Adjusted EBITDA is not a recognized term under GAAP and does not purport to be an alternative to operating income or net income as an indicator of operating performance or any other GAAP measure.
Adjusted EBITDA decreased to $(3.3) million for fiscal year 2012 from $4.3 million for fiscal year 2011.
The following is a reconciliation of net (loss) income to Adjusted EBITDA:
|In thousands||Twelve Months Ended|
|December 28, 2012||December 30, 2011|
|Net (loss) income||$||(17,300||)||$||1,830|
|Income tax (benefit) expense||(2,083||)||1,500|
|Lease abandonment expense||26||2|
|Depreciation and amortization||737||944|
|Impairment of goodwill||15,208||—|
|Loss on sale of assets||18||2|
Liquidity and Capital ResourcesWilldan had $10.0 million in cash and cash equivalents at December 28, 2012, compared with $3.0 million at December 30, 2011. Willdan has a $5.0 million revolving line of credit with Wells Fargo Bank, National Association ("Wells Fargo"), with $3.0 million in outstanding borrowings at December 28, 2012. In addition, the revolving line of credit is scheduled to expire on April 1, 2013. Wells Fargo may also refuse to renew the facility when it expires on April 1, 2013 and if they do so, Willdan will have to repay the outstanding balance of $3.0 million.
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