Exhibit 99.1
DEBT COVENANT COMPLIANCE
AS OF APRIL 30, 2011
Consolidated Adjusted EBITDA:
(in 000s) | LTM (i) | Q1 FY11 | Q2 FY11 | Q3 FY11 | Q4 FY11 | ||||||||||||||
Net Income (Loss) | $ | 766 | $ | (540 | ) | $ | (323 | ) | $ | 1,241 | $ | 388 | |||||||
Add Back: | |||||||||||||||||||
Depreciation and Amortization | 6,302 | 1,622 | 1,562 | 1,522 | 1,596 | ||||||||||||||
Income Tax Provision (Benefit) | 2,895 | 1,064 | 804 | 1,058 | (31 | ) | |||||||||||||
Interest Charges | 1,776 | 413 | 437 | 418 | 508 | ||||||||||||||
Non-Cash Charges | 2,000 | 379 | 634 | 687 | 300 | ||||||||||||||
Consolidated Adjusted EBITDA | $ | 13,739 | $ | 2,938 | $ | 3,114 | $ | 4,926 | $ | 2,761 | |||||||||
I. Consolidated Leverage Ratio | |||||||||||||||||||
A. Total Long-Term Obligations and Notes Payable (ii) | $ | 7,888 | |||||||||||||||||
B. Consolidated Adjusted EBITDA | $ | 13,739 | |||||||||||||||||
C. Consolidated Leverage Ratio (Line I.A / Line I.B) | 0.57 | ||||||||||||||||||
Maximum Permitted | 2.75x to 1 | ||||||||||||||||||
II. Consolidated Fixed Charge Coverage Ratio (i) | |||||||||||||||||||
A. Consolidated Adjusted EBITDA | |||||||||||||||||||
1. Consolidated Net Income | $ | 766 | |||||||||||||||||
2. Consolidated Interest Charges | $ | 1,776 | |||||||||||||||||
3. Provision for income taxes | $ | 2,895 | |||||||||||||||||
4. Depreciation expenses | $ | 5,871 | |||||||||||||||||
5. Amortization expenses | $ | 431 | |||||||||||||||||
6. Non-recurring non-cash reductions of Consolidated Net Loss | $ | 2,000 | |||||||||||||||||
7. Consolidated Adjusted EBITDA (Lines II.A.1 + 2 + 3 + 4 + 5 + 6) | $ | 13,739 | |||||||||||||||||
B. Cash payments for taxes | $ | 803 | |||||||||||||||||
C. Maintenance Capital Expenditures | $ | 2,000 | |||||||||||||||||
D. Consolidated Interest Charges (except non-cash interest) | $ | 609 | |||||||||||||||||
E. Current portion of other long term debt (iii) | $ | 25 | |||||||||||||||||
F. Consolidated Fixed Charge Coverage Ratio ((Line II.A.7 - Line II.B - Line II.C) / (Line II.D + Line II.E) | 17.2 | ||||||||||||||||||
Minimum required | 1.75x to 1 |
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Notes:
(i) Last Twelve Months (Most Recent Four Fiscal Quarters)
(ii) Includes letters of credit of $2.3 million and excludes subordinated debt
(iii) Represents current portion of other long-term debt as of April 30, 2011