Question-and-Answer Session
Operator
(Operator Instructions) We will take our first question this afternoon from [Dough Pardon with Brigade Capital].
Dough Pardon - Brigade Capital
Hi, good afternoon guys. You said you were compliance with loan covenants; could you give us what the leverage ratio was at the end of the quarter?
Neil Fiske
Sorry, are you referring to the actual ratio in the loan covenant or?
Dough Pardon - Brigade Capital
Yeah what’s the leverage ratio is for covenants purposes. I know you guys -- it's I guess five and half times of what it has to be below; I was just wondering what the actual number was?
Neil Fiske
We haven’t disclosed the exact compliance for loan covenants in the past. I think because we didn’t mention a specific amount that you'd find the -- very much reasonable.
Dough Pardon - Brigade Capital
Okay and then as it’s fair, I know there is some adjustments with the $12.5 million of EBITDA that you guys report in your press release. Is that fairly close to kind of what the EBITDA is for covenant purposes?
Neil Fiske
The difference between covenant EBITDA and normal EBITDA, will vary slightly by quarter, but on average for both the quarter and the year it’s very close.
Operator
And we’ll go next now to Andrew Berg, with Post Advisory Group.
Andrew Berg - Post Advisory Group
If you guys look at the inventory levels now, obviously down versus prior year. On the average per store basis it looks like you're down. I know you guys are doing a lot of clearing out of stuff as you said for both the holiday and springtime. How do you feel about your inventory levels today in terms of how clean they are versus how much math you sort of move out of the system?
Neil Fiske
Well, I think Andrew, we feel a good, but better now than we did last quarter but as we mentioned on the last call this is a problem that this going to us a couple of quarters to work our way through; we are chipping our way through it and making good progress and I believe that heading into most critical time period of the year which is holiday will be in much better shape?
Andrew Berg - Post Advisory Group
And then do you think about where that inventory resides as you are trying to move it; Is the inventory you are tying to push out looking more on the retail or on the outlet side of the business?
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