XML 45 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Loans Payable and Long-Term Debt
3 Months Ended
Jul. 31, 2014
Debt Disclosure [Abstract]  
Loans Payable and Long-Term Debt
Loans Payable and Long-Term Debt

The Company’s outstanding indebtedness and other obligations to Wells Fargo are secured by substantially all of the Company’s assets.  Under the terms of its revolving credit facility, the Company must: (1) maintain at the end of each fiscal quarter a ratio of total liabilities to tangible net worth of not greater than 1.4 to 1.0; (2) maintain at the end of each fiscal quarter a ratio of cash flow to fixed charges of not less than 1.25 to 1.0 measured on a rolling four-quarter basis; and (3) comply with other customary affirmative and negative covenants.  The Company was in compliance with all covenants specified in the credit facility as of July 31, 2014, including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at July 31, 2014 was 0.7 to 1.0; and (2) cash flow to fixed charges for its most recent four quarters was 3.18 to 1.0.