EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS(1)
(IN THOUSANDS, EXCEPT RATIO AMOUNTS)
THREE MONTHS ENDED
YEAR ENDED DECEMBER 31 MARCH 31
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1993 1994 1995 1996 1997 1997 1998
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Fixed Charges --
Interest on debt and capitalized
leases (including
$ -- capitalized)............. $ 1 $ 7 $ 8 $ 4 $ 2,901 $ 348 $ 780
Amortization of debt discount
and expense................... -- -- -- -- 34 -- 28
Interest element of rentals..... 30 31 30 54 274 36 183
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Total...................... $ 31 $ 38 $ 38 $ 58 $ 3,209 $ 384 $ 991
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Preferred Dividends --
Amount declared................. $ 12 $ 12 $ 41 $ 192 $ 157 $ 48 $ --
========= ========= ========= ========= ========= ========= =========
Earnings --
Consolidated income (loss)
before income taxes........... $ (263) $ (281) $ (1,505) $ (415) $ (8,523) $ (2,705) $ 2,201
Add back --
Fixed charges less interest
capitalized................ 31 38 38 58 3,209 384 991
--------- --------- --------- --------- --------- --------- ---------
$ (232) $ (243) $ (1,467) $ (357) $ (5,314) $ (2,321) $ 3,192
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Ratio of Earnings to Fixed Charges... -- -- -- -- -- -- 3.2x
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(1) In computing the ratio of earnings to fixed charges: (a) earnings have been
based on income from continuing operations before income taxes and fixed
charges (exclusive of interest capitalized) and (b) fixed charges consist of
interest and amortization of debt issuance costs (including amounts
capitalized) and the estimated interest portion of rents.