Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - FLOW INTERNATIONAL CORP | Financial_Report.xls |
| 10-Q - 10-Q - FLOW INTERNATIONAL CORP | flow10q103113.htm |
| EX-32.1 - SECTION 906 CEO AND CFO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-exx321_20131031xq2fy14.htm |
| EX-31.2 - SECTION 302 CFO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-exx312_20131031xq2fy14.htm |
| EX-31.1 - SECTION 302 CEO CERTIFICATION - FLOW INTERNATIONAL CORP | flow-exx311_20131031xq2fy14.htm |
Exhibit 99.1
DEBT COVENANT COMPLIANCE
As of October 31, 2013
(Amounts in thousands)
(Unaudited)
Adjusted EBITDA:
(in 000s) | LTM (i) | Q3 FY13 | Q4 FY13 | Q1 FY14 | Q2 FY14 | ||||||||||||||
Net Income | $ | 1,951 | $ | 2,611 | $ | (1,905 | ) | $ | (845 | ) | $ | 2,090 | |||||||
Add Back: | |||||||||||||||||||
Depreciation and Amortization | 6,307 | 1,546 | 1,534 | 1,592 | 1,635 | ||||||||||||||
Income Tax Provision (Benefit) | 4,135 | 1,551 | 749 | (121 | ) | 1,956 | |||||||||||||
Interest Charges | 1,430 | 297 | 611 | 384 | 138 | ||||||||||||||
Non-Cash Charges (ii) | 4,146 | 942 | 891 | 2,036 | 277 | ||||||||||||||
Adjusted EBITDA | $ | 17,969 | $ | 6,947 | $ | 1,880 | $ | 3,046 | $ | 6,096 | |||||||||
I. Consolidated Leverage Ratio | |||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (iii) | $ | 9,214 | |||||||||||||||||
B. Adjusted EBITDA | $ | 17,969 | |||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A / Line I.B) | 0.51 | ||||||||||||||||||
Maximum Permitted | 2.75x to 1 | ||||||||||||||||||
II. Consolidated Fixed Charge Coverage Ratio | |||||||||||||||||||
A. Adjusted EBITDA | |||||||||||||||||||
1. Consolidated Net Income | $ | 1,951 | |||||||||||||||||
2. Consolidated Interest Charges | $ | 1,430 | |||||||||||||||||
3. Provision for income taxes | $ | 4,135 | |||||||||||||||||
4. Depreciation expenses | $ | 5,726 | |||||||||||||||||
5. Amortization expenses | $ | 581 | |||||||||||||||||
6. Non-recurring non-cash reductions of Consolidated Net Loss | $ | 4,146 | |||||||||||||||||
7. Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6) | $ | 17,969 | |||||||||||||||||
B. Cash payments for taxes | $ | 1,518 | |||||||||||||||||
C. Maintenance Capital Expenditures | $ | 2,000 | |||||||||||||||||
D. Consolidated Interest Charges (except certain non-cash interest) | $ | 1,392 | |||||||||||||||||
E. Current portion of other long term debt (iv) | $ | 29 | |||||||||||||||||
F. Consolidated Fixed Charge Coverage Ratio ((Line II.A.7 - Line II.B - Line II.C) / (Line II.D + Line II.E) | 10.2 | ||||||||||||||||||
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 $6.6 million |
(iv) Represents current portion of other long-term debt as of October 31, 2013