Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF APRIL 30, 2012
Adjusted EBITDA:
(in 000s) | LTM (i) | Q1 FY12 | Q2 FY12 | Q3 FY12 | Q4 FY12 | ||||||||||||||
Net Income | $ | 9,449 | $ | 711 | $ | 2,779 | $ | 3,316 | $ | 2,643 | |||||||||
Add Back: | |||||||||||||||||||
Depreciation and Amortization | 6,208 | 1,572 | 1,579 | 1,572 | 1,485 | ||||||||||||||
Income Tax Provision | 3,276 | 100 | 2,138 | 2,041 | (1,003 | ) | |||||||||||||
Interest Charges | 1,112 | 311 | 309 | 317 | 175 | ||||||||||||||
Non-Cash Charges | 4,317 | 666 | 558 | 868 | 2,225 | ||||||||||||||
Adjusted EBITDA | $ | 24,362 | $ | 3,360 | $ | 7,363 | $ | 8,114 | $ | 5,525 | |||||||||
I. Consolidated Leverage Ratio | |||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (ii) | $ | 4,094 | |||||||||||||||||
B. Adjusted EBITDA | $ | 24,362 | |||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A / Line I.B) | 0.17 | ||||||||||||||||||
Maximum Permitted | 2.75x to 1 | ||||||||||||||||||
II. Consolidated Fixed Charge Coverage Ratio (i) | |||||||||||||||||||
A. Adjusted EBITDA | |||||||||||||||||||
1. Consolidated Net Income | $ | 9,449 | |||||||||||||||||
2. Consolidated Interest Charges | $ | 1,112 | |||||||||||||||||
3. Provision for income taxes | $ | 3,276 | |||||||||||||||||
4. Depreciation expenses | $ | 5,686 | |||||||||||||||||
5. Amortization expenses | $ | 522 | |||||||||||||||||
6. Non-recurring non-cash reductions of Consolidated Net Income | $ | 4,317 | |||||||||||||||||
7. Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6) | $ | 24,362 | |||||||||||||||||
B. Cash payments for taxes | $ | 1,252 | |||||||||||||||||
C. Maintenance Capital Expenditures | $ | 2,000 | |||||||||||||||||
D. Consolidated Interest Charges (except non-cash interest) | $ | 201 | |||||||||||||||||
E. Current portion of other long term debt (iii) | $ | 21 | |||||||||||||||||
F. Consolidated Fixed Charge Coverage Ratio ((Line II.A.7 - Line II.B - Line II.C) / (Line II.D + Line II.E) | 95.1 | ||||||||||||||||||
Minimum required | 1.75x to 1 |
____________
Notes:
(i) | Last Twelve Months (Most Recent Four Fiscal Quarters) |
(ii) | Includes letters of credit of $4.0 million and excludes subordinated debt |
(iii) | Represents current portion of other long-term debt as of April 30, 2012 |