Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - FLOW INTERNATIONAL CORP | flow10q073111.htm |
| EX-31.2 - EX-31.2 - FLOW INTERNATIONAL CORP | flow-ex312_2012731xq1.htm |
| EX-31.1 - EX-31.1 - FLOW INTERNATIONAL CORP | flow-ex311_2012731xq1.htm |
| EXCEL - IDEA: XBRL DOCUMENT - FLOW INTERNATIONAL CORP | Financial_Report.xls |
| EX-32.1 - EX-32.1 - FLOW INTERNATIONAL CORP | flowex-321_2012731xq1.htm |
Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF JULY 31, 2011
Adjusted EBITDA:
(in 000s) | LTM (i) | Q2 FY11 | Q3 FY11 | Q4 FY11 | Q1 FY12 | ||||||||||||||
Net Income (Loss) | $ | 2,017 | $ | (323 | ) | $ | 1,241 | $ | 388 | $ | 711 | ||||||||
Add Back: | |||||||||||||||||||
Depreciation and Amortization | 6,252 | 1,562 | 1,522 | 1,596 | 1,572 | ||||||||||||||
Income Tax Provision (Benefit) | 1,931 | 804 | 1,058 | (31 | ) | 100 | |||||||||||||
Interest Charges | 1,674 | 437 | 418 | 508 | 311 | ||||||||||||||
Non-Cash Charges (ii) | 2,287 | 634 | 687 | 300 | 666 | ||||||||||||||
Adjusted EBITDA | $ | 14,161 | $ | 3,114 | $ | 4,926 | $ | 2,761 | $ | 3,360 | |||||||||
I. Consolidated Leverage Ratio | |||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (iii) | $ | 5,127 | |||||||||||||||||
B. Adjusted EBITDA | $ | 14,161 | |||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A / Line I.B) | 0.36 | ||||||||||||||||||
Maximum Permitted | 2.75x to 1 | ||||||||||||||||||
II. Consolidated Fixed Charge Coverage Ratio (i) | |||||||||||||||||||
A. Adjusted EBITDA | |||||||||||||||||||
1. Consolidated Net Income | $ | 2,017 | |||||||||||||||||
2. Consolidated Interest Charges | $ | 1,674 | |||||||||||||||||
3. Provision for income taxes | $ | 1,931 | |||||||||||||||||
4. Depreciation expenses | $ | 5,810 | |||||||||||||||||
5. Amortization expenses | $ | 442 | |||||||||||||||||
6. Non-recurring non-cash reductions of Consolidated Net Loss | $ | 2,287 | |||||||||||||||||
7. Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6) | $ | 14,161 | |||||||||||||||||
B. Cash payments for taxes | $ | 917 | |||||||||||||||||
C. Maintenance Capital Expenditures | $ | 2,000 | |||||||||||||||||
D. Consolidated Interest Charges (except non-cash interest) | $ | 401 | |||||||||||||||||
E. Current portion of other long term debt (iv) | $ | 20 | |||||||||||||||||
F. Consolidated Fixed Charge Coverage Ratio ((Line II.A.7 - Line II.B - Line II.C) / (Line II.D + Line II.E) | 26.7 | ||||||||||||||||||
Minimum required | 1.75x to 1 | ||||||||||||||||||
____________
Notes:
(i) | Last Twelve Months (Most Recent Four Fiscal Quarters) |
(ii) Allowable add backs pursuant to Credit Facility Agreement
(iii) | Includes letters of credit of $2.0 million and excludes subordinated debt |
(iv) | Represents current portion of other long-term debt as of July 31, 2011 |