Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - FLOW INTERNATIONAL CORP | flow10q13111.htm |
| EX-31.2 - EX-31.2 - FLOW INTERNATIONAL CORP | flowex3122011131q3.htm |
| EX-31.1 - EX-31.1 - FLOW INTERNATIONAL CORP | flowex3112001131q3.htm |
| EX-32.1 - EX-32.1 - FLOW INTERNATIONAL CORP | flow0ex3212011131q3.htm |
| EXCEL - IDEA: XBRL DOCUMENT - FLOW INTERNATIONAL CORP | Financial_Report.xls |
Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF JANUARY 31, 2011
Consolidated Adjusted EBITDA:
(in 000s) | LTM (i) | Q4 FY10 | Q1 FY11 | Q2 FY11 | Q3 FY11 | ||||||||||||||
Net Loss | $ | 490 | $ | 112 | $ | (540 | ) | $ | (323 | ) | $ | 1,241 | |||||||
Add Back: | |||||||||||||||||||
Depreciation and Amortization | 6,353 | 1,647 | 1,622 | 1,562 | 1,522 | ||||||||||||||
Income Tax Provision (Benefit ) | 2,735 | (191 | ) | 1,064 | 804 | 1,058 | |||||||||||||
Interest Charges | 1,736 | 468 | 413 | 437 | 418 | ||||||||||||||
Non-Cash Charges | 2,401 | 853 | 370 | 531 | 647 | ||||||||||||||
Allowable Add backs Pursuant to Credit Facility | |||||||||||||||||||
Agreement | 158 | 6 | 9 | 103 | 40 | ||||||||||||||
Consolidated Adjusted EBITDA | $ | 13,873 | $ | 2,895 | $ | 2,938 | $ | 3,114 | $ | 4,926 | |||||||||
I. Consolidated Leverage Ratio | |||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (ii) | $ | 2,118 | |||||||||||||||||
B. Consolidated Adjusted EBITDA | $ | 13,873 | |||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A / Line I.B) | 0.15 | ||||||||||||||||||
Maximum Permitted | 2.50x to 1 | ||||||||||||||||||
II. Liquidity Test | |||||||||||||||||||
Book Value of Consolidated Accounts Receivable at 65% | $ | 25,954 | |||||||||||||||||
Book Value of Consolidated Inventory at 40% | $ | 11,484 | |||||||||||||||||
A. | $ | 37,438 | |||||||||||||||||
B. Total Long-Term Obligations and Notes Payable (ii) | $ | 2,118 | |||||||||||||||||
(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 Loss | $ | 490 | |||||||||||||||||
2. Consolidated Interest Charges | $ | 1,736 | |||||||||||||||||
3. Provision (Benefit) for income taxes | $ | 2,735 | |||||||||||||||||
4. Depreciation expenses | $ | 5,935 | |||||||||||||||||
5. Amortization expenses | $ | 418 | |||||||||||||||||
6. Non-recurring non-cash reductions of Consolidated Net Loss | $ | 2,401 | |||||||||||||||||
7. Allowable Add backs Pursuant to Credit Facility Agreement | $ | 158 | |||||||||||||||||
8. Consolidated Adjusted EBITDA (Lines III.A.1 + 2 + 3 + 4 + 5 + 6 + 7) | $ | 13,873 | |||||||||||||||||
B. Cash payments for taxes | $ | 483 | |||||||||||||||||
C. Maintenance Capital Expenditures | $ | 2,000 | |||||||||||||||||
D. Consolidated Interest Charges (except non-cash interest) | $ | 352 | |||||||||||||||||
E. Current portion of other long term debt (iii) | $ | 29 | |||||||||||||||||
F. Consolidated Fixed Charge Coverage Ratio ((Line III.A.8 - Line III.B - Line III.C) / (Line III.D + Line III.E) | 29.9 | ||||||||||||||||||
Minimum required | 2.0x to 1 | ||||||||||||||||||
____________
Notes:
(i) Last Twelve Months (Most Recent Four Fiscal Quarters)
(ii) Excludes subordinated debt
(iii) Represents current portion of other long-term debt as of January 31, 2011