Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - FLOW INTERNATIONAL CORP | Financial_Report.xls |
| EX-31.2 - SECTION 302 CFO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-ex312_20121031xq2fy13.htm |
| EX-32.1 - SECTION 906 CEO AND CFO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-exx321_20121031xq2fy13.htm |
| 10-Q - 10-Q - FLOW INTERNATIONAL CORP | flow10q103112.htm |
| EX-31.1 - SECTION 302 CEO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-ex311_20121031xq2fy13.htm |
Exhibit 99.1
DEBT COVENANT COMPLIANCE
As of October 31, 2012
Adjusted EBITDA:
(in 000s) | LTM (i) | Q3 FY12 | Q4 FY12 | Q1 FY13 | Q2 FY13 | ||||||||||||||
Net Income | $ | 10,290 | $ | 3,316 | $ | 2,643 | $ | 2,221 | $ | 2,110 | |||||||||
Add Back: | |||||||||||||||||||
Depreciation and Amortization | 5,896 | 1,572 | 1,485 | 1,426 | 1,413 | ||||||||||||||
Income Tax Provision (Benefit) | 3,867 | 2,041 | (1,003 | ) | 1,477 | 1,352 | |||||||||||||
Interest Charges | 1,157 | 317 | 175 | 340 | 325 | ||||||||||||||
Non-Cash Charges (ii) | 4,788 | 868 | 2,225 | 927 | 768 | ||||||||||||||
Adjusted EBITDA | $ | 25,998 | $ | 8,114 | $ | 5,525 | $ | 6,391 | $ | 5,968 | |||||||||
I. Consolidated Leverage Ratio | |||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (iii) | $ | 14,641 | |||||||||||||||||
B. Adjusted EBITDA | $ | 25,998 | |||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A / Line I.B) | 0.56 | ||||||||||||||||||
Maximum Permitted | 2.75x to 1 | ||||||||||||||||||
II. Consolidated Fixed Charge Coverage Ratio | |||||||||||||||||||
A. Adjusted EBITDA | |||||||||||||||||||
1. Consolidated Net Income | $ | 10,290 | |||||||||||||||||
2. Consolidated Interest Charges | $ | 1,157 | |||||||||||||||||
3. Provision for income taxes | $ | 3,867 | |||||||||||||||||
4. Depreciation expenses | $ | 5,346 | |||||||||||||||||
5. Amortization expenses | $ | 550 | |||||||||||||||||
6. Non-recurring non-cash reductions of Consolidated Net Loss | $ | 4,788 | |||||||||||||||||
7. Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6) | $ | 25,998 | |||||||||||||||||
B. Cash payments for taxes | $ | 2,541 | |||||||||||||||||
C. Maintenance Capital Expenditures | $ | 2,000 | |||||||||||||||||
D. Consolidated Interest Charges (except certain non-cash interest) | $ | 442 | |||||||||||||||||
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) | 46.4 | ||||||||||||||||||
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 $4.6 million and subordinated debt |
(iv) Represents current portion of other long-term debt as of October 31, 2012 and excludes subordinated debt