Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - FLOW INTERNATIONAL CORP | Financial_Report.xls |
| EX-31.1 - EX-31.1 - FLOW INTERNATIONAL CORP | flow-ex311_20121031xq2.htm |
| EX-32.1 - EX-32.1 - FLOW INTERNATIONAL CORP | flowex-321_20121031xq2.htm |
| EX-32.2 - EX-32.2 - FLOW INTERNATIONAL CORP | flow-ex312_20121031xq2.htm |
| 10-Q - FORM 10-Q - FLOW INTERNATIONAL CORP | flow10q103111.htm |
Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF OCTOBER 31, 2011
Adjusted EBITDA:
(in 000s) | LTM (i) | Q3 FY11 | Q4 FY11 | Q1 FY12 | Q2 FY12 | ||||||||||||||
Net Income (Loss) | $ | 5,119 | $ | 1,241 | $ | 388 | $ | 711 | $ | 2,779 | |||||||||
Add Back: | |||||||||||||||||||
Depreciation and Amortization | 6,269 | 1,522 | 1,596 | 1,572 | 1,579 | ||||||||||||||
Income Tax Provision (Benefit) | 3,265 | 1,058 | (31 | ) | 100 | 2,138 | |||||||||||||
Interest Charges | 1,546 | 418 | 508 | 311 | 309 | ||||||||||||||
Non-Cash Charges (ii) | 2,211 | 687 | 300 | 666 | 558 | ||||||||||||||
Adjusted EBITDA | $ | 18,410 | $ | 4,926 | $ | 2,761 | $ | 3,360 | $ | 7,363 | |||||||||
I. Consolidated Leverage Ratio | |||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (iii) | $ | 4,277 | |||||||||||||||||
B. Adjusted EBITDA | $ | 18,410 | |||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A / Line I.B) | 0.23 | ||||||||||||||||||
Maximum Permitted | 2.75x to 1 | ||||||||||||||||||
II. Consolidated Fixed Charge Coverage Ratio (i) | |||||||||||||||||||
A. Adjusted EBITDA | |||||||||||||||||||
1. Consolidated Net Income | $ | 5,119 | |||||||||||||||||
2. Consolidated Interest Charges | $ | 1,546 | |||||||||||||||||
3. Provision for income taxes | $ | 3,265 | |||||||||||||||||
4. Depreciation expenses | $ | 5,813 | |||||||||||||||||
5. Amortization expenses | $ | 456 | |||||||||||||||||
6. Non-recurring non-cash reductions of Consolidated Net Loss | $ | 2,211 | |||||||||||||||||
7. Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6) | $ | 18,410 | |||||||||||||||||
B. Cash payments for taxes | $ | 1,470 | |||||||||||||||||
C. Maintenance Capital Expenditures | $ | 2,000 | |||||||||||||||||
D. Consolidated Interest Charges (except non-cash interest) | $ | 533 | |||||||||||||||||
E. Current portion of other long term debt (iv) | $ | 27 | |||||||||||||||||
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 $1.8 million and excludes subordinated debt |
(iv) | Represents current portion of other long-term debt as of October 31, 2011 |