EXHIBIT 99.1
DEBT COVENANT COMPLIANCE
AS OF APRIL 30, 2009
AS OF APRIL 30, 2009
Consolidated Adjusted EBITDA:
(in 000s)
(in 000s)
LTM* | Q1 FY09 | Q2 FY09 | Q3 FY09 | Q4 FY09 | ||||||||||||||||
Net Income | $ | (23,819 | ) | 1,603 | $ | 412 | $ | (21,363 | ) | $ | (4,471 | ) | ||||||||
Add Back: | ||||||||||||||||||||
Depreciation and Amortization | 4,343 | 1,050 | 1,047 | 1,113 | 1,133 | |||||||||||||||
Income Tax Provision (Benefit) | (8,230 | ) | 2,664 | 2,162 | (11,106 | ) | (1,950 | ) | ||||||||||||
Interest Charges | 1,562 | 130 | 161 | 328 | 943 | |||||||||||||||
Non-Cash Charges | 7,273 | 526 | 1,672 | 4,181 | 894 | |||||||||||||||
Allowable Add backs Pursuant to Credit Facility Agreement, as amended | 35,736 | 1,696 | 404 | 29,300 | 4,336 | |||||||||||||||
Consolidated Adjusted EBITDA | $ | 16,865 | $ | 7,669 | $ | 5,858 | $ | 2,453 | $ | 885 | ||||||||||
Minimum Required | $ | 8,000 | ||||||||||||||||||
* Last Twelve Months (Most Recent Four Fiscal Quarters) | ||||||||||||||||||||
Consolidated Leverage Ratio: | ||||||||||||||||||||
Long-Term Obligations and Notes Payable | $ | 18,530 | ||||||||||||||||||
Letters of Credit | 7,122 | |||||||||||||||||||
Consolidated Debt | $ | 25,652 | ||||||||||||||||||
Consolidated Adjusted EBITDA | $ | 16,865 | ||||||||||||||||||
Consolidated Leverage Ratio | 1.52 | |||||||||||||||||||
Maximum Permitted | 1.75 to 1.0 | |||||||||||||||||||
Consolidated Fixed Charge Coverage Ratio: | ||||||||||||||||||||
Consolidated Adjusted EBITDA | $ | 16,865 | ||||||||||||||||||
Less: LTM Cash Taxes | 2,557 | |||||||||||||||||||
$ | 14,308 | |||||||||||||||||||
LTM Interest Expense | 683 | |||||||||||||||||||
Projected Principal Payments on Existing Debt | 1,472 | |||||||||||||||||||
$ | 2,155 | |||||||||||||||||||
Fixed Charge Coverage | 6.6 | |||||||||||||||||||
Minimum Fixed Charge Coverage Required | 3.0 |