Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - FLOW INTERNATIONAL CORP | v56145e10vk.htm |
| EX-21.1 - EX-21.1 - FLOW INTERNATIONAL CORP | v56145exv21w1.htm |
| EX-32.1 - EX-32.1 - FLOW INTERNATIONAL CORP | v56145exv32w1.htm |
| EX-31.2 - EX-31.2 - FLOW INTERNATIONAL CORP | v56145exv31w2.htm |
| EX-23.1 - EX-23.1 - FLOW INTERNATIONAL CORP | v56145exv23w1.htm |
| EX-31.1 - EX-31.1 - FLOW INTERNATIONAL CORP | v56145exv31w1.htm |
Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF APRIL 30, 2010
AS OF APRIL 30, 2010
Consolidated Adjusted EBITDA:
| (in 000s) | LTM(i) | Q1 FY10 | Q2 FY10 | Q3 FY10 | Q4 FY10 | |||||||||||||||
Net Gain (Loss) |
$ | (8,484 | ) | $ | (8,546 | ) | $ | 697 | $ | (747 | ) | $ | 112 | |||||||
Add Back: |
||||||||||||||||||||
Depreciation and Amortization |
5,725 | 1,232 | 1,361 | 1,485 | 1,647 | |||||||||||||||
Income Tax Provision (Benefit ) |
(2,844 | ) | (606 | ) | (923 | ) | (1,124 | ) | (191 | ) | ||||||||||
Interest Charges |
2,374 | 964 | 474 | 468 | 468 | |||||||||||||||
Non-Cash Charges |
3,380 | 163 | 622 | 1,742 | 853 | |||||||||||||||
Allowable Add backs Pursuant to Credit Facility |
||||||||||||||||||||
Agreement, as amended |
5,724 | 5,698 | 71 | (51 | ) | 6 | ||||||||||||||
Consolidated Adjusted EBITDA |
$ | 5,875 | $ | (1,095 | ) | $ | 2,302 | $ | 1,773 | $ | 2,895 | |||||||||
I. Consolidated Leverage Ratio |
||||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (ii) |
$ | 5,057 | ||||||||||||||||||
B. Consolidated Adjusted EBITDA |
$ | 5,875 | ||||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A ÷ Line I.B) |
0.86 | |||||||||||||||||||
Maximum Permitted |
3.35x to 1 | |||||||||||||||||||
II. Liquidity Test |
||||||||||||||||||||
Book Value of Consolidated Accounts Receivable at 65% |
$ | 23,237 | ||||||||||||||||||
Book Value of Consolidated Inventory at 40% |
$ | 9,001 | ||||||||||||||||||
A. |
$ | 32,238 | ||||||||||||||||||
B. Total Long-Term Obligations and Notes Payable (ii) |
$ | 5,057 | ||||||||||||||||||
(Line II.A) must be greater than (Line II. B) |
Yes | |||||||||||||||||||
III. Consolidated Fixed Charge Coverage Ratio (i) |
||||||||||||||||||||
A. Consolidated Adjusted EBITDA |
||||||||||||||||||||
1 Consolidated Net Income |
$ | (8,484 | ) | |||||||||||||||||
2 Consolidated Interest Charges |
$ | 2,374 | ||||||||||||||||||
3 Provision for income taxes |
$ | (2,844 | ) | |||||||||||||||||
4 Depreciation expenses |
$ | 5,304 | ||||||||||||||||||
5 Amortization expenses |
$ | 421 | ||||||||||||||||||
6 Non-recurring non-cash reductions of Consolidated Net Income |
$ | 3,380 | ||||||||||||||||||
7 Allowable Add backs Pursuant to Credit Facility Agreement, as
amended |
$ | 5,724 | ||||||||||||||||||
8 Consolidated Adjusted EBITDA (Lines III.A.1 + 2 + 3 + 4 + 5 + 6 + 7) |
$ | 5,875 | ||||||||||||||||||
B. Cash payments for taxes |
$ | 561 | ||||||||||||||||||
C. Maintenance Capital Expenditures |
$ | 2,000 | ||||||||||||||||||
D. Consolidated Interest Charges (except non-cash interest) |
$ | 932 | ||||||||||||||||||
E. Current portion of other long term debt (iii) |
$ | 61 | ||||||||||||||||||
F. Consolidated Fixed Charge Coverage Ratio ((Line III.A.8 - Line
III.B — Line III.C) / (Line III.D + Line III.E) |
3.3 | |||||||||||||||||||
Minimum required |
1.2x to 1 | |||||||||||||||||||
| Notes: | ||
| (i) | Last Twelve Months (Most Recent Four Fiscal Quarters) | |
| (ii) | Includes letters of credit of $4.6 million and excludes subordinated debt | |
| (iii) | Represents current portion of other long-term debt as of April 30, 2010 | |