Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - FLOW INTERNATIONAL CORP | Financial_Report.xls |
| 10-Q - FORM 10-Q - FLOW INTERNATIONAL CORP | v57515e10vq.htm |
| EX-31.2 - EX-31.2 - FLOW INTERNATIONAL CORP | v57515exv31w2.htm |
| EX-31.1 - EX-31.1 - FLOW INTERNATIONAL CORP | v57515exv31w1.htm |
| EX-32.1 - EX-32.1 - FLOW INTERNATIONAL CORP | v57515exv32w1.htm |
Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF OCTOBER 31, 2010
AS OF OCTOBER 31, 2010
Consolidated Adjusted EBITDA:
| (in 000s) | LTM (i) | Q3 FY10 | Q4 FY10 | Q1 FY11 | Q2 FY11 | |||||||||||||||
Net Loss |
$ | (1,498 | ) | $ | (747 | ) | $ | 112 | $ | (540 | ) | $ | (323 | ) | ||||||
Add Back: |
||||||||||||||||||||
Depreciation and Amortization |
6,316 | 1,485 | 1,647 | 1,622 | 1,562 | |||||||||||||||
Income Tax Provision (Benefit ) |
553 | (1,124 | ) | (191 | ) | 1,064 | 804 | |||||||||||||
Interest Charges |
1,786 | 468 | 468 | 413 | 437 | |||||||||||||||
Non-Cash Charges |
3,496 | 1,742 | 853 | 370 | 531 | |||||||||||||||
Allowable Add backs Pursuant to Credit Facility Agreement |
67 | (51 | ) | 6 | 9 | 103 | ||||||||||||||
Consolidated Adjusted EBITDA |
$ | 10,720 | $ | 1,773 | $ | 2,895 | $ | 2,938 | $ | 3,114 | ||||||||||
I. Consolidated Leverage Ratio |
||||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (ii) |
$ | 4,144 | ||||||||||||||||||
B. Consolidated Adjusted EBITDA |
$ | 10,720 | ||||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A ÷ Line I.B) |
0.39 | |||||||||||||||||||
Maximum Permitted |
2.50x to 1 | |||||||||||||||||||
II. Liquidity Test |
||||||||||||||||||||
Book Value of Consolidated Accounts Receivable at 65% |
$ | 26,284 | ||||||||||||||||||
Book Value of Consolidated Inventory at 40% |
$ | 10,885 | ||||||||||||||||||
A. |
$ | 37,169 | ||||||||||||||||||
B. Total Long-Term Obligations and Notes Payable (ii) |
$ | 4,144 | ||||||||||||||||||
(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 |
$ | (1,498 | ) | |||||||||||||||||
2 Consolidated Interest Charges |
$ | 1,786 | ||||||||||||||||||
3 Provision (Benefit) for income taxes |
$ | 553 | ||||||||||||||||||
4 Depreciation expenses |
$ | 5,872 | ||||||||||||||||||
5 Amortization expenses |
$ | 444 | ||||||||||||||||||
6 Non-recurring non-cash reductions of Consolidated Net Loss |
$ | 3,496 | ||||||||||||||||||
7 Allowable Add backs Pursuant to Credit Facility Agreement |
$ | 67 | ||||||||||||||||||
8 Consolidated Adjusted EBITDA (Lines III.A.1 + 2 + 3 + 4 + 5 + 6 + 7) |
$ | 10,720 | ||||||||||||||||||
B. Cash payments for taxes |
$ | 671 | ||||||||||||||||||
C. Maintenance Capital Expenditures |
$ | 2,000 | ||||||||||||||||||
D. Consolidated Interest Charges (except non-cash interest) |
$ | 392 | ||||||||||||||||||
E. Current portion of other long term debt (iii) |
$ | 28 | ||||||||||||||||||
F. Consolidated Fixed Charge Coverage Ratio ((Line III.A.8 - Line
III.B — Line III.C) / (Line III.D + Line III.E) |
19.2 | |||||||||||||||||||
Minimum required |
2.0x to 1 | |||||||||||||||||||
| Notes: | ||
| (i) | Last Twelve Months (Most Recent Four Fiscal Quarters) | |
| (ii) | Includes letters of credit of $2.1 million and excludes subordinated debt | |
| (iii) | Represents current portion of other long-term debt as of October 31, 2010 |