Debt (Tables)

9 Months Ended

Sep. 30, 2014

The Third PNC Amendment also amended the Minimum EBITDA covenant in the PNC Facility to require that the Company maintain, on a trailing 12 month basis, tested quarterly, minimum EBITDA for the quarters ending June 30, 2014 through December 31, 2014, as follows:

Period	Amount
Six month period ending June 30, 2014	$	1,123,000
Nine month period ending September 30, 2014	$	1,330,000
Twelve month period ending December 31, 2014	$	802,000

Maturities of long-term debt and capital lease obligations

EBITDA for the nine month period ended September 30, 2014 was $1,623,000, which was in compliance with the EBITDA covenant, as amended by the Third PNC Amendment, for the period. The EBITDA was calculated as follows:

	For the nine months ended September 30, 2014
Net income	$	360,000
add: income tax provision		143,000
Income before income taxes		503,000
add: interest expense		494,000
add: depreciation and amortization		626,000

Earnings before interest, taxes, depreciation, and amortization	$	1,623,000