Exhibit 12.1
Computation of Earnings to Fixed Charges Ratio
(Dollars in thousands)
Pro Forma (1)
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Three Months Year Ended
Year Ended December 31, Ended March 31, December 31,
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1993 1994 1995 1996 1997 1997 1998 1997
(unaudited) (unaudited)
Fixed charges:
Interest expense $ 103 $ 279 $ 632 $ 1,292 $ 3,956 $ 548 $ 3,956 $ 11,905
Capitalized interest -- -- 134 255 -- -- -- --
Amortization expense -- -- -- -- -- -- -- 370
Interest portion of rent expense -- 103 104 224 429 75 155 606
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Total fixed charges $ 103 $ 382 $ 870 $ 1,771 $ 4,385 $ 623 $ 4,111 $ 12,881
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Earnings:
Income (loss) from continuing
operations before taxes $ 1,659 $2,541 $4,775 $5,394(2) $ (1,463) $ 1,092 $ (2,030) $ (2,217)
Fixed charges 103 382 870 1,771 4,385 623 4,111 12,881
Capitalized interest -- -- (134) (255) -- -- -- --
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Total earnings $ 1,762 $2,923 $5,511 $6,910 $ 2,922 $ 1,715 $ 2,081 $ 10,664
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Ratio of earnings to fixed
charges 17.1x 7.7x 6.3x 3.9x --(3) 2.8x --(4) --(5)
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(1) Adjusted to give effect to the Transactions as if the Transactions had
occurred at January 1, 1997.
(2) Adjusted to exclude writedown of $495,000 to the carrying value of the
Company's former principal fabrication facility.
(3) Earnings were insufficient to cover fixed charges by approximately $1.5
million.
(4) Earnings were insufficient to cover fixed charges by approximately $2.2
million.
(5) Earnings were insufficient to cover fixed charges by approximately $2.0
million.