Attached files
file | filename |
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EXCEL - IDEA: XBRL DOCUMENT - FLOW INTERNATIONAL CORP | Financial_Report.xls |
10-Q - 10-Q - FLOW INTERNATIONAL CORP | flow10q013113.htm |
EX-31.2 - SECTION 302 CFO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-exx312_20130131xq3fy13.htm |
EX-32.1 - SECTION 906 CEO AND CFO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-exx321_20130131xq3fy13.htm |
EX-31.1 - SECTION 302 CFO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-exx311_20130131xq3fy13.htm |
Exhibit 99.1
DEBT COVENANT COMPLIANCE
As of January 31, 2013
(Amounts in thousands)
(Unaudited)
Adjusted EBITDA:
(in 000s) | LTM (i) | Q4 FY12 | Q1 FY13 | Q2 FY13 | Q3 FY13 | ||||||||||||||
Net Income | $ | 9,585 | $ | 2,643 | $ | 2,221 | $ | 2,110 | $ | 2,611 | |||||||||
Add Back: | |||||||||||||||||||
Depreciation and Amortization | 5,870 | 1,485 | 1,426 | 1,413 | 1,546 | ||||||||||||||
Income Tax Provision (Benefit) | 3,377 | (1,003 | ) | 1,477 | 1,352 | 1,551 | |||||||||||||
Interest Charges | 1,137 | 175 | 340 | 325 | 297 | ||||||||||||||
Non-Cash Charges (ii) | 4,862 | 2,225 | 927 | 768 | 942 | ||||||||||||||
Adjusted EBITDA | $ | 24,831 | $ | 5,525 | $ | 6,391 | $ | 5,968 | $ | 6,947 | |||||||||
I. Consolidated Leverage Ratio | |||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (iii) | $ | 18,475 | |||||||||||||||||
B. Adjusted EBITDA | $ | 24,831 | |||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A / Line I.B) | 0.74 | ||||||||||||||||||
Maximum Permitted | 2.75x to 1 | ||||||||||||||||||
II. Consolidated Fixed Charge Coverage Ratio | |||||||||||||||||||
A. Adjusted EBITDA | |||||||||||||||||||
1. Consolidated Net Income | $ | 9,585 | |||||||||||||||||
2. Consolidated Interest Charges | $ | 1,137 | |||||||||||||||||
3. Provision for income taxes | $ | 3,377 | |||||||||||||||||
4. Depreciation expenses | $ | 5,316 | |||||||||||||||||
5. Amortization expenses | $ | 554 | |||||||||||||||||
6. Non-recurring non-cash reductions of Consolidated Net Loss | $ | 4,862 | |||||||||||||||||
7. Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6) | $ | 24,831 | |||||||||||||||||
B. Cash payments for taxes | $ | 2,719 | |||||||||||||||||
C. Maintenance Capital Expenditures | $ | 2,000 | |||||||||||||||||
D. Consolidated Interest Charges (except certain non-cash interest) | $ | 641 | |||||||||||||||||
E. Current portion of other long term debt (iv) | $ | 22 | |||||||||||||||||
F. Consolidated Fixed Charge Coverage Ratio ((Line II.A.7 - Line II.B - Line II.C) / (Line II.D + Line II.E) | 30.3 | ||||||||||||||||||
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 $8.1 million and subordinated debt |
(iv) Represents current portion of other long-term debt as of January 31, 2013 and excludes subordinated debt