99.2 Q1-02 $86.2 Q2-01 $102.8 Q2-02 $86.3 Q3-01 $102.9 Q3-02 $79.6 Q4-01 $90.5 Q4-02 $0.0 > LTM Revenue: $343 million 26 Operating Performance: EBITDA [ LOGO - DECRANE AIRCRAFT ] =============================================================================== 2001 EBITDA: $88.8 million 2002 YTD EBITDA: $54.2 million ($ in millions) ($ in millions) EBITDA EBITDA Margin EBITDA EBITDA Margin Q1-01 $23.4 23.6% Q1-02 $17.3 20.1% Q2-01 $26.3 25.6% Q2-02 $18.1 21.0% Q3-01 $22.0 21.4% Q3-02 $18.8 23.7% Q4-01 $17.1 18.9% Q4-02 $0.0 Q1-02 $100.0 Q2-02 $100.0 Q3-02 $100.0 Q4-02 $100.0 LTM EBITDA: $71.4 million 27 Capitalization Summary [ LOGO - DECRANE AIRCRAFT ] =============================================================================== Capitalization: September 30, 2002 ($ in millions) - ------------------------------------------------------------------------------- Net Cum. As of Mult. of LTM 9/30/02 EBITDA (1) - ------------------------------------------------------------------------------- LTM EBITDA $71.4 Cash 24.7 Debt: Revolver $21.0 NM Term Loan A 27.7 0.34x Term Loan B 130.0 2.16x Term Loan D 109.8 3.69x Capital Leases and Other 11.8 3.86x - ------------------------------------------------------------------------------- Total Senior Secured Debt $300.3 3.86x Senior Subordinated Notes 100.0 5.26x - ------------------------------------------------------------------------------- Total Debt $400.3 5.26x Total Investor and Management Equity Committed(2) 188.0 7.89x - ------------------------------------------------------------------------------- Total Capitalization $588.3 7.89x - ------------------------------------------------------------------------------- (1) Cumulative Multiple is net of cash, and excludes earn-out obligations. (2) Reflects total invested and accreted values of common and preferred equity. 28 The Senior Secured Credit Facilities [ LOGO - DECRANE AIRCRAFT ] =============================================================================== Senior Credit Facility Balances ($ in millions) - -------------------------------------------------------------------------------- FACILITY 9/30/2002* LIBOR SPREAD MATURITY - -------------------------------------------------------------------------------- Revolving Credit Facility $21.0 L+3.75% 09/30/04 Term Loan A 27.7 L+3.75% 09/30/04 Term Loan B 130.0 L+4.00% 09/30/05 Term Loan D 109.8 L+4.50% 12/17/06 - -------------------------------------------------------------------------------- Total Senior Credit Facility $288.5 - -------------------------------------------------------------------------------- - ----------------------------------------------------- Current Rating: B+ / B2 - ----------------------------------------------------- * Note: September 30, 2002, cash balance totalled $24.7 million. Mandatory Debt Amortization ($ in millions) - ------------------------------------------------------------------------------- 2002 2003 2004 2005 2006 - ------------------------------------------------------------------------------- Term Loan A $9.0 $12.2 $12.8 - - Term Loan B 1.4 1.4 32.8 95.5 - Term Loan D 1.1 1.1 1.1 1.1 106.1 - ------------------------------------------------------------------------------- Total Term Loans $11.5 $14.7 $46.8 $96.6 $106.1 - ------------------------------------------------------------------------------- 29 Limited Capital Expenditure Requirements [ LOGO - DECRANE AIRCRAFT ] =============================================================================== > Low maintenance cap-ex of approximately $6.0 million annually Annual Capital Expenditures* ($ in millions) Maintenance Capex Expansion Capex 2000 $7.0 $15.7 2001 $7.0 $4.9 2002E $5.4 $0.0 * Fiscal year 2000 includes approximately $10 million for facility expansions, including the Aviart facility acquisition. 30 Quarterly Free Cash Flow Analysis =============================================================================== Free Cash Flow Analysis - ----------------------------------------------------------------------------------------------------- ($ in millions) 2002 YTD -------------------------------- 2001A Q1 Q2 Q3 - ----------------------------------------------------------------------------------------------------- EBITDA $88.8 $17.3 $18.1 $18.8 Less: Non recurring Chgs / EBITDA Add-Backs (2.3) (4.4) (1.4) (1.3) Less: Cash Interest Expense (36.8) (7.4) (7.5) (8.0) Less: Cash Taxes (1.2) - (0.4) - Less: Capital Expenditures (11.9) (0.6) (1.8) (1.3) Less: Increases in Working Capital (28.4) (1.3) (3.6) 6.8 - ----------------------------------------------------------------------------------------------------- Free Cash Flow $8.2 $3.6 $3.4 $15.0 Less: Earnouts (13.5) (0.7) (5.6) - Less: Scheduled Debt Payments (10.1) (4.2) (3.1) (3.2) - ----------------------------------------------------------------------------------------------------- Free Cash Flow After Earnouts and Debt Payments ($15.4) ($1.3) ($5.3) $11.8 Covenant Ratio Drivers: Net Senior Debt $296.3 $293.4 $295.6 $275.6 Consolidated Net Debt 396.3 393.4 395.6 375.6 LTM EBITDA 88.8 82.7 74.5 71.4 LTM Cash Interest 36.8 34.3 32.4 31.3 Covenant Ratios: Consolidated Net Debt / EBITDA 4.46x 4.76x 5.31x 5.26x Net Senior Debt / EBITDA 3.34x 3.55x 3.97x 3.86x Interest Coverage 2.43x 2.44x 2.32x 2.30x Fixed Charge Ratio 1.49x 1.45x 1.38x 1.38x - -----------------------------------------------------------------------------------------------------
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